What is the FAFSA and how do I apply?
The FAFSA, or Free Application for Federal Student Aid, is the primary source of funding for students. Students can apply online at www.fafsa.ed.gov. Students must reapply each year.
When should I complete the FAFSA?
The FAFSA should be submitted as soon as possible after October 1st. Students are highly encouraged to complete the FAFSA as early as possible for maximum consideration of grant aid.
What information do I need in order to complete my FAFSA?
Current FAFSA’s for school year 2018-2019 may be completed using 2016 tax returns, W-2’s, driver’s licenses and social security cards for both the student and the parent/spouse (if applicable). Students and parents will also have the option to use the IRS Data Retrieval Tool, where tax data will be transferred from the IRS to the FAFSA.
How much financial aid can I expect?
You can create an unofficial estimate of the aid for which you may qualify using the Net Price Calculator available on the College’s website.
When will the College determine how much aid I am eligible to receive?
Once your FAFSA is received, the financial aid office will review your application. Students may be selected for a process called Verification. During verification, the College will ask for various data used to complete your FAFSA so we can verify that the data was entered correctly. Once the verification process has been completed, the student will receive an award letter. Documentation will be sent out after May 1 each year and will continue on a weekly basis.
I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid. There are several sources of funding available regardless of income.
Do I need to be admitted to the College before I can apply for financial aid?
No. You can apply for financial aid any time after October 1st for the next school year. Please be sure to include our Federal School Code on your application (030709). Award letters will only be sent to those students admitted.
Are my parents responsible for my educational loans?
No. Federal Stafford Loans are loans that the student takes out and is responsible for repaying. Federal PLUS loans are available for parents.
When do I have to start repaying my loans?
Your lender will contact you with repayment arrangements. Typically students are given 6 months from the last date the student was enrolled in less than 6 hours before they are required to make a payment.
I got an outside scholarship. Should I report it to the financial aid office?
Yes. If you are receiving any kind of outside scholarships from any sources, you must report the scholarship to the financial aid office. Other aid may be required to be adjusted.
Where can I get more information about Federal student financial aid?
Federal Student Aid has a website available https://studentaid.ed.gov/ . Students can learn about how to prepare for college, different types of aid available, how to qualify and apply, and how to manage student loans. Students can also contact the financial aid office at the College or the federal student aid information center at 1-800-4-FED-AID.
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An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school.
Cost of Attendance (COA)
The total amount it will cost you to go to school—usually stated as a yearly figure. COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees and an allowance for books, supplies, transportation, and dependent care expenses, and can also include room and board for up to three semesters or the equivalent at the institution. But no more than two of those semesters, or the equivalent, may be consecutive. Contact the financial aid administrator at the school you’re planning to attend if you have any unusual expenses that might affect your COA.
A temporary postponement of payment on a loan that is allowed under certain conditions and during which interest generally does not accrue on Direct Subsidized Loans, the subsidized portion of Direct Consolidation Loans, Subsidized Federal Stafford Loans, the subsidized portion of FFEL Consolidation Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).
The determination of a Free Application for Federal Student Aid (FAFSA) applicant as dependent or independent.
A student who does not meet any of the criteria for an independent student. An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless.
An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless. Get additional information to determine your dependency status.
Direct PLUS Loan
A loan made by the U.S. Department of Education to graduate or professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the loan status.
Reported by the school the student attended, indicates whether the student is (or was) full-time, three-quarter time, half-time, less than half-time, withdrawn, graduated, etc.
A mandatory information session that takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower.
A mandatory information session that takes place before you graduate or drop below half-time enrollment that explains your loan repayment responsibilities and when repayment begins.
Expected Family Contribution (EFC)
This is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA form, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).
An online tool that provides an early estimate of your federal student aid eligibility to help you financially plan for college.
Federal School Code
An identifier that the U.S. Department of Education assigns to each college or career school that participates in the federal student aid programs. In order to send your FAFSA information to a school, you must list the school's Federal School Code on your application. Southeast Missouri Hospital College of Nursing and Health Sciences school code is 030709.
The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.
A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loan(s), increasing the total amount you owe.
Forgiveness, cancellation, and discharge all refer to the cancellation of a borrower's obligation to repay all or a portion of the remaining principal and interest owed on a student loan, but are generally used in different contexts.
"Loan cancellation" and "loan forgiveness" generally refer to the cancellation of a borrower's obligation to repay some or all of the remaining amount owed on a loan if the borrower works full-time for a specified period of time in certain occupations or for certain types of employers. "Loan cancellation" is usually used in reference to the various Perkins Loan Program cancellation benefits. "Loan forgiveness" is usually used in reference to the Direct Loan and FFEL Teacher Loan Forgiveness Program or the Direct Loan Public Service Loan Forgiveness Program. Borrowers are not required to pay income tax on loan amounts that are canceled or forgiven based on qualifying employment.
"Loan discharge" generally refers to the cancellation of a borrower's obligation to repay some or all of the remaining amount owed on a loan due to circumstances such as school closure, a school's false certification of a borrower's eligibility to receive a loan, a school's failure to pay a required loan refund, or the borrower's death, total and permanent disability, or bankruptcy. In some cases, a discharge may also entitle a borrower to receive a refund of payments previously made on a loan. Depending on the type of discharge, the amount of a loan that is discharged may be treated as taxable income.
Free Application for Federal Student Aid (FAFSA) form
Located at fafsa.gov, the FAFSA form is the FREE application used to apply for federal student aid, such as federal grants, loans, and work-study.
The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.
For certain types of federal student loans, a period of time after you graduate, leave school, or drop below half-time enrollment when you are not required to make payments. You are responsible for paying the interest that accrues on unsubsidized loans during the grace period. If the interest is unpaid, it will be added to the principal balance of the loan (capitalized) when the repayment period begins.
Master Promissory Note
A binding legal document that you must sign when you get a federal student loan. The MPN can be used to make one or more loans for one or more academic years (up to 10 years). It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower. It’s important to read and save your MPN because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.
Based on a student's financial need. Example: A need-based grant might be awarded based on a student's low income.
Satisfactory Academic Progress
A school’s standards for satisfactory academic progress toward a degree or certificate offered by that institution. Check with your school to find out its standards.
William D. Ford Federal Direct Loan (Direct Loan) Program
The federal student loan program under which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are types of Direct Loans.
A loan based on financial need for which the federal government generally pays the interest that accrues while the borrower is in an in-school, grace, or deferment status, and during certain periods of repayment under certain income-driven repayment plans.
A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.
The process your school uses to confirm that the data reported on your FAFSA form is accurate. Your school has the authority to contact you for documentation that supports income and other information that you reported.
Click to close Glossary of Terms