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Do you feel overwhelmed by the prospect of applying for financial aid to help with college costs? Don't panic, the staff of the Financial Aid Office at Slippery Rock University is available to help. We have compiled some of the most commonly asked questions and answers about financial aid for your use.
Answers to the Following Questions are Found on this Page:
Q: How do I apply for financial aid?
A: The Free Application for Federal Student Aid (FAFSA) must be completed in order to apply for financial aid available through Slippery Rock University. Students are able to complete the FAFSA beginning January 1 of the year preceding their enrollment in college. We recommend that the application be completed by April 15. The FAFSA is available online at www.fafsa.ed.gov. Student without internet access can request a paper FAFSA from their high school guidance office or from the SRU Financial Aid Office.
The following tips will assist you with completion of the FAFSA:
•the SRU Federal School Code is 003327
•have your federal tax and income information available
•keep photocopies of your completed application and related documents for your reference
After submitting the FAFSA, students should receive a Student Aid Report (SAR) from the federal processor within 1-3 weeks. The SAR will be sent either electronically or via U.S. Mail depending on whether the student provided an email address on the FAFSA. Students and families should review the SAR and make any corrections needed, if applicable.
Q: What types of financial aid are available through Slippery Rock University?
A: Available financial aid at Slippery Rock University includes grant, loan and employment programs such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal ACG Grant, National SMART Grant, state grants, Federal Work Study, Federal Perkins Loan, Federal Stafford Loan, and Federal PLUS Loan. In addition, a variety of scholarship opportunities are made available to students.
Q: How is financial aid awarded to students?
A: Students qualify for most financial aid based on their eligibility for individual sources of aid and their financial need. A family's or student's financial need is based on a simple formula:
Financial Need = Cost of Attendance - Expected Family Contribution Cost of Attendance
An average, cost of attendance is calculated for each student based on their program of study and their in-state or out-of-state status. The cost of attendance consists of costs for tuition, fees, room, board, books, travel and other associated educational costs. Expected Family Contribution(EFC): The EFC is calculated through the completion of the FAFSA. This figure reflects the federal estimate of what a family and/or student can afford to contribute toward a year of college.
Q: How and when will I know how much financial aid I am eligible for?
A: The SRU Financial Aid Office begins to send award letter "estimates" to new freshmen in March. Official award letters are mailed to all students in late-May and will continue on a rolling basis as new financial aid applicants complete their FAFSA's. The award letter lists the types and amounts of financial aid for which the student qualifies.
Q: Are there any other forms that I have to fill out beside the FAFSA?
A: Students who are selected for verification by the U.S. Department of Education will be asked to submit tax returns and additional information to the Financial Aid Office at SRU. Also, students that apply for Stafford Loans will be required to complete the Master Promissory Note (MPN) and loan entrance counseling on the AES website once the loan is certified. You will be notified by AES/PHEAA in writing when the MPN is ready for completion.
Parents and/or graduate students that apply for the Federal PLUS Loan will need to complete a MPN also. AES/PHEAA will mail the MPN to all borrowers that apply and have been approved for a Federal PLUS Loan.
Q: Where do I get a Stafford Master Promissory Note or a PLUS Loan application/MPN?
A: Students who indicated interest for a student loan on their FAFSA will be considered for Federal Stafford Loan eligibility by the SRU Financial Aid Office. If you meet all of the eligibility requirements, the loan will be certified and listed on your financial aid award letter. Next, AES/PHEAA Loan Division will send notification of the loan and instructions for you to electronically sign (e-sign) your Master Promissory Note (MPN) if you do not already have a valid MPN on file. You will access the AES website at www.aesSuccess.org to complete this process. In addition, all first time loan borrowers will be required to complete loan entrance counseling on the AES site. After the counseling is complete, AES will allow you to e-sign the MPN. For questions about this process, you can contact AES at 1-800-692-7392.
Parents who apply for a Federal PLUS Loan and are approved, will be sent a PLUS Master Promissory Note by AES/PHEAA to complete and return if a valid MPN is not already on file.
Q: What if the information about income and assets on my FAFSA application does not reflect my family's ability to pay for my education? For example, what if one of my parents has lost their job?
A: The 2008-2009 FAFSA will collect income information from the 2007 tax year. Thus, if your family experiences a decrease in income in 2008, it will not be reflected on your application. While you must still complete the FAFSA with "actual" information, you should contact the SRU Financial Aid Office directly for additional forms and assistance in reporting this type of change in your family financial situation.
Q: Who do I call if I need help with applying for financial aid?
A: Please contact a staff member of the SRU Financial Aid Office. You may reach us at 724-738-2044 or e-mail us. Our advice and assistance is free, and we are happy to help you with the application process. In addition, we offer appointments for students and families in need of financial aid advice and assistance. Students can also contact the federal processor at 1-800-4FedAid (1-800-433-3243) with questions about the FAFSA or their federal Personal Identification Number (PIN).
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