Undergraduate Need-Based Financial Aid

Overview of Need-Based Financial Aid

The foundation of Muskingum’s financial aid program rests with its financial assistance to students who need such assistance in order to attend. More than 85 percent of all Muskingum-funded grants and scholarships go to students who demonstrate financial need, which is in addition to federal, state and private funds allocated to needy students.

Determining Eligibility for Need-Based Financial Aid

The technical definition of financial need as it pertains to student financial aid is: Total Educational Cost of Attendance minus Family Contribution equals Need. Muskingum utilizes the standard need analysis methodology used by all colleges to determine a family’s ability to contribute to educational expenses, and, thus, a student’s eligibility for need-based financial aid. The calculation of financial need using this method is based on several factors (income, assets, family size, number in college, etc.); therefore, it is impossible to define absolute income cut-offs for financial aid eligibility. The initial analysis of a student’s need is performed by a federal processor, but this analysis is finalized on an individual basis in the Muskingum College Office of Student Financial Services.

Once a student’s financial aid eligibility has been established, a financial aid “package” is awarded which typically consists of both “gift aid” (scholarships, grants) and “self-help aid” (student loans, student employment). Using resources from the federal and state governments, private sources, and Muskingum College, we attempt to meet as much of a student’s demonstrated need as resources permit. In many cases it is not possible to meet 100 % of a student’s need. Muskingum considers past and current academic performance when constructing financial aid packages, and students with high academic ratings (scholarship recipients) will usually have a higher percentage of demonstrated need met with gift aid than will other students. Differentials among academic award categories are moderate, so most students should not expect unreasonable levels of either gift or self-help aid.

We have created a few Sample Financial Aid Awards to give you an idea of how some typical financial aid situations might be reviewed.