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Office of Financial Aid

FinaidFAQ

FAQ

What is Financial Aid?

Financial aid is money (grants, loans, work-study, and scholarships) provided by various agencies (federal, state and local governments, colleges, community organizations, private corporations and individuals) to help students meet the cost of attending college.

What is your school code?

Our Federal, Title IV, School Code is 002928.

My SAR indicates that I was selected for "Verification." What does this mean?

The federal government randomly selects approximately 30% of all aid applicants for verification. This means the Financial Aid Office must verify the information on your Student Aid Report by collecting tax returns and other documents to confirm the accuracy of the information you submitted. The college will contact you to tell you the documents you need to provide. You should submit all requested materials promptly to avoid delays in processing your application.

What are the types of financial aid available to me?

There are four main types of aid: grants, work-study, scholarships, and loans:

  • Grants, such as the Federal Pell Grant, Federal SEOG, ACG, SMART, UNC Need Based Grant and NC Student Incentive Grant Grants are free assistance that does not need to be repaid.
  • Education Lottery Scholarship
  • Federal Work-Study provides and opportunity to work and earn money for school. Students work no more than 15 hours per week. Students are paid monthly.
  • Scholarships are available through the university’s departments and financial aid Office ; contact your financial aid office for additional information
  • Loans, such as the Federal Stafford Loan and Perkins, are low interest and need to be paid back after you complete school or cease to be enrolled half time (6 credit hours).

How is financial need determined?

Financial need is determined by taking the annual cost of your attendance and subtracting the amount that you and your family is expected to pay toward the cost (your Expected Family Contribution). The difference is your financial need. Based on this federal formula, families with the highest financial need will be expected to contribute less to the cost of the education and will be eligible for a greater percentage of grant assistance and other need based financial aid. Families whose EFC exceeds Cost of Attendance will be eligible for non-need assistance ordinary loans; the unsubsidized Federal Stafford and/or PLUS Loan.

Does enrollment status determine the amount of financial aid that I will receive?

The number of credit hours for which a student is enrolled plays a major role in determining the amount of financial assistance available to the student. The Federal Pell grant is adjusted for students enrolled less than full-time. Full time status is defined as 12 credits hours or more. Student Loan recipients must be enrolled at least half time.

Does my degree determine the amount of financial aid that I will receive?

Financial aid recipients must be admitted and enrolled in a diploma, degree or college transfer program to be eligible for assistance. Students enrolled as a special student, personal development, or continuing education is not eligible for financial assistance. If you are not classified as a degree-seeking student, you are not eligible to receive student financial assistance.

What happens if my family's financial situation changes?

If a major change occurs in your family's financial situation, contact the Student Financial Aid Office to request consideration of your special circumstances.

What happens if I think that I am independent of my parents?

The federal government has established basic criteria that will help a Financial Aid Counselor determine your dependency status. To be considered independent of your parents, you must be (1) 24 years of age or older, (2) be a veteran, (3) be an orphan or ward of the court, (4) be a graduate student, (5) be married or (6) have dependents other than a spouse. If none of these conditions apply you are classified as a dependent student by the US Department of Education guidelines.

Is money available for summer school?

Limited financial aid is available for students attending Summer Term I. Students may receive the Federal Pell Grant and Stafford Loans, if eligibility remains from the current year. You must attend the Summer Term in order to be eligible for aid. For most types of aid, including Federal Stafford Loans, you must be enrolled at least halftime (6 hours).

What is the difference between subsidized and unsubsidized loans?

The government pays the interest on the Federal Subsidized Loan while the student is enrolled in college at least half time. The student is responsible for the interest on the Federal Unsubsidized Loan while in college. The student will receive a bill each quarter (three months) for interest payments only.

What is loan counseling?

Federal regulations require students who receive Student loans (Subsidized or Unsubsidized), to participate in entrance loan counseling.

Do I have to apply for financial aid every year?

YES! You must reapply for financial aid each year by Fayetteville State University’s priority date of March 1 by completing the Renewal Free Application for Student Aid (which should be mailed to you by the federal student aid-processing center in December each year) OR by going on line at www.fafsa.ed.gov.  Fayetteville State University does not mail Renewal FAFSAs. It is your responsibility to reapply for aid each year.

How do I know if the federal processor has processed my FAFSA? How can I verify that Fayetteville State University will receive the results?

Within 5 to 7 days after applying on line or 4 to 6 weeks if you send your FAFSA, you should receive a Student Aid Report from the federal processor acknowledging that your FAFSA has been processed. Check to make sure Fayetteville State University is one of the institutions listed in Step 6. If so, the university will receive an electronic record of your FAFSA within days of your receipt of the SAR. Questions about FAFSA processing can be directed to the Federal Student Aid Information Center (1-800-4-FED-AID).

What do I do with my Student Aid Report?

Check your Student Aid Report (SAR) carefully for any incorrect information. Make any necessary corrections and submit the corrections on line at www.fafsa.ed.gov.   If everything is correct, keep the SAR for your own records.


Can I only accept part of the financial aid I have been awarded? For example, I was awarded grants and loans, but only want the grants. Is that ok?

Yes, you may accept or decline all or part of your financial aid award. If you decline aid, however, please understand that you will not be awarded other aid to replace the funds you have declined and you will be responsible for any monies due the university.

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