Do I have to maintain a certain grade point average to receive financial aid?
Am I eligible to apply for a Loan?
If you are registered for at least six (6 credits) in an eligible program, making
satisfactory academic progress and also meet other general eligibility requirements,
you may apply for a student loan. The subsidized loan is awarded on the basis of financial
need. You will not be charged any interest before you begin repayment. An unsubsidized
loan is not awarded on the basis of need. You will be charged interest from the time
the loan is disbursed until paid in full.
When do I have to repay my Loan?
Repayment on a loan begins six months after the day you leave school or drop below
half-time enrollment. This six month period is called the "grace period." If you return
to school at least half time before the grace period ends, repayment of your loan
will again be delayed until six months after you leave school or drop below half-time
enrollment.
Do I have to report any grants, scholarships, or fellowships to the IRS as income?
Part or all of a grant, scholarship, or fellowship may be taxable even if you do not
receive a W-2 form. If you are in a degree program, amounts you use for expenses other
than tuition and course-related expenses (e.g. amounts used for room, board, and travel)
are taxable. To determine this taxable amount, add up all grant, scholarship, and
fellowship awards received in a calendar year, then subtract all tuition, fee, books,
and supply expenses. If the remaining amount is a positive number, it must be reported
as income. If you are not in a degree program, the full amount of the grant, scholarship
or fellowship is taxable.
What about Work-Study income - is this taxable?
Yes. Any money received as the result of work (Work-Study employment, temporary employment
on or off campus, some fellowships, etc.) is considered taxable income. You will be
asked to file a withholding (W-4) form and you will receive a statement of income
and taxes withheld (W-2) form each calendar year. Questions regarding your withholding
status should be directed to the College Payroll Office.
If I have a parent who is enrolled in a college or university, can this parent be
counted as a family member in college when calculating my financial aid?
No. Beginning with the 2000-2001 academic year, federal regulations no longer allow
parents of students to be considered as part of the "number of family members in college"
when calculating a student's financial aid. The Office of Financial Aid will reduce
the number of family members in college if you include a parent in this number. A
reduction in the number of family members in college may significantly reduce your
financial aid eligibility.
Will my financial aid be renewed after freshman year?
- You must reapply each year for financial aid assistance from federal, state and institutional
sources. If you received a scholarship for more than one year, it will be renewed
provided you meet the terms and conditions specified in the criteria.
- It is likely that you will receive similar financial aid packages (awards) IF the
following conditions are true:
- A scholarship or award received is not limited to only one year;
- Your family's financial situation remains similar—dramatic changes in income, marital
status, or a change in the number of family members in college will affect Expected
Family Contribution and therefore, the amount of financial aid eligibility;
- The federal, state, and institutional funding of financial aid programs remains similar;
- You submit the appropriate application materials by the required deadlines;
- You continue to meet the enrollment level and Satisfactory Academic Progress requirements.
The Office of Financial Assistance monitors enrollment levels (the number of credit
hours you take) during each term. If you drop courses and fall below the minimum credit
hour requirements, you may be required to repay all or part of the aid you received;
and you report accurate information (income, assets, etc.) on your financial aid application(s).
Am I allowed to receive financial aid from more than one institution at the same time?
No. If you are enrolled at more than one college or university at the same time, you
may receive financial aid from one of the institutions, not both. Contact our offices
for more information.
I have already completed my first associate degree and I'm taking classes toward my
next degree--what aid is available to me?
A student with only an associate's degree can still receive federal grants providing
they are maintaining SAP.
The following web sites will provide more information about the American Opportunity
Credit and the Lifetime Learning Tax Credit.
Learn more about the tax credits:
IRS toll-free telephone number
Phone 1-800-829-1040
What if I still don't have my questions answered?
If you still do not have your questions answered or you would like to make a suggestion,
please contact our office for more information.
