Parent Information

Sending a student off to college is challenging enough, so navigating support to help them succeed should not be complicated.  The Office of Financial Aid and Scholarships is available to be a guide through the financial aid process and answer any questions or concerns. Below are some items that may be assistance assist in completing the parent portion of a dependent student’s aid application.  There is also general financial aid information to help parents or guardians better understand eligibility criteria, cost of attendance, aid types available and important dates and timelines to keep in mind throughout the year.
 
A few things to keep in mind when trying to understand Financial Aid:

• The EFC (Expected Family Contribution) that you get by completing the FAFSA application is simply used to determine eligibility for need-based financial aid. It is the amount that the Department of Education has estimated that you and your student can contribute to their education. It is not an amount that you are expected to pay to the university. In addition, at a minimum, if a student meets the federal eligibility requirements they will be eligible to receive Unsubsidized Loans, and while loans may not be ideal they are in fact a viable option and come with many protections that consumer loan products do not. Also, parents of dependent students will be offered PLUS loans to help meet the cost of attendance as well.
• Cost of Attendance is a budget number that financial aid has to estimate what it will cost a student to attend ABC for the year. The only items included in the cost of attendance that the student is actually billed for by ABC are tuition and fees and room and board (if applicable). This is done on a term-by term basis, which means the cost of attendance can be divided in thirds to get a quarterly estimate of costs. Financial Aid does not handle the billing of student accounts, only the application of financial aid. The Business Office will be applying applicable charges to the student account.
• While we enjoy the opportunity to assist you, due to federal privacy laws we cannot discuss your student’s file or account without written consent from the student.
• Be proactive and talk to your student about budgeting and planning. They are ultimately responsible for managing their financial aid experience!

Federal Direct Parent Loan for Undergraduate Students (FDPLUS)– The FDPLUS is a federal loan borrowed by the parent on behalf of a dependent student to assist with educational expenses. Students are awarded the maximum amount they are personally eligible to receive, after which PLUS loans are automatically offered to the parents of dependent students to meet the cost of attendance. As with all loans, you are not required to take it.  Parents are required to complete a FAFSA application to be eligible for a Direct PLUS Loan, and the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) on the Federal Loan website. The PLUS is a non-need based loan currently at 7.21% interest rate, but rates are subject to change yearly based on variable rate changes. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full. Payment can be deferred while the student is attending school at least half-time, but interest will continue to accrue.

If you have been selected for a process called verification we have requested that you submit a Verification Worksheet along with appropriate federal tax documents. Make sure you complete the Verification Worksheet and provide all necessary signatures before you submit it to the financial aid office. Be sure to not leave any line blank and indicate zero whenever applicable. Incomplete forms will cause a delay in processing your aid application.

Parent and student copies of 1040, 1040A and 1040EZ no longer satisfy outstanding verification tax return requirements. Once federal 2013 taxes are filed with the IRS, students have two options to fulfill federal tax return requirements:  Students can return to fafsa.gov and update their FAFSA with their federal tax information by choosing IRS Data Retrieval under the student and parent financial sections or request an IRS Tax Return Transcript.