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Financial Aid Frequently Asked Questionss

General Questions

Financial Aid Award offer/Types of Aid

Satisfactory Academic Progress (SAP)

 

Answers

What is FAFSA?

FAFSA is Free Application for Federal Student Aid - you file the application online at FAFSA - Free Application for Federal Student Aid

Am I eligible for aid?

UWFox :: Eligibility for Aid

How do I apply for financial aid?

www.fafsa.ed.gov

What is UW Fox Valley's school code?

003897

What is a Personal Identification Number? How do I get one?

Your Personal Identification Number is a four digit number that is issued by fafsa. This PIN will serve as your electronic signature. Keep your PIN number safe and handy for changes and renewals you may need to make to your fafsa. See the PIN webpage for more information.
www.pin.ed.gov

What is my password? What if I don't remember it?

If you forgot your password the first time you filed your fafsa, no one is able to retrieve that information. You will have to fill out a new application on the fafsa webpage.

What documents do I need to file my financial aid?

You will need the most current income tax documents along with W2's and other personal information such as DOB and Social Security numbers, parents information as well if you are dependent.

What criteria's determine Dependent or Independent status?

There are eight questions from fafsa that helps determine Dependent or Independent status, see link Dependency Status Worksheet - Worksheet - Federal Student Aid

If you would like to appeal the process for Independent status, you need to stop in Student Services and see a Financial Aid Advisor.

What happens after I submit my FAFSA online?

The Federal student aid will process your application and send you an SAR report. You will then be contacted by your school. For more details see link FAFSA - Free Application for Federal Student Aid

What is the Expected Family Contribution (EFC)?

According to fafsa...
The EFC is a measure of your family’s financial strength and indicates
how much of your and your family’s financial resources (for dependent
students) should be available to help pay for your education.

The EFC is calculated from the information you report on the FAFSA.
Your EFC is calculated according to a formula established by law.
Your family’s income (taxable and untaxed), assets and benefits
(for example, unemployment or Social Security) are considered in
determining your EFC. Your family size and the number of family
members who will be attending a college or career school are
also considered. Your EFC will appear on the Student Aid Report*
(SAR) you receive after you file your FAFSA.

Determining Your Financial Need
We use your Expected Family Contribution*
(EFC) to determine your financial need:
Cost of Attendance*
– Expected Family Contribution (EFC)
= Financial Need

How long does my financial aid take to process?

FAFSA takes a while to process, therefore we encourage students to apply early. You can apply after you have filed your most current income tax documents but no sooner than January 1. The process takes between 2- 4 weeks before you hear from the school. If you get verified for information and need to bring in documentation, the process can take even longer before you get an award offer.

If you don't hear from the school within 2 - 4 weeks, you need to double check your fafsa to see if and when it was submitted. If there is anything missing or filled out incorrectly, your fafsa will not process and therefore your school will not receive your information. Most common errors in processing fafsa:

  • Missing parent signature page
  • Incorrect school code
  • Incorrect spelling of name, social security number, or date of birth

What do I do if I get a missing/verification form?

You need to bring in the appropriate documentations as stated in the missing/verification form to Student Services so that your financial aid could then continue to process. Financia aid will not process until all documents are turned in.

What is the financial aid census date?

The early morning following the 6th day of classes, the financial aid census date. Fluctuations in your credit load on days 7-10 of each term may result in changes to your financial aid eligibility and in your having to repay some aid. You must be officially enrolled. Attending a class while
waitlisted does not constitute official enrollment.Your aid will adjust according to how many credits you are enrolled in. For the exact semester census dates, see course booklet or contact Student Services.

How will my financial aid apply to my tuition?

Financial aid will be credited directly toward your University
of Wisconsin Colleges student account to cover approved
institutional charges, including tuition and fees. Most federal
and state grant and loan* programs along with UW Colleges
scholarships will be applied to your account on the early
morning following the 6th day of classes, the financial aid
census date.

