Frequently Asked Questions
What is financial aid?
Financial aid consists of grant, work-study, scholarship and loan programs.
Who should apply for financial aid?
Everyone who plans to attend college! Even if you don't think you qualify for grants, you should complete the
FAFSA because many scholarship programs require it, and you must complete the FAFSA to apply for a student loan.
How do I apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) on line at www.fafsa.ed.gov.
The FAFSA will ask you about family size, college plans, income, assets and other data to determine what your expected family
contribution (EFC) will be. Your financial aid officer will use that information to determine the financial aid programs for which you qualify.
Can I apply for financial aid electronically?
Sure, just download a copy of the FAFSA Express Software at the US Department of Education's web site. If you need to reference this
site again you can find it in the web sites section or you can call for a diskette at 1-800-801-0576. Internet users can file an
application online at www.fafsa.ed.gov.
What documents and information should I gather before I start to complete the FAFSA?
- Dependent students:
- Student’s and parent’s (including step parents) income tax returns
- Student’s and parent’s (including step parents) w-2 forms
- Most recent bank statements for student and parents (including step parents)
- Title IV school codes and addresses for the colleges of your choice (Don't forget, your parents must sign your form or it will
not be processed!)
- Independent students:
- Income tax return
- W-2 form
- Bank statement
- Title IV school codes and addresses for the colleges of your choice
Do I need parent information to apply? I don't live with my parents any more. Must I
include their income on my FAFSA?
Not if you are age 24 or:
- are an honorably discharged veteran with at least 180 days of service or
- have legal dependents whom you support or
- your parents are deceased
Who qualifies for financial aid?
Almost everyone qualifies for some sort of grant, work study program, scholarship or loan. Students qualify for financial aid based
on family income and size as well as other factors. Financial aid is awarded to all qualified students regardless of age, ethnicity, gender, religious preferences
and physical ability level.
Although there are no upper age limits for federal financial aid, high school students are ineligible for federal financial aid.
Generally, to qualify for federal financial aid, students must:
- be U.S. citizens and eligible non-citizens,
- be accepted as degree seeking students (restrictions apply to students who have already earned a bachelor's degree) at a
college which has entered into an agreement with the U.S. Department of Education to participate in federal financial aid programs,
- not be in default on a federally-insured student loan and
- be a high school graduate, GED holder or pass ability to benefit tests
Additionally, the federal government has restrictions on participation in the federal student aid program that apply to students
who have been convicted of the use or distribution of illegal drugs.
To qualify for state financial aid, students usually have to be residents of the state in which they are attending college.
To qualify for private financial aid, students must meet a variety of requirements set by the source of the aid. Often, private aid
also requires a separate application.
Other qualifications that exist are academic. For example, a continuing college student must meet academic requirements at his
college to continue receiving financial aid. Some sources of private and state aid require that a student major in specific curricula.
What happens after I complete my FAFSA?
Colleges that you designate on the FAFSA automatically receive the results of processed FAFSA forms. These reports are called
institutional student information reports (ISIR). You will also receive a report of your processed FAFSA called a student aid
report (SAR). The Financial Aid Office will determine your need, and award aid based on information on your FAFSA. The college of
your choice may have an internal financial aid form for you to complete prior to their award of aid to you. If so, you should send
it in to your college financial aid office as soon as you complete your FAFSA.
Don't forget to apply to the colleges of your choice. You must be accepted at the college before most aid offices will make an
award. Once the college evaluates your FAFSA results, they may ask you to verify certain information. You must do this to qualify
for aid and you should do it as quickly as possible. You will receive an award letter once an award has been made. Read your letter
carefully and follow up with any additional requirements. Your college may require that you officially accept your award in writing
to confirm that you still intend to attend that college.
How long will it take me to complete the FAFSA?
About 1 hour and 30 minutes.
What do the initials SAR stand for?
SAR stands for Student Aid Report. The SAR is a summary of information you reported on your FAFSA. It also provides your school
information they will use to determine your eligibility for financial aid.
Where can I get a printed FAFSA application?
If you are not going to file electronically you can obtain the FAFSA form from any one of the following three places:
- Your high school guidance office
- The financial aid office of the school you plan to attend
- By phone at 1-800-433-3243 or TDD at 1-800-730-8913.
What if I have trouble completing the FAFSA or receive no response?
You can contact your high school counselor, the financial aid office at the college of your choice or explore the Department of
Education's website at www.ed.gov/studentaid. If you receive no response
to your FAFSA application after four weeks call 1-800-433-3243.
What do I do if my financial aid award is not enough to meet my college costs?
You can contact your college financial aid office to see what other resources may exist to help you. You should also report any unusual
circumstances that your family has that may increase your eligibility for certain types of aid.
How can I learn more about state financial aid?
You can learn about state financial aid opportunities by contacting your high school counselor, college financial aid office or by
contacting your state financial aid agency. In Virginia, that agency is the State Council of Higher Education for Virginia (www.schev.edu).
You don't have to go to a state college to receive state aid. States offer state aid programs for public and private colleges.
Will my financial aid be sent to me?
No, it goes to the school you plan to attend and they take care of getting it to you when you need it.
Are there other sources for financial aid besides student loans?
Yes, there are a variety of federal, state and school based grant and scholarship programs. Information for these programs can be
found in the Learn About Financial Aid section. You should also check with your high school guidance counselor because there may be
local and/or community based grant and scholarship programs specifically for your area.
Can I take out one Federal loan to pay for my entire college education?
No, this part is a little complicated. All federal loans require that you apply for each academic year separately. In addition,
there are limits on the amount you can borrow for an academic year.
The two types of Federal loans and associated award limits are outlined below:
- Subsidized - A subsidized loan is awarded on the basis of need. The federal government pays the interest on the
loan ("subsidizes" the loan) until you begin repayment and during authorized periods of deferment.
- Unsubsidized - An unsubsizdized loan is not awarded on the basis of need. You will be charged interest from
the time the loan is disbursed until it is paid in full.
Award Limits - Undergraduate Year
| |
Subsidized |
Unsubsidized |
| 1st |
$2,625 |
$4,000 |
| 2nd |
$3,500 |
$4,000 |
| 3rd |
$5,500 |
$5,000 |
| 4th |
$5,500 |
$5,000 |
| 5th |
$5,500 |
$5,000 |
What other financial aid information resources are there?
Students and parents can consult a wide variety of public and private resources to learn about financial aid. A sample of some of
most widely used sources are listed below:
- Professional Organizations:
- Virginia Association for Student Financial Aid Administrators, www.vasfaa.com
- National Association for Student Financial Aid Administrators www.nasfaa.com
- Government Sites:
- State colleges and Universities:
- Private Sources
- Private colleges and universities
- Financial Institutions such as banks and guarantee agencies, for Virginia see www.ecmc.org
for participating lenders
- Scholarship search organizations such as www.fastweb.com
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