FAFSA FAQ
Frequently asked questions about the Free Application for Federal Student Aid (FAFSA)
- Who should file the FAFSA?
- When should a student file the FAFSA?
- What is Kendall’s school code?
- What is a Student Aid Report (SAR)?
- What types of financial aid can I receive if I’m not eligible for a Federal Pell Grant?
- What is the difference between a subsidized and an unsubsidized loan?
- What is entrance counseling?
- What if the financial aid I’m receiving isn’t enough to fulfill my financial needs?
- What requirements must I meet to be considered independent?
- What if I get married? Can I update my status for the current year?
- What if I had a child? Can I update my status for the current year?
Who should file the FAFSA?
Every student should file the Free Application for Federal Student Aid (FAFSA) each year they attend college. Not only will this make you eligible for the federal programs, it can also make you eligible for state and institutional programs.
When should a student file the FAFSA?
While some federal funds, such as Pell Grant and Direct Loan, are generally available year round, other funds are awarded on a first come—first served basis. That’s why we recommend that you file your FAFSA as soon as possible after January 1st. Kendall students who have been admitted and have a completed FAFSA on file with our office by February 15 are given priority consideration for the best possible aid package.
What is Kendall’s school code?
Our Title IV code is 002260. Put this code on your Free Application for Federal Student Aid (FAFSA), to ensure that Kendall automatically receives your information electronically from the federal processor.
What is a Student Aid Report (SAR)?
The Student Aid Report (SAR) is a summary of the information that you provided on your Free Application for Federal Student Aid (FAFSA). If all the information is correct, keep the SAR for your files. If you need to make corrections, you can simply make corrections online via the FAFSA website.
What types of financial aid can I receive if I’m not eligible for a Federal Pell Grant?
Your Student Aid Report (SAR) will include a note about your eligibility for a Federal Pell Grant. If you are not eligible, you may still be able to receive other types of financial aid including grants, loans, scholarships, and work study.
What’s the difference between a subsidized and an unsubsidized loan?
The Direct Loan Program is a federal student loan program. These loans may be awarded to students who have successfully completed a FAFSA and have been admitted to Kendall. No loan application is necessary. You will automatically be awarded a loan equal to your maximum eligibility.
There are two types of Direct Loans:
- Subsidized Direct Loans are need-based, and the Federal government will pay all interest on the loan while the student is enrolled at least half-time (6 credit hours). Repayment begins 6 months after the student graduates or drops below half-time enrollment.
- Unsubsidized Direct Loans are not need-based. The Federal government will loan the student up to the annual loan limit while the student is enrolled at least half-time (6 credit hours). Interest does accrue on the loan while the student is in school. The student may choose to defer the interest on these loans until after graduation or attendance drops below half-time. It is in the student’s best interest to pay the interest while in school.
Interest rates on both loans are variable and will not exceed 8.25%. These loans are dispersed directly to the student’s tuition account.
The amounts awarded in Direct Loans per academic year are directly tied to your class standing (the number of credit hours you’ve completed).
This chart lists the maximum loan amounts per year. You may qualify for less depending on other aid and the length of enrollment period.
| Dependent Students (as determined by the FAFSA) | ||
| Grade level | Subsidized and/or Unsubsidized loan | Cumulative credits in current curriculum |
| Freshman | $2625 | 0—25.9 |
| Sophomore | $3500 | 26—55.9 |
| Junior | $5500 | 56—85.9 |
| Senior | $5500 | 86 and over |
| Grade level | Subsidized loan | Unsubsidized loan | Cumulative credits in current curriculum | |
| Freshman | $2,625 | + | $4,000 | 0—25.9 |
| Sophomore | $3,500 | + | $4,000 | 26—55.9 |
| Junior | $5,500 | + | $5,000 | 56—85.9 |
| Senior | $5,500 | + | $5,000 | 86 and over |
| Graduate | $8,500 | + | $10,000 | NA |
Yearly credit hour ranges are the same as above |
What is entrance counseling?
Entrance counseling is an online tool we use to counsel anyone borrowing funds for the first time through the William D. Ford Direct Loan program. This tool can help you learn more about the types of funds you can borrow, the amount you can borrow, interest rates, repayment terms, and debt consolidation. You can complete your entrance counseling online.
What if the financial aid I’m receiving isn’t enough to fulfill my financial needs?
There are alternative loans available to you and/or to your parents:
- Parent Loan for Undergraduate Students (PLUS)
- MI-Loan
- Key Alternative Loan
- CitiAssist Loan
There is more information about alternative loans on the Ferris website.
See the Loans section for details on these loans.
What requirements must I meet to be considered independent?
You must use your parents’ information on your Free Application for Federal Student Aid (FAFSA) unless you meet one of these seven requirements:
- You were born before January 1, 1984 (for the 2007-2008 FAFSA application). Even if your parents don’t claim you on their income taxes and you don’t live in their home, you are considered dependent for the purposes of financial aid until you are 24 years old.
- You’re enrolled in a graduate program (master’s or doctorate).
- You’re married.
- You have children who receive more than 50% of their support throughout the year from you.
- You have dependents, other than your children or spouse, who live with you and receive more than 50% of their support throughout the year from you.
- You’re an orphan or have been a ward of the court.
- You’re a veteran of the Armed Forces.
What if I get married, do I need to update my financial aid status for the current year?
No. You can update your status on next year’s FAFSA.
Can I update my status for the current year if I recently had a child?
Yes. Submit a statement explaining your increased household size, along with a copy of your child’s birth certificate, to Kendall’s Financial Aid office.
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