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Frequently Asked Questions - Scholarship Administrators

For financial aid purposes, waivers represent foregone revenue and are appropriate in specific and limited circumstances as outlined in ABOR policy. Scholarships are the same as cash and must be accounted for in the financial aid budget.  All instances of merit aid outside the waiver circumstances described in ABOR policy are awarded as scholarships.

"Need" can only be determined by the FAFSA financial aid application and is defined as the difference between the students COA (cost of attendance) and the students EFC (estimated family contribution). The EFC number is a direct output of the FAFSA and can only be obtained via the FAFSA.

Need formula

Gross need: The need derived from the initial need calculation of COA – EFC. This is the total need of the student before any aid has been awarded.

Need: Often used to refer to gross need.

Unmet need: Any need that remains after aid has been awarded. This refers to need that is not met by financial aid. Unless a student's full need has been met (or exceeded) there will be some amount of unmet need.

Remaining need: Often used to refer to unmet need.

For example:

 COA20,290
EFC13,290
=Need7,000
Aid5,000
=Unmet Need2,000

ASU awards students as follows:

Freshmen and new students - Awarding begins late February/early March. All aid should be awarded at this time to provide the most attractive and effective aid package up front, minimize the need for student loan borrowing and to eliminate future overawards and subsequent award adjustments that cause confusion and concern for the affected students.   

Continuing students - Awarding begins early April for continuing undergraduates.  All aid should be awarded at this time to provide the most attractive and effective aid package up front, minimize the need for student loan borrowing and to eliminate future overawards and subsequent award adjustments that cause confusion and concern for the affected students.