Financial Aid: Frequently Asked Questions
(FAQ)
I Doubt I Qualify for Aid. Should I Still Apply?
Yes, you should! Never assume you don't qualify for
financial aid. Many adult students believe they don't
qualify and miss out on many sources of aid, including
grants and low interest loans that are offered regardless
of grade point average, financial need, or credit history.
Most federal and state aid programs don't have age limits,
although some scholarship programs might. The largest
portion of financial aid comes from the federal and
state governments, then colleges and universities, and
private sources of aid such as community and professional
organizations.
Most financial aid comes in the form of scholarships
or grants, student loans, federal work study, or tax
credits. Many large companies have tuition
assistance programs. A complete overview on financial
aid is located in the Financial
Aid section.
Can I Attend Part-time, or Do I Have to Go Full-time
to Get Financial Aid?
There is no minimum course load; you can register for
as many or as few classes as you like. Part-time students
are also available for financial aid (however, the amount
awarded depends upon the number of units being taken.)
How Do I Apply for Financial Aid?
Your first step in applying for aid is to complete the
Free Application for Federal Student Aid (FAFSA). Submit
the FAFSA form as soon as possible on or after January
1. (Don't wait until you complete your tax return, but
use estimates of income.) Any errors can be corrected
later, and most states need to receive the FAFSA by
March 1 to qualify for state aid.
The application can't be submitted before January 1, because the need
analysis methodology for financial aid uses the income and tax information
from the most recent tax year (the base year) to judge eligibility for
need-based financial aid for the upcoming academic year (the award year).
Since the base year ends December 31, a a financial aid application can't
be submitted until January 1.
You can complete a paper application of the FAFSA or
file electronically through the Internet.
You can a get the paper FAFSA from the financial aid
office at a local college, your local public library,
or by calling 1-800-4-FED-AID. Filing on the Internet
is the quickest way to get the FAFSA processed, and
provides a helpful check for errors in completion. You
will need to provide information regarding household
size, income and assets. Follow directions carefully
(if corrections are needed it can cause delays.) If
you choose the paper FAFSA, be sure to make copies and
obtain a dated receipt for proof of mailing. (For additional
information on obtaining and completing the FAFSA, visit
our Financial Aid section.)
If
you need help, you do not need to pay someone to
help you complete the FAFSA. Help is often available
from your school (contact your financial aid administrator),
or you can call the Federal Student Aid Information
Center at 1-(800)4-FED-AID (1-800-433-3243).
How Do I Search for Scholarships?
Are There Grants for Adults Returning to School?
Searching and applying for scholarships requires effort
and is not easy, but well
worth your while. Several free
scholarship searches are available on the Internet.
Additional sources of private aid and grants can be
found in the Financial Aid section.
Included are sources for returning
adults. A special report, Scholarships for Re-entry
Students: Grants and Retraining Assistance for Adults
Returning to College, is available for immediate
download. It may be helpful to compose a personal
profile of academic information, goals, interests, special
talents, extracurricular activities, and achievements
that could qualify you for awards.
What Happens After I File the
FAFSA (the Free Application for Federal Student Aid)?
The FAFSA will be processed by the U. S. Department of Education within
approximately four weeks, and a Student Aid Report (SAR) will be mailed
to you. This same information is also sent to the colleges you listed on the FAFSA. The SAR will contain
the information from your application, and if there are no errors or questions,
will provide your Expected Family Contribution (EFC), or what you will be
expected to pay toward your education. You can estimate your EFC by using
the many free calculators available
on the Internet.
How is My EFC Determined?
Your EFC is determined by using the information provided on the Free Application
for Federal Student Aid (FAFSA) and a "federal methodology"
formula. The formula considers income, assets, family size, and the number
of family members enrolled in college.
After receiving your Expected Family Contribution (EFC) figure from the
federal processor, the financial aid office at your school then subtracts
your EFC from the school's average cost of attendance to find your financial
need. Contact your school to get a breakdown of their cost of attendance. Next...
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