Financial Aid FAQs

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Financial Aid FAQs

Q:  How do I apply for Financial Aid?

A:  To apply for financial aid, you will need to visit www.fafsa.ed.gov and complete a Free Application for Federal Student Aid (FAFSA).  The information you provide on the application determines whether you qualify for federal and state grants and federal loans based on financial need.

Also review the school’s website www.fmuniv.edu to determine if you need to complete and submit additional forms/documents.

 

Q:   When should I apply for financial aid?

A:  Submit a Free Application for Federal Student Aid(FAFSA) to apply for financial aid as soon as possible after Jan. 1, regardless of the date you begin college. Applications submitted on or before March 15 are given priority consideration for many types of aid. You must apply for financial aid each year.

 

Q:  Do I need to reapply for financial assistance each year?

A:  Yes! Every year you will need to submit a Free Application for Federal Student Aid (FAFSA) to apply for financial aid.  Free Application for Federal Student Aid are available January 1 of year for the upcoming academic year.

 

Q:  I am going to be married during the school year for which I am applying for financial aid.  Can I file as married?

A:  You must indicate your marital status as of the date you are completing the FAFSA application. You cannot update your FAFSA due to a change in your marital status. You may wait until you are married to file as married on your FAFSA.

 

Q:  I filed my FAFSA application, but I still have not received my SAR (Student Aid Report).  What can I do?

A:  Your Student Aid Report (SAR) should be available three to five days after you submit your FAFSA (Free Application for Federal Student Aid).  If you don’t receive an e-mail about your SAR, contact the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243) or go to the FAFSA website and select “Check Status of a Submitted FAFSA”.

 

Q:  How much Financial Aid do I qualify for?

A:  Your need for financial assistance is determined by many different factors, such as the number of people in your family’s household, how many people are in college, your family’s income, etc.

The financial information you and your family provide on your FAFSA is analyzed by the federal need analysis processor using “Federal Methodology,” a standard formula established by the U.S. Congress. It is used by the federal processor to calculate expected family contribution (EFC)—how much individual students and their familiesare expected to contribute toward their educational expenses. After analyzing your financial information, the federal processor sends the results to the university, indicating how much you and your family should be able to contribute toward your education. If the cost of attendance at Florida Memorial University is greater than what the processor indicates is your family’s expected contribution, then the university considers you to have financial need.

Cost of Attendance

– Family Contribution

= Financial Need

Cost of Attendance includes tuition/fees, books and supplies, housing, food, transportation, clothing maintenance, and personal items/health insurance. Expected Family Contribution consists of expected parental contribution and/or student contribution, depending upon the student’s classification (dependent or independent). The methodology used by the federal processor takes into account the family’s income and assets, employment costs, living expenses, taxes, family size, and the number of family members in college.

 

Q:  Can I be declared independent if I am younger than 24?

      What is the difference between a dependent and independent student?

A:  The Higher Education Act of 1992 set requirements for establishing a student’s independence status.  These questions are used to determine whether a student is considered a “dependent” or “independent” student.   Please see these questions to determine your dependency status.

If you answer YES to any of the following questions, you are considered independent and do not have to provide information about your parents on your FAFSA.

If you answer NO to all of the questions, you are dependent and must provide information about your parents on your FAFSA.

  • Were you born before January 1, 1990?
  • Are you married? (answer yes if separated but not divorced)
  • Are you working on a master’s or doctorate program?
  • Are you currently serving on active duty in the U.S. Armed Forces?
  • Are you a veteran of the U.S. Armed Forces?
  • Do you have children and provide more than half of their support?
  • At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a ward or dependent of the court?
  • Do you have dependents (other than children or my spouse) who live with you for which you provide more than half of their support?
  • Has it been decided by a court in your state of legal residence that you are an emancipated minor or that you are in a legal guardianship?
  • Are you homeless or at risk of being homeless

 

Q:  If my parents are divorced or separated, whose financial data should be used when

I’m completing the FAFSA?

A:  If your parents are divorce or separated, give information about the parent you lived with most in the last 12 months. If you did not live with one parent more than the other, give information about the parent who provided you the most financial support during the last 12 months or during the most recent year you received support. If your divorced or widowed parent has remarried, also provide information about your stepparent.

 

Q:  My parents did not file taxes, how can I apply for financial aid?

A:  If your parents are not required to file an income tax return, they will need to calculate their earnings for the year. Use W-2 forms and other records to answer the questions in the income section of the Free Application for Federal Student Aid (FAFSA).

It is best to use a completed income tax return to fill out this application. However, if your parents do not have a completed income tax return, they should calculate their adjusted gross income (AGI) and taxes paid using the applicable IRS instructions.”

 

Q: Is it better to withdraw from a class rather than fail the class?

A:  You should discuss both options with an Academic Advisor and a Financial Aid Counselor to determine how this may affect your academic status as well as your financial aid status.

 

Q: What happens to my financial aid if I withdraw from all of my classes?

A: If a student withdraws or is withdrawn from all courses on or before the withdraw deadlines, the student will be required to repay all or part of the financial assistance disbursed in that term. If you are a financial aid recipient and are thinking about dropping your classes or withdrawing from the college, please consult an academic advisor and a financial aid counselor to be sure you understand the consequences of this decision.

 

Q: How much is my refund going to be?

A: You will receive a refund to your FMU My-I-Pay-U debit MasterCard, a check or deposited directly into your bank account when the amount of the disbursements received on your behalf is greater than the amount owed for tuition, fees, room, board and books.

 

Q: Why am I on Financial Aid suspension?

A:  Financial Aid Suspension results when a student fails to meet the minimum Satisfactory Academic Progress (SAP) requirements for two consecutive terms or more. This status is also for any student who has failed to meet the requirements of an assigned Financial Aid Academic Plan. A student in this status is not eligible for financial aid.

 

Q: What is the status of my Satisfactory Academic Progress appeal?

A: You will be notified via your FMU student email, once a decision has been rendered. The CASR (Center for Academic Support and Retention) SAP Appeals Committee will contact you by phone or via your FMU student email if any additional documentation is required.

 

Q:  What is verification?

A:  Verification is a process of confirming data supplied by the applicant and/or parents on the financial aid applications.  Through the verification process discrepancies on students’ financial aid applications are resolved.  If your application is selected for verification or if there are discrepancies on your aid application information, you will be required via e-mail, phone call or letter to submit specific forms/documents to the Office of Financial Aid.

Aid funds cannot be disbursed to you until you have submitted all requested documents and the accuracy of your information has been checked.   The review process can take three to four weeks or longer.

 

Q:  What happens if there is a change in my family’s circumstances?

A:  If you/your family have extenuating financial circumstances, check with your financial aid adviser to see if the changes might affect your financial aid application. Examples include:

1. Divorce of parents or you from your spouse

2. Death of a major wage earner

3. Loss of employment of a major wage earner

4. Loss of other income or benefits (such as child support)