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Financial Aid Frequently Asked Quesitons

What do I have to do in order to apply for financial aid?

• File a Free Application for Federal Student Aid (FAFSA). Apply online at www.fafsa.ed.gov.
• Apply every year after January 1st.
• Be sure to include the federal school code, 008661, on your application.
• For scholarships, there is a separate application process.

What are the deadlines to file for financial aid?

• While SVCC does not have formal deadlines, students who apply early may receive more aid, as funds may not be available.  Applications received after July 31 may not be processed completely prior to the start of the fall semester.  For the spring semester filing before December 1st is recommended.

Do I have to file my taxes before I fill out the FAFSA?

• Ideally, yes, but estimated information may be used.
• If estimated information is used to meet specific school deadlines, the FAFSA must be updated after filing taxes.
• Awards are made on official tax information, not estimates.

What standards are used when determining financial aid eligibility?

• The Federal government does a complex calculation using the FAFSA information.
• Factors include: income, age of student, number in household, assets, number of children in college, and other information.
• The only way to determine eligibility is to apply.

How many credits do I have to enroll in to be eligible for financial aid?

• It depends on your Expected Family Contribution (EFC), and the types of aid for which you qualify.
• Most Pell recipients can receive financial aid for as little as one class.
• Be sure to read the entire Financial Aid Notice (award letter) for the specific enrollment requirements pertaining to each award received.

How much money can I get for school?

• Financial aid varies for each student depending on the FAFSA, the enrollment level, cost of attendance for the school, and aid available to each school.
• After receiving the FAFSA, the Department of Education takes that information and calculates an EFC.
• Financial aid is based on the EFC and the cost of attendance for each student, at each college.
• Typically, more money is available to on-time applicants.
• Here at SVCC, a full Pell grant recipient (EFC=0) receives enough aid to cover all in-state tuition/fees and books, and usually has money left over to help pay some living expenses.  Refund checks are usually disbursed 40-60 days after classes start.

I received my Student Aid Report (SAR), now what?

• Look over the information on your SAR to see if the data is correct. Make corrections if necessary.
• When the student receives the SAR, the school also receives the information provided on the FAFSA.
• Once the school receives this information, financial aid processing can begin.

What is verification?

• Verification is when the Federal government audits approximately 30% of the applications submitted.
• The SVCC Financial Aid Office must verify the information reported on the FAFSA.
• Provide Federal tax returns or proof of income, along with a verification worksheet, to the Financial Aid Office.
• If you don’t have a copy of your tax return, you will have to order a copy from either your tax preparer or the IRS, which may take 2 weeks. The IRS can be reached at 1-800-829-1040. Time lost could be money lost; so don’t delay.
• Students cannot be awarded until verification is complete.

Why is my school asking for a signed line-by-line tax return?

• The FAFSA form asks for specific line numbers.
• The information being verified comes from the corresponding line numbers.
• Income tax summaries provided by some tax preparers will not suffice.
• Income tax transcripts provided by the IRS will be sufficient.
• All taxes must be signed by either the parties who filed, or their preparer.  Electronic signatures are not acceptable.

If you get a refund from the IRS, would it affect applying for Financial Aid?

• No. Getting a refund on taxes has no direct bearing on financial aid eligibility.

The FAFSA is asking for parent information, but I don’t live with them. Do I have to include that?

• A student under 24 years of age must provide parent information on the FAFSA regardless of living arrangements.
• The exceptions are listed on the FAFSA under Step 3. If a student does not answer yes to any of these questions, parent information is required.
• For special circumstances (parents incarcerated, abandonment, abusive environment), please see the Financial Aid Office.

Can I use my grandparents instead of my parents on the FAFSA?

• No, not unless formally adopted. Legal adoption is the only way to provide someone else’s information other than the biological parents.

I have a child, but still live at home with my parents. Am I considered an independent student?

• No, a student is not automatically considered independent for having a child.
• The true test is whether a student financially supports him/herself and more than half of the support for his/her dependent(s).
• If the student has a child but is living at home with his/her parent(s), proof may be required to determine financial support.

My parents are separated, living in different homes; do I use mom, dad, or both on the FAFSA?

• Identify the parent who provided the most support in the last 12 months.
• Usually it is the parent the student lives with.
• If that parent is divorced and remarried, the student must also include his/her stepparent’s tax information on the FAFSA.

I was married, but am now separated from my spouse; do I have to provide his/her income information?

• A student does not include spouse information if the two are separated and no longer living together on the date the FAFSA is filed.  Living together negates the separated status.
• If taxes were filed jointly, and both filers had income, W2 forms are needed in addition to tax forms.
• Consult with the Financial Aid Office for help when filing the FAFSA to avoid common mistakes. 

I did not have a job and I was living with a friend, should I just put $0 income on the FAFSA?

• Report $0 earned income on the FAFSA.
• Answer all Worksheet A, B, and C questions for non-taxable types of unearned income.
• Calculate “bills paid on your behalf” by determining which bills in your name were paid by your roomate or someone else, and report under Worksheet B.
• Consult the Financial Aid Office for help determining how much to report, if in doubt.

If I am in active bankruptcy status, will that affect my financial aid?

• It depends on if the student has a college loan, and if the loan is part of the bankruptcy.

If I am in default on a student loan, can I still receive financial aid?

• No. All FAFSA applications go through the National Student Loan Database Service (NSLDS) for screening.
• NSLDS will report default status to each school listed on the FAFSA.
• Schools cannot provide any aid to students who are in default.
• Students must provide documentation to the Financial Aid Office proving the loan is no longer in default before eligibility for aid can be re-established.

If I received financial aid last year, won’t I automatically be eligible this year?

• No. File a new FAFSA every year after January 1 so eligibility can be re-determined.
• Just as tax information changes, so does eligibility for financial aid.
• The minimums for Satisfactory Academic Progress must be met to continue to receive financial aid.

What is Satisfactory Academic Progress?

• Federal requirement; measurements used to determine if students are making progress toward their degree objective.
• All students need to have a degree objective (certificate, associate’s degree, bachelor’s degree) in order to qualify for financial aid.
• Each school is required to measure progress at intervals by checking grade point averages (GPA); completion rate (percentage of classes completed); maximum time frame allowances (150% rule); developmental credit classes limit (no more than 30 credits).
• An appeal process does exist for students with mitigating circumstances. 
• SVCC's SAP policy is mailed with the award letter each year, and is available in the College Catalog.

How can I pay my tuition if I don’t qualify for Financial Aid, but don’t have enough money to pay all at once?

• Web payment by credit card
• Cash, check, and credit card charge accepted at the Business Office on campus
• Monthly tuition payment program
• Scholarships
• Veteran benefits