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When and how will I receive my financial aid?
Financial aid awards are normally credited to your account at the start of
each semester. An exception would be a loan made for only one semester, which
would be disbursed in two installments. As a financial aid recipient, your
financial aid award funds will first be used to pay your tuition/fees and
on-campus housing expenses. After all your expenses are paid for the semester,
the balance of your financial aid money will be issued to you in the form of a
check from the Business Office after the tenth week of school.
What expenses can I expect financial aid to cover?
Financial aid is awarded based on an average cost of attendance that includes
appropriate tuition/fees for your educational program, books/supplies, and other
educational expenses. Other educational expenses consist of living,
transportation, personal and miscellaneous expenses during the academic year.
How much will my family be expected to contribute towards
my yearly college costs?
Your Expected Family Contribution (EFC) is calculated each year you apply for
aid using a national processing formula called the Federal Methodology. The
formula considers your parents' and your income and assets, your family size,
and the number of family members enrolled in college. The EFC will be the same
at any college you attend.
Do I have to reapply for financial aid every year?
Yes. You must apply for financial aid every year. If your financial
circumstances change, you may get more or less aid. After your first year, you
will receive a "Renewal Application" which contains preprinted
information from the previous year's FAFSA. Note that your eligibility
for financial aid may change significantly, especially if you have a different
number of family members in college. Renewal of your financial aid package also
depends on your making satisfactory academic progress toward a degree, such as
earning a minimum number of hours and achieving a minimum Grade Point Average
(GPA).
Can my financial aid change?
Yes. As stated in your award letter, financial aid awards are our best
estimate of what you are eligible to receive. Most changes in awards, however,
involve factors which are under your control, or of which you should be aware.
Your award may be increased, reduced, or even canceled, if:
- Your family financial circumstance changes, causing your need to change.
- You receive any additional outside resource, such as a privately awarded
scholarship, which was not listed on your award letter.
- You provided incorrect data on your FAFSA or Renewal FAFSA.
- You do not maintain Satisfactory Academic Progress.
- You are suspended by the College.
- You do not enroll for the required number of hours to receive aid through
the programs awarded to you.
- You change your enrollment status.
- You withdraw or cut out of classes.
What are Private Scholarships?
Private scholarships are awards provided by organizations outside of the
College, such as Lions Club, Georgia Pacific, Wal-Mart, your local high school,
national organizations, etc. You apply directly to the organization sponsoring
the scholarship. The organization then selects the recipient's and sends the
funds to the College to apply to your expenses.
If I get a private scholarship, what impact does this have
on my eligibility for other financial aid?
If you receive a private scholarship award, this may impact your financial
aid award since the combination of all financial aid and scholarships cannot
exceed your need. If you know that you will be receiving a private scholarship,
please contact our office as soon as possible to prevent receiving an over-award,
and possible repayment of aid you have already received.
Are scholarships awarded for one year or are there
scholarships that are guaranteed for both years?
A number of scholarships, particularly those awarded on academic and need
basis, are awarded annually. Scholarship awards made on academic basis are
generally renewable for subsequent years, provided the recipient maintains the
required grade point average.
How do I compare financial aid awards from several
schools?
Financial aid packages should be evaluated based on quantity and quality. A
good measure of the quantity of your aid package is to figure out how much
financial aid money you will have left after paying your tuition and fees
instead of simply considering the total amount.
How is my "financial need" determined?
The federal processor determines your individual family's ability to
contribute to the cost of education ("Expected Family Contribution")
using the information you provide on the Free Application for Federal Student
Aid (FAFSA) and a formula called "federal methodology." After
receiving your Expected Family Contribution (EFC) amount from the
processor, the Office of Financial Aid then subtracts your EFC from the standard
student budget (average cost of attendance). In formula form: Cost of
Attendance - EFC = Student Financial Need.
What is a "Standard Student Budget," or
"Average Cost of Attendance?"
The Standard Student Budget is the amount the College estimates it will cost
to attend college for the academic year. Costs include: tuition/fees, books and
supplies, housing, meals, transportation, clothing maintenance, health
insurance, and personal expenses. Budgets are calculated for dependent students
and independent students.
In determining eligibility for need-based assistance, what
income figure is important (gross, net, adjusted)?
The adjusted gross income is used.
Will our savings and other assets be considered when our
financial need is being determined?
Family assets, such as stocks and bonds, net business worth, and savings are
taken into account in determining the student's expected family contribution
toward his/her education. Eligibility for federal financial aid funds is
determined by rules set by the government that provide, among other things,
allowances for retirement needs in computing this contribution.
How do I become an Independent Student for Federal Aid
purposes?
