College Financial Aid FAQs
Financial Aid Information for Seniors & Parents in Preparation for College Funding
1. How do I start the Financial Aid process?
The first step to receiving Financial Aid is to fill out a Free Application for Federal Student Aid (FAFSA) form. The form may be completed online at www.fafsa.ed.gov or you can request a paper form from the Federal Student Aid Information Center (FSAIC) by calling toll free at 1-800-4-FED-AID (1-800-433-3243).
2. Our family probably makes too much money to be eligible for financial aid. Should I fill out a FAFSA anyway?
ABSOLUTELY! It is a common misperception that a family with moderate to high income will not be eligible for aid. There are many factors involved in determining your eligibility and many people mistakenly give up aid for which they are eligible because they fail to file a FAFSA. Additionally, you are eligible for at least PLUS (Parent Loan for Undergraduate Students) and Unsubsidized Stafford Loans regardless of your calculated need.
3. When should I file my FAFSA form?
Ideally you should file your FAFSA form right after filing your Federal Taxes. You can file a FAFSA prior to completing your tax return, but your estimates should be as accurate as possible as you will be required to update your FAFSA upon filing your return. In some cases there may be state aid available to residents attending school within their state (such as the California Grant Program). You must file your FAFSA prior to the date specified by the state to be considered for state aid. The earlier you are able to file your FAFSA, the sooner your financial aid will be finalized.
4. What is a federal school code and what's its purpose?
A Federal School Code is a number designated to a specific school of higher education. When entered onto your FAFSA, it instructs the US Department of Education to send the results of your processed FAFSA to the school(s) you plan on attending.
5. What school code do I include on the FAFSA?
- UTC- 003529
- UTK-003530
- Chattanooga State-003998
- King College-003496
- MTSU-003510.
6. What is a PIN Number and how do I get one?
PIN is an acronym that stands for Personal Identification Number. This unique number will be assigned to you by the Department of Education to serve as a legal electronic signature you can use to "sign" your FAFSA form online. It will also be needed if you must make corrections to your FAFSA form online. You may order your PIN at www.pin.ed.gov. Every student and parent should have his or her own pin numbers. You will use this pin number every year you file the FAFSA.
IMPORTANT: Your PIN is an important piece of private information. You should keep it safe and private. No one else, including Financial Aid Advisors, should ever need to know your PIN. Safeguard it as you safeguard all of your private financial information.
7. I have not lived with my parents since I graduated from high school. Why do I need to include them on my FAFSA form?
The Department of Education has very strict laws and regulations in place regarding the Federal Student Aid program. In order to file as an independent student on the 2008-2009 FAFSA, you must meet at least one of the following conditions:
- Born before January 1, 1985
- Enrolled in a masters or doctorate program (beyond a bachelor's degree) in 2008-2009
- Legally married at the time the application is signed
- Have children for whom you provide more than 50% of the support
- Have legal dependents other than a spouse or children who receive more than 50% of their support from you
- Are an orphan or ward of the court (or has been a ward of the court until reaching age 18)
- Are currently serving on active duty in the US Armed Forces for purposes other than training
- Are a veteran of the US Armed Forces
Note: If you have unusual circumstances please contact the financial aid department.
8. Why must I file a FAFSA every year?
The Department of Education has determined that the best indicator of your financial need is your tax return from the previous year. In order to make sure that you are receiving everything for which you are eligible we must have the most recent information possible. If you do not file your renewal FAFSA you will not be able to get Federal Student Aid for the new fiscal year. (July 1st through June 30th.)
9. What is an EFC?
EFC stands for Estimated Family Contribution. This figure is calculated by the Department of Education from the information provided on your FAFSA form. It represents the amount of money that the Department of Education determined you and your family can contribute towards your Cost of Education per academic year. The Total Cost of Education includes your tuition, fees, program costs, and estimated cost of living while attending school.
10. How do I apply for a PELL grant?
All you need to do is file a FAFSA form with the Department of Education. Our Financial Aid Department will package everything for which you are eligible.
11. Why didn’t I get any grants?
To be eligible for a PELL Grant, your EFC must be less than 4,110. If your EFC exceeds this amount the Department of Education will not allow us to package any grant money for you. Additionally, anyone who already possesses a Bachelor’s degree is not eligible for a PELL grant.
If you did not receive a PELL grant, your EFC is less than 4,110 and you do not have a Bachelor’s degree, please contact the Financial Aid department so we can determine if an error exists on your FAFSA form that has made you appear ineligible for grants.
12. I have received a copy of my Student Aid Report (SAR) from the Department of Education, but I have not received my Financial Aid Package yet. Why not?
Often this happens when your FAFSA form is missing the correct Federal School Code for the campus you plan to attend. Check the School Code section of the report to make sure that the correct school code is on your FAFSA. For a list of our school codes, please refer to FAQ number 5 above.
13. What is a Stafford Loan?
The Stafford Loan is a Federal Student Aid Program. Repayment for your Stafford Loans will begin six months after you leave school. There are two types of Stafford Loans, Subsidized and Unsubsidized. On a Subsidized Stafford Loan the government will actually pay your interest for you while you are in school and during your 6 month grace period. On your Unsubsidized Stafford Loan interest will accrue while you are in school and during your grace period. You are not required to make payments during this time, but are welcome to do so to keep your interest from capitalizing.
14. Why didn’t anyone inform me (the parent) that I would be taking out a PLUS loan for the student (my child)?
During the student’s interview with their Admissions Representative, the Admissions Representative explains the Financial Aid Process. Any portion of the student’s tuition that is not covered by grants and Stafford loans would be packaged as a parent PLUS loan. Please contact the Financial Aid Department at 1-866-609-6930 for additional information.
15. Can the PLUS loan be changed into my child’s name when she/he graduates?
No, the PLUS loan will remain the responsibility of the parent whose name appeared on the loan’s Promissory Note until repayment is complete. However, the student may be able to help you in making the payments after they graduate.
16. I was denied for a PLUS loan. What do we do now?
There are other options available. Please contact the Financial Aid Department and we will assist you.
17. I have been selected for Verification. What does this mean?
Verification is one of the processes by which the Department of Education audits the Federal Student Aid Program. At least 30% of the students who file a FAFSA form are randomly selected by the Department of Education for verification. If you are selected for verification, the Department of Education has authorized the Financial Aid Department of your college to collect copies of your Federal Tax Return information and information regarding your household to ensure the information provided on your FAFSA form is accurate.
18. Why are there so many forms to complete?
As stated above, The Federal Student Aid Program is heavily regulated to avoid fraud and abuse of the system. Each form provided in your package is included to make sure the integrity of the system is upheld. Each form provides information required by the Federal Government and each one must be completed and returned to us so that we may release your Student Aid.
19. I have received an outside scholarship. What should I do?
Please send proof of your scholarship (Award certificate and congratulatory letter) to the Financial Aid Department. It may be mailed or faxed. Please contact the Financial Aid Department for the correct number to which it should be faxed. It is at the discretion of the financial office to revise your package to reflect your scholarship.
20. I am not a US citizen. Can I still get financial aid?
Many resident non-citizens are eligible to receive Federal Student Aid. Please contact the Financial Aid Department so we may assess your eligibility. Some students may be required to have a valid I-20 on file with the school and the Department of Homeland Security in order to attend school. If you have questions, please contact the Director of Student Services at the campus you will attend.
21. Do I have to provide my step-parent’s information?
Yes, you must list information for the spouse of the parent whose financial information is listed on your FAFSA if your step-parent is married to your biological/adoptive parent at the time the FAFSA is originally submitted.
