How Award Amounts Are Determined
Grants under this program are awarded in an objective and non-discriminatory manner, without regard to any grantee’s gender, race, creed, color or religious preference.
Once a J.L. Bedsole Finalist has reached the award stage, the actual amount of the scholarship must be determined. J.L. Bedsole Scholarships are “last dollar” scholarships and are awarded only after all other aid/scholarships have been awarded. The amount of the J.L. Bedsole Scholarship is based on “Unmet Need,” and may be up to $6,000 per year. Here’s a step-by-step breakdown of how the process works.
1. The applicant must apply for admission to his or her college or university of choice and apply for financial aid. The form filled out to apply for financial aid is the Free Application for Federal Student Aid or FAFSA. FAFSA is filed in October of the new school year.
2. The results of the FAFSA are reported to the applicant and the applicant’s college or university. The college will receive a Student Aid Report (SAR) that has a figure on it known as the Expected Family Contribution (EFC). The EFC helps the college determine the amount of federal and other aid the student may be eligible for. In order to be eligible for a J.L. Bedsole Scholarship, a student’s EFC cannot exceed $10,000.
3. With the student’s permission, the college will report the EFC to the J.L. Bedsole Scholars Program as well as the direct cost of attendance and the amount of other aid that the student will receive. This allows us to determine the amount of the J.L. Bedsole Scholarship. That amount is computed as follows:
Unmet Need = Direct Cost of Attendance – EFC – Financial Aid package
The Direct Cost of Attendance (DCOA) = tuition + fees + books + room & board. This figure does not include incidentals and transportation. The cost of attendance reported to you by the school will be slightly higher than the DCOA reported to the Scholars Program because the school’s cost of attendance figures include incidental charges that we do not cover.
The EFC is the amount of money that the student’s family is expected to contribute toward his or her education. This amount is computed by the federal government and is NOT funded by the J.L. Bedsole Scholars Program.
The Financial Aid package includes only grants and other scholarships. We do not take into account student loans or work study.
A student must have at least $1,000 of unmet need AND an EFC of no more than $10,000 to qualify for a J.L. Bedsole Scholarship. The J.L. Bedsole Scholarship will pay a maximum of $6,000 of unmet need per year, renewable for eight consecutive fall and spring semesters or until the baccalaureate degree is received, whichever comes first. The Bedsole Scholars Program does not fund summer terms.
Below is an example of how an award is calculated:
Assume Michael Thompson is a J.L. Bedsole Finalist who will attend Auburn University. He has been awarded a Freshman Merit Scholarship of $1,000, a Presidential Scholarship of $2,500, a Band Scholarship of $1,500 and is eligible for a Pell Grant of $2,000. However, Michael knows he does not have enough financial aid to cover the cost of college, so he has applied for a student loan as well.
After filing his FAFSA and signing the appropriate release form, Auburn University forwards the following figures to us.
|
Direct Cost of Attendance:
|
$12,606 $ 5,020 |
|
Financial Aid Package:
|
$ 7,000 $ 2,000 |
| Expected Family Contribution | $ 1,000 |
| (Work Study: $0 Student Loans: $2,575.00) | |
The Scholars Program can now determine his award. Using our formula, Michael’s J.L. Bedsole Scholarship is calculated as follows:
Unmet Need = DCOA – EFC – Fin. Aid Package
Unmet Need = $12,606 - $1,000 - $7,000 = $ 4,606
(Note that we did not include the $2,575 student loan as part of the financial aid package.)
Michael’s award for the year would be $4,500. (Scholarship awards are rounded to the nearest $500.) Keep in mind, the J.L. Bedsole Scholarship does not fund the EFC.
The amount of a student’s J.L. Bedsole Scholarship is recalculated every year once the results of the FAFSA are made available. Therefore, amounts can vary from year to year as cost of attendance, EFC, and financial aid packages may change.
