Financial Aid

SOMI offers a wide array of Financial Aid to eligible applicants. The Financial Aid Office staff is dedicated to assisting students secure the most beneficial Financial Aid package. Examples of Financial Aid include, but are not limited to, Title IV Financial Aid, Scholarships, Third- Party Payors, etc.

FAFSA Simplification (& FUTURE) Act

The FAFSA Simplification Act, in conjunction with the FUTURE Act, represents the largest overhaul in the U.S. Department of Education’s (ED) Federal Student Aid programs, which are authorized by Title IV of the Higher Education Act of 1965, as amended, in the last 40 years. While legislation was passed in 2021, the implementation of the related processes and systems become fully effective in the 2024–25 Academic Year. Major goals of the FAFSA Simplification Act include streamlining and improving the Free Application for Federal Student Aid (FAFSA) process, redesigning the calculation of student Need, extending Federal Pell Grant funds, and changing the way that institutions administer Title IV Financial Aid. Please note that all Finance-related policies have been updated for the 2024-25 Academic Year to reflect changes that have (or will) occur with FAFSA Simplification, as of the publication date of this document. Information related to the 2024-25 FAFSA and Simplification Act continues to be released by the U.S. Department of Education (ED). Students are required to read and understand SOMI policies and encouraged to meet with the Financial Aid Counselor to review individualized Financial Aid plans annually. Additional information can be obtained in ADM 4.01 Federal Financial Aid Administration and ADM 4.02 Federal Financial Aid Programs policies.

FAFSA Simplification — Major Changes

Streamlined the FAFSA for Students (and Contributors)

  • Reduced the number of questions on the FAFSA.
  • Implemented data sharing capabilities so that income tax information can be directly obtained from the Internal Revenue Service (IRS) database.
  • Established a Contributor as any individual required to provide consent and approval for federal tax information (FTI) along with their signature on the FAFSA form, including the student; the student’s spouse; a biological or adoptive parent; or the parent’s spouse (stepparent).
  • Revised the student summary of FAFSA information to the newly renamed FAFSA Submission Summary (FSS) from the Student Aid Report (SAR).

Revised Student Need (Financial Need) Calculation

  •  Replaced Expected Family Contribution (EFC) with Student Aid Index (SAI).
    • SAI can be a minimum of negative (-) $1,500.
  • Removed of number of family members in college from SAI calculation.
  • Changed certain types of income and assets included in the SAI calculation.

Extended Access to Federal Financial (Student) Aid for Students

  •  Expanded Federal Pell Grant eligibility.
  • Restored Federal Pell Grant Lifetime Eligibility Used (LEU) for students receiving Federal Direct Loan discharge.
  • Repealed the lifetime limits on Federal Direct Subsidized Loans (Subsidized Usage Limit Applies - SULA).

Changed Federal Financial (Student) Aid Administration for Institutions (SOMI)

  •  Updated the terminology and components used to develop Cost of Attendance (COA).
  • Expanded the use of Professional Judgement for Financial Aid Offices.
  • Introduced new terminology. Introduces new ED systems.
  • Introduced new Financial Aid packaging methodologies.
    • Federal Pell Grant — introduces Max Pell, Min Pell, Calculated Pell, Enrollment Intensity, and other special rules.

2025–26 FAFSA

Students who intend to use any form of Financial Aid, including but not limited to Title IV Financial Aid, must submit the Free Application for Federal Student Aid (FAFSA) with the SOMI school code 023585. For the 2025–26 Academic Year, students may submit the FAFSA beginning December 31, 2024. There were significant delays in the opening of the 2025-26 FAFSA, which not only impacted students in submitting the FAFSA, but also institutions in receiving FAFSA data needed to package Financial Aid for students. Information related to the 2025–26 FAFSA and Simplification Act continues to be released by ED. Students are encouraged to meet with a Financial Aid Counselor to review individualized Financial Aid plans annually.

For the 2025–26 Academic Year the FAFSA Processing System (FPS), formerly known as the Central Processing System (CPS), is the U.S. Department of Education’s(ED) application processing center which produces two (2) reports. The FAFSA Submission Summary (FSS), formerly known as the Student Aid Report (SAR), is distributed to students and the Institutional Student Information Record (ISIR), which is distributed to SOMI. Students are responsible for reviewing information contained in the FSS. Any rejections or errors found on the FSS and ISIR must be resolved prior to awarding a complete Financial Aid package including Title IV Financial Aid.

Financial Aid Awarding Principles

After receipt of the student’s ISIR, the Financial Aid Office will determine the student’s eligibility for all types of Financial Aid. The Financial Aid Office will determine the best financial package for each student based on a variety of factors including, but not limited to, ISIR information, eligibility for grants and Scholarships (which are not required to be repaid) and loans (which do require repayment).

Financial Aid Counselors are available to assist students in determining the best Financial Aid package tailored to meet individual students’ needs. Students are strongly encouraged to schedule an appointment with a Financial Aid Counselor to review financial information. The purpose of this role is to assist students with navigating the complexities and requirements of Financial Aid including, but not limited to, borrowing Federal Direct Loans.

When packaging Financial Aid, any grants, and Scholarships, which do not require repayment, will be automatically approved within the SIS. Students who wish to borrow Federal Direct Loans based on the amount needed to cover Tuition, Fees, and Other Charges or who elect to borrow less than the annual Federal Direct Loan limits are required to complete the Request to Borrow Less Than Maximum Federal Student Loans form located on the SOMI website. Students who do not elect to submit the Request to Borrow Less Than Maximum Federal Student Loans will be initially packaged for maximum annual loan amounts (refer to the Appendix of the Finance section for further information). Students have the ability to accept or deny (any or all) Financial Aid packages in the CampusNexus® Student Portal. In addition, the Financial Aid Office will communicate when Federal Direct Loans are disbursed to the Student Ledger Card. The Student Loan Notification document also has instructions for students who wish to cancel any, or all, Federal Direct Loans within fourteen (14) days of disbursement.

Financial Aid Counselors and Financial Aid Office staff are always available to assist students with Financial Aid questions, comments, or concerns.