Understanding Financial Aid
The following should answer many questions you may have about financial aid. However, if you have any other questions, please contact the financial aid department at your earliest convenience. They’ve been through this with many students and can help make the application process go as smoothly as possible.
What is financial aid?
Financial aid refers to federal, state and private resources that may help pay for school costs. Typically financial aid consists of grants, scholarships, loans and student employment. Grants and scholarships do not have to be repaid. Loans must be repaid with payments usually beginning after the student is no longer enrolled at least half time. Student employment consists of opportunities for students to earn money to pay for educational expenses.
What are my options if my parents or I make too much money for me to receive financial aid?
Regardless of how much money you or your parents make, you should still apply for federal aid. Some sources of federal aid are not need based which means you or your parents may qualify regardless of income.
What is the difference between a Stafford loan and an alternative or private loan?
A Stafford loan is a federal educational loan with low interest rates and fees which requires no credit check. An alternative loan is a private loan made by a lender with higher interest and fees determined by the student or co-borrower's credit history.
How do I apply for financial aid?
A financial aid advisor at your school will be happy to assist you with the free application for Federal Student Aid (FAFSA). This is a single application needed to apply for all sources of federal aid. The FAFSA can be completed online using the school’s computers or at www.fafsa.ed.gov. To expedite the process, it helps to complete the FAFSA with a PIN. A PIN is a Personal Identification Number that can be used as an electronic signature. It makes filing for aid quick and easy. PINs are private and should never be shared with anyone. A PIN can be obtained by visiting www.pin.ed.gov. If you would like help filling out the FAFSA application, please contact the financial aid department.
How often do I have to reapply for financial aid?
You must reapply for federal and state aid each year. Typically, you should reapply for aid as soon as possible after January 1st; however, check with the financial aid office at your school to determine when you should reapply.
What forms or other information do I need to apply for financial aid?
Students (and parents of dependent students) will need to refer to a copy of their most recent tax return (1040) when applying for financial aid. In addition, documentation on other sources of income including social security benefits, unemployment compensation, veteran's benefits, etc., will also be needed. Information on the value of assets is also required. Examples of assets include checking and savings accounts, stocks, bonds, certificates of deposits, mutual funds, real estate (other than the family home), businesses and farms.
*Financial Aid is available for those who qualify.