| (Traditional Students only) |
|
(For ADP or Graduate Students, click here) |
These are some of the questions that the Financial Aid office receives. These questions come from students and parents who have questions about many different areas of financial aid.
I probably don’t qualify for financial aid. Should I apply anyway?
How do I apply for financial aid?
What other forms will I need to fill out?
Will I need to submit copies of my Federal Tax Return?
I haven’t done my taxes yet; can I still complete the FAFSA?
How much financial aid will I get?
What is the difference between grants and loans?
Do I need to be admitted before I can submit the FAFSA?
How often to I need to apply for financial aid?
Will I get all of my financial aid at the beginning of the academic year? (For traditional students)
My parents are separated or divorced. Which parent should fill out the FAFSA?
Do I have to count the money I have in my IRA account as an asset?
My family has some unusual circumstances. How do I report that?
I received a scholarship from an organization in my town (or your congregation or another organization). Can I use that to pay my family’s contribution?
How do I get work-study?
What is the difference between subsidized and unsubsidized loans?
Why am I a dependent student when my parents no longer claim me on their taxes?
How do I do entrance counseling?
What happens to my financial aid money when it is sent to Concordia?
I probably don’t qualify for financial aid. Should I apply anyway?
Yes. Many families mistakenly think that they don’t qualify for aid, so they don’t apply. There are many sources of non-need based aid, including but not limited to, unsubsidized Stafford loans and parent PLUS loans. Financial aid is meant to supplement a family’s own resources; it is not intended to fund a student’s entire cost of education. Full or half time undergraduate students (at least 6 credits) who are enrolled in a degree or certificate-seeking program are eligible for financial aid.
Back to Questions
How do I apply for financial aid?
To apply for any federal or state financial aid, you will need to submit the Free Application for Federal Student Aid (FAFSA). The Financial Aid office recommends filling out the FAFSA online as it is easy to use and shortens the application processing time. The FAFSA is available at www.fafsa.ed.gov. When you apply electronically, both the parent and the student can use a PIN to sign the FAFSA. A PIN is easily obtained at www.pin.ed.gov. You will need your tax forms from the previous year to begin. For example, if you are applying for financial aid for the 2006-07 academic year, you will need your 2005 tax return. You may apply after January 1. Filing as early as possible increases your chances to receive all the available aid types, if you qualify. Concordia’s Federal Student Code that you will need for the FAFSA is 002247. You may also do a paper FAFSA instead of the online version. With either method you will be sent a Student Aid Report (SAR). Be sure to check over all the information carefully and make sure it is accurate. If not, contact the Financial Aid Office.
Back to Questions
What other forms will I need to fill out?
Students applying for aid for the first time at Concordia will need to complete the Concordia Application for Financial Assistance.
Back to Questions
Will I need to submit copies of my Federal Tax Return?
The Financial Aid Office will request a copy of your federal tax returns and W-2s if we determine it is necessary. Approximately 30% of all students who apply for financial aid are required to have their application information verified. In these cases we will send you a verification worksheet and request your tax returns at that time. We then confirm the data you submitted on your FAFSA. If we find that corrections are necessary, we will submit the correction(s) electronically and you will receive a new Student Aid Report (SAR) mailed to your home. Back to Questions
I haven’t done my taxes yet; can I still complete the FAFSA?
Yes, you can still do the FAFSA, indicating on the form that you are using estimated data as opposed to completed data. The data you get back from the FAFSA will only be as good as your estimate. If your actual figures are substantially different than your estimates, your aid eligibility could change. Once you have your taxes done, you must make corrections to your FAFSA data using your final tax data.
Back to Questions
How much financial aid will I get?
Financial aid at Concordia consists of scholarships, grants, loans, and work opportunities. The funds for these financial aid programs come from Concordia, the Federal government, the state of Michigan, and private lenders. Institutional, federal, and state rules and regulations govern financial aid programs. Eligibility for most types of aid is awarded on the basis of financial need. Receipt of federal or state grants depends on family income, family size and financial assets. You will receive an award letter from Concordia listing the aid you qualify for. Your initial award letter will be based on current enrollment. These are some examples that may cause your award to be revised: change in enrollment status, receipt of additional awards such as scholarships, grants, etc., changes in reported financial information since your original award, or an increase or decrease in your loan eligibility.
Back to Questions
What is the difference between grants and loans?
Grants are gift aid given to needy students to help them pay for college. Traditional students have many grants available to them. To receive the Michigan Tuition Grant (MTG) you must complete by the FAFSA deadlines. The Pell grant is federally funded and is calculated based on your FAFSA. Student loans are used to help pay college costs, but they must be re-paid by the borrower.
Back to Questions
Do I need to be admitted before I can submit the FAFSA?