Fluctuations in your credit load on days 7-10 of each term
may result in changes to your financial aid eligibility and
in your having to repay some aid.You must be officially enrolled. Attending a class while
waitlisted does not constitute official enrollment.

If your fiinancial aid is not enough to cover your tuition, you need to make sure you pay the difference prior to payment due dates to avoid late fees. Financial aid doesn't automatically pay for any late charges.

What happens to the remaining financial aid after tuition is paid?

If there are aid monies remaining after all applicable
UW Colleges institutional charges are paid, the institution will
produce and mail to you a check for the excess aid funds.
Consequently, it is important that you have your current
address information updated with UW Colleges. Incorrect
addresses will delay your receiving aid checks.

Does financial aid cover the summer semester?

Financial aid is allocated base on fall and spring semesters, summer is not part of the academic funding year. However if a student doesn't utilize all of the funding offered for the academic year, then any remaing funds could be used for the summer semester. For example:

If JOE was given $5000 for the academic year (fall and spring) and only utilized $4000, then he would have $1000 to utilize for the summer semester. If JOE uitilized all of his aid during the fall and spring semester, then he wouldn't have any aid left for summer.

If you would like summer aid, YOU MUST fill out a summer aid application. Applications are usually available in Student Services sometime around March.

Can my financial aid help pay for books?

Yes - if you have enough semester aid to cover the full tuition cost, book vouchers are available 2 weeks prior to the start of the semester. Book vouchers are not available for summer semester. The maximum book voucher for a full-time student is $450, if your books cost more than $450 you are responsible for the difference. This amount will then automatically be deducted from your financial aid. So your semester aid needs to be about $2600 to qualify for a book voucher. Book vouchers are not available for online books or books purchased outside the campus bookstore.

Can my financial aid help pay the $100 tuition deposit?

Yes - if you have enough semester aid to cover your tuition and the $100 deposit, then a tuition deposit deferment can be filled out and waived. For new students, the $100 deferment can only be waived if you have full grant funding. Stop by Student Services to fill out a form. If you aren't sure you qualify, speak with a Financial Aid Advisor.

What is a consortium agreement?

If you enroll at UW Colleges and another institution for the
same term, you may receive financial aid from only one of
them. However, you may be able to receive aid based on
your combined total credits at both schools. To achieve this,
you must complete what is commonly called a financial aid
consortium agreement. To avoid any errors, make sure your
consortium agreement paperwork is processed before the
term of dual enrollment. Check with your UW Colleges
Student Services Office and the other school for consortium
guidelines and the agreement form.

Do I qualify for financial aid if I am a part-time student?

The amounts for most aid types on your Award Offer are
based on full-time enrollment (12 or more credits per
semester). If you are enrolled less than full time, you may
have some or all of your aid reduced or cancelled each
semester. You must be enrolled for at least 6 credits per
semester to be eligible for most awards.Your Student
Services Office can determine actual aid amounts at less
than 12 credits.

What happens to my aid if I drop credits, stop attending, or officially withdraw from the semester?

If you drop credits and are eligible for a tuition refund, some
or all of the refund may be used to repay your financial aid.
If you stop attending all classes or otherwise unofficially
withdraw, you may have to repay some of the aid
you received.

Financial aid eligibility will be recalculated if you withdraw from all classes prior to completing 60% of the term. This could result in your owing repayment of aid, placing you at risk in meeting Satisfactory Academic Progress, and jeopardizing future aid eligibility if unpaid.

When I transfer to another campus, does my financial aid transfer with me?

NO. Your award offer is only specific to the campus to which you are currently attending. Once you transfer, your new college/university will then send you a new award offer after you have been accepted to that institution. Prior to transferring, you need to update your fafsa with the new school code of the transfer school that you will be attending. Your aid will not receive by the transfer school if you don't update your fafsa with the new school code.

Will my award offer be the same when I transfer to another college/university?

NO. Award offers vary from campus to campus.

What is a financial aid award offer?

