FINANCIAL AID FACT SHEET
Go on line to complete the Free Application for Federal Student Aid
(FAFSA) after January 1 each year
AVAILABLE AID [ top ]
Grants: Awards that you do not have to pay back.
Work-Study: Job that allows you the opportunity to earn money to help pay for school the following semester.
Loans: Money borrowed that you must repay with interest.
Scholarships: Awards based on academic excellence, merit, and talent.
Deadlines: GSW Scholarship Application - February 15th; Other – April 1st
ELIGIBILITY [ top ]
Basically, you are eligible for some type of aid if you are a classified student enrolled at least half-time in a degree seeking program, are a U.S. citizen or an eligible non-citizen, are making satisfactory academic progress, and are not in default on an educational loan or owe a refund on an educational grant.
HOW FINANCIAL AID IS AWARDED [ top ]
Most student aid is awarded based on financial need. Need is the difference between your budgeted cost of attendance (educational expenses such as tuition, fees, room, board, books, supplies, and other related expenses) and an amount you and your family are expected to contribute toward your education (EFC – expected family contribution – is determined by the central processor based on a national standard formula).
KINDS OF DOCUMENTATION [ top ]
In order to process a financial aid offer, various documents are required to verify the information stated on the Student Aid Report (SAR). The previous year’s FEDERAL INCOME TAX RETURN (not an electronic form) is required in some cases. You should have a copy available if it is needed. If you are a dependent student, you may be asked to provide your tax return and W-2’s as well as your parent’s tax return and W-2’s. A particular item you reported on your SAR might need verification or documentation. Additional documents may be requested by the financial aid office after receipt of the electronic SAR.
VERIFICATION POLICIES [ top ]
After an ISIR (electronic data) is received by the school, a missing document letter will be sent to the student’s permanent resident address listed on the database unless the student has made a written request, for valid reasons, to have mail sent elsewhere. This missing document letter identifies all items needed or visits the student should make to the office before the file is complete. It is the student’s responsibility to see that all requests from the Financial Aid Office are satisfied.
The deadline for submitting documentation for verification purposes is 15 days prior to fee-payment date. If documentation is not received by this time, the student may be required to pay his/her own fees until the process is complete.
If a change is made subsequent to the award, the student will receive a revised award or an adjusted bill via the registration & Academic Information Network (R.A.I.N), depending on the timeframe of the adjustment.
Students are responsible for making corrections to their application unless student has been selected for verification. During the verification process, all corrections will be made electronically by the financial aid office, based on the documentation received.
In the event an award must be reduced because of subsequent verification, the student is responsible for repayment of any funds disbursed in error due to incorrect information. If funds are not repaid, the overpayment must be reported to the Department of Education. An overpayment notification mean the student is no longer eligible for aid.
All students receiving financial aid are welcome to review the Policies and Procedures Manual in the Financial Aid Office or on line. Any questions arising from this review should be directed to a financial aid counselor or the director. In their absence, an appointment can be made for a later date.
Deadline for submitting all documents is April 1 to receive PRIORITY AWARDING. Applications completed after April 1, WILL BE AWARDED BASED ON THE AVAILABILITY OF FUNDS.
DROP/ADD CONSEQUENCES [ top ]
Enrollment is not finalized until the end of Drop/Add in each term
Classes dropped or added during Drop/Add will be adjusted accordingly. For example: If a part-time Pell recipient goes through Drop/Add to either add or drop a class, the Pell will be adjusted according to the number of remaining or additional hours.
Classes dropped or added after Drop/Add will not be adjusted to increase or decrease the level of aid. For example: If a three-quarter-time student manages to add a class after Drop/Add is over, the student would be full time by university standards, but for financial aid standards, the student remains at three-quarter-time. No additional funds will be added to the account unless it was an institutional error that caused the late addition.
Classes dropped after Drop/Add do not go unnoticed. Students receive a grade of W if the withdrawal occurs after Drop/Add. The W will come into consideration when students are checked for Satisfactory Academic Progress (SAP). The course the student withdraws from has a direct affect on passage percentage rate. This rate must be 67% of all hour attempted toward the degree. The student is not penalized academically when the withdrawal occurs. For example: A student signs up for four classes. After Drop/Add is over, the student drops all but one class. The student has retained an A in the one remaining class. Academically, the student will have a term GPA of 4.00 but will not have passed 67% of what was attempted for the term. If this is the second or greater term for the student, the student will lose aid eligibility.
Always check with the school to make sure there were no problems encountered that prevented the school from receiving your SAR information electronically. (RECEIVING YOUR COPY OF THE SAR DOES NOT MEAN THE SCHOOL RECEIVED ITS COPY).
Please feel free to call or write to the Financial Aid Office if you have additional questions. If you would like to schedule a conference, please call for an appointment to be sure someone is available to talk with you.