Frequently Asked Questions

1. What is financial aid?
   
   Financial aid is funding for your college education that comes from sources outside of your family. Gift aid and self-help aid are two categories of financial aid. Gift aid comes in the form of grants and scholarships and does not have to be repaid. Self-help comes in the form of loans and employment. Financial aid at DWU is awarded to students based on financial need. A student may have a combination of grants, loans, scholarships and employment for a financial aid award.
   
2. Where can I get information about Federal student financial aid?
   
   Call the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired) and ask for a free copy of
   "The Student Guide: Financial Aid from the US Department of Education". This toll free hotline is run by the US Department of Education and can answer questions about federal and state student aid programs and applications. Please see Additional Financial Aid information section for websites Contact Financial Aid Office.
   
   
3. What is the FAFSA?
   
   The Free Application for Federal Student Aid (FAFSA) is the form used to determine eligibility for federal and state student grants, work study and loans. The information on the FAFSA is used to determine the Estimated Family Contribution (EFC). The EFC is used by the school to determine the student's financial aid award. For a more in depth discussion on the awarding of financial aid check out the Determining Your Eligibility link.
   
   
4. Where can I get a paper copy of the FAFSA?
   
   You can ask your high school guidance counselor for a copy or request a copy of the FAFSA from the DWU Financial Aid Office, or by calling 1-800-4-FED-AID.
   
   It is recommend however, if you are able, to complete the FAFSA on line. Please see: Applying for Federal Financial Aid.
   
   
5. How often do I need to complete the FAFSA form?
   
   The Free Application for Federal Student Aid (FAFSA) must be completed annually. A new application, either on-line or by paper, will be available to students to complete as early as January 1st of each year. Students if they have gone through the process in previous award years, may be able to complete the Renewal FAFSA on the Web.
   
   
6. 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 assist in completing it, contact the U.S. Department of Education at 1-800-433-3243.
   
   You can contact the Financial Aid Office, your High School Guidance Counselor, or the Department of Education if you need a FAFSA or need assistance in completing the application free of charge.
   
   
7. What is the difference between a priority date and a deadline?
   
   Generally, a priority date refers to dates established for scholarships and the FAFSA. Students who meet these priority dates will receive first consideration for awards. Sending in an application after the priority date does not eliminate you from receiving an award; however, it does lessen your chances as many types of aid and scholarships have limited funding. Yet, meeting the priority date does not guarantee you a scholarship or certain types of aid since other criteria are taken into consideration. To meet the FAFSA priority date, we recommend that you complete your taxes early so that you will have the necessary information to complete the application.
   
   
8. What is the application priority date at DWU?
   
   Current and new students that meet Dakota Wesleyan University (DWU) financial aid priority deadline of April 15th and DWU's criteria may qualify for the Federal Supplemental Education Opportunity Grant, Federal/Campus Work Study, and/or Federal Perkins. However, these funds are limited so it is not guaranteed that a student who has met the University's deadline and criteria will be awarded these funds.
   
   Students that have completed and turned in all the necessary documents to be accepted into the University and have completed and turned in all the necessary documents to the Financial Aid Office by the April 15th deadline will be looked at in a first-come, first-serve basis.
   
   
9. I'm not sure my family will have financial need. Should I complete the FAFSA?
   
   Yes. Financial aid is intended both to remove financial barriers for families who cannot afford the cost of an education beyond high school and to fill in the gap for families who can afford only part of the cost. Some loans and scholarships are available regardless of "need."
   
   
10. What is the income threshold for a family before financial aid is not offered to a student?
    
    There is no income threshold for student aid eligibility. All of the questions on the FAFSA are used to determine the Expected Family Contribution which results in the financial aid award put together by the school. A family may have too much income to be awarded a Pell Grant, but this does not mean that they will not be eligible for other types of financial aid. At a minimum, application for Federal Student Aid, via the FAFSA, will result in eligibility in the Federal Stafford Loan Program.
    
    
11. My parents are separated or divorced. Which parent fills out the FAFSA?
    
    The parent you lived with most during the last 12 months. If you didn't live with
    either parent, or if you lived with each parent an equal number of days, use the parent who provided the most support to you during the last 12 months or during the most recent calendar year that you were actually supported by a parent.
    
    
12. My parents are divorced, and the parent I'm living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA?
    
    Yes, provided that the parent you're living with is the one filling out the Parent section of the FAFSA. If your parent marries after you have submitted the FAFSA, you are not required to update the step-parent information for this award year. The following award year you would need to include his/her information.
    
    
13. Why must I include my parent's income on my FAFSA? I don't live my parents; my parent's don't contribute anything to my education; they do not claim me on their income taxes.
    
    Congress, in the law that governs the federal student aid programs, defines when parental income information is required. Congress' intention is to establish the primary responsibility for a student's education is the student's and student's family for their undergraduate degree.
    
    Even if you don't live with your parent; your parents don't contribute money toward your education, or they don't claim you on their income taxes, you are required to use their information unless:
    --you'll be twenty-four years old during the school year
    --you're an orphan or were a ward of the court until age eighteen
    --you're a veteran
    --you're married
    --you have a legal dependent other than your spouse
    --your a degree seeking graduate student
    
    
14. My parents own a farm. Does this have to be included under assets?
    
    Do not include a family farm if it is your family's principal place of residence and your parents claimed on Schedule F of the tax return that they "materially participated in the farm's operation." If your parents do not work on this farm and lease this farm out to some one else then it is considered an asset.
    
