|
Q:
|
What do I need to do to get Financial Aid?
|
|
A:
|
You need to fulfill the following requirements:
- Have a high school diploma, GED or have passed a
similar independent test approved by the U.S. Department
of Education.
- Be enrolled at least half-time as a regular student
in an accredited institution for FFEL loans.
- Be a U.S. citizen or eligible
non-citizen.
- Be enrolled with the Selective Service (males only).
Then,
- Apply to schools you want to attend,
- Complete and submit the Free Application for Federal
Student Aid (FAFSA)
Form and any other forms the schools may need,
- Evaluate school aid offers once you've been accepted,
- Choose a school,
- Submit the Student
Aid Report (SAR) to the school you choose to attend
if you haven't already done so,
- Apply for loans recommended by the school,
- If you need more money, apply for loans to cover
the difference.
|
|
Q:
|
What forms or papers do I need to sign to get a
loan?
|
|
A:
|
You need to sign the following forms provided by your
Financial Aid Office:
- A Statement of Education Purpose.
- A Certification Statement on Refunds and Default.
- An Anti-Drug Abuse Act Certification.
- A Statement of Updated Information.
- A Statement of Registration Status.
|
|
Q:
|
How do I know if I'm an "independent student?"
|
|
A:
|
You are considered an "independent student"
if you are any of the following:
- At least 24 years of age by December 31 of the school
year,
- A graduate or professional student,
- A married student,
- A veteran of the United States Armed Forces,
- An orphan or ward of the court.
|
|
Q:
|
When should I begin the financial aid process?
|
|
A:
|
The ideal time to begin the financial aid process is
the last week in December prior to the first year of
college. Take this time to concentrate on completing
the forms.
The FAFSA
Form should be submitted as soon as possible after
January 1. If you are applying for early admission,
check with your college to find out when to submit these
forms.
Remember, while there is no limit to the number of
student loans available from lenders, students who respond
earliest after the appropriate date have the best chance
of getting the financial aid they need from the school.
|
|
Q:
|
What is the FAFSA Form?
|
|
A:
|
The Free Application for Federal Student Aid (FAFSA)
Form is used to determine how much your family can afford
to pay toward your college based on household income
and other factors, including how much you will need
to meet the cost of attending college. A new FAFSA
Form must be completed each year that you wish to
be considered for financial aid.
The new paper FAFSA Form is usually available in November
or in January for the online form prior to the new school
year. You can also obtain one at your school's financial
aid office or the public library.
|
|
Q:
|
Where can I get a FAFSA Form?
|
|
A:
|
FAFSA Forms can be obtained at your high school guidance
office, the college's financial aid office, the public
library, and online.
When completing the FAFSA Form, be sure to read the
directions carefully. Answer every question that pertains
to you. If the answer is zero, write in zero. If the
form asks you to use black ink, use black ink. Be as
accurate as possible when completing the forms. You
may be asked to submit records for verification.
|
|
Q:
|
My credit rating's not so good. Will this hurt my
child's chances of getting a student loan?
|
|
A:
|
Federal student loans do not require any credit checks.
However, if your son or daughter has defaulted on a
student loan, they may not be able to obtain a federal
student loan. A federal PLUS Loan (a loan for parents)
does require a credit check and may be denied if the
parent has a negative credit history.
If you are concerned about your eligibility, Citibank
offers PLUS Pre-Screening to give you an idea of what
you can expect. You can obtain this kit from your child's
school's Financial Aid Office. For more information,
call Customer Service at 1-800-946-4019.
|
|
Q:
|
My daughter wants to apply to a school that may
be more expensive than our family can afford. What can
I do?
|
|
A:
|
Consider the school's financial aid package before
giving up your education goals. There is more than $35
billion in financial aid available to students every
year.
|
|
Q:
|
Our family makes over $50,000 a year. Does this
mean we are not eligible for financial aid?
|
|
A:
|
Not necessarily. There are a number of factors in addition
to your household income that help determine if you
are eligible for financial aid. Also note there are
loans for which families of all incomes qualify. Learn
more about Financial
Aid Options available to you.
|
|
Q:
|
Is there a way I can increase my chances for more
financial aid?
|
|
A:
|
Yes. For aid such as scholarships, grants, Federal
Perkins Loans, and Federal Work Study, you should apply
as early as possible. The financial aid pool at most
colleges is pre-determined for these programs and it
is possible that they could run out of funds.
|
|
Q:
|
Will the information on my FAFSA Form be kept confidential?
|
|
A:
|
Yes. All the information is strictly confidential.
The only way it can be released to anyone else is with
your authorization.
|
|
Q:
|
If I am awarded financial aid, when will I get the
money?
|
|
A:
|
Methods of distributing financial aid vary from campus
to campus. Most financial aid will not be given directly
to you. The majority of aid gets credited directly to
your student account at the start of an academic term.
|
|
Q:
|
I plan to go to school part time. Can I get financial
aid?
|
|
A:
|
Almost all types of financial aid funds are available
to students who attend school at least half-time (i.e.
carrying at least six credit hours per semester).
|
|
Q:
|
What should I do if my family's financial situation
changes after I file my FAFSA?
|
|
A:
|
Do not file another FAFSA Form. Wait until you receive
your Student Aid Report (SAR) and then contact your
college's Financial Aid Office.
|
|
Q:
|
Do I have to make payments on my student loan while
I'm in school?
|
|
A:
|
In most cases, you can postpone payments while you
are in school at least half-time.
|
|
Q:
|
What happens if I don't repay my FFEL student loan?
|
|
A:
|
If you do not repay your loan according to the terms
disclosed on your promissory note, you may eventually
be in default on the loan.
- This default will affect your credit rating and
may limit your ability to borrow for a car, home,
or other purposes.
- You may be required to pay the entire amount of
the loan, including interest, immediately.
- Your wages may be withheld to pay your debt after
the loan is claimed by the Guaranty Agency or the
federal Department of Education.
- You will be unable to get additional federal or
state financial aid, including student loans.
- Your federal and state tax refunds may be withheld.
|
|
Q:
|
If I don't finish college or if I am unsatisfied
with my education, do I need to repay my loan?
|
|
A:
|
Yes. If you are enrolled and attend class you are liable
for the loan. Check with your school regarding loan
cancellation policies.
|
