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Frequently Asked Questions
How often
do I need to complete the FAFSA form?
The Free Application for Federal Student Aid (FAFSA) must be
completed annually.
Why is it
mandatory to complete the FAFSA each year?
The FAFSA must be completed annually because crucial
information such as household and income and asset may change, affecting the student's
eligibility for certain types and
amounts of financial aid.
Is there a fee for the FAFSA application or for assistance
in completing it?
There is no fee for the FAFSA application, or for assistance
in completing it. If an
organization or individual charges a fee for the
application, or for assistance in completing
it, contact the U.S. Department of Education at
1-800-433-3243.
I don't live with my parents anymore. Must I still include
their information on the FAFSA?
Students must include parents' information on the Free
Application for Federal Student Aid
(FAFSA) until he or she is determined to be an independent
student according to the FAFSA.
Can I apply for financial aid although I owe the IRS?
Yes, you may apply for financial aid. Financial aid awards
are based on eligibility as
determined from completing the Free Application for Federal
Student Aid (FAFSA) application.
A completed federal 1040 tax return is necessary because the
FAFSA asks that information
for the application be taken from certain line numbers of
the tax return. It is this same
reason that a federal 1040 tax return is required for
submission to the Financial Aid Office
when a student's application is selected for verification.
Can I apply for financial aid although I filed for
bankruptcy?
A student may apply for financial aid after completing a
bankruptcy proceeding, however,
if a student or parent loan was included in the bankruptcy,
it could affect the student's or
parent's eligibility to receive loans in the future.
If I need assistance completing my application
and do not live near the university, or have
special circumstances, what do I do?
A student can receive FREE assistance with completing the
FAFSA from any college or
university. For special circumstances, the 2005-2006 Student
Guide issued by the U.S.
Department of Education states that, "Your financial aid
administrator might adjust the cost
of attendance or the information used to calculate your EFC
to take into account special
circumstances you might have. These circumstances could
include your family's unusual
medical expenses, tuition expenses, or unemployment. There
must be compelling reasons for
the financial aid administrator to take this step, however,
and you'll have to provide adequate
documentation to support any adjustments.
Note: The
financial aid administrator's
decision as to whether you have special circumstances is
final and can't be appealed to the
U.S. Department of Education. - The Student Guide Financial
Aid from the U.S. Department of Education 2007-2008.
We recommend that students receive assistance from the
institution that is geographically
closest to him or her. The NSU Financial Aid Office will
accept the decision of that institution,
along with copies of the supporting documentation that was
submitted.
Why am I (and my parents) being asked to submit
additional
documents?
Once the university has electronically received the FAFSA
information from the U.S. Department of Education, it may be necessary to confirm the
information that was originally indicated was accurate. The only way to accomplish this is
to request those documents that should have been used when completing the FAFSA.
1040
Federal Tax Form or W-2: what difference does it make?
The student and parent income portion of the FAFSA requests
data that must be used according to the type of federal income tax return filed,
and the particular line number on the tax return.
The student and/or the parent should submit their 1040
Federal Tax Form to the Financial Aid office for
verification. The W2 form does not contain such
information as is required on the FAFSA. Also, taxes paid based on total taxable income is not
provided on the W-2.
Who decides how much money I can receive?
The institution's financial aid administrator makes a
determination based on your FAFSA data and institutional eligibility.
The following formula is used to ensure that a student's
total award does not exceed maximum limits:
The lender told me that I could borrow as much money as I
want. Is this true?
Loan limits are established by the U.S. Department of
Education, and the type of loan that is offered to, or requested by, the student or parent,
determines the loan limit. Loan programs that are offered at NSU are: the William D. Ford
Direct Subsidized Loan; William D. Ford Direct Unsubsidized Loan; Federal Perkins
Loan; PLUS (Parent Loan for Undergraduate Students) Loans, alternative loans, and
Virginia State Student Loans. Click on the
loan link for more details.
Can I enroll part-time and still receive financial aid?
For some aid types and depending on the eligibility for
certain types, a student can enroll part-time and receive a financial aid award. We encourage
students to immediately notify the Financial Aid Office if attendance will be less than
full-time enrollment (12 or more hours for undergraduate students and 9 or more hours for graduate
students) for any term.
How can I become a Virginia resident so I can get more
money?
Becoming a Virginia resident does
not necessarily guarantee that a student can receive more
financial aid funds. Determination of residency (domicile) is
done by the Office of Admissions. They may be contacted at 757-823-8396 or
via e-mail to
admissions@nsu.edu .
Why is my aid adjusted when I receive a scholarship?
Students are assigned a budget or Cost Of Attendance (COA),
and in determining a student's eligibility, the EFC (Expected Family Contribution) from the
Student Aid Report (SAR) is subtracted from the budget. The amount remaining is called
financial need. Scholarships are a resource that must be subtracted from
financial aid.
Can I receive financial aid although I owe the university?
Financial aid awards are based on eligibility as determined
from completing the Free Application for Federal Student Aid (FAFSA) application.
Will my money be there before school starts? What happens if
it isn't?
Financial aid funds are disbursed to the
students' accounts after the Drop/Add period has concluded.
For first-time loan borrowers, loans disburse at least 30
days after the start of the term. The Financial Aid Office
requires approval notification from lenders for loans such
as the PLUS, alternative, and private loans. Once the office
receives this notification, these loans and the remaining
finalized financial aid award are used as a "credit" against
the students' costs. These "credits" can be subtracted from
the student's balance, providing the student with an
estimate of his or her account balance. Outside scholarships
can be used as a credit as well provided the Financial Aid
Office has received a letter of scholarship award intent.
Students (and parents) must remember to first subtract loan
fees from awarded and approved loans. For more information
as to the amount of these fees, contact your lender.
If I have
enough money for my tuition, can I use the remainder for
books?
All university fees must be satisfied prior to being able to
utilize financial aid funds for the purchase of books.
All of the following criteria must be met:
-
Financial aid adjustments (part-time
enrollment; 1-semester enrollment; Cost Of Attendance
adjustment) must have taken place;
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The financial aid award must be FINAL.
- The finalized financial aid award must first satisfy the
balance owed the university according to the Account Statement;
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If a PLUS, private or alternative (student or
parent) loan will be used to help defray costs to the university, the Financial Aid Office must first
receive the written approval notification from the lender;
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If the student will be receiving a scholarship, the
Financial Aid Office must receive the written notification indicating the scholarship amount and
the term(s) in which the scholarship applies.
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