Financial Aid FAQ
Frequently Asked Questions about applying for Financial Aid
- How is my financial aid determined?
- How do I get the best financial aid package?
- Does financial aid cover summer semester?
- What is an award notice?
- What is a student budget?
- What if I’m not a full-time student?
- What if there’s a change in my financial situation?
- What is “satisfactory academic progress?”
- What does verification mean?
- Do I have to include parental information?
- What happens to my financial aid if I withdraw from a class?
How is my financial aid determined?
Financial aid programs are intended to assist students and families with their college costs. The primary responsibility for paying educational expenses rests with you and your family. In general, the higher your financial need, the greater your eligibility for gift aid (money that you don’t have to pay back) or other need-based aid. Even if you have no financial need, you are still able to receive non-need-based aid, including certain scholarships or unsubsidized direct loans.
We use the following equation to determine how much financial aid you may be eligible to receive:
| Student Budget | Expected Family Contribution | = | Financial Need |
|---|---|---|---|
| This is the average cost to attend college at Kendall | This is what the federal government says your family can reasonably contribute to the cost of your education for one year (as determined by the Free Application for Federal Student Aid). | . | This is the amount that our Financial Aid office tries to help you fund. |
How do I get the best financial aid package?
File early. It’s the most important thing you can do to increase your chances for aid. Extra grant money and Perkins Loans are available for early filers, for example. You can file your Free Application for Federal Student Aid (FAFSA) any time after January 1 of the year in which you plan to enroll, but you should definitely file by February 1. If you want priority consideration, your application must be complete and in our system by March 15. You may file your FAFSA on the Internet by using the U.S. Department of Education web site www.fafsa.ed.gov. It gets processed much faster that way.
Does financial aid cover summer semester?
You’re allotted a specific amount of financial aid per academic year. You must complete a separate application for financial aid for the summer semester. Be aware, though, that the amount of loan and grant monies you were awarded during the fall and winter semesters will affect your eligibility for aid for the summer semester. Applications for the following summer semester are available on November 1. Financial aid for summer semester is based on the Free Application for Federal Student Aid (FAFSA) you filed for the previous academic year (i.e. your 2007 summer semester financial aid is based on your 2006-2007 FAFSA).
What is an award notice?
An award notice states the amount and type of financial aid you are being offered for the designated semester or semesters—that includes loans, grants, work-study, and scholarship funds. You must complete the award notice and return it to the financial aid office by the date shown on the notice. If you miss the deadline, you could lose your financial aid.
What is a student budget?
A student budget shows the average cost of attendance. This includes tuition/fees, room and board, books, travel, loan fees, and miscellaneous expenses. The budget can also include the cost of program-specific costs identified by different colleges, as well as day care expenses for dependents of independent students. You will never receive more financial aid than your student budget.
What if I’m not a full-time student?
Our system awards every student on a full-time basis. Before we apply financial aid to your account, we run a computer check to verify that you’re enrolled at least full-time. Ir you’re not, the program will automatically reduce the amount of grant money awarded. If you attend less than full-time and have a student loan(s), the amount of the loan usually will NOT be reduced.
What if there’s a change in my financial situation?
The Department of Education recognizes that students and families may experience a significant change in their financial situation after they’ve applied for financial aid. Examples include loss of employment or benefits, death of a wage earner, or divorce of the student or parents. If you have experienced a significant change in your financial situation, contact the Financial Aid office for a Request for Special Consideration form. You’ll need to provide documentation confirming your situation. The Financial Aid office will review your file to determine whether you are eligible for any additional financial aid.
What is “Satisfactory Academic Progress?”
In order to maintain your financial aid eligibility, you must make “Satisfactory Academic Progress” toward obtaining a degree. These financial aid requirements are separate from your academic requirements and are monitored each year at the end of winter semester. You must meet the minimum Satisfactory Academic Progress requirements regardless of whether you are currently receiving financial aid. If you don’t, you’ll lose your eligibility for future financial aid awards.
We consider the following factors when reviewing your academic progress:
- Cumulative GPA
You must maintain a cumulative GPA of at least:
| Total credits | Minimum GPA |
| 0 to 20.9 | 1.40 |
| 21 to 30.9 | 1.60 |
| 31 to 55.9 | 1.80 |
| 56 or more | 2.00 |
- Credit hour progression
You must complete at least 70% of hours attempted each semester to remain on track. In other words, if you attempt 15 credits, you must earn at least 10.5.
- Maximum number of credit hours to complete a degree
You must complete a degree program within the specific number of attempted hours.
- Associate degree: Within 90 attempted credit hours
- Bachelor or Professional degree: Within 180 attempted credit hours
- Graduate degree: Within 90 attempted credit hours
If you fail to meet the Satisfactory Academic Progress requirements, you may be placed on probation or, ultimately, suspended from receiving financial aid
What does verification mean?
Thirty percent of all the Free Applications for Federal Student Aid (FAFSA) applications that are submitted to the federal processor get randomly selected for a process called verification. Initial notification of verification appears on your Student Aid Report. Kendall will instruct you on what you need to supply in terms of documentation, which generally consists of a verification worksheet and federal 1040 tax forms. Sometimes as a result of the verification process, you must submit corrections to the federal processor. To be considered for the best financial aid package, you must submit those corrections by the priority awarding deadline (March 15 at Kendall). If you delay in submitting the verification documents you could lose some or all of the financial aid available to you.
Do I have to include parental information?
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, 1985 (for the 2007-2008 FAFSA application). Even if your parents do not claim you on their income taxes and you do not 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 happens to my financial aid if I withdraw from a class?
If you do not attend full-time (at least 12 credit hours) at the time financial aid is applied to your student account, your grants will be reduced. Depending on when you withdraw from a class a number of changes could occur. For specific information contact the Financial Aid Office. It is very important that you are in compliance with the policy relating to Satisfactory Academic Progress that the Kendall has in effect. (See “What is Satisfactory Academic Progress?” above.)