No. You can submit the FAFSA anytime after January 1. You can list up to six schools you are considering attending. To actually receive an award letter from Concordia, you must be admitted as a degree-seeking student at the university.
Back to Questions
How often to I need to apply for financial aid?
You will be required to apply for financial aid every year. After the first year, you will be sent a renewal application in the mail or via email to remind you to reapply. If you don’t receive a renewal application, please pick up a regular FAFSA and apply using that form or you can access the form at www.fafsa.ed.gov.
Back to Questions
Will I get all of my financial aid at the beginning of the academic year? (For traditional students)
The Financial Aid Office determines the dates for all student disbursements. You will get one disbursement in the fall and one in the spring. Once the Financial Aid Office receives the disbursement, it may take 3 business days before the money gets credited to your student account. Funds awarded to you will be electronically transferred into your student account to pay tuition and fees first.
Back to Questions
My parents are separated or divorced. Which parent should fill out the FAFSA?
If your parents are separated or divorced, the custodial parent should fill out the FAFSA. The custodial parent is the parent you have lived with the most in the past 12 months. If that parent has remarried, you must complete the data with his/her income and the stepparent’s income combined. If you did not live with one parent more than the other, than the parent who provided you with the most financial support should fill out the FAFSA.
Back to Questions
Do I have to count the money I have in my IRA account as an asset?
No, funds that are in a protected retirement account do not have to be included as an asset. However, if you have pre-tax money taken out of your paycheck as “deferred compensation” (this is generally listed in Box 12 of your W-2) this has to be included as Untaxed Income (Worksheet B) of the FAFSA.
Back to Questions
My family has some unusual circumstances. How do I report that?
There will be no place to report unusual circumstances on the FAFSA. Do not include any written narratives or other documentation with the FAFSA. Unusual circumstances should be reported in writing on a special circumstance form to the Financial Aid Office directly. The Financial Aid Office has the ability to take into consideration recent loss of income, death of a family member, divorce or economic disaster. Most schools are willing to look at unusual circumstances, provided you can submit documentation to back it up.
Back to Questions
I received a scholarship from an organization in my town (or your congregation or another organization). Can I use that to pay my family’s contribution?
Not if you are receiving any federal aid. The federal guidelines state that any outside scholarships are an additional resource and must be included in your aid package. Please notify the Financial Aid Office if you have received funds from outside organizations or agencies. Receipt of tuition reimbursement or outside scholarships may reduce the amount of aid the student has been awarded for the academic year. Scholarships cannot be used to replace the federally determined Expected Family Contribution (EFC) from the FAFSA.
Back to Questions
How do I get work-study?
The FAFSA results determine who gets federal or state work-study, depending on your financial need and the availability of funds. On-campus jobs start at minimum wage, $5.15. If you award letter includes a work-study award, you are eligible to work on campus and get paid for your work completed.
Back to Questions
What is the difference between subsidized and unsubsidized loans?
Stafford loans are available at excellent rates. The current Stafford Interest Rate is 6.8%. Depending on your financial need, you may be qualified to receive a subsidized loan. Subsidized Stafford loans are need based and interest free while you are in school. Unsubsidized Stafford loans are non-need based and interest bearing loans, which you may capitalize while in school or make payments on the interest. You have a “grace period” of 6 months to begin repayment after you graduate, leave school, or drop below half-time enrollment level.
Back to Questions
Why am I a dependent student when my parents no longer claim me on their taxes?
Students are considered dependent and must submit parent income information unless they:
Are 23 or older
Are in graduate school
Are married
Have children or dependents
Are an orphan or ward of the court
Have served active duty as a veteran of the U.S. Armed Forces
Failure to provide parental income will cause the FAFSA to be rejected unless one of the above conditions is true.
Back to Questions
How do I do Entrance Counseling?
All first time borrowers of Stafford and Perkins loans are required by law to perform Entrance Counseling. At Concordia, we use the Great Lakes Educational Loan Services. You will read the information on their website and take an interactive quiz. When you pass the quiz, Concordia will receive an email confirmation and the Financial Aid Office will record your completion of this requirement.
Back to Questions
What happens to my financial aid money when it is sent to Concordia?
You will receive your loan in two installments called “disbursements”. Your student account is credited for the amount of the financial aid. If the financial aid money does not fully pay your tuition, you will receive a new bill for the balance. If your financial aid is more than your bill, you can request a refund by submitting a Refund Request form to the Student Accounts Office. You may want to participate in the payment plan. This plan helps you manage expenses on a monthly basis. Additional information is available from the Student Accounts Office.
Back to Questions
We still haven’t answered the questions you have? Feel free to email them to finaid@cuaa.edu. If you have an urgent question, call Angela Acosta at (734) 995-7408.
