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Student financial aid is money that helps students pay for their college expenses, including tuition and fees, books and supplies, and the living expenses associated with attending college. Federal and state governments, colleges, universities, and other organizations attempt to make sure that college is affordable for all students by providing student financial aid to help meet college costs. The federal government provides 75 percent of all financial aid awarded to students across the country. Nationally, states provide 6 percent of all aid, and institutions provide 19 percent. Of all federal financial aid, three quarters is in the form of student loans.

The difference between the cost of attending a particular school and the calculated expected family contribution (EFC), less any other financial aid a student is receiving.

All students should apply for financial aid, even if they don't think they will qualify. There is no charge for filing an application.

While eligibility for financial aid varies somewhat among programs, the basic requirements for federal student aid programs are listed below. Eligibility requirements for many Oklahoma financial aid programs are listed in Types of Aid. Check with the school you are interested in attending for eligibility requirements for the scholarships and other financial aid they administer.

• Have financial need, except for some scholarship and loan programs.
• Have a high school diploma or a General Educational Development (GED) certificate, or pass an independently administered test approved by the U.S. Department of Education, or meet other standards your state establishes that are approved by the U.S. Department of Education.
• Be enrolled as a regular student working toward a degree or certificate in an eligible program at an eligible institution.
• Be a U.S. citizen or eligible noncitizen.
• Have a valid Social Security number.
• Make satisfactory academic progress.
• Sign a statement of educational purpose/certification statement on refunds and default (found on the Student Aid Report).
• Register with the Selective Service System if you are a male between 18 and 25 years of age.

While your grades do not play a major role in determining eligibility for most financial aid, academic criteria do come into play. First of all, students must meet the institution's admission criteria that typically include some consideration of grades or other measures of academic achievement or potential. Financial aid recipients are required to make satisfactory academic progress toward their degree or credential objective. Institutions establish standards of satisfactory academic progress and monitor the progress of aid recipients. Institutional standards include consideration of the number of units students enroll in and satisfactorily complete each year, as well as the total number of units a student completes over the entire academic program. According to federal regulations, aid recipients must have a C average or a 2.0 GPA at the end of their second year. For institutional and other scholarships based on academic merit, grades are typically a factor in selection of recipients.

Two new federal grant programs, Academic Competitiveness Grants (ACG) and SMART Grants do have higher minimum GPA requirements that students must maintain to receive the grants. For more information about ACG and SMART grant requirements, see Types of Aid: Grants.

The Free Application for Federal Student Aid (FAFSA) is the key that opens the door to receiving financial aid. The best way to complete the FAFSA is online. Using this method is recommended because applications are processed quickly; errors are identified right away; and online instructions are provided for each question. Applicants can even "chat" live online with a customer service representative for help. Or you can ask for help by calling (800) 4-FED-AID or visiting www.fafsa.ed.gov.

If you prefer to fill out a paper FAFSA, you can obtain one directly from any student financial aid office, most public libraries, or the Federal Student Aid Information Center at (800) 4-FED-AID.

The FAFSA form for the coming school year becomes available the December prior to the start of the school year. The form should be filed as soon as possible after January 1.

A new FAFSA needs to be submitted each year in order for a student to continue receiving financial aid.

You should check with the financial aid offices at the colleges you are interested in attending to get information about possible other deadlines and additional procedures.

The information supplied on a completed FAFSA is used in a formula, established by the U.S. Congress, that calculates your expected family contribution (EFC), an amount you and your family are expected to contribute toward your education for the academic year. If your EFC is below a certain amount, you qualify for a Federal Pell Grant (if you meet all other requirements). Your financial aid administrator determines your cost of attendance (in most cases, tuition and fees, room and board, transportation, books and supplies, and personal and miscellaneous expenses) and subtracts your EFC. The remaining balance is your financial need. Other sources of financial assistance are subtracted from the cost of attendance before need is determined.

You must be one of the following to receive federal student aid:

• U.S. citizen
• U.S. national (including natives of American Samoa or Swains Island)
• U.S. Permanent Resident who has an I-151, I-551, or I-551C (Permanent Resident Card)

If you do not belong to one of these categories, you must have an Arrival-Departure Record (I-94) from the U.S. Citizenship and Immigration Services (USCIS) showing one of following designations:

• Refugee
• Asylum Granted
• Aliens paroled into the United States for at least one year
• Aliens who have been granted a stay of deportation pursuant to 8 USC section 1253(h) due to fear of persecution on account of race, religion or political opinion
• Conditional Entrant valid if issued before April 1, 1980

Citizens and eligible noncitizens can receive loans from the FFEL and Direct Loan Programs at participating foreign schools. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands and Palau are eligible only for Federal Pell Grants, FSEOG and FWS. These applicants should check with their financial aid administrators for more information.