Financial Aid
What does FAFSA stand for?
Free Application for Federal Student Aid
What does EFC stand for?
Expected Family Contribution?
What is the interest rate for the 2021-2022 academic year?
3.73 %
What does SAP stand for?
Satisfactory Academic Progress
What are the reasons a student may request a Special Circumstance Petition?
Tax year info outdated, remove medical or one time disbursement of funds
If I receive a scholarship, is my financial aid reduced?
Can't go over COA!
What is the maximum EFC a student can have to receive any kind of Pell grant for the current award year (AY).
5846
What is the difference between subsidized and unsubsidized loans?
Government pays interest on sub loan while you are in school. Gov only pays the interest while in 6 or more PA. Unsub loans will accrue interest while you are attending school.
What are the 4 SAP statuses?
suspension, probation, warning, satisfactory
What are 4 ineligible circumstances that do not qualify a student for a Special Circumstance Petition?
car payments, parents not willing to pay for tuition, mortgages, credit card payments
How does the financial aid application process differ for early admission students?
If you meet the priority deadlines then we guarantee that your aid will be ready for the coming academic year? [say the rest for those who do not meet the priority deadline]
How many semesters can a person receive a Pell Grant per FAFSA year?
three
What is a Parent PLUS loan and how is it different from subsidized/unsubsidized loans?
Parent has to have good credit, parent has to apply, the loan is in their name, interest rate is higher than sub/unsub.
What are the SAP requirements to be eligible for federal aid?
67% pace and 2.0 gpa
What are 2 reasons that a student would qualify for an Independent Status Petition?
Total estrangement from parents
Abuse - leave due to neglect or dysfunctional circumstances
If I don't apply for financial aid this year, will that affect my eligibility for financial aid in subsequent years?
No
What is the lifetime limit percentage a student can receive in Pell Grant?
600%
True or false, the interest rates that accrue on federal student loans are considered to be fixed interests rates.
true
What is Maximum Time Frame (MTF)?
the stu must be able to complete their program within 150% of the total credits required by their current program
A student may be classified as an unaccompanied homeless youth or self-supporting if they are at risk of being homeless if:
Can still be in contact with parents - all based on living situation
If the financial aid is insufficient or my circumstances have changed, how do I appeal for more financial aid?
ALT loan
Special Circumstances Petition to use new tax year, taxes must be completed
What is year round Pell (YRP) ?
Student have the opportunity to get 3 full pell grants for a year - can access the final semester if 2 full Pell grants have been used and are taking at least 6 PA credits.
A student comes into the Financial Aid Office to get their student loans. They are registered in 14 program applicable credits and meeting SAP. The student loans have not been disbursed to the student’s account. The student’s activity report says they are missing their MPN so you check their document tab. The document does show as “satisfied.” What may be preventing the loans from disbursing? What actions should be taken to get these loans disbursed?
expired MPN
I'm on SAP suspension and missed the deadline to appeal. Can I appeal now? What options does the student have?
No, they can get a ALT loan from a bank that does not require SAP standards.
What are 3 possible approved reasons for a COA Increase Petition?
Purchase of items required for academic majors - tools, supplies, equipment - projects like senior recitals
Purchase of computer
Child care expenses
Increased cots due to disability - housing, service animals, equipment etc
Housing for an older or divorced stu who cannon live in campus- approved housing with roommates
Study abroad
Additional travel expenses
Additional expenses related to an internship