Additional Resources are any expected scholarship, aid, or benefit that is not already included in the student's financial aid package. This includes direct-to-consumer private loans.
Cost of Attendance is the total academic year cost, including tuition, fees, room and board, books, supplies, travel, and personal expenses.
EFC , or Expected Family Contribution (found on the Student Aid Report), is the amount students and their parents are expected to pay toward the cost of attendance.
Need is the difference between the EFC and the cost of attendance.
FAFSA, or Free Application for Federal Student Aid is the form that must be filed to determine eligibility for grants, loans, work-study, and need-based scholarships. File annually at www.fafsa.ed.gov.
Financial Aid Package is the total financial aid a student receives, including scholarships, grants, loans, and employment.
Grants are gift awards based on financial need.
Loans are borrowed money that must be repaid. Many student loans defer interest and principal repayment until after graduation or termination of studies.
Merit-Based Awards are for students who excel in academics, sports, leadership, or the arts.
Need-Based Awards are for students who demonstrate that they and their parents can not pay for the entire cost of attendance on their own.
SAR , or Student Aid Report is a summary of the information contained on the FAFSA and is sent to students up to four weeks after filing the FAFSA.
Scholarships are gift awards based on merit alone or need and merit, as well as many other selection criteria. Students accepted to Michigan Tech are automatically considered for most merit-based awards.
Work-Study is student employment based on financial need. Students who do not qualify for work study have many opportunities for part-time employment on campus and in the local community.
