MarylandMentor - Ask an Expert - Frequently Asked Questions

Frequently Asked Questions

Financial Aid Topics

Financial Aid: Eligibility, How, & When to Apply
Other Types of Aid
FAFSA
Additional Information

What is student financial aid?
What is financial need?
Who should apply for financial aid?
Who is eligible for financial aid?
Are grades or GPA considered in determining eligibility
for financial aid?
How do I apply for financial aid?
When should I apply for financial aid?

Q.	What is student financial aid?
A.	Student financial aid is money to help students pay for their college expenses. College can be expensive and many families and students cannot afford to pay for tuition and fees, books and supplies, and the living expenses associated with attending college. Federal and state governments, colleges and universities, and organizations attempt to make sure that college is affordable for all students by providing student financial aid to help meet the college costs for students who do not have sufficient resources. The federal government provides 75 percent of all financial aid awarded to students across the country. Nationally, states provide 6 percent of all aid and institutions provide 19 percent. Of all federal financial aid, three quarters is in the form of student loans.
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Q.	What is financial need?
A.	Financial need is determined according to formulas established by the federal government. Using those formulas, the information supplied on the Free Application for Federal Student Aid (FAFSA) is used to calculate an expected family contribution. This is the amount that students and their families are expected to pay for college costs. This amount is subtracted from the total cost of attending college to determine financial need.
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Q.	Who should apply for financial aid?
A.	If a student and his/her family (parents, spouse) need help to pay college expenses, he/she should apply for financial aid. There is no charge for filing an application. All of the information submitted on the application form is confidential and released only to the financial aid offices at the campuses the student lists on the form.
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Q.	Who is eligible for financial aid?
A.	To be eligible to receive federal student aid, you must meet certain requirements. You must be: A U.S. citizen or eligible noncitizen Registered with Selective Service (see www.sss.gov for more information) Attending a participating school Working toward a degree or certificate Making satisfactory academic progress Make satisfactory academic progress Also: You must not owe a refund on a federal grant or be in default on a federal education loan You must have financial need (except for unsubsidized Stafford Loans) You must not have any drug convictions Other requirements may apply. Contact your school's financial aid office for more information.
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Q.	Are grades or GPA considered in determining eligibility for financial aid?
A.	While grades do not play a major role in determining eligibility for financial aid, academic criteria do come into play. First of all, students must meet the institution's admission criteria that typically include some consideration of grades or other measures of academic achievement or potential. Financial aid recipients are required to make satisfactory academic progress toward their degree or credential objective. Institutions establish standards of satisfactory academic progress and monitor the progress of aid recipients. Institutional standards include consideration of the number of units for which students enroll and satisfactorily complete each year, as well as the total number of units a student completes over the entire academic program. According to federal regulations, aid recipients must have a C average or a 2.0 GPA at the end of their second year. For institutional and other scholarships based on academic merit, grades are typically a factor in selection of recipients.
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Q.	How do I apply for financial aid?
A.	You can get a FAFSA form online at www.fafsa.ed.gov. You can also get a paper copy of the FAFSA from your high school or college counselor. FAFSA forms are also available from the financial aid office at any college or university, trade and technical schools, and at many public libraries.
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Q.	When should I apply for financial aid?
A.	The FAFSA form for the 2009-10 school year became available in December 2008. The form may be filed after January 1, 2009. You should check with the college you are interested in attending to get information about possible earlier deadlines and other procedures.
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