Financial Aid
Frequently Asked Questions
FAFSA
How do I apply for financial aid?
A Free Application for Federal Student Aid (FAFSA) needs to be completed
online at www.fafsa.ed.gov. In order to ensure that you
meet all federal, state, and institutional deadlines your FAFSA should be completed as soon
after January 1, as possible. To complete the FAFSA you will need
to gather your previous year's financial information (e.g. to complete the 2008-09 FAFSA you will need your
2007 information). This would include Federal taxes, assets, untaxed income and business/real
estate information.
Please Note - If you are going to complete the FAFSA online, you will need
to apply for a online signature PIN number—to apply for a PIN number
or if you have forgotten your PIN you can access the website at www.pin.ed.gov.
How do I obtain a PIN number to fill out my FAFSA?
To apply for a PIN number or if you have forgotten your PIN you can access
the website at www.pin.ed.gov.
Where do I go to complete a FAFSA?
You can complete the FAFSA online at www.fafsa.ed.gov
or you can fill out a paper form, which can be obtained from
any local library or high school.
Please Note - If you are going to complete the FAFSA online, you will need
to apply for a online signature PIN number—to apply for a PIN number
or if you have forgotten your PIN you can access the website at www.pin.ed.gov
.
Do I need to complete a FAFSA every year?
Yes, returning students need to complete a Renewal
FAFSA. In order to ensure
that you meet all federal, state, and institutional deadlines your FAFSA
should be completed as soon after January 1, as possible.
If my parents are divorced or separated - whose financial information would
I use on my FAFSA?
In the case of divorce or separation you would use the custodial parent or
the parent whom you have lived with the most the past 12 months. If you do
not live with either parent, or have spent equal time between both parents
you would use the parent who has provided you with the most financial support.
How is financial aid determined?
State and federal aid eligibility is determined by the student’s Expected
Family Contribution (EFC) number calculated from their FAFSA. The EFC is subtracted
from the students Cost of Attendance (COA) or budget, and the remaining amount
is the student’s financial need. The students COA, consists of tuition,
fees, room and board, books, travel and other miscellaneous expenses.
How is financial aid awarded?
The basic formula used when awarding a student financial aid is:
Cost of Attendance (COA) – Expected Family Contribution (EFC) number
= Financial Need
What am I eligible for in financial aid?
Eligibility is determined by the student’s Expected Family Contribution
(EFC) number calculated from their FAFSA. The Free Application for Federal
Student Aid (FAFSA) determines a student’s state and federal aid eligibility.
Regardless of the EFC number a student becomes automatically eligible for
a Federal Stafford student loan once a FAFSA has been completed. Student
loan
amounts are determined by academic grade levels:
Dependent Student -
-
Freshman (0-28 credits) $3,500 + $2,000
unsubsidized
- >
Sophomore (29-58 credits) $4,500 + $2,000
unsubsidized
-
Junior (59-89 credits) $5,500 + $2,000
unsubsidized
- >
Senior (90+ credits)
$5,500 + $2,000 unsubsidized
Independent Student-
-
Freshman (0-28 credits) $9,500
-
Sophomore (29-58 credits) $10,500
-
Junior (59-89 credits) $12,500
-
Senior (90+ credits) $12,500
Graduate Student- $20,500
Please note – a student’s dependency is determined by the FAFSA.
I just filled out my FAFSA – how long until I
receive my award letter?
Financial Aid
Process Chart (PDF Format)
If the student completed their FAFSA online, the standard processing time is
two weeks, for the paper form it is four weeks. If no additional documents
are requested the student should receive their financial aid award letter from
the Office of Financial Aid Services within 2 weeks after their FAFSA has been
processed.
I am not filing a FAFSA – am I still eligible
for financial aid?
If a student does not file a FAFSA they may still be eligible for
institutional money, such as an academic scholarship. Academic scholarships
are awarded through
the Admissions
Office and are determined by a student’s academic
ability on their initial acceptance into the University.
How much aid did I receive from FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the form
used to determine a student’s state and federal financial aid
eligibility.
I do not think I will qualify for financial aid – should
I still fill out a FAFSA?
Yes, there are non-need based sources of financial aid, including: Federal
Stafford unsubsidized student loans, as well as some scholarships, which require
a FAFSA be completed.
If my parents no longer claim me on their taxes am I still considered a
dependent student?
Yes, if you answered “No” to
all of the dependency questions (on 2008-09 form) on your
FAFSA you are a dependent student.
How do I know if I am considered a dependent student?
If you answer “No” to all of the following questions
you are considered a dependent student and will have to include your
parent(s) financial information
on your 2008-09 FAFSA:
-
Were you born before January 1, 1985?
-
At the beginning of the 2008-09 school year,
will you be working on a master’s or doctorate program (such as MA, MBA,
MD, JD, PhD, EdD, or graduate certificate, etc.)?
-
As of today, are you married? (Answer “Yes” if
you are separated but not divorced.)
-
Do you have children who receive more than half of their support from you?
-
Do you have dependents (other than your children or spouse) who live
with you and who receive more than
half of their
support from you, now and through June 30, 2009?
-
Are (a) both of your parents deceased, or (b)
are you (or were you until age 18) a ward/dependent of the court?
-
Are you currently serving on active duty in the
U.S. Armed Forces for purposes other than training?
-
Are you a veteran of the U.S. Armed Forces?
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