Financial Aid : Eligibility Check

Demonstrated financial need: Students must demonstrate financial need by completing an approved need analysis application. Life West requires that all applicants file a FAFSA form. (Free Application for Federal Student Aid).

Definition of financial need: Financial need is the difference between a student’s (spouse if applicable) resources and allowable college expenses (student budget). An established needs analysis formula (FAFSA) is used to determine your financial need. This formula is based on tax year data and has budget restrictions.  The financial aid office has some discretion in these areas. For example, after careful consideration, a decision could be made that expected year earnings (earnings made during the school year) more accurately reflects a student's contribution potential (rather than tax year). In addition, there are provisions along with the budget restrictions to assist students who are married with dependents and have low incomes. If you have day care expenses inform your financial aid advisor.

Student (spouse) contribution example:

Student Budget:	$37,000
*Family Contribution:	-  $4,000
Financial Eligibility for Need based aid:	$33,000

*May be replaced with non-need based federal aid (Direct Unsubsidized Stafford Loan).  All students at Life West are eligible for the maximum amount in the Direct Stafford Loan program of $33,000. A small percentage of students may not be eligible for the need based portion of the loan and therefore borrow more in the non need based portion with the total still remaining at $33,000.