Financial Aid FAQ

What is a FAFSA?

The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid application process and helps determine a student’s Expected Family Contribution (EFC) and financial need.  This document needs to be completed online at https://studentaid.gov/fsa-id for each year that a student is enrolled. The results will be sent electronically to the College as long as the correct School Code (001374) is entered.

How do I apply for a FSA ID?

All students completing the FAFSA for the first time must apply for an FSA ID at https://studentaid.gov/fsa-id. Once activated, the FSA ID will be needed for every FAFSA submission as well as for Entrance Counseling, Master Promissory Note (MPN), and the Annual Student Loan Acknowledgement. Parents of dependent undergraduate students must also apply for an FSA ID at https://studentaid.gov/fsa-id.

I completed my FAFSA, why are you requesting more documents?

Students interested in receiving federal student loans must complete the Master Promissory Note and Entrance Loan Counseling. Additionally, if you are selected for Verification, or have a Correction-Flag on their FAFSA, you must submit additional documentation. The Financial Aid Office will notify you if any additional information or documents are needed to complete the student’s financial aid file. All missing documents must be submitted by the published deadline.

What is Verification?

Verification is the process used to confirm the information reported on your FAFSA is accurate. Students are selected for Verification by the Department of Education; the Financial Aid Office reserves the right to select additional students for Verification. All students selected are verified by the Financial Aid Office. Students are encouraged to use the IRS Data Retrieval Tool (DRT) when submitting their FAFSA so they do not have to request their Tax Return Transcript from the IRS if they are selected for Verification.

How do I obtain my Tax Return Transcript?

Students who are selected for Verification and who did not use the IRS DRT when completing the FAFSA must request their Tax Return Transcript from the IRS at either www.irs.gov or at 1 (800) 908-9946. Individuals who do not file taxes should contact the Financial Aid Office to determine what documentation can be submitted in lieu of the Tax Return Transcript.

I applied for Financial Aid, why did I receive loans?

Students are awarded according to their financial need and eligibility. The Federal Government considers both loans and grants to be financial aid. For further information please contact the Financial Aid Office.

How do I apply for loans?

All students who are interested in receiving Federal Direct Stafford Loans must complete their Master Promissory Note and Entrance Loan Counseling at https://studentaid.gov. Students interested in applying for alternative or private loans should visit www.elmselect.com for a list of lenders who have worked with Albertus Magnus College over the past three years. Parents interested in applying for a Parent PLUS Loan may complete the application at https://studentaid.gov.

What is the difference between Unsubsidized Loans and Subsidized Loans?

Federal Direct Subsidized Loans accrue interest while the student is enrolled at least half-time that the Department of Education pays on behalf of the student.

When do I start paying back my federal student loans?

Each federal student loan has a one-time six month grace period before it is required to go into repayment after a student graduates, leaves school, withdraws, or drops below half-time enrollment.

Which loans am I responsible for repaying?

Students are responsible for all Federal Direct Subsidized and Unsubsidized Loans, and any borrowed alternative loans taken out in their name. Parents are only responsible for educational loans if they borrow a Federal Direct Parent PLUS Loan or parent alternative loan taken out in their name. Co-signers carry a shared responsibility for repaying alternative loans.

What is a Parent PLUS Loan?

A Federal Direct Parent PLUS Loan is a federal loan for which parents of dependent undergraduate students can apply and use to help pay the student’s educational expenses.

Can I start paying back my federal loans before my six month grace period is over?

Yes! Early repayment is encouraged. Students can contact their federal loan servicer directly to make payment arrangements at any time. Students can visit https://studentaid.gov for lender contact information and to see a breakdown of all federal loans.

Do I need to renew my Financial Aid each year?

Yes. The FAFSA opens annually on October 1st.