Frequently Asked Questions about Financial Aid

 

FAFSA FAQ

Question: How do I apply for Financial Aid?

Answer: You can apply by completing the FREE application at www.FAFSA.ed.gov. Before completing the application you will want to go to www.PIN.ed.gov to apply for a PIN number, this will serve as an electronic signature. This PIN number should be emailed to you within 72 hours and then you can proceed to www.FAFSA.ed.gov to complete the FREE application.

Question: What type of information does the FAFSA require?

Answer: The FAFSA will require general as well as tax and asset information. If you are a dependent student you must provide your parents information as well.

Question: What types of aid are awarded from the FAFSA?

Answer: When we receive a student aid report from FAFSA that report will tell us what the student is eligible for based on the information the student provided on the FAFSA. We award the Pell Grant, Seog Grant, Otag Grant, Federal Stafford Loans (Subsidized and Unsubsidized) Perkins Loans, and Parent Plus Loans based on each student’s eligibility.

Question: Do I have to apply for financial aid every year?

Answer: Yes every student must apply for federal aid every year, the FAFSA is available to fill out every year on January 1st. This FAFSA is good for the following Fall, Spring, and Summer semester.

 

General FAQ

Question: Do I have to meet certain requirements to be eligible for financial aid?

Answer: Initially every student is eligible for some type of aid whether it be in the form of grants or loans. However to remain eligible a student must meet certain criteria which are outlined in our Satisfactory Academic Progress Policy (SAP). They are as follows:

  1. A student must pass/complete 66% (cumulative) of all courses they attempt. Withdrawals and Failures are considered attempted courses and therefore will count against your percentage.
  2. A student must meet a GPA requirement. Freshman with 0-30 credit hours must maintain a 1.7 cumulative GPA. Students with 30 + credit hours must maintain a cumulative 2.0 GPA.
  3. Federal Student Aid will cease when an undergraduate student reaches 186 attempted hours towards their first bachelors degree, and when graduate students reach 48 attempted hours towards their first masters degree

Question: As a graduate student how many hours do I need to be enrolled in to be eligible for financial aid?

Answer: A graduate student must be enrolled in at least 5 graduate level (5000) hours during any semester of attendance to be eligible for financial aid.

Question: What can my financial aid be used for?

Answer: Financial aid is primarily meant to be used to pay educational costs such as tuition and fees, books, housing etc. It can also be used to help with transportation costs and basic necessities while attending school. Financial aid is not meant to be a main source of income, it is meant to be a supplement to aid in your costs while attending school.

Question: How does my financial aid pay for my charges?

Answer: After your financial aid has been determined and processed it will come into the University and apply to your account. If your bill is not paid in full by your financial aid you will receive a bill for the balance. If your financial aid is enough to cover all costs and you have remaining aid left over, the University will write a check to you for that remainder.

 

Loan FAQ

Questions: How do I apply for a student loan?

Answer: The first step is to complete a FAFSA. Our office will then determine your eligibility and award you a student loan accordingly. Once awarded you must then complete your entrance counseling and master promissory note before the loan will be disbursed to the school.

Question: How much money can I borrow?

Answer: A student’s loan eligibility is determined by several factors. These factors consist of grade classification (freshman, sophomore, etc.) as well as whether the student is dependent or independent. Another factor is based on the amount of additional aid a student is receiving. We are allowed to award a student a certain amount of aid per year based on their Cost of Attendance (COA), all outside aid is factored into this COA therefore it may affect the loan amount a student is eligible to borrow.

Question: What is loan consolidation?

Answer: Loan consolidation is when individual student loans are combined into one loan. This is helpful if a student has had loans at several different banks throughout their education. After graduation rather than make payments to several banks a student can opt to consolidate their loans and make payments to only one bank. For further detailed information we recommend that students contact their lender.

Question: What are the repayment terms of student loans?

Answer: Federal Stafford loans are currently set at a 6.8% fixed interest rate. Federal Stafford loans do not go into repayment status until 6 months after graduation. Stafford loans will also go into repayment if a student drops below half-time or has to sit out of school for any period longer than six months.




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