Frequently Asked Questions About: Financial Aid

• How is eligibility for financial aid determined?
• Will our family automatically receive the amount of our "need" in the form of financial aid?
• Are there other sources of financial assistance available?
• How can we best evaluate the differences between financial aid packages from different colleges?
• Once our child decides to attend a college, how do we receive the financial assistance?

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Q: How is eligibility for financial aid determined?

A: A student may qualify for financial aid either through merit or need. To qualify for a merit scholarship, a student must demonstrate superior academic achievement. Moravian offers a number of merit scholarships outlined in our admission information.

A student must demonstrate financial need to be eligible for most other sources of financial aid. Need is determined through the information filled out on the Free Application for Federal Student Aid (FAFSA) form. This information is used in a federally approved formula to calculate the Expected Family Contribution (EFC). The EFC is then used to determine the student’s eligibility for federal and state student aid programs.

At Moravian, federal, state and private grants and scholarships represent approximately 25 percent of all grants awarded to students. The remaining 75 percent are awarded as Moravian College grants and scholarships. To be considered, the family must complete the Moravian College Financial Aid Application. The information obtained from the these two forms are then merged and evaluated by our financial aid staff.

Q: Will our family automatically receive the amount of our “need” in the form of financial aid?

A: Not necessarily. Many factors go into the final determination – from your child’s academic performance in high school to the college funds available for aid. Historically, Moravian has reached out to students and their families to offer as much financial support as our resources allow.

Q: Are there other sources of financial assistance available?

A: A student may qualify for a private grant or scholarship for any of the following reasons: academic achievement, religious affiliation, ethnic or racial heritage, community activities, artistic talents, leadership potential, career plans, or field of study, to mention a few. Reference books regarding private sources of aid are available at your public library, bookstores, or possibly your guidance counselor’s office. Another excellent resource is the Financial Aid Information page located via the Internet. Several free electronic scholarship searches can be found at www.finaid.org

Q: How can we best evaluate the differences between financial aid packages from different colleges?

A: The best way to evaluate a financial aid award is to first total all scholarships and grants. These monies are considered gift aid and need not be repaid. Then review the amount of loans that are awarded. Some awards can include one or two student loans in addition to a parent loan. Finally, college work-study awards present a maximum dollar figure that may be earned. Your child may choose not to work or to work fewer hours than allotted.

Q: Once our child decides to attend a college, how do we receive the financial assistance?

A: If your child is attending Moravian, you should accept and sign the financial aid offer and return it to the Financial Aid Office by the stated deadline. Your bill will then be credited with any Moravian College grants. Other grants will be credited once we receive final notification from the state or federal agency involved. Parent loans or other private student loans must be initiated by you as soon as you know the college your child will attend. The college or lender will initiate paperwork for federal student loans that have been awarded to the student.