Q: What is federal student aid?
A: It is the financial assistance available through the U.S. Department of Education. Federal student aid includes Pell Grants, Direct Subsidized Loans, Direct Unsubsidized Loans and Work Study. Federal student aid helps cover school-related expenses such as tuition & fees, room & board, books and transportation.
Q: Who can get federal student aid?
A: U.S. citizens and eligible non-citizens can qualify for federal student aid if they meet the following guidelines:
- must be a high school graduate or have completed GED
- enrolled at least ½ time in a qualifying degree or certificate program (to receive Direct Loans)
- must have a valid Social Security number
- males must be registered for Selective Service
- continuing students must maintain satisfactory academic progress
- must be current in payments from any previous student loans
- must NOT have drug-related convictions while enrolled
Q: How do I determine if I am eligible for federal student aid?
A: To determine eligibility for federal student aid you must complete the FAFSA (Free Application for Federal Student Aid). A new FAFSA must be completed for each academic year. It is FREE to complete the FAFSA and filling it out does NOT lock an applicant into anything.
Q: How many credits do I need to be enrolled to receive Direct Loans?
A: Fall ‘11 and Spring ‘12 Terms: Full-time: 12 or more credits; Three-quarter time: 9 to 11 credits Half-time: 6 to 8 credits
Summer ’12 Term: Full-time: 9 credits; Three-quarter 7 to 8 credits; Half-time: 5 to 6 credits
Q: When should I complete the FAFSA?
A: Students are encouraged to complete the FAFSA in January as soon as they have completed their taxes as some funds are distributed on a first-come, first-served basis.
Q: How can I complete the FAFSA?
A: There are three different ways to complete the FAFSA:
- Complete the form entirely on-line at www.fafsa.ed.gov. This is the fastest and preferred way.
- Download a paper version at www.federalstudentaid.ed.gov. The Department of Education no longer sends out paper applications. *
- Request a paper version be mailed to you by calling 1-800-4-FED-AID.
* Paper applications are mailed to the Department of Education and typically require 4-6 weeks for processing.
Q: Will I need to include parent information on the FAFSA?
A: There are 13 questions an applicant must answer to help the government determine dependency status. If you answer YES to any of these questions you may be considered
Independent and therefore NOT required to provide parent information.
- Were you born before January 1, 1988?
- Are you married?
- Will you be working on a master’s or doctorate program? (these degrees are not offered at Southeast Tech)
- Are you serving on active duty in the U.S. Armed Forces? **
- Are you a veteran of the U.S. Armed Forces? **
- Do you have children for whom you provide more than ½ of their total support?
- Since turning 13, have both your parents become deceased? **
- Since turning 13 have you been in foster care? **
- Do you have dependents other than children or your spouse who live with you for whom you provide more than ½ of their support? **
- Since turning 13 have you been a dependent or ward of the court? **
- Are you currently or have you been an emancipated minor? **
- Are you currently or were you in a legal guardianship? **
- Are you currently homeless or are you at risk of being homeless? **
** Additional documentation may be required to confirm status prior to receiving federal student aid.
Q: What information will I need to have with me to complete the FAFSA
A:
- Federal PIN # to serve as your signature. Register for a PIN # at www.pin.ed.gov.
- Your social security number.
- Your driver’s license number.
- Your 2010 tax return & 2010 W2’s.
- Untaxed income such as social security or welfare.
- Your current bank statements.
- Stock and other investment records including real estate (not including home you live in), trust funds, money market funds, certificates of deposit, stocks and bonds and education savings plans such as 529 college savings plans.
- Business and farm data including mortgage information and market value of land, buildings, machinery, equipment and inventory. Do not include the value of a small business that you own and control that have less than 100 full-time employees.
- If you are a Dependent as determined by the previous section, your parents will also need to provide the information listed above and have a federal PIN # to sign your FAFSA with.
Q: How long will it take to find out what federal student aid I am eligible for?
A: Each individual situation is unique. In general, the more unique your particular situation is, the longer the process may take. Depending on the time of year and the documentation required, the process can take anywhere from 2 to 6 weeks. To ensure the process goes as quickly as possible, be sure that the mailing address you use while completing the FAFSA is accurate as all correspondence will be sent to this address. Check your mail on a regular basis and return all requested materials in a timely manner. Be sure to read all instructions carefully when completing required documents.
Q: Is it possible to get an estimate of the federal student aid I may qualify for?
A: For an early estimate, use the FAFSA4caster at http://www.fafsa4caster.ed.gov/. Please remember that these are only estimates. Actual eligibility is determined only after all required documentation is received.
Q: What if I need more assistance than the federal student aid I am eligible for?
A: By completing the FAFSA a student is only determining the federal student aid she or he is eligible for. Additional sources of assistance include:
- Federal Plus Loan – These loans are in the parent’s name and based on the parent’s credit history. If the parent is approved for a Plus Loan the parent can apply for up to the COA (Cost of Attendance) of the school. If the parent is denied, the student is usually eligible for additional Unsubsidized loan of up to $4,000 for the year.
- Alternative Loans – These are non-federal loans in the student’s name and based on the student’s credit history. Students with limited credit history will usually need a co-signer.
Helpful Resources:
1.800.4.Fed.Aid – General information and assistance.
Southeast Tech Office of Financial Aid
2320 N Career Ave Sioux Falls, SD 57107
Telephone: 605.367.7867
Fax: 605.367.5980
Email:
financialaid@southeasttech.edu