Campus Based Financial Aid
"Campus Based Financial Aid" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 9th January 2012
Financial aid programs that are administered by the university or college are considered campus-based financial aid. The federal government provides the university or college with a fixed annual allocation that is awarded by the financial aid administrator to deserving students. Such programs include the Perkins Loan, Supplemental Education Opportunity Grant, and Federal Work-Study.
Campus based programs are administered directly by the financial aid office at each participating school. Federal funds for these programs are given to the schools and distributed to students at the schools' discretion. Amounts students can receive depends on individual financial need, amounts of other aid the student receives and the total availability of funds at the school. Not all schools participate in all of these programs. Campus aid is one amount for the school and once it is gone, it's gone. You need to apply early for campus aid separately.
These are student financial assistance programs provided by the government and tendered by the school’s financial aid office:
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal Work-Study (FWS)
- Federal Perkins Loan
- Pell Grant
Note that there is no guarantee that every eligible student will receive financial aid through these programs, because the awards are made from a fixed pool of money. This is a key difference between the campus-based loan programs and the Direct Loan Program. Do not confuse the two, even though both loans are issued through the schools.
Unlike the Federal Pell Grant Program, which provides funds to every eligible student, the campus-based programs provide a certain amount of funds for each participating school to administer each year. When the money for a program is gone, no more awards can be made from that program for that year. So, make sure you apply for federal student aid as early as you can. Each school sets its own deadlines for campus-based funds, and those deadlines are usually earlier than the Department of Education's deadline for filing a FAFSA.
There is a notable difference between federal aid and the assistance provided by the three campus-based programs. If the federal government determines unmet need in a FAFSA applicant, that student gains access to any available aid offered through federal programs. This does not mean however, that the student will be eligible for any of the federal assistance administered by the college or university through a campus based program. When you submit your FAFSA form, the government does not calculate the equity of your parent's homes into the EFC, but universities do. This means that many students who the government deems eligible for financial aid are less likely to receive assistance through a campus based program. The difference in these calculations is used to separate the needy students from the extremely needy students.