Education

No. You can apply for financial aid any time after January 1st. It is strongly recommended you apply as soon after January 1st that you can. You can use the prior year’s tax return to estimate the amounts required on the application form. To actually receive the financial aid you must be admitted and enrolled at the college.

The money you earn from Federal Work Study is generally subject to Federal and State income tax but exempt from Social Security taxes. This is provided you are enrolled full time, and work less than half-time.

Yes. If you are receiving any kind of financial aid from the university or college or government sources, you must report the scholarship to the financial aid office. Generally, the university or college will adjust your financial aid package to compensate.

Currently Plus Loans can be obtained at a Fixed interest rate of 8.5%. Your parents will be notified of interest rate changes throughout the life of their loan. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full. This loan is based on credit-worthiness and the parent starts repayment 60 days after the full disbursement of the loan. The parent may borrow up to the student's cost of education, excluding awarded financial aid.

Yes, your parents will have an opportunity to cancel their loan after they sign the promissory note. Your college must notify your parents in writing whenever it credits your account with your PLUS Loan funds. This notification must be sent to your parents no earlier than 30 days before and no later than 30 days after the college credits your account. Your parents may cancel all or a portion of their loan if they inform your college that they wish to do so within 14 days after the date that your college sends this notice, or by the first day of the payment period, whichever is later. Your college can tell you the first day of your payment period. If your parents receive PLUS Loan funds directly by check, they may refuse the funds by not endorsing the check.

Possible Yes. Under certain circumstances. A discharge releases your parents from all obligations to repay the loan. A complete listing of the discharge conditions is given in your loans Borrower Rights documentation. Your parents' loan cannot be discharged because you did not complete your program of study at your school unless you were unable to complete the program because the school closed, didn't like the school or the program of study, or did not obtain employment after completing the program of study. For more information about loan discharge or repayment PLUS Loan borrowers should contact the lenders or agencies that hold their loans.

A Federal Supplemental Educational Opportunity Grant is for undergraduates with exceptional financial need. It is designed for students with the lowest Expected Family Contributions and gives priority to students who receive Federal Pell Grants. A Federal Supplemental Educational Opportunity Grant doesn't have to be paid back. The difference between the Federal Supplemental Educational Opportunity Grant and Federal Pell Grant is that the U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. There's no guarantee every eligible student will be able to receive an Federal Supplemental Educational Opportunity Grant. Students at each college may be awarded a Federal Supplemental Educational Opportunity Grant based on the availability of funds at that college. You can receive between $100 and $4,000 a year, depending on when you apply, your level of need, the funding level of the college you're attending, and the policies of the financial aid office where you attend college.

A Federal Pell Grant is different than a loan and does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. Pell Grants provide a foundation of financial aid to which other financial aid may be added. Pell Grants are awarded on a financial need basis. Financial need is calculated by subtracting the Expected Family Contribution "EFC" from the Cost of Attendance. It is the standard formula the U.S. Department of Education uses to evaluate the information you report when you apply. If your Expected Family Contribution is below a certain amount, you will be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements. The maximum award for the 3011-2012 award year was $5,500. You can receive only one Pell Grant in an award year. How much you get will depend not only on your Expected Family Contribution but also on your cost of attendance, whether you're a full time or part time student, and whether you attend school for a full academic year or less. You may not receive Pell Grant funds from more than one school at a time.

A grant is a monetary gift to qualified undergraduate students, primarily with the most financial need. Eligibility is based on financial need as determined by filling out the FAFSA form. Two types of grants are Federal Pell Grant, and the Supplemental Educational Opportunity Grant. Due to limited funding, Federal Pell Grant recipients are given priority to receive Supplemental Educational Opportunity Grant. This is a federally funded, campus based program administered directly by the financial aid office at each participating school. Not all schools participate in both programs. It is important to apply for financial aid early using the FAFSA form so that both of these programs are available to your family.