COTC Financial Aid - FAQ

Q:  How will I pay for my college education?
A:  Your college education will be one of the most important investments you will ever make.  The first place to look for financial support for college will be yourself and your family.  You, your spouse, and/or your parents (if applicable) have an obligation to contribute as much as you can toward your college expenses (from income, savings, and other assets), which, in addition to tuition, fees and room and board, will include all of your living expenses.

Q:  How do I get financial assistance?
A:  If you are unable to attend college without financial assistance, financial aid may be available to you from a number of sources.  That aid may be in the form of scholarships, grants, loans, and/or work programs. 

The Office of Financial Aid at COTC can help you determine what assistance you may qualify for and help you obtain that assistance.  That's why we ask you to complete the Free Application for Federal Student Aid (FAFSA) and provide any additional information that may be requested.  We use information from the FAFSA to determine your expected family contribution using a formula designed by Congress.  In general, your family's income and assets, the number in your household, and the number in college are all taken into account to produce an index of family financial strength.

Because financial aid need varies with each student, the financial aid staff uses the FAFSA to determine financial need and to distribute limited funds to those students who demonstrate the greatest need.

Q:  What is financial need?
A:  The formula to define a student's financial need is:

Cost of education (student budget)
- Expected family contribution (EFC)
= FINANCIAL NEED

(Please refer to the definitions of budget and expected family contribution from the Common Financial Aid Terms page.)

You'll find that your financial need may make you eligible for some programs and not for others.  Many students who find themselves ineligible for the Federal Pell Grant mistakenly believe they are not eligible for other programs.  This is not the case.  There are financial aid programs for which you can apply when you have no financial need - the unsubsidized Stafford Loan and the PLUS Loan (Federal Parent Loan for Undergraduate Students).  These and others programs are described in detail on the Types of Financial Aid page.

If you want a description of the formula for the Expected Family Contribution, visit http://ifap.ed.gov/sfahandbooks/attachments/0910AVGCh3.pdf:

Q:  What if my family's financial situation changes?
A:  We want to hear from you if there are changes in your family's financial situation after you have completed the FAFSA.  We may be able to reevaluate your need.  Such changes include, but are not limited to:

* Loss of employment
* Death or disability of a family wage earner
* Divorce or separation
* Substantial reduction of current year income, loss of a nontaxable income, etc.     

If you think you qualify for a reevaluation, call our office to schedule an appointment with one of our advisors by calling:
740.366.9435 in Newark,
614.292.4094 ext. 435 from Columbus,
or 800.9NEWARK from elsewhere in Ohio

Have questions? Email COTC Financial Aid.  NOTE: The Office of Financial Aid staff will respond to email via COTC issued email addresses only.

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