FREQUENTLY ASKED QUESTIONS
Financial planning for college can be overwhelming and often confusing. College Funding of Tampa Bay guides you throughout the process. If you’re just starting, here are some frequently asked questions about financial aid to help you better understand the process.
GENERAL FAQS
Q. HOW DO I APPLY FOR FINANCIAL AID FOR COLLEGE?
You can apply for financial aid for post-secondary education through programs organized by the federal government, state, college, or private institutions. Interested candidates must fill in the FAFSA form (Free Application for Federal Student Aid) to qualify for different college aid programs.
The FAFSA form is a gateway to study grants, student loans, scholarships, work-study programs, and other financial support opportunities.
Q. AM I ELIGIBLE FOR FINANCIAL AID?
The FAFSA form is available for every college student studying across the U.S. Terms and conditions may vary depending on the type of financial aid you want. However, some basic rules apply to everyone.
To qualify for financial aid for college, you must:
- Be a U.S citizen or an eligible non-citizen
- Have adequate proof to show that you can’t pay for college independently (or with family expected family contribution) for need-based programs
- Have completed a high school education to qualify for undergraduate, postgraduate, and vocational certification programs
- Maintain an excellent academic record while studying in college
- Have a verifiable Social Security Number (SSN), though some exceptions may apply for students coming to study in Tampa Bay from other states
- Enrolled in a government-approved college/certification program as a regular student (i.e., students that study full time or have applied for enough college credits to qualify for their targeted college aid program)
In addition, most programs have different terms and conditions for eligibility. You may schedule a consultation with a College Funding of Tampa Bay representative to receive personalized advice before applying for financial aid.
You can find out more from the official website.
Q. ARE NON-CITIZENS ELIGIBLE FOR FINANCIAL AID?
Yes, you can qualify for federal financial aid programs even if you are not a U.S citizen. However, you must meet some terms and conditions to be considered an eligible candidate.
You can qualify if you fulfill one of these requirements:
- You have a valid Alien Registration Card (1-551)
- Arrival-Departure Record (1-94) from the Immigration and Naturalization Service (INS) as either a refugee, parolee, victim of human trafficking, T-Visa holder, asylum granted, or Cuban-Haitian entrant
If you are ineligible for federal or state aid for non-citizens, you may opt for alternative benefits designed for international students. These include the Federal government’s Financial Aid for International Students, International Student Loan Center, and International Education Financial Aid Center, among other programs.
Moreover, you can consult the financial aid counselor at the college/university you plan to apply to. There’s a chance they may have a college aid program for international students.
Q. CAN A FAMILY APPLY FOR FINANCIAL AID IF THEY HAVE MORE THAN ONE COLLEGE-GOING KID?
Yes, you may receive financial aid for more than one child. You’re requested to fill out different FAFSA forms to apply for financial aid for each child. The federal grants will be given depending on the child’s EFC (Expected Family Contribution) and other criteria.
Q. DO STUDENTS NEED TO WAIT FOR COLLEGE ACCEPTANCE LETTERS BEFORE APPLYING FOR FINANCIAL AID?
No.
We strongly advise you to submit your FAFSA form as soon as possible. Submission dates begin on October 1 each year. Your college acceptance letters have got nothing to do with the application process.
However, you will only receive financial aid packages and awards once the college acceptance letters roll in.
FAFSA FAQS
Q. HOW MUCH FINANCIAL AID CAN I RECEIVE FROM FAFSA?
The federal government, states, and colleges award financial aid according to individual needs for need-based programs. Otherwise, you will receive a predefined amount on merit or special conditions for some scholarships, student loans, and grants.
Most private and government organizations will use the information shared on your FAFSA form to determine your living expenses, parents’ income, financial assets, and savings. These are collectively evaluated to create the Expected Family Contribution (EFC). The index number estimates how much a student can pay for college tuition and related expenses during an academic year.
It’s then tallied by the Cost of Attendance (COA) to figure out how much money you will need during the school year.
Once the FAFSA form gets processed, the schools and colleges you selected receive a report that determines how much financial aid you qualify for annually. They subtract the EFC amount from a specific school’s total COA/price to reach the final amount. That means the EFC will remain the same, but each school’s financial need may increase depending on their tuition fee and other COA.
