What is Federal Title IV Financial Aid?
Federal Title IV financial aid is funding through the government that can be used by eligible students to assist with the cost of their education.
What options are available through Federal Title IV financial aid?
Title IV funding is a combination of grants and loans. A Grant is considered a gift aid that does not have to be paid back. Student loans are provided to an eligible student to assist with school related costs, but must be paid back. Terms and conditions of student loans will be provided to you when you complete the Federal Direct Loans master promissory note and entrance counseling.
What if I only want to use a grant and not use student loans?
Even if you are awarded the highest amount of the Pell Grant available there will still be a remaining balance due to cover your charges, which is why you will want to consider using a student loan.
What do I need the PIN for?
You will use the 4 digit PIN to electronically sign your FAFSA, which will allow the Department of Education to determine you financial aid eligibility.
What if I already have a PIN established and cannot remember it?
You will need to go on the PIN website www.pin.ed.gov and select the tab on the left of the page marked “Request Duplicate PIN.” You will then enter your information and be asked to answer the challenge question you selected when you created your PIN. You will be given three chances to answer the challenge question correctly (answer is case sensitive). If you are unable to answer correctly your PIN will be locked and you will have to call the Department of Education at 1-800-433-3243, to have it reset.
What is the purpose of the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is used by the Department of Education to determine what financial aid funding you are entitled to. The FAFSA uses your personal information as well as income to create an EFC (Expected Family Contribution) number which then determines your eligibility. The school will then use this information to create an award letter which will reflect what funding you will receive.
What if I have a FAFSA on file for the current financial aid year?
If you have completed your FAFSA for the current financial aid year you will simply need to add the school code to the FAFSA. You will do so by going to the FAFSA website, www.fafsa.ed.gov , select your processed FAFSA and chose the option to add or delete a school code. You will then enter the school code as you are instructed and submit the updated FAFSA.
What will I need to complete my FAFSA?
You will need the PIN you have created.
How long will it take for my FAFSA to process?
The FAFSA will take 3 to 5 days to generate into the school’s financial aid system. Once the financial aid department receives this information. A Financial Aid Advisor will contact you if further information is needed prior to generating your award letter.
How much does school cost?
You may estimate the cost of your degree by multiplying the number of credits you need to complete by the cost per credit hour.
When will I be able to see my funding and know if there is an “out of pocket” expense?
Once you have been admitted, completed the FAFSA and listed our school code: 002410, the school receives the results and generate an award letter. This will reflect your eligibility for the Pell Grant and Federal Direct Student Loans along with the cost of your program.
What is the purpose of the Direct Loans Master Promissory Note (MPN)?
The government provides student loans to eligible students as the lender Direct Loans. The Master Promissory Note is the required agreement between the student and Direct Loans that states if the student does use loans to fund their education they agree to pay the loans back.
By completing the MPN am I committing myself to student loans, despite the fact that I have not yet seen my funding award?
The MPN is just a preliminary document. You will not be committed to any loans until you have seen your funding the award letter and accepted the student loan.
Are student loans credit based?
Student’s eligibility for a government funded student loan is not subject to credit approval. For more information on Department of Education student loans please click the link below, http://www.direct.ed.gov/student.html
What is the purpose of the Direct Loans Entrance Counseling?
Entrance Counseling will familiarize the student with the rules and regulations regarding the use of federal student aid loans funds.
FAQ and Answers
What is Federal Title IV Financial Aid?