Student Loans & Financial Aid info

How does one become eligible for federal financial aid?

Federal financial aid is available for those college students who:

• Are U.S. Citizens, U.S. Nationals, permanent residents, refugees, asylees, and other eligible non-citizens
• Have a valid Social Security number
• Are enrolled at least half time
• Are enrolled in an undergraduate or graduate program that leads to a degree or certificate
• If male, are registered with the Selective Service if required
• Are not in default on a current federal college student loan and who do not owe a refund on a federal grant
• Are making satisfactory academic progress
• Demonstrate financial aid need (except for the Unsubsidized Stafford College Student Loan and the Parent College Student Loan for Undergraduate Students PLUS Loan and some scholarship programs

Federal financial aid is not available for the below categories of college students.

The following categories of college students are not eligible for federal financial aid:

• International students who are in the country only temporarily
• Other categories of non-immigrant college students
• College students on Limited or Special Status
• Graduate college students with no degree objective
• An exception is available for college students admitted on a Limited Status who are required to take prerequisite coursework prior to full admission into the Graduate Division. If you fall into this category, you must submit documentation from the Graduate Admissions Office confirming that you are taking prerequisite coursework for graduate admission.
• College students who take classes through University Extension only
• Undergraduate college students who have been enrolled for the equivalent of 18 quarters or longer

College students studying for a second baccalaureate degree will be eligible for one or two years (depending on the terms of their admission) of limited funding from college student loan programs only. College students who have been enrolled for the equivalent of 16 quarters or longer will lose there eligibility for any additional Grants.

College students who do not meet the eligibility criteria above should qualify for alternative or private college student loan programs and even some scholarships. The financial aid office of the college or university you are attending can help you with choosing a private college student lender.

How is your federal financial aid calculated?

About one to three weeks after you have submitted your FAFSA, your college or university will receive your FAFSA application information electronically from the federal processor. It is important that you respond promptly to any requests they may have for supplemental information or documentation. Once your file is complete, your college or university will review all of the information provided to determine your federal financial aid eligibility and the types of financial aid for which you will qualify.

Your eligibility for federal financial aid is the difference between the established college expenses for the academic year and your expected family contribution (EFC). Your EFC is the number used when determining your eligibility to receive federal financial aid funds.

Once your federal financial aid need has been determined, your college or university will offer you a federal financial aid award package. This package can contain grants, student loans, Work-Study, fellowship or even scholarship funds. You will receive notification of your federal financial aid awards by letter and on the internet. Your federal financial aid offer will list the types and amounts of financial aid for which you have qualify.