College Planning & Financial Aid

A Financial Aid Transcript also abbreviated as (FAT) is a record of all federal aid received by the student at each school attended. If you have previously attended an institution of higher education and are now applying for financial aid from the different university, the university will require a Financial Aid Transcript from each of the schools previously attended, regardless of whether aid was received or not. They are required to do this by federal law. You have to submit a Financial Aid Transcript even if you were in high school at the time. An electronic Financial Aid Transcript process will be in place soon which will eliminate the need for the student to submit a FAT. The FAT is not the same as an academic transcript.

Veteran status is needed for Federal financial aid purposes when determining dependency status. A veteran is a former member of the US Armed Forces (Army, Navy, Air Force, Marines or Coast Guard) who served on active duty and was discharged other than dishonorably, meaning: received an honorable or medical discharge. You are a veteran even if you serve just one day on active duty, (not active duty for training before receiving your DD-214 and formal discharge papers). In order for a veteran to be eligible for VA educational benefits, they must have served for more than 180 consecutive days on active duty before receiving an honorable discharge. There are exceptions for participation in Desert Storm/Desert Shield and other military campaigns.) ROTC students, members of the National Guard, and most reservists are not considered veterans. Since the 1995-96 academic year, a person who was discharged other than dishonorably from one of the military service academies (the U.S. Military Academy at West Point, the Naval Academy at Annapolis, the Air Force Academy at Colorado Springs or the Coast Guard Academy at New London) is considered a veteran for financial aid purposes. Cadets and midshipmen who are still enrolled in one of the military service academies, however, are not considered veterans. According to the US Department of Education's Action Letter #6 (February 1996), "a student who enrolls in a service academy, but who withdraws before graduating, is considered a veteran for purposes of determining dependency status". Having a DD-214 does not necessarily mean that you are a veteran for financial aid purposes. As noted above, you must have served on active duty and received an honorable discharge.

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. Depending on the type of loan, you will have a grace period of six months for Stafford Loans or nine months for Perkins Loans before you must start making payments on your student loans. The PLUS Loans do not have a grace period.

Graduate Assistantships are either teaching assistantships or research assistantships. Teaching assistantships and research assistantships receive a full or partial tuition waiver and a small living amount. Teaching assistantships are required to perform teaching duties. Research assistantships are required to perform research duties not necessarily related to the student's thesis research.

Internship is a part time job during the academic year or the summer months in which a student receives supervised practical training in a their field. Internships are often very closely related to the student's academic and career goals, and may serve as a preparer to professional employment. Some internships provide very close supervision by a mentor in an apprenticeship like relationship. Some internships provide the student with monetary compensation.

Selective Service Registration for the military draft is required for financial aid. Male students who are U.S. citizens and have reached the age of 18 and were born after December 31, 1959 must be registered with the Selective Service to be eligible for Federal financial aid. If the student did not register and is past the age of doing so (18-25), and the school determines that the failure to register was knowing and willful, the student is ineligible for all federal student financial aid programs. The schools decision as to whether the failure to register was willful is not subject to appeal. Students needing help resolving problems concerning their Selective Service registration should call 1-847-688-6888.

Research Assistantship is a form of financial aid awarded to graduate students to help support their education. Research assistantships usually provide the graduate student with a waiver of all or part of tuition, plus a small amount for living expenses. A Research Assistantship is required to perform research duties. Sometimes these duties are strongly tied to the student's eventual thesis topic.

Teaching Assistantship is a form of financial aid awarded to graduate students to help support their education. Teaching assistantships usually provide the graduate student with a waiver of all or part of tuition, plus a small amount for living expenses. A Teaching assistantships is required to perform teaching related duties.

No. Only the original FAFSA form produced by the US Department of Education is acceptable. Photocopies, facsimiles, reproductions, and electronic versions are all Not acceptable.