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, which 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. We award the Pell Grant, SEOG, OTAG, Direct Stafford Loans (Subsidized and Unsubsidized), Perkins Loans, and Direct 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 1, and is good for the following fall, spring, and summer semesters.
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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:
- A student must successfully pass/complete 67% of all courses they attempt. (This is cumulative and based on all courses a student has attempted at any school regardless of whether or not they received federal aid. Withdrawals, Incompletes, Zero level courses, and F's are all considered attempted and are included in this calculation.)
- 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.
- Federal student aid will cease when an undergraduate student reaches 186 attempted hours towards their first bachelor's degree, and when graduate students reach 48 attempted hours towards their first master's 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 five 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, you will receive a refund via your TouchNet account.
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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 is 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 entity. For further detailed information, we recommend you contact the US Department of Education, Loan Consolidation Services at 1-800-557-7392.
Question: What are the repayment terms of student loans?
Answer: For all loans disbursed after July 1, 2014. Direct Subsidized Stafford loans are currently set at a 4.66 percent fixed interest rate. Direct Unsubsidized Stafford loans for undergraduate students are currently set at a 4.66 percent fixed interest rate. Direct Unsubsidized Stafford loans for graduate/professional students is currently set at a 6.21 percent fixed interest rate. Direct Stafford loans do not go into repayment status until six months after graduation. Direct 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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