Fund My Future



Home Scholarship Search Nursing Colleges and Programs Scholarship and Grant Programs Licensing Employment Related Links Teaching Colleges and Programs Scholarship and Grant Programs Licensing Employment Related Links About Us Committee Contact Info Newsroom Resources FAQs

Financial Aid Questions

What forms are needed to apply for Financial Aid?
The Free Application for Federal Student Aid (FAFSA) must be completed each year. You can submit your application electronically by using FAFSA on the web. Please note that the 2007/2008 FAFSA is used for fall 2007, spring 2008 and summer 2008 semesters/terms.

What types of financial aid do I apply for when I complete this application?
Your eligibility for all forms of federal financial aid, including Pell Grant, SEOG Grant, Perkins Loan, FFELP Loans, and Work-Study are determined when you complete the FAFSA.

Back to Top

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 processor at 1-319-337-5665 or 1-800-433-3243.

How do I apply for a student loan?
When you submit the FAFSA you should indicate that you are interested in receiving a student loan. If you did not indicate your interest, or have changed your mind since you filed, you should contact the school’s financial aid office so they can note your aid preferences in your file. If you are eligible, a loan will either be automatically awarded to you, or you will be contacted by the school with application procedures.

What is the difference between a subsidized and an unsubsidized loan?
For both loans, the principal (the original amount a student borrows) is deferred until six months after the student graduates or stops attending school at least half-time. As its name implies, a SUBSIDIZED loan is one where the government pays the interest on the loan while the student is in school, grace period, or deferment. An UNSUBSIDIZED loan is one where the government does not pay the interest while the student is in school; that is, the student is responsible for paying the interest.

What is "loan counseling," an "entrance interview" or "entrance counseling session"?
All of these terms refer to the same thing: loan counseling. The federal government requires all first-time, first-year student loan borrowers to participate in loan counseling prior to receiving a Federal Student Loan. During this session, you will review basic facts about loans, managing your education expenses, and your rights and responsibilities as a student loan borrower. You can participate in loan counseling by clicking "loan counseling" in the left margin.

Do I have to be admitted to a college to apply for financial aid?
No, you can complete the FAFSA before you apply to a college. Some schools require you be admitted before they review your financial aid application. In all cases, the student has to be enrolled in order to receive any funds.

I received a letter from a company guaranteeing me at least $1000 in scholarships for only $150. Is this a scam?
It may be a legitimate offer, but the company making you the offer is in business to make money. Students can generally find the same information for free, available to them by searching the Internet themselves. One suggested scholarship website is www.fastweb.com.

Scholarship foundations do not charge applications fees. If a student will invest a little time and effort, the cost should be no more than a possible postage stamp. No one can guarantee that you will receive a scholarship—even if you qualify.

Before you spend any money for a service you are unsure of, check around to see if any one else has had an experience with this company or check with the Arkansas Attorney General’s Office or the Federal Trade Commission on their web site at www.ftc.gov.
Your local financial aid/scholarship office can usually give you all the information you will need without paying extra fees.

How do I apply for a Pell Grant?
When you complete the FAFSA, your eligibility for the Federal Pell Grant is automatically determined.

I probably don't qualify for aid. Why should I apply?
Many families mistakenly believe they don't qualify for aid, preventing themselves from receiving aid for which they may be eligible simply because they fail to apply. In addition, there are sources of aid, such as Unsubsidized Direct Loans and Parent Loans for Undergraduate Students (PLUS), available regardless of need. The FAFSA form is free. It does not obligate the student or the parent in any way. There is no reason not to apply.

I am independent of my parents. I don't live with them; I file my own taxes, and they are not helping me with college expenses. Can I file for financial aid without using their income information?
Probably not. The federal aid programs are built on the premise that educating a child is a family responsibility. It is unfortunate that your parents do not support you in this effort. However, the FAFSA gives specific criteria for determining when a student may file for federal aid without using parental income information, and none of the circumstances you mentioned are listed as factors in that determination.

Next>>

Accessibility Policy Privacy Statement Security Statement