What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the form
used to determine eligibility for federal and state student
grants, work-study and loans. The information on the FAFSA is
used to determine the Estimated Family Contribution (EFC). The
EFC is used by the school to determine the student's financial
aid award. The FAFSA
must be completed annually, beginning January 1st
each year.
Presentation College’s school code is 003467.
I'm not sure my family will have financial need. Should I
complete the FAFSA?
Yes. Financial aid is intended both to remove financial barriers
for families who cannot afford the cost of an education beyond
high school and to fill in the gap for families who can afford
only part of the cost. Some loans and scholarships are available
regardless of "need."
My parents are separated or divorced. Which parent fills out the
FAFSA?
The parent you lived with most during the last 12 months. If you
didn't live with
either parent, or if you lived with each parent an equal number
of days, use the parent who provided the most support to you
during the last 12 months or during the most recent calendar
year that you were actually supported by a parent.
My parents are divorced, and the parent I'm living with has
remarried. Does my stepparent have to report his or her income
and assets on the FAFSA?
Yes, provided that the parent you're living with is the one
filling out the "parent" section of the FAFSA. If your parent
marries after you have submitted the FAFSA, you are not required
to update the step-parent information for this award year. The
following award year you would need to include his/her
information.
Why must I include my parent's income on
my FAFSA? I don't live my parents; my parents don't contribute
anything to my education; they do not claim me on their income
taxes.
Congress, in the law that governs the federal student aid
programs, defines when parental income information is required.
Congress' intention is to establish the primary responsibility
for a student's education is the student's and student's family
for his/her undergraduate degree.
Even if you don't live with your parent, your parents don't
contribute money toward your education, or they don't claim you
on their income taxes, you are required to use their information
unless:
--you'll be 24 years old during the school year
--you're an orphan or were a ward of the court until age 18
--you're a veteran
--you're married
--you have a legal dependent other than your spouse
--you're a degree seeking graduate student
What if my family has a special
circumstance that will affect how much we can pay?
Per the Department of Education, if you and your family have
unusual circumstances that might affect your financial
situation, complete and submit the FAFSA and then notify the
financial aid office. In some cases, the school's financial aid
office may decide to take these unusual circumstances into
account and adjust your cost of attendance or the information
used to calculate your Expected Family Contribution (EFC).
Provide the financial aid office with adequate documentation to
support any special circumstances.
What is the verification process and if selected why do I need
to complete the process?
Students applying for federal aid are randomly selected for the
verification process, and must submit document(s) to verify that
certain information submitted on the FAFSA is accurate. If you
are selected, this does not mean you have made an error on the
initial FAFSA.
The Financial Aid Staff at PC will send you the verification
form and a letter listing the items that you will need to submit
back to them for review.
I received my award notification and did
not get enough money to pay my student bill. Is there any
additional funding available to help with the costs?
There are additional loans that can provide additional
assistance for students.
A. The Federal Parent Loan for Undergraduate Students
(PLUS) program is available for parents to borrow money. These
loans are loans in the parent's name and payments typically
start while the student is in school. Interest accrues while the
student is in school and rates are set by the government (never
to exceed 9 percent).
Go to
www.studentloans.gov
to apply.
B. There are also non-federal/alternative loans for the student
to borrow under. The student will typically need a credit worthy
co-signer. Interest accrues while the student is in school at a
rate set by the bank. Payments are usually deferred until six
months after the student graduates.
Go to
http://www.presentation.edu/financialaid/alternativeloans.html
to apply
What happens if a parent is denied a PLUS loan?
The parent applying for a Parent Loan for Undergraduate Student
(PLUS) can be denied for credit reasons. If that happens, the
student is eligible to borrow additional funds in the Stafford
Loan program.
What is the difference between a Subsidized and Unsubsidized
Stafford Loan?
If you are eligible for and take out a Subsidized Stafford Loan,
the federal government will pay the interest for you while you
are in school and up to six months after you cease to be a
student (at least half-time), at which time you will need to
begin repaying the loan.
If you are eligible for and take out an Unsubsidized Stafford
Loan, you are responsible for all the interest that accumulates.
You will have the option of either paying the interest as it
accumulates or capitalizing the interest (adding it to the
principal balance). If you choose to pay the interest back as it
accumulates you will pay less in interest overall. Like a Subsidized loan, you will have to begin payment six months after
you cease to be a student (at least half-time).