You may be considered independent for the
2005-2006 Academic Year if you meet
at least one of the following requirements:
- were born before January 1, 1984,
- are a Veteran of the US Armed Forces,
- are married,
- are a ward of the court,
- have a legal dependent for whom you provide more than half of their
support, or
- are enrolling in a graduate or professional program,
- are an orphan.
I'm going to be married during the school year for which I
am applying for aid. Can I fill out my FAFSA as "married"?
No. You must indicate your marital status as of the date you are completing
the FAFSA.
If my parents are divorced or separated, whose financial
data should be used when I'm completing the Free Application for Federal
Student Aid (FAFSA)?
If your natural parents are separated or divorced, use the natural parent
with whom you lived the most in the past 12 months. If you lived with neither
parent, or lived with each parent an equal number of days, use the parent that
provided the most financial support to you over the past 12 months. If that
parent has remarried, you must also include the step parent's financial
information on the application, and parent and step parent should report
themselves as married on the FAFSA.
Example: You have been living with your mother and stepfather
for the past 12 months. You would use your mother's income and stepfather's
income, and you would report on the FAFSA as the number in family: yourself,
your mother, your stepfather, and any other children that they support.
What if I have unusual circumstances?
If any of the following circumstances apply to you/your family, check with
your financial aid advisor immediately to see if this might affect your
financial aid application.
- Divorce of parents, or you from your spouse
- Death of a major wage earner
- Loss of employment of a major wage earner
- Loss of other income or benefits (such as Social Security or child
support) by you, your parents, or your spouse
What is verification?
Verification is a federally mandated quality control process in which files
are selected at random to check certain data elements on the FAFSA. If
your file is selected for verification, the school is required to compare these
data elements with the information on your tax returns to "verify"
their accuracy. Your SAR will tell you if you have been selected for
verification.
What if I am selected for verification?
You will need to submit to the Financial Aid Office signed copies of parent
and student tax returns and a completed Verification Statement verifying
household size, untaxed income, and number in college.
I want a Federal Work-Study job. How can I get one?
Because work-study is a need-based financial aid award, to qualify recipients
must apply for financial aid and be determined to have financial need. Please
note that to be considered for Federal Work-Study as part of your financial aid
award, you MUST apply early in the year--by the April 1 priority deadline, since
work-study funds are often depleted early in the year.
Do I have to pay taxes on the money I earn through Federal
Work-Study?
Yes, work-study income is taxable. You will receive a W-2 form from the
College at the end of each year, and this form will indicate how much you made
from all employment at the College including work-study employment in the prior
year. Note that although you may have to pay taxes on work-study earnings, you
should list those earnings as income on your Free Application for Federal
Student Aid (FAFSA), but then also report them as Title IV exclusions. When
filling out the FAFSA, read the FAFSA booklet instructions for
Worksheet #3 carefully.
What is the difference between the Subsidized and
Unsubsidized Stafford Loan?
The Subsidized Stafford is awarded to students who demonstrate financial
need. The government pays the interest on this loan while the student is in
school. The interest on the Unsubsidized Stafford is not paid by the government
while the student is in school, rather it is the responsibility of the student,
who has the choice to either make interest payments or defer the payments until
after graduation, at which time it will be added to the principal of the loan.
Who is my lender?
The "lender" is the lending institution (bank, credit union, etc.)
that makes your student loan funds available to you.
What is loan counseling and why do I have to have it?
Loan counseling is required by federal regulations for all first-time
borrower's at a school. The session gives an overview of the Federal loan
program, discussing the types of loans, interest rates, borrower rights and
responsibilities, etc. Loan counseling can be done over the Internet.
Begin
a session now.
How will I know when my loan money arrives?
The Financial Aid Office will notify you by mail
with the date and the amount of your scheduled
disbursement after they receive the Loan Guarantee. The Business Office
will mail out loan refund checks.
How can I get an In-school Deferment on repayment of my
loan?
Request the deferment form from your bank and have our Registrar's Office
complete it, then send it back to the bank. Continue to make all payments until
your bank sends you confirmation of your deferment.
If I am in default on a previous loan, what documents are
needed to clear the default?
A letter is required from the agency, or holder of the defaulted loan,
stating that the default has been cleared.
What happens to my financial aid status if I withdraw from
school?
Check with the Financial Aid Office before withdrawing from school. Depending
upon when you withdraw from school, you may be required to repay a specified
percentage of any aid you have received in the term in which you are
withdrawing, since the funds you receive are designed to help you meet your
living expenses for the entire term. You may also forfeit some types of
financial aid you have been awarded.
Can I get aid for summer school?
Yes, provided you have eligible
funds remaining. If you plan to attend summer school, you will need
to make sure your file is complete on or before May 1.
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