Your University of Wisconsin Colleges Financial
Aid Award Offer includes the aid types for which you are
eligible. The inclusion of an aid type in your award package is
directly determined by your Expected Family Contribution
and demonstrated Financial Need. Thus if you are eligible for
an aid type (except for in some cases the PLUS parent loan),
it is listed on your Award Offer. You need to then circle accept (A) or decline (D) next to each award amounts, sign and date on the back and then return the award offer back to Student Services. Not returning an award offer may delay funds from dispersing on time.

If you had orginially declined a loan offer, you maybe eligible to still accept it at a later point . Just stop by Student Services to fill out a form.

If I lost an award offer, how do I get a new one?

If you lost or misplaced an award offer, you can call Student Services and we will then issue a duplicate award offer. Award offers are mailed to the student so please make sure your address is up to date and correct.

What is work-study?

Federal Work-Study (FWS) is money for educational expenses that you may earn through on-campus or community-based employment; it does not have to be repaid. A FWS award is not a guarantee of employment, but represents possible self-help eligibility.

If you are interested in FWS, you must accept the award on your Award Offer. If you decline FWS and then find a job on campus, you can always contact Student Services to re-accept the offer. Work-study funds are not disbersed in a lump sum like other aids. If you don't find a job on campus, you don't receive any of the work-study funds. Once a student utilizes all of his/her work-study fund, employment maybe terminated.

If you choose to decline a Work-Study offer, you may be eligible for a revised mix of subsidized/unsubsidized Stafford Loan funds. For student work-study jobs, see link UWFox :: Student Employment

What types of financial aid is available?

UWFox :: Types of Aid

Federal Perkins Loan

If you accept a Perkins Loan on your Award Offer, you will
receive information as to the process for completing a
Perkins Loan promissory note online. On your
completion of the online Perkins Loan note, you will have
fulfilled the Perkins application process.

You must return your Award Offer indicating Perkins acceptance
within 30 days of the date on the Offer. Otherwise, you may
lose funding for Perkins.

Federal Stafford Loan

Depending on your specific aid eligibility, your Award Offer
may include one or both types of Federal Stafford Loans:
Subsidized and Unsubsidized.

Subsidized Loan - Eligibility based on financial need; must be enrolled for at least 6 credits per term. Repayment at an interest rate not to exceed 6.0% begins 6 months after student ceased half-time enrollment. Loan is interest-free while student is enrolled at least half-time. Up to 2.0% of the loan amount is deducted as a fee. Maximum loan amount is $3500 per year for freshman and $4500 for sophomores.

Unsubsidized Loan - Eligibility is not based on need; must be enrolled for at least 6 credits per term. Repayment at an interest rate not to exceed 6.8% begins 6 months after student ceases half-time enrollment. Interest is charged while student is still in school. Up to 2.0% of the loan amount is deducted as a fee. Maximum loan amount for dependent student is $5500 per year for freshmen and $6500 for sophomores. The total of any subsidized and unsubsidized Staffor Loans cannot exceed these annual limits. Independent students may borrow up to an additional $4000 above these amounts.

Federal Plus Loan (Parent Plus Loan)?

The Federal Parent Loan for Undergraduate Students
(PLUS) allows a parent of a dependent student to borrow
money up to the student’s Cost of Attendance (COA) minus
all other financial aid awarded.

To apply for a PLUS Loan, your parent must indicate
acceptance on the Financial Aid Award Offer, including the
amount requested and parent signature. If a PLUS Loan is
not listed on the Award Offer, your parent may still apply by
submitting a PLUS Parent Loan Worksheet (ZPLWKS).
Worksheets are available online through the UW Colleges
website at www.uwc.edu (see Money Matters, Financial
Aid Forms) or from your campus Student Services Office.

PLUS applicants are subjected to a credit check as part
of the application process.Therefore, after accepting the
PLUS Loan, your parent needs to complete the pre-approval
process (credit check) at www.uwc.edu; select Money
Matters, PLUS Parent Loan Application. At this site the PLUS
Online Master Promissory Note also will be addressed.

