How do scholarships affect Financial Aid

How do scholarships affect Financial Aid?

Your level of Financial Need at Lane Community College is based on your Standard Expense Budget minus your Expected Family Contribution (based on FAFSA results). The Financial Aid you are awarded may not meet 100% of your budget.

How do scholarships affect loans?
Scholarships can reduce the amount of loans you need to meet your expenses. Since loans need to be repaid and scholarships do not – scholarships are definitely worth applying for!

How do scholarships affect grants?
If you are awarded a Scholarship, it will not decrease the amount of any Pell or Oregon Opportunity grants you receive.

How do scholarships affect workstudy?
Scholarships might reduce the maximum number of workstudy hours available for some students. Each student who has workstudy eligibility has a limited number of hours they are eligible for. Scholarship dollars will give you more time to devote to your studies without losing income because of decreased workstudy hours.

Scholarships
The Lane Community College Foundation offers many scholarships to students attending Lane. Contact Career and Employment Services area for identifying additional scholarships. Refer to the web site for the Oregon Student Assistance Commission (OSAC) for other resources.

What do all these terms mean?

Financial Aid
Financial Aid includes workstudy, loans and grants. Grants are dollars that do not require repayment. Grants and workstudy, and some Federal Loans, are only available to students who file a FAFSA and receive a financial aid award letter from the Financial Aid Office. Loans must always be repaid. To apply for financial aid, go to www.fafsa.ed.gov.

Standard Expense Budget
An estimate of the costs you may incur during the academic year at Lane based on information given to financial aid regarding your living situation.

Free Application for Federal Student Aid (FAFSA)
Application used to apply for federal and state grants, loans and work-study programs.

Expected Family Contribution (EFC) 
Expected family contribution is based on your FAFSA outcome. This is a measure of your family's financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets and benefits are all considered in the formula. Also taken into consideration are your family size and the number of family members who will attend college during the year.

These brief descriptions are provided to give a very basic overview only. If you have questions about your financial aid, contact Lane's Enrollment Services.