Financial Aid 101

While students share the primary responsibility for financing a post-secondary education, a number of federal, state and institutional financial aid programs are available to supplement the family contribution where need exists. YCCC has a variety of financial assistance packages that may include: federal, state and institutional grants, scholarships funded through charitable gifts, federal work-study and loans. Students will be offered financial aid subject to the availability of funds. Application materials may be obtained from the Financial Aid Office or on-line at our Required Forms Page.

How is Financial Aid Determined?

Most Financial Aid is based on NEED. NEED is the difference between the Cost of Attendance and The Expected Family Contribution. This difference is the amount of need based aid you may receive.

The School determines the Cost of Attendance. It is comprised of:

• Tuition & Fees
• Room & Board
• Books & Supplies
• Transportation
• Personal & Miscellaneous Expenses

Family Contribution is based on information in the Free Application for Federal Student Aid (FAFSA). It includes:

• Income
• Assets
• Expenses
• Size of family
• Age of parents
• Number of parents
• Number of students in college
• Extraordinary circumstances  

Eligibility for Financial Aid

To be eligible for financial aid from federal, state or institutional sources, students must meet the following criteria:

• Be accepted into a degree or certificate program at the College
• Be a United States citizen, permanent resident of the United States
• Maintain satisfactory academic progress (see the Student Handbook for that criteria)
• Not be in default on any federal loan program
• Not owe a refund on a federal grant
• Have a social security number with current name
• Be registered with Selective Service (if required)
• Be able to demonstrate financial need

Applying For Financial Aid

• Fill out the Free Application for Federal Student Aid (FAFSA) on-line at www.fafsa.ed.gov or pick up a paper application at the YCCC Financial Aid Office.
• Check with the Financial Aid Office to make sure you've completed all necessary forms. Most of the forms required by the YCCC Financial Aid Office can download from the Forms Page and printed through Microsoft Word or Adobe Acrobat.
• After about 4 to 6 weeks, you should receive a Student Aid Report (SAR). The SAR will report your Pell Grant eligibility and your Expected Family Contribution. This will help determine your eligibility for a Federal Family Education Loan.
• The school will present a financial aid package to you that details your eligibility for grants, scholarships and loans. You will receive an "award letter". Read this package carefully and direct your questions to the YCCC Financial Aid Office.
• Respond to your award letter immediately to notify the school that you accept all, part, or none of the financial aid package offered. Be sure to complete all questions and sign your acceptance before you return the award letter.

The award letter will let you know:

• Type and amount of financial aid
  • Grants/Scholarships
  • Work Opportunity
  • Loans

A combination of the following types of financial aid can make up your financial aid package:

• Pell Grant
• State Aid
• Supplemental Educational Opportunity Grant (SEOG)
• Work-Study
• Private Scholarships & Other
• Subsidized Stafford Loans
• Unsubsidized Stafford Loans
• PLUS Loans

Common mistakes

Simple mistakes can hold up the processing of your financial aid application as easily as complex ones.

To prevent delays in processing your application, promptly provide any information or verification of income that your Financial Aid Officer may request.

Here are some of the most common mistakes that are made in filing financial aid applications.

Common mistakes you can avoid on your financial aid application

• Forgetting to sign the application. Be sure you (and, if you are a dependent student, your parents) remember to sign.
• For income reporting, applicants often use their W-2 form. You should take the adjusted gross income from the last 1040 Federal tax return.
• When reporting taxes paid, applicants often use the taxes withheld on their W-2 form. You should list the actual taxes paid as shown on the last 1040 Federal tax return.
• Students and parents often forget to report all the required sources of untaxed income. They should include untaxed income such as Social Security, child support, and Aid to Dependent Children (ADC).
• Divorced applicants sometimes include their ex-spouse's income. They should only list their own income and that of their current spouse.
• Forgetting to fill out a separate application for a Stafford Loan, if required.
• Using wrong or conflicting social security numbers on the FAFSA and other forms.
• Not following instructions with regard to using a pen or pencil. Please use pen.
• Waiting too long to file the FAFSA.

Don't miss filing deadlines!