Who should file for financial aid?
Everyone who plans to go to college should apply. In families, each college student must apply separately for financial aid. You must reapply each year.
How do I file for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. File electronically or by mail. Your high school counselor or Davenport advisor will have an application.
First consideration is given to those students who file before March 1; however, students who file after that date still have the opportunity to receive financial aid.
What happens after I file?
The processor will send a Student Aid Report (SAR). When you receive this, check it for errors. Correct any errors online or give your corrected SAR to your advisor. The Financial Aid Processing Center for the location that you are attending will notify you of any further steps to take. You may need to complete and/or submit one or more of the following:
- Institutional Verification Form (IVF) -- all sections and signatures
- U.S. Federal Income Tax Return, signed -- student and parent (if applicable)
- Non-taxable income statement -- 401K, IRA, Keogh, housing allowance, etc.
Additional information may be required, based on your application status. Keep copies of all income materials used to prepare the FAFSA. Respond promptly to all requests for information from Davenport and from the Michigan or Indiana Higher Education Assistance Authority. You may receive requests for information from both places. Submission of documents to one location will not satisfy the requests from both.
Once the school receives all your information and your file is "complete," it will be reviewed and you will be notified of the types and amounts of financial aid that you are eligible to receive. Processing can take two to six weeks. File early to avoid last minute problems.
What if my financial situation has changed since I filed my FAFSA?
Download, complete and submit a Special Consideration Student Request Form describing your change in circumstances. If any additional forms are needed, you will be contacted. After review, you will be notified in writing of any changes in your financial aid awards.
What is a PIN?
Your Personal Identification Number (PIN) lets you access your personal information in various U.S. Department of Education systems. Because your PIN serves as your electronic signature, you should not give it to anyone. Get a PIN.
Use your PIN at these U.S. Department of Education websites:
Do I have to reapply for financial aid each year?
Yes. However, once you have filed a Free Application for Federal Student Aid (FAFSA), you may be able to file a Renewal FAFSA online the next year. The Renewal FAFSA will have about 75% of the information on the form pre-entered from the year before. You need to complete the areas indicated, as well as any other area that has changed from what is indicated on the Renewal Application. Am I required to use my parents' information on the FAFSA?
The instructions in the FAFSA will explain whether or not you must include parent information. If you have been declared independent by a financial aid administrator in the past, or if you think your special situation merits a review, request a special consideration by submitting the Special Consideration Student Request Form. My parents refuse to give me the information I need to fill out any financial aid forms; they say it's nobody's business. Am I out of luck?
Contact your advisor. Your circumstances can be reviewed and your options explained to you.
If my parents are separated or divorced, whose information should be given on the FAFSA?
Information should be given for the parent you lived with the most in the last 12 months. If you don't live with either parent or lived with both parents for an equal number of days, information should be given for the parent who provided the greater amount of support to you during the last calendar year. See the FAFSA instructions for additional information.
I'm moving out of my parents' house and will support myself from now on. Do my parents still have to fill out the financial aid application?
Students under 24 years of age are considered dependent on their parents by Federal law, no matter where they live (there are limited exceptions--please note them in the FAFSA instructions). If your parents do not provide their information on your application, you probably cannot be considered for aid. If you have special circumstances which make it impossible for your parents to complete the application, contact your advisor.
I do have special circumstances. How do I declare myself an independent student?
According to Federal guidelines, none of the conditions listed below, singly or in combination, qualifies as unusual circumstances meriting a dependency override:
- Parents refuse to contribute to the student's education;
- Parents are unwilling to provide information on the FAFSA or for verification;
- Parents do not claim the student as a dependent for income tax purposes;
- Student demonstrates total self-sufficiency.
However, there may be family situations that warrant a dependency override for extreme circumstances, such as drug or physical abuse, neglect, abandonment, or refugee status. If one of these applies to your situation, complete the Dependency Override Request Form explaining why you should be considered independent and submit to your advisor. You will also need to provide your most recent Federal Tax Return, W-2, and a completed Institutional Verification Form. See your advisor for details.
I'm a Veteran. What's available for me?
Contact your local V.A. office. The amount received varies. You must be a veteran, or a dependent of a disabled or deceased veteran. Educational benefits you may be eligible to receive are:
- GI Bill (Chapter 34) - Service beginning before January 1, 1977 VEAP (Chapter 32) - Non-Contributory
- VEAP (Section 903) - Service beginning on or after January 1, 1977, through June 30, 1985.
- New G.I. Bill - Selected Reserve Educational Assistance Program (Chapter 106).
- Vocational Rehabilitation (Chapter 31) - For compensable service-connected disabled veteran. Survivors and dependents of veterans whose death or permanent and total disabilities were service-connected or of service persons missing in action or prisoners of war.
What is an official withdrawal?
Withdrawal from classes can seriously affect both your financial aid eligibility and maintaining Standards of Progress, depending on when you withdraw. Contact your advisor beforehand to determine what effect your withdrawal will have on your financial aid.
Financial Aid Terminology
Academic Year
A period of no less than 30 weeks of instructional time, normally two semesters.
