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1. I probably don't qualify for aid. Should I still apply?
Definitely Apply! Many families unfortunately believe that they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as Unsubsidized Stafford and PLUS loans that are available regardless of need. The Free Application for Federal Student Aid (FAFSA) form is free. Everyone, regardless of income, should apply.
2. What is a Student Aid Report?
The U. S. Department of Education will process your FAFSA in approximately four weeks. You will then receive a Student Aid Report (SAR) in the mail. The SAR will reflect the information from your application and, if there are no questions or problems with your application, your SAR will provide your Expected Family Contribution (EFC). This is the number used in determining your eligibility for federal student aid.
3. When and how will I receive my financial aid?
Financial aid awards are normally released at the start of each semester. As a financial aid recipient, your financial aid award funds will first be used to pay your tuition/fees and on-campus housing bills. After all your University bills 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 Office of the Bursar.
4. What expenses can I expect financial aid to cover?
Financial aid is awarded based on an average Cost of Attendance (COA) 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.
5. Do I have to reapply for financial aid every year?
Yes. You must apply for financial aid every academic year. After your first year you will receive a pin # or a "Renewal Application" from the federal processor. The renewal application 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 credits and achieving a minimum GPA.
6. 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") by using the information you provide on the Free Application for Federal Student Aid (FAFSA) and a formula called "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. After receiving your Expected Family Contribution (EFC) amount from the federal 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.
7. What is a "Standard Student Budget" or "Average Cost of Attendance?"
The Standard Student Budget is the amount the University 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 undergraduates, graduate students, and professional students, living on campus, off-campus, and with parents.
8. When determining eligibility for need-based assistance, what income figure is important (gross, net, adjusted)?
The adjusted gross income is used.
9. 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.
10. I want a Federal Work-Study job. How can I get one?
Work-Study is a need-based program. To qualify, recipients must apply for the Free Application for Federal Student Aid (FAFSA), with the results indicating that they have a 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--before the mid-March priority deadline, since work-study funds are often committed early in the year.
11. 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 University at the end of each year, and this form will indicate how much you made from all employment at the University, 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.
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