Financial Aid Financial aid is any grant, scholarship, loan or employment offered to assist a student to meet college expenses. Funding is usually provided by federal and state agencies, foundations, corporations, private donors and/or the College itself. Most financial aid is based upon financial "need" as determined by the federal government's system of needs analysis. The amounts and types of financial aid that a student can receive are determined by federal, state and institutional guidelines. Financial aid is usually offered in "packages," which may consist of a combination of grants, loans, employment and scholarships. Grants and scholarships are regarded as a "gift" and need not be repaid. Loans are usually offered at low interest rates and can be repaid over an extended time period. When aid is offered in the form of employment, the student is paid an hourly rate for work performed (usually minimum wage). Students who wish to be considered for financial assistance offered by or through the College, including short-term tuition loans, must complete and submit the FAFSA (Free Application for Federal Student Aid, see "How to Apply" on page 25). The availability of certain types of financial aid is dependent upon the student's immigration status. Financial aid is available for approved and/or certified credit and vocational certificate programs of study. How to Apply To be considered for most types of financial assistance, a student must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available online at www.fafsa.ed.gov, at local high schools or any campus Financial Aid Office. The application process begins January 1 for the academic year that begins in August. Applications completed on the Web are more accurate and have a faster turnaround. The results of the federal analysis are transmitted electronically to the College and are also sent to the student in the form of a Student Aid Report (SAR) via e-mail or regular mail. © 2012 ela/Miami Dade College School of Entertainment and Design Technology