There’s always a little bit of fine print that goes with financial aid and we see no reason to bury it at the bottom of the page.
Your financial assistance awards are used to pay student account balances. Any remaining awards will be disbursed according to a schedule provided by the TCL Business Office. Students are responsible for payment of funds owed to TCL if financial assistance funds are not received as anticipated. Students receiving financial assistance are subject to TCL’s registration, refund and credit terms. Refund of tuition, fees or other items purchased with a credit card will be processed as a credit to the cardholder’s account.
How Financial Need is Determined
The amount of financial assistance students receive is determined by the federal government and eligibility factors that could include:
- Prior year’s adjusted gross income
- Family size
- Untaxed income
- Number of dependents
- Number of family members attending college
- Other factors as determined by the US Department of Education
The federal government establishes the student’s Expected Family Contribution (EFC) and the TCL financial aid office compares it with the educational need of the student, determining the final types of eligible awards and appropriate aid amount. Financial need is determined by comparing the cost of attending college (including tuition, books, living expenses, transportation, personal expenses and child care) to the student’s available resources, such as money the student expects to contribute towards his/her education from wages, savings, other income, and parent’s contributions if the student is dependent upon the parent for support. The EFC is the amount of money the government expects the student and the student’s family to contribute toward the cost of education. The EFC is calculated by the U.S. Department of Education based on the information reported on the FAFSA.