Frequently Asked Questions
Financial Aid FAQ
What is the FAFSA? It is the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to apply for federal student financial aid, such as grants, loans and work-study. In addition, most states and schools use information from the FAFSA to award non-federal aid. Students should never pay someone to help them complete it.
If a student is not living with his/her parents and receives no support from them, can they file as a self-supporting student? Students who are under the age of 24 must file as a dependent student unless they meet certain criteria. This means they must supply their parents’ information when they file the FAFSA. To be considered independent, a student must meet these criteria:
- Be born before Jan. 1, 1984.
- Be enrolled in a master’s or doctoral program.
- Be married on the date of application.
- Have children who receive more than half of their support from the student.
- Have dependents (other than children or spouse) who live with the student and receive more than half their support from the student at the time of application.
- Both parents are deceased or the student is or was a ward or dependent of the court until age 18.
- Be on active duty in the U.S. Armed Forces for purposes other than training.
- Be a veteran of the U.S. Armed Forces.
Can a student obtain financial aid if they plan to attend school part time? Almost all financial aid programs are available to students who attend school at least half time. Some institutions give preference to full-time students.
How does a student apply for financial aid? They must complete the FAFSA. Students may apply online at www.fafsa.ed.gov. The online application is interactive and offers assistance as students work through it. The online form also notices when applicants have supplied contradictory answers, saving applicants’ time in processing. Paper versions of FAFSA forms also are available by calling (800) 4-FED-AID.
What is a PIN? PIN stands for Personal Identification Number. This number serves as a student’s identifier to allow access to personal information in various U.S. Department of Education systems. It allows students to sign their federal student aid applications online and to correct application data online. A PIN is required to complete the FAFSA and can be obtained by visiting www.pin.ed.gov.
Does a student need to be admitted to a school before applying for financial aid? No. Students can apply for aid before being admitted, but must be enrolled before they can receive an award letter or package.
Who should apply for financial aid? Anyone who is considering pursuing postsecondary education should apply, even if they don’t think they’ll qualify.
Is a student who defaulted on a student loan eligible to receive additional financial aid in order to return to school? In this case, students should arrange a payment schedule with the holder of their defaulted loan. If payments are made on time, the student may regain eligibility for financial aid.
If a student receives a scholarship, does it affect the amount of financial aid he/she receives from the college? It may. Students should contact the financial aid office at their school to get specific information on how they treat scholarships.
What happens to a student’s loans if he/she takes a semester off? If a student has a subsidized or unsubsidized Stafford loan, he/she has a six-month grace period. Perkins Loans have a nine-month grace period. Depending on how long the student is out of school, he/she may need to begin repayment. When the student returns to school, he/she should complete an in-school deferment form. The grace period can only be used once for the life of the loan, so if a student uses the grace period before graduation, he/she will have to begin repaying the student loans immediately after graduation.
When should students apply for financial aid? Students should complete and send in the FAFSA as soon as possible after Jan. 1. In Montana, the priority deadline is March 1. Families can use estimates on the FAFSA if they haven’t completed their taxes for the current year. They shouldn’t leave any sections of the FAFSA blank. In addition, students should contact the Financial Aid office at their school to see what other guidelines apply and if other information is required.
What is the EFC? EFC is an acronym for Estimated Family Contribution. Cost of attendance minus EFC equals a student’s financial need. Colleges use this calculation to create financial aid packages for students. To obtain an estimate of EFC, students should visit www.fafsa.ed.gov and click on “FAFSA4caster.”
College FAQ for Parents
What can I do to help my son or daughter when it comes to applying to schools? Emphasize the importance of starting the application process in a timely manner in order to meet all of the institution’s deadlines. In addition, ensure that the student understands the necessity of submitting an accurate, complete application along with all of the supporting material.
How many credits is an average course load? Most full-time students take between 12 and 17 credits per semester. Students should take a lighter class load in their first semester and use that semester to figure out how many classes they can realistically manage later on.
Is it important that my daughter or son decide on a major by their first semester of college? No. Taking core classes in their first year will buy them some time to make a decision about their major. Using the first year to explore options is a good idea.
What if my son or daughter is having difficulty in a class? The student should meet with the class instructor. The instructor can assist the student with pinpointing test material, or possibly giving them extra credit. The instructor can refer the student to the academic center if a tutor is needed. If those efforts are unsuccessful, advisors can assist the student through a variety of methods, including decreasing their class load.
What if my son or daughter wants to transfer to a different school? If a student follows the Montana University System Core curriculum the first year, then transfers to another, in-state school, host institutions generally will accept 30 semester credits. Out-of-state universities have varying core requirements, so parents will need to check with the specific school. In most cases, a student who transfers later in their academic career can expect to add one semester to the time it takes to complete their degree due to varying requirements and credits that do not transfer.
What assistance is available for students with disabilities who want to go to college? Postsecondary education offers access rather than entitlement. Colleges and universities must ensure access to all students who are otherwise qualified. Access includes supplying ramps, elevators, wide parking spaces, in addition to information and technology by making reasonable accommodations for a student’s disability. However, the student must be able to demonstrate their ability. For clarification, contact the individual college’s disability support services.
What are some options for students who demonstrate great potential, but must stay at home and work in order to afford college? Community colleges are excellent options for students matching these criteria. They can complete their first two years of higher education close to home for an affordable price. For more information on community colleges in Montana, visit www.mtcconline.org. Online courses may also be a good option. For more information on online courses, visit www.montana.edu/distance and www.umt.edu/ce.