I probably don’t qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don’t qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good excuse for not applying.
Do I need to be admitted before I can apply for financial aid at a particular university?
No, you do not need to be admitted, but you must apply to the University prior to applying for financial aid. You can apply for financial aid any time after January 1 by completing your FAFSA. To actually receive funds, however, you must be admitted and enrolled at the university.
Do I have to reapply for financial aid every year?
Yes. Financial Aid awards are not renewable and require that you submit a new application every year. If your financial circumstances change, you may get more or less aid. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
I sent in my FAFSA over four weeks ago but haven’t heard anything. What should I do?
If you haven’t received a Student Aid Report (SAR), call the Federal Student Aid Information Center at 1-800-4-FED-AID (toll free) or 1-319-337-5665 to find out whether your FAFSA has been processed or to request a duplicate copy of your SAR. You must provide them with your Social Security number and date of birth as verification.
St. Thomas University is not listed on my SAR. What should I do?
The fastest way to ensure we get your FAFSA data is to make an electronic correction to your FAFSA data on line at www.fafsa.ed.gov. If you do not have internet access you must call the Federal Student Aid Processor at 1-800-4-FED-AID (toll free) or 1-319-337-5665. You will need your four-digit Data Release Number (DRN), found on the first page of your SAR, and the six-digit Title IV school code for St. Thomas University . Our school code is 001468.
My SAR says that I have been selected for verification. What do I need to submit?
If you have been selected for verification you must submit your and your spouse’s (if married) and/or your parent’s (if dependent student) most recent year’s income tax returns and a verification worksheet.
My SAR isn’t accurate. How do I correct it?
The fastest way to correct errors on your SAR is on-line at www.fafsa.ed.gov, using your Personal Identification Number (PIN).
My parents don’t support me, or claim me on their tax returns. Can I be considered an independent student?
The federal government has established specific criteria to determine dependency status for undergraduates. You will be considered independent if:
· You are at least 24 years old
· You are a veteran of the U.S. Armed Forces
· You are a graduate student
· You are married or have legal dependents other than a spouse
· You are an orphan or ward of the court
If you do not meet one of the criteria listed above, you are considered financially dependent. It does not matter whether you live with your parents, receive support from them or are claimed on their tax returns.
If I take a leave of absence, do I have to start repaying my loans?
Not immediately. The subsidized Stafford loan has a grace period of 6 months and the Perkins loan a grace period of 9 months before the student must begin repaying the loan. When you take a leave of absence you will not have to repay your loan until the grace period expires. If you use all of your grace period, when you graduate you will have to begin repaying your loan immediately. If your grace period has run out in the middle of your leave of absence, you will have to start making payments on your student loans.
How do grades affect a student’s eligibility for financial aid?
Students must make satisfactory academic progress towards their degrees in order to continue to receive financial aid. Please refer to our standards of academic progress page for more information.
What happens to my financial aid if I decide to drop classes or withdraw from the University?
Depending on when you drop classes or withdraw from the University, you may be required to repay a portion, or all, of any financial aid you have received for the term. Dropping classes or withdrawing may affect your eligibility for the current term and subsequent terms. Contact an Enrollment Specialist at St. Thomas University’s B.A.S.I.C. prior to dropping classes or withdrawing from the University to find out how your decision may affect your financial aid and avoid any unnecessary financial harship.
I am back in college. How do I stop making payments on my student loans?
Generally, you must demonstrate to your lender(s) that your current enrollment meets the criteria for the deferment of your loan payments. If you have loans from more than one source, or more than one type of loan, you may have to notify each lender individually. Contact your lender(s) for more information regarding deferment options.
I applied for financial aid. Why was I only offered loans?
Loans are a form of student financial aid. Grant aid is limited, and is typically awarded to students demonstrating relatively high levels of need. Student loans offer the opportunity to borrow money to help pay for college at an interest rate and with repayment terms that would not otherwise be available. Student’s are required to take out a loan, but in some cases loans are the only form of student financial aid for which a student is eligible.
How can I buy books if my financial aid isn’t here yet?
At the beginning of each term, students who have financial aid awards exceeding their institutional charges may purchase Bookstore Gift Cards at St. Thomas University’s B.A.S.I.C. to buy their books at the University’s Bookstore.
Who do I call to find out about my bill?
You may call St. Thomas University’s B.A.S.I.C Center at (305) 474-6900.
How do I know if I am entitled to a financial aid refund?
If your total financial aid award (excluding loan fees) exceeds the total amount due on your University billing statement you are entitled to a refund. After funds are credited to your University account and your account reflects an overage of funds, the University’s Business Office will issue you a check for the overage. Your refund check will be mailed to the mailing address on file with the Business Office or you may request that your refund checks be directly deposited into your personal bank account. Contact STU’s B.A.S.I.C. at (305)474-6900 for additional information.