How do I apply for financial aid?
You can apply for financial aid for free online at studentaid.gov/.
How do I check the status of my application?
Log onto Banner Self-Service to review your financial aid award information. You will be able to see missing documents that must be submitted to Financial Aid to determine your aid eligibility, when you have been awarded and the award amount(s).
How do I know if I am eligible or how much I am eligible for?
You must complete the Free Application for Federal Student Aid (FAFSA) to start applying for aid. Once the college has received your information from the Department of Education, we can determine if you are eligible for aid and, if so, how much and what kind of aid you qualify for. This is based on your Expected Family Contribution (EFC), the cost of attendance, your enrollment status, and whether or not you are meeting the Satisfactory Academic Progress Policy. An award letter will be posted on your Vanguard Portal with the type and amount of aid awarded.
The FAFSA says I am dependent and is asking for my parent's tax information, but I live independently and pay all my expenses. Can I be considered independent?
If you have been determined to be dependent, you must provide your parents' tax information on the application. Changes in dependency status are at the Financial Aid Director's discretion, based on extenuating circumstances, and determined on a case-by-case basis.
Can I accept my award online?
Your award letter will be available on Banner Self-Service once your file has been processed. If you want to accept student loans, you must approve, decline, or modify your request.
How do I apply for Federal Direct Student Loans?
Student loans are offered to any eligible student through the Banner Self-Service.
Why does my Banner Self-Service account say I need to complete a Master Promissory Note and Entrance Counseling?
Direct Lending requires the completed Master Promissory Note (MPN) and Entrance Counseling before loan money can be released to your account. You must go to studentaid.gov to complete these documents. If you do not want the loans offered to you, please decline them in Banner Self-Service.
When and where can I pick up my refund check?
If you believe you have a refund check available, you may contact the Cashier's Office at 501.882.8825. The Office of Financial Aid does not distribute checks and has no authority to release refund checks.
I was just awarded financial aid, but I am set up on the Payment Plan. What do I need to do?
Contact the Cashier's Office at 501.882.8825 to stop the Payment Plan. The Office of Financial Aid does not handle the automatic Payment Plan.
Can I use my anticipated financial aid to pay for my books?
Check with the Cashiers Ofice to see if you may have a refund; if you do, you may be able to use it to charge your books in the bookstore.
Can changing my degree program affect my Pell Grant eligibility?
Yes, it could. You need to review your total attempted credit hours and the number of hours required for your new degree to determine if you can complete the new degree within the 150% timeframe required under the Satisfactory Academic Progress Policy (SAP) (document). Time Frame (150%): Students must complete a course of study within 150% of the published length of their degree program. Example: 60 credit hours for your degree x 150% = 90 attempted credit hours. If you have attended other colleges or universities, career schools or any other post-secondary education, you must submit an Official Transcript from each of them to the Admissions Office and verify with Financial Aid that the hours from these schools have been evaluated.
Is there a Lifetime Eligibility Limitation on receiving Pell Grant?
Yes, there is. The Lifetime Eligibility Used (LEU) is monitored by the federal government through the National Student Loan Data System (NSLDS) system. You may view your Pell LEU on studentaid.gov.
Is there a Loan Eligibility Time Limitation on Direct Student Loans?
Yes, there is. The loan eligibility time limit on Direct Student Loans is $57,500 for undergraduates. No more than $23,000 of this amount may be in subsidized loans.
Am I eligible for a Direct Subsidized Loan or a Direct Unsubsidized Loan?
To receive either type of loan, you must be enrolled at least half-time (6 credit hours) at a school that participates in the Direct Loan Program. Generally, you must also be enrolled in a program leading to a degree or certificate the school awards. Direct Subsidized Loans are available only to undergraduate students who have financial needs. Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.
Do the requirements change for me if I begin at a 4-year college instead of a 2-year college?
No, it does not matter. The above regulations affect all students as of July 1, 2013. It does not matter if you began at a 4-year or 2-year college. The eligibility is based on your degree program length and your completion of your degree program within a timely manner.
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