Every educational institute provides customized financial aid packages to align with your financial need. Typically this includes a combination of student loans, grants, scholarships, and possible work-study opportunities that allow you to pay for college.
Q. CAN I SUBMIT A FAFSA FORM WITHOUT MY PARENT’S TAX INFORMATION?
If your parents refuse to share tax information, you may be disqualified from specific financial aid programs.
However, you will be eligible for student loans like the Unsubsidized Direct Loan, which requires you to pay a higher interest and repay the cash you received within the designated period.
On the other hand, if you can’t share parental data due to exceptional circumstances, then the Department of Education can accommodate you. You must have a valid reason, such as abandonment, abuse, neglectful parenting, and parental incarceration, amongst other situations, to qualify for the alternate options as an independent student.
Q. WHAT IS A STUDENT AID REPORT (SAR)?
After processing your FAFSA form, the federal board sends you a Student Aid Report (SAR) for record purposes. It contains information concerning your EFC and an overview of the federal financial aid programs you qualify for based on your needs. The colleges and schools you apply to use this data to determine the amount you’ll receive for college funding.
Reviewing the details and ensuring the SAR includes relevant information is crucial. You can go through the “What You Must Do Now” section within the report to address issues that require verification or changes.
Note: You can find out more information from the official website.
Q. HOW DO I RENEW MY FAFSA FORM?
The Department of Education requires you to submit a FAFSA form annually. It ensures that you receive college aid depending on your financial needs, which may change over time. You can log into your account to fill out a pre-filled FAFSA form. Update the fields that require changes, sign the form, and submit it.
If you send the form via mail, you’ll have to answer all the questions again.
Q. WHAT IF I MISS THE DEADLINE TO SUBMIT MY FAFSA FORM?
If you miss the federal deadline in June, you will have to consider external sources for college aid. These include private scholarships, college funds from non-government organizations, and student loans.
College Funding of Tampa Bay can advise you on the next steps if required. We will help you make the best decision possible to ensure you have the resources required to pay for college.
Q. HOW LONG DO I WAIT TO GET A RESPONSE FOR MY FAFSA FORM?
It takes around 3-5 days for your online FAFSA forms to get processed and no more than ten days to receive a response for mailed-in submissions. You should contact the Federal Student Aid Information Center for assistance if you don’t receive your SAR within two weeks of submission.
You can call 1-319-337-5665 or the toll-free helpline at 1-800-4-FED-AID.
FAQS ABOUT DIFFERENT FINANCIAL AID PLANS
Q. HOW MUCH COLLEGE AID WILL YOU RECEIVE VIA STUDENT LOANS?
Undergraduate students can borrow approximately $5500 to $ 12,500 annually through federal student loans. You need to qualify for Direct Subsidized Loans and Direct Unsubsidized Loans; the money borrowed will depend on your study program, academic year, and dependency status.
Graduate and professional students can receive more money through student loans. The expected amount can go up to 20,500/year each year through the Direct Unsubsidized Loans. You can also qualify for Direct PLUS Loans to receive extra cash for college to meet your educational expenses if other college aid programs don’t meet those requirements.
Q. ARE WORK-STUDY PROGRAM EARNINGS TAXABLE?
Yes, earnings received through the federal work-study program will be subject to state income tax and federal taxes. You will be exempted from FICA taxes if you are enrolled in a full-time program but work part-time.
Q. HOW DO I RECEIVE SCHOLARSHIPS?
Scholarships are awarded based on merit to students that meet set criteria assigned by the benefactor(s). You may secure one based on exceptional academic performance, talent, athletic abilities, etc.
Your college financial aid counselor can guide you on available college and local scholarships. Remember that these programs have different deadlines and requirements. It’s essential to start your financial college planning ahead of the academic year to collect relevant information for the scholarship college aid programs.
Q. DO I HAVE TO PAY BACK GRANTS?
Grants like scholarships do not require repayments under usual circumstances. College students may need to repay the money if they withdraw from their study program early, reduce their workload, or fail to maintain the academic criteria set to qualify for the grant.
Aside from this, a change in financial status or the failure to complete mandatory services for occupational grants (like TEACH) will result in repayment.
Depending on the situation, you may need to repay the full grant money or a partial amount within the designated period.
