Frequently Asked Questions — About Federal Financial Aid
I am not living with my parents and receive no support from them. Can I file as a self-supporting student?
If you are under 24 years of age, you must file as a dependent student unless you meet certain criteria. If you do not meet the criteria on the FAFSA, contact your school to discuss your situation.
I plan to go to school part time. Can I get federal financial aid?
Almost all financial aid programs are available to students who attend school at least half time. Some colleges and technical schools give preference to full-time students.
How do I apply for federal financial aid?
You need to complete the Free Application for Federal Student Aid (FAFSA). You may request a hard copy application from the Department of Education at (800) 4-FED-AID (433-3243) toll free, contact the Financial Aid Office of the school you want to attend, pick one up from your local public library or contact us.
How do I apply for a Pell Grant?
Complete a FAFSA. This determines your EFC (Expected Family Contribution). The financial aid office at your school will determine if you are eligible for a Pell Grant. Pell Grants for full-time students range from $400 to $4,000.
Do I need to be admitted as a student before I can apply for financial aid?
No. You can apply for financial aid before you are admitted. You must be enrolled in a school, however, before you receive your financial aid package.
Who should apply for federal financial aid?
Anyone who is considering becoming a student at a college or technical school and feels they may need financial assistance should apply for federal financial aid. Many factors are taken into account for student aid packaging, so the only way to know for sure if you are eligible is to apply.
I have defaulted on a student loan. Am I eligible for additional financial aid so that I may return to school?
If you arrange a payment schedule with the holder of your defaulted loan, and if you make the payments on time, you may regain eligibility for additional financial aid.
If I receive a scholarship, will it affect the amount of financial aid I receive from my college?
It may. Contact the school Financial Aid Office for specific information on how they treat scholarships.
What happens to my loans if I take a semester off?
If you have a subsidized or unsubsidized Stafford loan, you have a grace period of six months. The Perkins loan has a nine month grace period. Depending on how long you are out of school, you may need to start repayment. When you return to school, make sure you complete an in-school deferment form. The grace period can only be used once for the life of the loan. If you use your grace period before you graduate, you will have to begin repaying your loans immediately after graduation.
When do I apply for federal financial aid?
You need to complete and send in the FAFSA as soon as possible after Jan. 1. It is also a good idea to contact the Financial Aid Office of the school to see what other guidelines they have and if any other information is required.
What is a Parent PLUS Loan?
A Federal PLUS Loan is a loan that the parent of a dependent undergraduate student takes out to help the student pay for college. The loan obligation belongs to the parent — not the student — and is subject to a credit check. The borrowing limit for PLUS loans is the cost of attendance minus any other aid the student receives. A parent can borrow as much as needed to pay for the student’s college education.
What is a Graduate PLUS Loan?
This is a federal loan designed specifically for graduate or professional students. The main purpose is to supplement Stafford loans in amounts up to the cost of attendance less any other financial assistance. A credit check is performed, and in order to qualify, borrowers must have no adverse credit history.