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Applying for Financial Aid

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Finance Your Education

Federal Financial Aid is available to those who qualify. All applicants for Title IV Federal Student Aid funds must complete a Free Application for Federal Student Aid (FAFSA) for each award year. Once the FAFSA is received in the Student Finance Office, the student’s Estimated Family Contribution (EFC) is determined. The EFC is subtracted from the Cost of Attendance (COA – EFC) to determine each student’s demonstrated financial need. PELL Grants will be awarded based on the student’s EFC unless a student holds a Bachelor’s degree or higher. Eligibility for Subsidized and/or Unsubsidized Direct Loans will be calculated and added to the package.

Please note that any loan borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

To be eligible for financial aid, students must:

  • Be a U.S. citizen or eligible non-citizen;
  • Possess a high school diploma or General Education Development (GED) certificate;
  • Have a valid Social Security Number (SSN);
  • Register with the Selective Service (males between the ages of 18 and 25)
  • Not have been convicted under federal or state law of the sale or possession of drugs while receiving federal financial aid;
  • Be enrolled and working toward a degree or eligible certificate/program of study;
  • Not be in default or owe a refund on any Title IV aid program from any source;
  • Complete the entire financial aid application process and Certain students may be selected for verification. Please see SOCHi’s Verification policy.

Eligibility for aid and award amounts are determined by the results of the FAFSA. The Pell Grant is usually awarded to undergraduate students who have not earned a bachelor’s or a professional degree. The amount considers your financial need, cost of attendance, full or part-time student status, and intent to enroll for the full academic year or less. Qualifying students receive the full, eligible amount.

The specific dollar amount of the award can vary each year and is determined by the available funding. Once these funds are exhausted, additional awards cannot be made. The William D. Ford Federal Direct Loan Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender. Award amounts for Direct Loans are based on a combination of factors, including the student’s grade level, financial need and dependency status (with an additional check against the National Student Loan Database System [NSLDS]).


  • Know how financial need was determined
  • Know how financial aid will be disbursed
  • Request an explanation of offered aid in the financial aid package
  • Refuse any aid offered
  • Request an explanation of SOCHi’s refund policy
  • Know what portion of financial aid must be repaid and what portion is a grant. If a loan has been offered and accepted, have the right to know the interest rate and loan repayment options and procedures
  • Examine the contents of aid records provided a written request is made to Office of Student Finance. Students may not review confidential records submitted by parents without the written consent of the parent whose information has been submitted.
  • Must complete all requested forms accurately
  • Must use all financial aid received solely for expenses related to attending SOCHi
  • Must submit in a timely manner all additional documentation requested by the Financial Aid Office
  • Must understand the rules and conditions for any financial aid awards received
  • Must complete a Master Promissory Note (MPN) and Entrance Counseling the first time a loan is received at SOCHi
  • Must reapply for financial aid each award year
  • Must inform the institute promptly of changes in name, address or e-mail address

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