Capitalization
The practice of adding unpaid interest charges to the principal balance of an educational loan, thereby increasing the size of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Capitalizing the interest increases the monthly payment and the amount of money you will eventually have to repay. If you can afford to pay the interest as it accrues, you are better off not capitalizing it. Capitalization is sometimes called compounding.
Cost of Attendance
The figure determined by the University annually that includes tuition, books and supplies, transportation and a living allowance. This figure is the basis for determining financial aid eligibility.
Default
Failure to repay a loan according to the terms of the promissory note. A loan is in default when the borrower fails to pay several regular installments on time (i.e., payments overdue by 180 days) or otherwise fails to meet the terms and conditions of the loan.
Deferment
Deferment occurs when a borrower is allowed to postpone repaying the loan. If you have a subsidized loan, the Federal government pays the interest charges during the deferment period. If you have an unsubsidized loan, you are responsible for the interest that accrues during the deferment period. You can still postpone paying the interest charges by capitalizing the interest, which increases the size of the loan. Most Federal loan programs allow students to defer their loans while they are in school at least half-time. If you don't qualify for a deferment, you may be able to get forbearance. You can't get a deferment if your loan is in default.
Dependency Override
According to Federal guidelines, none of the conditions listed below, singly or in combination, qualifies as unusual circumstances meriting a dependency override:
- Parents refuse to contribute to the student's education;
- Parents are unwilling to provide information on the FAFSA or for verification;
- Parents do not claim the student as a dependent for income tax purposes;
- Student demonstrates total self-sufficiency.
However, there may be family situations that warrant a dependency override for extreme circumstances, such as drug or physical abuse, neglect, abandonment, or refugee status. A Dependency Override Request may be made to the University in such cases.
EFC
Expected Family Contribution. The amount the federal government has determined to be the student's/parents' contribution toward educational expenses.
Eligible Noncitizen
Student who is not a citizen of the United States, but has a valid Alien Registration Card I-551 (Green Card) or a valid I-94 (Arrival Departure Record with valid designation).
FAFSA
Free Application for Federal Student Aid. General application for all types of financial aid. All students wishing to be considered for financial aid must complete this form, even if they only wish to obtain a student loan.
FFELP
Federal Family Educational Loan Program. Loans available to students and their families to help finance educational expenses; for example, the subsidized and unsubsidized Stafford Loans and Parent (PLUS) loans.
Financial Aid Package
The total amount of financial aid a student is eligible to receive.
Forbearance
A temporary postponement or reduction of student loan repayment. During forbearance the lender allows the borrower to temporarily postpone repaying the principal, but the interest charges continue to accrue, even on subsidized loans. The borrower must continue paying the interest charges during the forbearance period. Forbearances are granted at the lender's discretion, usually in cases of extreme financial hardship or other unusual circumstances when the borrower does not qualify for a deferment. You can't receive forbearance if your loan is in default.
FSEOG
Federal Supplemental Educational Opportunity Grant. An additional federal grant for the most needy students. This grant is not available to students who have a bachelor's degree.
GED
General Education Development. Students who have not graduated from high school may take the GED test to verify high school equivalency. This certificate may be used to verify high school completion.
Grace Period
The grace period is a short time period after graduation during which the borrower is not required to begin repaying his or her student loans. The grace period may also kick in if the borrower leaves school for a reason other than graduation or drops below half-time enrollment. The grace period is for six months. Note: If you have used your grace period previously, you may not be eligible for further grace.
Grants/Scholarships
Financial aid funds that do not have to be repaid.
Guarantee Fee
A fee connected with Stafford and PLUS loans which goes to the guaranty agency.
Guaranty Agency
A national or state agency that insures student loans.
Institutional Verification Form (IVF)
Form sent by Davenport to students selected for verification for update on taxable/non-taxable income and household size.
ISIR
Institutional Student Information Record. The electronic record sent to the school of choice as a result of a completed FAFSA (also see SAR).
Loan Consolidation
An entirely new loan combining the repayment of two or more student loans, reducing the amount of monthly payments and extending the loan term.
MCS
Michigan Competitive Scholarship. Need-based scholarship administered by the Michigan Higher Education Assistance Authority. Eligibility is based, in part, on ACT test scores.
MPN
Master Promissory Note. The MPN essentially opens a line of credit for education expenses during your academic career. When you sign a promissory note, you promise to repay your student loans. This note also includes important language about your rights and responsibilities as a borrower. The MPN is good for 10 years from the date you sign your note.
MTG
Michigan Tuition Grant. Need-based grant program for students attending private universities in Michigan.
Origination Fee
A fee paid to the federal government to help run the FFEL programs.
PLUS Loans
Federal loans made by commercial institutions that are designed to help parents meet the cost of a university education for their children.
Promissory Note
A legally binding document in which the borrower promises to repay a certain sum of money at a certain time (loan application).
SAR
Student Aid Report. Document received by student as a result of filing the Free Application for Federal Student Aid (FAFSA).
Selective Service Registration
All males, at age eighteen, must register with the Selective Service. You may obtain forms through the U.S. Postal Service. SOP/SAP
Standards of Progress/Satisfactory Academic Progress. Minimum academic standards that a student must maintain in order to continue to receive financial aid.
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