Q: How do I apply for financial aid?
A: In order to apply for financial aid students must complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov.
Q: I applied for financial aid, why did I receive loans?
A: The federal government considers both loans and grants to be financial assistance. There are two types of financial aid: self-help aid which is comprised of loans and work study; gift aid which is comprised of grants and scholarships.
Q: How often do I have to apply?
A: The application for Financial Aid is based on an academic year. For traditional students, it is required that the forms be completed once a year, unless otherwise notified. For non-traditional students, it can be based specifically on the student’s enrollment patterns. Financial Aid will notify returning students when it is time to re-apply.
Q: Will a change in enrollment affect my Financial Aid?
A: Yes, typically making any changes to your enrollment, withdrawing from a course, adding a course, taking a leave of absence or withdrawing from the program will affect your financial aid eligibility. Please contact the Financial Aid Office as soon as possible to determine the impact of such changes.
Q: Why do I have an “out-of-pocket” expense if I have financial aid?
A: Due to the Federal loan aggregate limits there are limitations to how much financial aid students are eligible for.
Q: Why can’t I receive all my loan funds right away?
A: The federal government requires that your loans be disbursed in 2 equal disbursements. The first disbursement is made at the beginning of the academic year and the second disbursement is made at the halfway mark. The college must confirm enrollment before any disbursements may be made.
Q: Why was the loan amount posted to my account less than the amount on my award letter?
A: In general, most lenders apply a 1-2% origination/default fee.
Q: Why are you asking me for my federal taxes and W-2s?
A: The federal processor randomly selects approximately 33% of all FAFSAs for verification. Verification is the process by which the school validates information on the FAFSA.
Q: What is a Student Aid Report (SAR) and why is it important?
A: Your SAR is the report that is based on the information you submitted on your FAFSA. It should be reviewed carefully for any discrepancies.
Q: How often do I need to complete a Master Promissory Note (MPN)?
A: This document is only completed once per institution, as long as the student’s enrollment does not surpass 10 years, the student does not consolidate, and/or the lender does not leave the Federal Family Education Loan Program (FFELP).
Q: What is Entrance Counseling?
A: Entrance Counseling is a review of all of your rights and responsibilities as a Federal Student Loan Borrower. It is mandated that student’s complete this form prior to borrowing student loans, to confirm that they are aware of debt responsibility that they have accepted.
Q: When do I start paying back my loans?
A: Typically, repayment begins 6 months after either graduation or dropping below half-time status.