Frequently Asked Questions

General Questions | FAFSA Questions | Hope Scholarship and Lifetime Learning Tax Credit

General Questions

Q. I probably don't qualify for aid. Should I apply for aid anyway?

A. Yes. Many families mistakenly think they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. The FAFSA form is free and filing may benefit you.

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Q. Do I need to be admitted before I can apply for financial aid at a particular university?

A. No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.

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Q. Do I have to re-apply for financial aid every year?

A. Yes. Financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. 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 toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.

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Q. How do I apply for a Pell Grant and other types of need-based aid?

A. Submit a FAFSA. You should check the appropriate boxes indicating your interest in student employment or student loans.

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Q. Are my parents responsible for my educational loans?

A. No. Parents are, however, responsible for the Federal PLUS Loans. Parents will only be responsible for your educational loans if you are under 18 and they endorse your loan. In general, you and you alone are responsible for repaying your educational loans. On the other hand, if your parents (or grandparents) want to help pay off your loan, you can have your billing statements sent to their address. Likewise, if your lender or loan servicer provides an electronic payment service where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. However, your parents are under no obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.

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Q. When do I pay back these loans?

A. After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you begin repayment of Stafford Loans and a nine-month grace period for Perkins Loans. During the grace period on a subsidized loan, you don't have to pay any principal, and you won't be charged interest. During the grace period on an unsubsidized loan, you don't have to pay any principal, but you will be charged interest. As mentioned, you can either pay the interest or it will be capitalized.

Your lender will send you information about repayment, and you'll be notified of the date repayment begins. However, you're responsible for beginning repayment on time, even if you don't receive this information. Failing to make payments on your loan can lead to default.

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Q. I got an outside scholarship. Should I report it to the financial aid office?

A. Yes. If you are receiving any scholarships from outside sources, you must report them to the Financial Aid Office.

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Q. Where can I get more information about federal student financial aid?

A. Call 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired) and ask for a free copy of "Funding Education Beyond High School." This information can also be obtained on the Federal Student Aid website.

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Q. Are Work-Study earnings taxable?

A. The money you earn from Federal Work-Study is generally subject to federal and state income tax, but exempt from FICA taxes (provided you are enrolled full-time and work fewer than 20 hours per week).

Federal Work-Study earnings during the calendar year should be included in the totals for Adjusted Gross Income, income earned from work, and the totals from Worksheet C on the FAFSA.

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FAFSA Questions

Q. What is MVNU's Title IV Federal School Code?

A. 007085.

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Q. What is the best method of submitting my FAFSA?

A. The best method of submitting your FAFSA is online. In order to sign the FAFSA electronically, the student and parent both need to receive PIN numbers (for dependent students). PIN numbers may also be requested online. If you do not have internet access, you may get a paper FAFSA from your high school guidance counselor or from a local college.

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Q. How soon after January 1 should the FAFSA form be submitted? Is it better to wait until the income tax forms have been completed?

A. Submit the form as soon as possible after January 1. It is preferable to use completed tax returns for applying.

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Q. How do I know if my application has been received?

A. If you applied through FAFSA on the Web, you'll get a confirmation notice after you click on "Submit My FAFSA Now." You'll receive information regarding your FAFSA within a few days.

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Q. Where can I get help if I have questions about specific situations while I am completing my FAFSA?

A. You will find answers to most of your questions on the Federal Student Aid website or you may call the Financial Aid Office at 866-686-8243, option 2.

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Hope Scholarship and Lifetime Learning Tax Credit Question

Q. How can I get more information regarding the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit?

A. You may go online to the IRS website or check with your tax preparation specialist.

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