Financial Aid: Frequently Asked Questions
(FAQ)
(Continued from 3)
- The Federal Work Study Program provides part-time employment opportunities to undergraduate and graduate students who demonstrate financial
need. The funds provide up to 75 percent of the student's earnings, with the balance paid by the employer.
- Federal Stafford subsidized or unsubsidized
loans are aid that must be paid back, and are offered
to students who
show additional financial need. With subsidized loans, the government subsidizes or pays the interest for the the loan (up to the time of repayment). Federal unsubsidized loans require the student to be responsible for all loan interest accrued.
- The Perkins Loan Program is offered to both undergraduate and graduate students demonstrating need at a low interest rate.
In addition to the federal government, students receive
financial aid from state higher education agencies,
colleges and universities, and outside scholarship sources.
A scholarship is a free grant awarded
based on any number of criteria, including financial
need, academic or athletic achievement, talent, community
or public service, nationality or religion. Scholarships are often funded by educational institutions, community
and professional organizations, and non-profit foundations.
For more information on the many types of aid available,
see the Financial Aid section.
Do I Have to Re-apply for Financial
Aid Every Year?
For continued eligibility, you must re-apply every academic
year. After the first year, you will receive a FAFSA
Renewal Application that includes information from the
previous year's FAFSA. You must also maintain satisfactory
academic progress (i.e., complete a certain number of
credits and earn a minimum GPA). Dependent upon your
circumstances, you may be awarded more or less financial
aid.
What if I Received an Outside
Scholarship? Should I Tell the School?
If you receive any financial aid or scholarship from
other sources, you must report it to the financial aid
office to adjust your financial aid package. Some school
policies use the scholarships to reduce the self-help
(student loans, federal work study) part of the package,
while other schools replace grants instead of loans.
Do Grades or Grade Point Average (GPA) Help Determine Eligibility for Financial Aid?
While a student's grades do not determine eligibility for financial aid, recipients need to meet and maintain satisfactory academic progress (SAP) toward their degree or credential objective (generally a "C" average or a 2.0 GPA). A high GPA and grade levels, however, are integral when competing for institutional or scholarship programs awarded on academic merit.
How Can I Work and Go Back to School?
If you need to stop working to go back to school, you need to ask for a professional judgment or special circumstances review to adjust your income from the last tax year to the estimated award year (see below, What if My Financial Circumstances
Change?).
If you want to continue working, check into employer tuition assistance through your company's human resources department. Married couples may alternate their education, with one returning to school while the other remains employed, planning to return at another time. If a more flexible schedule is needed, you might consider online classes or other distance learning.  Next...
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