What is Financial Aid?
There is a common myth that financial aid is just grants, but financial aid is really everything that can be used to finance your education, except your own personal funds. Common in a financial aid notification are a combination of aid sources, such as grants, scholarships, work-study, federal student loans, and federal parent loans.
What can sometimes get confusing: There are limits to how much aid and the type that you can get! Per federal regulations, you cannot receive more aid/assistance than a school’s published average cost of attendance. For instance: if you receive a room and meal waiver (scholarship) because you are working as a resident advisor (RA) that is considered assistance. So if you have scholarships, financial aid and a waiver that together equal more than the cost of attendance, you may see that some of your financial aid will be reduced.
How do I apply for Financial Aid?
It’s so EASY! You have to complete a Free Application for Federal Student Aid (FAFSA) each year to find out if you are eligible for most types of aid – including many scholarships. All University backed scholarships require a completed FAFSA. Remember, FAFSA has to be completed every year. Complete by December 1 to meet the priority deadline. This will give you the best chance for limited need-based aid and Federal Work-Study.
Always use the IRS Data Retrieval Tool in the FAFSA is the easiest, safest and preferred way to provide your tax information.
Keep your FSA ID and password in a safe location. Consider storing it in your cell phone under your child’s contact information so you won’t forget it.
Why do my parents have to turn in tax documents?
The Office of Financial Aid is required to check the accuracy of income and other factors reported on the FAFSA. Certain documents are required by the U.S. Department of Education to confirm the information you provided.
What if I have other questions?
Just ask – we are here for you and the entire staff is ready to answer questions you may have. The best way to reach us is to email us at email@example.com. Our goal is to return allemails within one business day.
I do not have enough financial aid to pay my bill, what are my options?
Applying for scholarships is always a good way to reduce your tuition bill, but if you start applying when the bill is due it might be too late. Start early looking.
A Direct PLUS Loan Application for parents is a common option for many of our families. Parents can after typically after May 1 for the upcoming school year.
Payment Plans are also available. Our vendor charges a small fee to establish the plan for each semester.
Set up payment plans as early as possible for each term to have the lowest payment possible. Be realistic – do not set up a payment you cannot keep – the vendor will charge additional fees for missed or returned payments.