    
15. Will I receive anything from the Department of Education once I have submitted my FAFSA?
    
    Very shortly after submitting the information to the Department of Education processing center, they will send you a Student Aid Report (SAR). The SAR is the analysis of the data you reported on the Free Application for Federal Student Aid (FAFSA). The Student Aid Report has your calculated Expected Family Contribution (EFC) on it, and that number is used to determine your eligibility for financial aid. Once you have received the SAR, it is very important to review the information submitted.
    
    The SAR will be sent to you electronically if you provided a current and valid email address on your FAFSA. A paper SAR will be mailed to students that do not provide a valid email address.
    
    
16. How does the school that I am interested in attending receive the information I submitted with my FAFSA?
    
    Each school that qualifies for federal student aid is assigned a federal school code by the Department of Education. In Step Six of the FAFSA you will be able to add up to six school codes of the colleges or universities that you are interested in attending. Each school that you have added in Step Six will receive an electronic version of the Student Aid Report.
    
    DWU's school code is 003461.
    
    
17. What if my family has a special circumstance that will affect how much we can pay?
    
    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 that 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 2005-2006
    
    Students who have special circumstances (such as a job loss or high medical expenses) should contact the institution the student is planning on attending. The Financial Aid Office will review each case here to see if any adjustments can be made to improve your eligibility. If you are planning on attending DWU, please contact the Director of Financial to find out what documentation is needed for the review.
    
    
18. What is the verification process and if selected why do I need to complete the process?
    
    The Department of Educations randomly selects students for this verification process and does not mean that you made an error on the initial FAFSA. When this happens, the Financial Aid Office is required to collect documents to verify certain information was reported correctly.
    
    The Financial Aid Staff at DWU will send you the verification form and a letter listing the items that you will need to submit back to them for review.
    
    
19. Are there any resources that a parent can receive to help pay for a student's education?
    
    Yes! Parents may be interested in borrowing through a program called Parent Loans for Undergraduate Students (PLUS). This is a program that allows parents to borrow up to the cost of education less any other financial aid the student has been offered. However, the parent must be credit worthy and will be required to first complete the pre-approval process. At DWU, we do not require that a student have a completed FAFSA for a parent to apply for the PLUS loan.
    
    
20. What happens if a parent is denied a PLUS loan?
    
    The parent applying for a Parent Loan for Undergraduate Student (PLUS) can be denied for credit reasons. If that happens the student is eligible to borrow additional funds in the Stafford loan program. Contact the Financial Aid Office if you have done a pre-approval for a PLUS loan and have been denied. We will work with the student to get the additional Stafford loan for them.
    
    
21. Will I continue to receive the DWU's institutional scholarships that I was awarded when I was first admitted to DWU throughout years at DWU?
    
    You would keep the scholarships you received at DWU for a maximum of 10 semesters as long as you meet the criteria for each scholarship received.
    
    
22. What is included in college costs?
    
    Included are direct cost and the indirect cost. Direct cost is what DWU posts to a student's bill such as tuition. Indirect cost can be things like transportation and personal cost (toothpaste, shampoo, clothing, etc) that the student is not directly billed by DWU.
    
    
23. Are graduate students eligible for Pell Grants?
    
    No. The Federal Pell Grant is funded only for financially eligible undergraduate students as determined by the FAFSA and who have not completed a Bachelor's or professional degree.
    
    
24. Will I receive Federal Work-Study this year if I received it last year?
    
    Unfortunately, there are no guaranteed federal student aid awards. Each year students must complete the FAFSA or Renewal FAFSA. The most current FAFSA results will determine which federal financial aid programs students are eligible for. A student may or may not be awarded work-study accordingly.
    
    
25. What is the difference between a subsidized and unsubsidized Stafford Loan?
    
    If you are eligible for and take out a subsidized Stafford loan, the federal government will pay the interest for you while you are in school and up to six months after you cease to be student (at least half-time), at which time you will need to begin repaying the loan.
    
    If you are eligible for and take out an unsubsidized Stafford loan, you are responsible for all the interest that accumulates. You will have the option of either paying the interest as it accumulates or capitalizing the interest (adding it to the principal balance). If you choose to pay the interest back as it accumulates you will pay less in interest overall. Like a subsidized loan, you will have to begin payment six-months after you cease to be a student (at least half-time).
    
    
26. How will financial aid credit the student account?
    
    If a student is registered for classes at DWU this is an automatic, computerized process once he/she has completed the financial aid process. All Federal, State and DWU grants and scholarships, listed on your award letter will either be automatically credit to the student's charges or applied manually be the Business Office around the first day of classes. If you complete the financial aid process after school starts, there aid will be applied automatically or manually through out the term.
    
    
27. I received my Award Letter and did not get enough money to pay my student bill. Is there any additional funding available to help with the costs?
    
    There are additional loans that can provide additional assistance for students.
    
    A. The Federal Parent Loan for Undergraduate Students (PLUS) program is available for parents to borrow money. These loans are loans in the parent's name and payments typically start while the student is in school. Interest accrues while the student is in school, and rates are set by the government (never to exceed 9%).
    B. There are also non-federal/alternative loans for the student to borrow under. The student will typically need a credit worthy co-signer. Interest accrues while the student is in school at a rate set by the bank (usually prime + 0-6%). Payments are usually deferred until 6 months after the student graduates.