| Financial Aid: Frequently Asked Questions |
1. What is the PIN?
The Personal Identification Number (PIN) serves as your identifier to let you
access your personal information in various U.S. Department of Education
systems. It's like the PIN you get from your bank that permits you to access
your account. The PIN also allows you to sign your federal student aid
application online and allows you to correct your application data online. In
the interest of keeping your personal information secure, do not share your PIN!
You should never give your PIN to anyone. Be sure to keep your PIN in a safe
place. You can apply for a PIN by clicking here. Submit corrections to your
processed FAFSA use your PIN to electronically sign your submitted FAFSA obtain
a copy of your processed FAFSA information or add a school code to you FAFSA
application
2. Why should I get a PIN?
You can use your PIN to access your financial aid data at these U.S. Department
of Education websites: FAFSA on the Web: Access and complete your Free
Application for Federal Student Aid (FAFSA) or renewal FAFSA (if you applied for
federal student aid last year). You can also: The National Student Loan Data
System Web site: View a history of the federal student financial aid you have
received. You also may use your PIN to sign your Federal Direct or Federal
Family Education Loan (FFEL) Master Promissory Note.
3. What is the Data Release Number (DRN)?
The Data Release Number (DRN) is required to make certain changes associated
with the FAFSA you filed. The DRN also allows you to release your FAFSA data to
schools you did not list on your original FAFSA. The DRN is printed in the lower
left-hand corner of your Student Aid Report (SAR) If you filed your FAFSA
online, we will need your DRN to complete your application.
4. Why do I have to provide my parents' information on the FAFSA?
When you apply for federal student aid, your answers to the questions in Step 3
of the paper FAFSA or in Step 2 of the online FAFSA will determine whether
you're considered dependent of your parents or independent. If you're considered
dependent, your parents' income and assets as well as your own must be reported
on the FAFSA. Students are classified as dependent or independent because
federal student aid programs are based on the principle that students (and their
parents or spouse, if applicable) are considered the primary source of support
for postsecondary education.
5. If my parents are divorced or separated, which one should provide the
information for the parent’s portion of the FAFSA?
The parent with whom you lived the most during the past 12 months should
complete the application. If you lived with each parent an equal length of time
or lived with neither parent, the parent providing the most financial support
for you during the last year should complete the form.
6. If I take a leave of absence, do I have to start repaying my loans?
Not immediately. The subsidized Stafford loan has a grace period of 6 months and
the Perkins loan a grace period of 9 months before the student must begin
repaying the loan. When you take a leave of absence you will not have to repay
your loan until the grace period is used up. If you use up the grace period,
however, when you graduate you will have to begin repaying your loan
immediately. It is possible to request an extension to the grace period, but
this must be done before the grace period is used up. If your grace period has
run out in the middle of your leave of absence, you will have to start making
payments on your student loans.
7. Do I have to reapply for financial aid every year?
Yes. We require that you apply for financial aid for your second academic year.
If your financial circumstances change, you may get more or less aid. After your
first year you will receive a "Renewal Application" which contains preprinted
information from the previous year's FAFSA. Note that your eligibility for
financial aid may change significantly, especially if you have a different
number of family members in college. Renewal of your financial aid package also
depends on your making satisfactory academic progress, such as earning a minimum
number of credits and achieving a minimum GPA.
8. What is Selective Service registration?
Selective Service registration is a way for our government to keep a list of
names of men from which to draw in case of a national emergency requiring rapid
expansion of our Armed Forces and is a REQUIREMENT for federal student aid
(including federal Stafford loans). Almost all male U.S. citizens, and male
aliens living in the U.S., who are 18 through 25, are required to register with
Selective Service. Proof of registration (or exemption) in the form of a Status
Information Letter may be obtained by calling the Selective Service System at
(847) 688-6888. You may also obtain a copy by writing to: Selective Service
System, P.O. Box 94638, Palatine, Illinois, 60094-4638 or by visiting their
website at www.sss.gov. Be sure to provide your name, date of birth, Social
Security Number, and current mailing address.
9. If I’m in default on a federal education loan, can I still receive
financial aid?
No. However, once the default status has been cleared, you may be eligible to
receive aid again. You can visit the National Student Loan Data System to check
the status of prior federal loans and grants as well as locate information on
who to contact in the event that you are in default or overpayment.
10. What is the EFC and how is it used?
The Expected Family Contribution (EFC) is a number derived from the federal
needs analysis. This number represents the amount of money that your family
should be able to contribute toward the cost of your education for the
applicable school year. This number, used in conjunction with the cost of
attendance determines the amount of Pell Grant funding for which you are
eligible. To calculate your approximate EFC, you can visit the FinAid Expected
Family Contribution Calculator.
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