Financial Aid FAQ’s
Understanding financial aid can be challenging. Here are some frequently asked questions to help clarify your concerns:
- What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is a comprehensive form used to apply for federal, state, and institutional financial aid. It assesses your financial situation to determine your eligibility for various aid programs.
- Am I eligible for financial aid?
Eligibility for financial aid is determined based on several factors, including your financial need, citizenship status, and enrollment in an eligible program. Complete the FAFSA to receive a determination of your eligibility.
- What types of financial aid are available?
Financial aid encompasses a range of options, including:
- Grants: Need-based assistance that does not need to be repaid.
- Loans: Funds borrowed for education that must be repaid with interest.
- Work-Study: Part-time employment opportunities that help you earn money for educational expenses.
- Scholarships: Free money awarded based on various criteria such as academic performance, talent, or community service.
- How do I maintain my Financial Aid eligibility?
To maintain eligibility for most forms of financial aid, you must:
- Remain enrolled at least half-time in an eligible program.
- Maintain satisfactory academic progress, typically requiring a minimum GPA and completion of a certain percentage of attempted credits. Check with our office for specific requirements related to your aid package.
- What should I do if I have issues with my FAFSA?
If you encounter issues with your FAFSA application, don’t hesitate to contact our Financial Aid Office. We are here to assist you in resolving any problems and ensuring you receive the aid you qualify for.
- What is the deadline to apply for financial aid?
The priority deadline for federal financial aid is typically June. Still, we encourage you to complete the FAFSA as soon as possible to maximize your funding options. Some scholarships may have earlier deadlines, so check the details for each award.
- Can I receive both federal and institutional financial aid?
Yes, students can receive aid from multiple sources. For example, you may be eligible for federal grants, loans, MBI scholarships, and other institutional aid. Be sure to apply for all forms of aid for which you may qualify.
- What happens if my financial situation changes?
If you experience a change in financial circumstances (such as a loss of income or a change in family status), please get in touch with the Financial Aid Office. You may be eligible for additional support or adjustments to your existing financial aid package.
- How can I maintain my Financial Aid eligibility?
To continue receiving financial aid, you must meet the following requirements:
- Maintain Satisfactory Academic Progress: This generally requires a minimum GPA and completion of a specified percentage of attempted courses.
- Enroll in Required Credit Hours: Many aid programs require at least half-time enrollment.
- Abide by Other Eligibility Conditions: Your financial aid counselor can help you understand the specific requirements associated with your aid package.
- What should I do if I am selected for FAFSA verification?
If you are selected for verification, you must submit additional documents to confirm the accuracy of your FAFSA. Commonly required documents include tax transcripts, W-2 forms, and verification worksheets. Reach out to our Financial Aid Office for assistance.
For more answers, contact us directly.