Steps for Aid
HOW DO I QUALIFY FOR PELL?
Pell grants and scholarships are the first resource for all college students. Pell grants currently offer students more than $5,000 each year, based on student financial eligibility. Those with the greatest financial need will receive the maximum award. The Pell grant is awarded to the student through an electronic transfer from the US Department of Education to Faith each semester. It is then applied to the student's account.
• Students must be a U.S. citizen or an eligible noncitizen
• In order for a student to receive any financial aid, they must be enrolled half-time in an approved course of study. The student will then receive half of the maximum award allotted. A student who is enrolled full-time and who demonstrates an immense financial need will receive the full award allotted.
• Student must demonstrate a need for financial aid in order to receive any federal financial aid. Federal aid will be distributed based on your FAFSA. This formula which was developed by the US Department of Education will use parents as well as students taxes and bank records to determine financial aid. The Department of Education started the FAFSA4caster for students and parents to decide what aid is offered to them. Please visit www.fafsa4caster.ed.gov for more details.
• Students must have a high school diploma or something comparable.
• Students must have a valid social security number.
• Male students much be registered for Selective Service.
• Students must maintain Satisfactory Academic Progress. If a student is not successful in achieving Satisfactory Academic Progress they will be on probation. Students who are on probation will receive their financial aid for that year. However, if a student does not improve their GPA, they will be on Academic Suspension. And they will not be allotted financial aid until their grades improve. If you have any more questions please look at the college catalog for more information about the Satisfactory Academic Progress (SAP) Policy.
What can I do ahead of time to prepare?
It is essential to get rid of debt. College expenses are rising and more students are trying to apply for loans. It is important to pay off credit card debt. The EFC (Expected Family Contribution) is figured bases upon a family's resources to give towards the student's schooling. The EFC does not take into account family debt from credit cards, car payments, mortgages, etc.
Go to www.studentaid.ed.gov for more resources on savings programs.
Go to www.finaid.org for more resources for scholarship information.
UNDERSTAND THE PROCESS OF FAFSA
• FAFSA is then sent to the CPS (Central Processing System) which is a third party servicer for the United States Department of Education (U.S. DOE). Your social security number will be matched with your FAFSA for accuracy. It is important to apply by using your full name as it displays on your social security card. The Selective Service database will match all male students. You can register for Selective Service with FAFSA. If you decide not to register, you may not receive federal aid. The last match for the FAFSA will be citizenship.
• The student will then receive a Student Aid Report (SAR). If you provided an email address on your FAFSA you will also receive the SAR via email. The schools that you listed on your FAFSA will receive an ISIR (Institutional Student Information Record). This will let the colleges that you are considering know that you are interested in attending. The colleges can then prepare a financial aid package.
• The US Department of Education authorizes at least 30% of all FAFSAs are selected for verification. If you are selected, you will then be asked to supply all tax information that was used to organize your FAFSA (parents' taxes and students' taxes). You will also be asked to supply W2s. Students and parents will need to sign three verification worksheets. The Financial Aid Department will be available to help you fill out the worksheets.
• After the verification has taken place, the student will receive a letter letting them know what aid is accessible to them.
APPLY FOR AID
The FAFSA determines all federal financial aid. This is not a means to apply for any loan or personal scholarship. Faith's financial aid department will help students with their loan process and with choosing a lender. Federal Aid will be calculated on the student's Expected Family Contribution (EFC).
RECEIVING FEDERAL AID
All federal aid will be sent directly to Faith and applied to a student's account. Aid will be disbursed according to semesters. First time recipients of financial aid must attend at least 30 days before they can receive their first disbursement of financial aid. Faith has set the first disbursement for the end of September. The second disbursement will come the end of February. Aid will not be disbursed until the student has completed all financial aid paperwork that has been requested by the Faith financial aid office. If a student achieves a credit balance on their account, Faith will issue a check for the balance.
WHAT IF I NEED A LOAN?
Although Faith does not persuade students to take out loans, we do realize that sometimes that is what is needed. Faith will not certify a loan unless a FAFSA online interview has been completed. It is important to remember that FAFSA is not an application for a loan. It is also important to research loans very carefully. You should look for banks and lenders who offer good interest rates.