Financial Aid FAQs

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No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the college.

No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the college.

Not immediately. The subsidized Stafford loan has a grace period of 6 months. When you take a leave of absence you will not have to repay your loan until the grace period is used up. If you use up the grace period, however, when you graduate you will have to begin repaying your loan immediately. It is possible to request an extension to the grace period, but this must be done before the grace period is used up.

If your grace period has run out in the middle of your leave of absence, you will have to start making payments on your student loans.

Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the financial aid office.

Unfortunately, the university will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will have some beneficial effects. At some universities outside scholarships are used to reduce the self-help level. For example, at MIT the outside scholarship is first applied to reducing the self-help level, and only when the scholarship exceeds self-help does it replace institutional grants. At other universities outside scholarships are used to replace loans instead of grants.

The money you earn from Federal Work-Study is generally subject to federal and state income tax, but exempt from FICA taxes (provided you are enrolled full time and work less than half-time).

Federal Work-Study earnings during the calendar year should be included in the totals for AGI and Worksheet C on the FAFSA. Work-study earnings should only be included in Worksheet C when they represent financial aid to the student, since the answer to this question is used as an exclusion from taxed income. The student should also be careful to report amounts based on the calendar year, not the school year.

There are several different repayment plans for student loan borrowers. The best way to set yourself up for success is to pick the repayment plan that’s best for you to avoid falling into default. Borrowers start out on a standard 10-year repayment plan after a six-month grace period passes, but if that’s too much to handle, there are other repayment plans based on your income that can adjust your monthly payments. If you aren’t sure which repayment plan best fits your needs, you can learn more and see what your monthly payments would look like with different plans on StudentLoans.gov. It’s also important to communicate with your student loan servicer and let them know if you need help in repayment. You can find out who your servicer is through the National Student Loan Data System for Students by clicking on “Financial Aid Review.”

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If I repeat a class, will I receive financial aid for that class even though I had received financial aid for that class previously?

I you have earned a C or better, you will NOT be eligible to receive financial aid for that class again. However, if you receive a D or lower, you can receive financial aid for that class for a second attempt.  However, no additional attempt will be available after the second repeat.

Are interest rates on  Federal Student Loans fixed  and for what time frame?

Federal student loans are always fixed rates. The rates are set on July 1 of each year for loans disbursed from July 1 to June 30 of the following year.

What are the Federal Student loan interest rates for 2022-23 and how are they determined?

Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year Treasury note auctioned at the final auction prior to June 1.
The interest rate for federal loans disbursed on or after July 1, 2022 are expected to increase from 3.73% to 4.99%, for Undergraduate Direct loans, from 5.28% to 6.54% for Graduate Professional Direct Unsubsidized Loans and from 6.28% to 7.54% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5% and 10.5% respectively.

A ‘Funding Estimate’ is an award notification. It tells you how much financial aid you are eligible to receive for the award year,

You should contact the office that you are interested in working in and see if they have a position available as well as having requested Federal Work Study (FWS) either on your FAFSA when you initially applied for financial aid or through an email to the Financial Aid office. Once confirmed by the Financial Aid Office that you have sufficient need to receive FWS in your budget, financial aid will reach out to you and the Department supervisor and will provide the forms required for participation in the FWS program.

• Unusual enrollment history is defined as receiving federal aid funds at multiple institutions in a four year award period (2014-2015, 2015-2016, 2016-2017, and 2017-2018). Such an enrollment history requires a review to determine whether there are valid reasons for the students’ unusual enrollment history.

An appeal statement is necessary and is provided through the Student Success committee at the campus. Additional information may be obtained through the Registrar’s Office.