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Financial Award Determination | Need-Based Decisions | Cost of Education | Books and Supplies | Transportation | Family Contribution
How Your Financial Award was Determined
The assistance offered on your "Financial Aid Award Letter" is based upon the cost of education minus your family contribution. The package contains the maximum amount of grant aid and a varied amount of loan and/or work study funds that we have determined your are eligible to receive. Your award meets both federal and institutional aid eligibility requirements.
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How Need-Based Decisions Are Made
PO uses one financial aid formula to award need-based aid. A Federal Methodology is used, with the data compiled from your Free Application for Federal Student Aid and Pacific Oaks Financial Aid Application, to determine your eligibility for state and federal aid. This eligibility includes Pell Grant, Supplemental Educational Opportunity Grants (SEOG), Federal Work-Study, Perkins Loans, Stafford Loans and State Grants.
In addition to completing these financial aid applications you must submit signed copies of your Federal Income Tax Returns, including all schedules by April 15th. A student Non-Filer Income Certification form must be submitted if you do not file a federal return. These forms are available by contacting the Financial Aid Office (FAO).
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Cost of Education
Your Cost of Education is your educational expense budget for the academic year. It includes your actual tuition and stardard fees and an allowance for room, board, books and supplies, transportation, and your personal expenses. We recognize that the allowances for room, board, books, supplies and personal expenses may vary from student to student. However, to avoid unfair distribution of our resources, standard allowances will be used for all students unless there are special cuircumstances that are documented in writing to justify additional allowances.
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Some important facts regarding a few of the allowances in your Cost of Education Budget:
Books and Supplies
A standard amount for books and supplies (derived from national, state and local sources) is calculated into your total cost of education, but PO does not give you money to pay these expense. Instead, these expenses should be considered part of your family contribution. You need to have sufficient funds to purchase your books and supplies each semester. Please visit the textbook pages for further information regarding books.
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Transportation
A transportation allowance has been added to the Cost of Education, Please note that this amount is an allowance and, therefore, may not cover the true cost of your transportation to and from PO.
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Family Contribution
PO students are expected to contribute toward their own Cost of Education. This contribution is based on your previous year's total income and assets (minus standard allowances and Federal Work-Study earnings). Students are also expected to contribute a portion of their cash, savings and investment (as reported on their financial aid applications). If you are unable to contribute this amount stipulated by the Federal Government, your student loans and/or work-study may be increased to make up the difference.
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