FAQ Knowledge Base
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Financial Aid List of Categories
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WHAT is Federal Student Aid?
- It¡¦s financial help if you¡¦re enrolled in an eligible program* at a school participating in our federal student aid programs. (By ¡§school,¡¨ we mean a four year or two-year public or private educational institution, a career school, or a trade school.)
- Aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation.
- Our aid is based on a student¡¦s demonstrated financial need, rather than on grades. There are three categories of federal student aid:
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WHAT is Grant?
GRANTS¡Kfinancial aid you don¡¦t have to repay.
Generally, you must be an undergraduate student, and the amount you receive depends on your need, cost of attendance,* and enrollment status (full time or part time).
- Federal Pell Grants for the 2003-2004 award year (July 1, 2003 to June 30, 2004) ranged
from $400 to $4,050.
- Federal Supplemental Educational Opportunity Grants (FSEOGs) range from $100 to $4,000.
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WHAT is Loan?
LOANS¡Kborrowed money you must repay with interest. You can be an undergraduate or graduate student. Parents may also borrow to pay the education expenses of their dependent undergraduate students. Maximum loan amounts depend on your grade level in school.
Federal Perkins Loans are offered by participating schools to students who demonstrate the greatest financial need (Federal Pell Grant recipients get top priority). You repay the loan to your school.
Stafford Loans are made to students and PLUS loans are made to parents through two loan programs:
- William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans consist of Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans. You repay these loans to us (the U.S. Department of Education).
- Federal Family Education Loan (FFEL) Program: Private lenders provide federally guaranteed funds. FFELs consist of Federal Stafford Loans, Federal PLUS Loans, and Federal Consolidation Loans. You repay these loans to the bank or other private
lender that made you the loan.
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WHAT is Work-Study?
WORK-STUDY¡K money you earn while enrolled in school that will help pay your educational expenses. The Federal Work-Study Program encourages community service work and work related to your course of study, whenever possible. You can be an Undergraduate or graduate student.
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WHO gets Federal Student Aid?
Some of our eligibility requirements are that you must
- Be a U.S. citizen or eligible non-citizen* with a valid Social Security Number.
- Demonstrate by one of the following means that you are qualified to obtain a postsecondary education:
- Have a high school diploma or a General Education Development (GED) Certificate.*
- Pass an approved ability-to-benefit (ATB) test.
- Meet other standards your state establishes that we have approved.
- Complete a high school education in a home school setting approved under state law.
- Enroll in an eligible program* as a regular student* seeking a degree or certificate.
- Register (or have registered) with the Selective Service if you¡¦re a male between 18 and 25.
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HOW do you apply for Federal Student Aid?
- Complete the Free Application for Federal Student Aid (FAFSA) —the online version ( FAFSA on the Web ) or the paper FAFSA. For FAFSA on the Web , you can go to www.fafsa.ed.gov (or to www.studentaid.ed.gov and get general student aid information as well). You can get a paper FAFSA from
- a high school guidance office,
- a college financial aid office,
- a local public library, or
Federal Student Aid Information Center by calling 1-800-4- FED -AID (1-800-433-3243). You can apply beginning January 1, 2004 , and you have until June 30, 2005 to submit your FAFSA. But, be sure to check the FAFSA for the list of deadlines for state aid. Schools and states often set deadlines early in the calendar year that you must meet to receive certain types of funds. Apply as early as you can; you don't want to miss out on any source of aid!
- Review your Student Aid Report (SAR). Based on whether you submitted a paper or an electronic FAFSA, we'll send you either a paper SAR or an electronic SAR, via the Internet. The SAR confirms the information reported on your FAFSA and will contain your Expected Family Contribution ( EFC ). The EFC is a measure of your family's financial strength and is used to determine your eligibility for federal student aid. To receive your aid, you must have a complete and correct SAR.
- Contact the Financial Aid Office at College of Business and Technology . Make sure you have all the information we need to determine your eligibility. The financial aid administrator will review your SAR, and if you're eligible, will prepare a letter outlining the amount of aid (from all sources) our school will offer you.
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I’ve heard about a PIN. What is it and what is it used for?
A PIN is an electronic access code number that serves as your identifier. A PIN lets you access your personal federal student aid information online in various U.S. Department of Education systems. If you apply using FAFSA on the Web, having a PIN allows you (and your parents, if they have a PIN and
you’re a dependent student) to “sign” your FAFSA electronically, which means the student aid process can be completed totally online.
FAFSA on the Web filers who are new applicants (and their parents, if applicable) can request a PIN at www.pin.ed.gov. You should get a PIN before completing FAFSA on the Web, so you (and your parents, if applicable) can electronically sign your application before it’s submitted.
If you don’t request a PIN, you can always print out, sign, and mail in a signature page within 15 days of submitting your FAFSA, but the application process will take longer.
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How do I apply?
If you applied for federal student aid for the 2003-2004 school year, you can probably file a 2004-2005 Renewal FAFSA. Renewal FAFSAs are discussed on page 10. If you didn't file for 2003-04, you'll submit the 2004- 2005 Free Application for Federal Student Aid FAFSA)— either through the Internet (using FAFSA on the Web ) or by completing a paper FAFSA.
FAFSA on the Web. You can apply by going to www.fafsa.ed.gov. Or, you can access FAFSA on the Web by going to www.studentaid.ed.gov. At that site, click on the FAFSA logo in the left column. We recommend using FAFSA on the Web , if possible:
- FAFSA on the Web immediately identifies potential errors and prompts you to make on-the-spot corrections.
- You get online instructions for each question, and you can “chat” live online with a customer service representative if you have further questions.
- Once you submit your application, your information goes immediately into the U.S. Department of Education's Central Processing System ( CPS ). (You'll know this because you'll get a confirmation right away when you click on “Submit My FAFSA Now.”)
- Even if you file electronically and don't request a PIN , or even if you file a paper FAFSA, you'll receive a PIN if certain personal data (see below) matches the Social Security Administration's records. A PIN has other uses besides signing an application electronically. You can use your PIN to:
- access your Student Aid Report (SAR), which is your processed FAFSA data;
- make corrections to your application information;
- electronically sign a master promissory note* for a federal student loan;
- complete a Renewal FAFSA; and
- access your applicant data records online. You can, among other things, check your student loan history through our National Student Loan Data System (NSLDS)* and access your Direct Loan account through Direct Loan Servicing. When requesting a PIN , you'll need to provide your name (as it appears on your Social Security card), your Social Security Number, date of birth, and mailing address. After that information has been verified with the Social Security Administration's records, a PIN will be generated. If you provide an e-mail address, you'll get an e-mail response that contains a link to your PIN . If you don't provide an e-mail address, you'll get your PIN through regular mail. Your PIN not only serves as your electronic signature (which has the same legal status as a written signature), it provides access to your personal records, so don't give your PIN to anyone . Be sure to remember your PIN ; you'll be able to use the same one for future electronic FAFSAs and federal student aid records access.
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