Financial Aid Basics
Financial Aid Answers
You have questions: How will you pay for school? What is FAFSA? Do I have to pay financial aid back? What, exactly, is financial aid anyway?
We're here to help. Get the answers you want with these short videos. Or give us a call. We're happy to walk you through the process.
FAQs
Financial aid is money set aside by the federal government, state, and some colleges and universities to help people pay for a college education. Financial aid can come in the form of a grant, a work-study job or a loan.
In order to have access to financial aid, you need to fill out the Free Application for Federal Student Aid, known as the FAFSA. The FAFSA can be found online at www.fafsa.gov.
Even if you think you may not qualify for federal financial aid, you should complete the FAFSA. You never know what you might receive.
The FAFSA is the key to unlocking financial aid in the form of grants, work-study, and loans. In order to be considered eligible for these programs, you must meet the following eligibility requirements:
- You must have a high school diploma or equivalent, a General Education Development (or equivalency), or have completed secondary school in a home school setting.
- You must be enrolled in an eligible program of study.
- You must be a U.S. citizen or eligible non-citizen.
- You must submit all required forms and documents requested by the Financial Aid Office.
- You must meet and maintain satisfactory academic progress requirements for financial aid.
- You must have financial need (except in the case of unsubsidized loans), as demonstrated by a completed FAFSA and financial aid office review.
- You must be in compliance with the Selective Service if you are a male.
- For males between 18 and 25 years of age, you must be registered.
- You do not owe a refund or repayment on a federal grant.
- You cannot be in default on a federal educational loan.
- You must have a valid Social Security number.
- If you are a dependent student, your parent is not required to have a valid Social Security Number.
- You have not been convicted of possession or selling illegal drugs while enrolled and receiving financial aid.
If you meet all of these criteria, we encourage you to fill out the FAFSA. There are a tremendous number of federal resources available, and the FAFSA is the key to unlocking these funds!
SAP stands for Satisfactory Academic Progress.
Federal regulations require that a student has met - and continues to meet - some basic academic progress standards before he/she can receive federal financial aid. Each school sets its own SAP policy within federal guidelines, and students must meet the requirements of the SAP policy of the school in which he/she is enrolled to be eligible for federal financial aid.
For students not meeting SAP requirements, the school's SAP policy explains warning and probationary periods, as well as appeal and approval processes. Please make sure to review the school's SAP policy to understand your responsibilities as a student receiving federal financial aid.
A grant does not have to be paid back. It is the best type of aid you can receive.
A loan, on the other hand, must be re-paid with interest over a period of years. Loans should be considered only after exhausting other options - and borrow only what you need.
It is also important to remember that while grants are a great form of financial assistance, they do require you to fulfill certain responsibilities - such as staying in school and meeting satisfactory academic progress. You may need to repay a grant if you reduce enrollment or withdraw from all courses during the term after receiving a grant disbursement.
Cost of attendance, or COA, is an allowance based on the following expenses students may incur:
- Tuition
- Food and Housing
- Fees
- Books
- Travel
- Miscellaneous Costs
- Loan fees
This figure is what the Financial Aid Office uses to process your aid eligibility and award package.
Your Financial Aid cannot exceed your COA.