Frequently Asked Questions

The Federal School Code for Paine College is 001587.

Yes. Many families mistakenly think they don't qualify for financial aid therefore, they fail to apply. There are some sources of aid such as Unsubsidized Stafford and PLUS Loans that are available regardless of financial need.

Submit the Free Application for Federal Student Aid online at www.fafsa.ed.gov

Yes. You must apply for financial aid every academic year. FAFSA filing begins after January 1st of each year.

Direct costs include tuition, comprehensive fees, room and board (if you reside on campus).

Indirect costs include books, supplies, miscellaneous and transportation.

The Priority Consideration Deadline is March 1 of each year. Meeting the priority consideration deadline increases your opportunity of receiving the limited campus-based funding, if you are eligible.

The refusal of a parent or stepparent to provide support is not considered an unusual circumstance for purposes of achieving independent status for financial aid. The fact that you do not live with your parents and do not receive support from them does not constitute independence. Being self-supporting, in and of itself, is not sufficient reason for independent status.

The custodial parent is responsible for filling out the FAFSA. The custodial parent is the parent with whom you lived with the most during the past 12 months. If you lived with both parents equally, then the parent who provided you with the most financial support should fill out the FAFSA. If you have not received any support from either parent during the past 12 months, use the most recent calendar year for which you did receive some support from a parent or lived with either parent.

Yes. If your step-parent is married to your parent at the time you fill out the FAFSA, their income and assets must be reported even if they weren't married to your parent the previous year.

The Cost of Attendance, also referred to as your financial aid budget, is an estimate of what it will cost you to live and attend school per term, per academic year. Financial aid awards cannot exceed the cost of attendance.

Financial need is the difference between the Cost of Attendance (COA) and your Expected Family Contribution (EFC). If you subtract your EFC from the schools COA and you end up with a positive number, then you have 'financial need' (or 'need'). If you end up with a negative number, then you do not demonstrate 'financial need'. You will only receive 'need based aid' if you demonstrate financial 'need'.

Financial aid awards may increase, decrease or remain the same from year to year. Factors affecting the amount of an award each year are student and parent's incomes, number of children in the household in college, cost of attendance, fund availability, etc.

Yes. Receipt of all external resources must be reported. Each aid recipient has a calculated financial need; and the combination of all sources of aid cannot exceed this need figure. It may be necessary to reduce your financial aid, especially loans, if an outside scholarship arrives after your aid offer.

If the award you are offered is not enough to pay for your entire institutional charges, you are responsible for making other arrangements to cover these charges (cash payment, credit card payment, payment plans, alternative loan financing).

Students who withdraw, drop out, are dismissed, or take a leave of absence before completing 60% of a payment period or term are subject to the Federal Return of Title IV calculation.

If you fail to meet Satisfactory Academic Progress standards, you may be denied financial assistance. If you are denied additional financial assistance, you may regain your eligibility by submitting a written with supporting documentation explaining the extenuating circumstances that prevented you from meeting the Satisfactory Academic Progress standards.

Verification is the process of checking the accuracy of the information reported on the FAFSA.

Each student is eligible for one loan per grade level per award year. This eligibility includes previous outstanding loan amounts at other institutions. Grade levels are determined as: Grade Level 1: 0-27 Earned Hours Grade Level 2: 28-59 Earned Hours Grade Level 3: 60-93 Earned Hours Grade Level 4: 94+ Earned Hours

Submit the Free Application for Federal Student Aid online at www.fafsa.ed.gov