Financial Aid Information
Your academic performance can affect your eligibility to retain financial aid or scholarships. Most scholarships require you to complete a certain number of credit hours per semester and stipulate a minimum GPA. Your Federal Financial Aid is also dependent on your being in school at least half-time and completing at least 70% of your classes. Developing good time- management skills, making full use of campus resources, and maintaining ongoing contact with your academic advisor will help you meet these requirements.
Q: My parents don’t claim me on their income tax, so why do I have to report their income when filing my FAFSA?
A: Simple – it’s the law: you must report your parents’ income until you are legally independent (age 24). While it is possible to request a Dependency Override, this will only be granted in cases of abandonment. Moving out of home does not mean you have been abandoned.
Q: How much should I borrow over the course of my education?
A: No more than you would make in your first year of employment. You have to pay your loans back over 10 years, and repayments that exceed more than 10% of your income are difficult to manage. If you’re uncertain how much you might make after graduation, attend a Career Fair and find out what employers are paying.
Q: What happens to my Financial Aid if I have to drop out of school?
A: If you receive Federal Financial Loans or Grants (including TOPS) and you drop out of school before completing 60% of the semester, you have to repay 50% of monies received. The only circumstances under which this rule does not apply are (a) if you’re dead or (b) if you’re on active military service.
For more information, review the Financial Aid office webpage, or contact them at (318) 797-5363.