Formula for Calculating Financial Aid Award
Eligibility for need-based financial aid programs is based on the following calculations:
COST OF ATTENDANCE – EXPECTED FAMILY CONTRIBUTION = FINANCIAL NEED
Then, Financial Need Minus All Sources of Financial Assistance other than federal aid:
- Private scholarships from any source
- All scholarships and tuition assistance received from UA Little Rock
- Aid received from the State of Arkansas (including all scholarships and tuition assistance)
- Tuition discounts (including employee tuition benefits)
- Vocational Rehabilitation payments
- Veteran’s Educational Benefits (including all tuition payments and monthly benefit amounts)
- Graduate Assistantships and Stipends
Then, Minus Federal Grants. This equals Remaining Need.
Then, Remaining Need Minus Federal Loan Eligibility and Minus Federal Work Study Eligibility. This equals Unmet Need.
REMAINING NEED – FEDERAL LOAN ELIGIBILITY – FEDERAL WORK STUDY ELIGIBILITY = UNMET NEED
Financial aid funds received from all sources cannot exceed financial need, or an overaward occurs. An overaward requires federal aid to be reduced. A reduction of your federal financial aid can occur at any time.