Note: Pre-approval is required each year a PLUS Loan
is accepted.
If approved, repayment at an interest rate not to exceed 8.5% begins 60 days of the first disbursement.
If the parent’s PLUS application is denied, you may be eligible
for additional Unsubsidized Stafford monies.

If I am a new student and accepting loans for the first time, what do I need to do?

If you have never applied for a Stafford Loan before,
you must complete a Stafford Loan Master Promissory
Note (MPN). According to federal regulations, first-time
borrowers also are required to complete loan entrance
counseling.

Entrance counseling serves as a means to
educate students to the rights and responsibilities associated
with receiving aid monies that must be repaid.

In order to submit your MPN electronically, be sure to have your Personal
Identification Number (PIN) available (PIN is the same
number used to electronically sign your FAFSA).The MPN
must be completed and submitted to the loan servicer as
per the instructions provided. Completing your MPN online
is strongly encouraged, however a paper MPN will be
provided if not completed online.

If you have applied for a Stafford Loan within the last
several years and have an active Stafford Loan MPN on file
with the UW Colleges loan servicer (Great Lakes
Educational Loan Services), you are not required to
complete another MPN. However, you may be required to
complete loan entrance counseling.

link to entrance counseling and MPN online (once you click on the link, scroll to the bottom)
University of Wisconsin Colleges

If my parents were denied the Federal Plus Loan, can I get additional loans?

If the parent’s PLUS application is denied, you may be eligible
for additional Unsubsidized Stafford monies. Stop into see a Financial Aid Advisor for more information.

To apply for a PLUS Loan, your parent must indicate
acceptance on the Financial Aid Award Offer, including the
amount requested and parent signature.

If a PLUS Loan is not listed on the Award Offer, your parent may still apply by
submitting a PLUS Parent Loan Worksheet (ZPLWKS).
Worksheets are available online through the UW Colleges
website at www.uwc.edu (see Money Matters, Financial
Aid Forms) or from your campus Student Services Office.

PLUS applicants are subjected to a credit check as part
of the application process.Therefore, after accepting the
PLUS Loan, your parent needs to complete the pre-approval
process (credit check) at www.uwc.edu; select Money
Matters, PLUS Parent Loan Application. At this site the PLUS
Online Master Promissory Note also will be addressed.
Note: Pre-approval is required each year a PLUS Loan
is accepted.

If approved, your parent typically begins repayment of the
PLUS Loan within 60 days after the funds are fully disbursed.

What is SAP?

SAP stands for Satisfactory Academic Progress. Federal regulations require aid recipients to meet
the institution’s standards for SAP. To remain aid eligible
at UW Colleges, you must:

1) maintain a minimum cumulative 2.0 Grade Point Average
(GPA) after completing 48 credits (graduated GPA scale
for 1-48 credits);
2) successfully complete 2/3 of credits attempted;
3) attempt a maximum of 30 non-degree/remedial credits;
4) attempt a maximum of 90 credits (including credits
transferred to UW Colleges).

The complete SAP Policy may be found at University of Wisconsin Colleges
and in the UW Colleges Catalog.

How do I reinstate my financial aid?

If you would like to reinstate your financial aid, you need to fill out a SAP appeal form. Forms are available in Student Services. Your appeal will be reviewed by the Financial Aid Committee and they will notify you via mail. If your appeal is approved, you will be sent a semester contract outlying the terms of your expectations to further receive financial aid. Once you have read and agreed to the semester contract terms, please return the contract to Student Services. Failure to meet semester contract terms could result in denial of future financial aid.

Do I have to fill out another SAP appeal if I meet the current semester contract terms?

NO. You just need to stop in and see a Financial Aid Advisor to fill out a new contract for the upcoming semester. Contracts are completed every semester until a student is back on good academic standing.

What happens if I don't meet the semester SAP contract terms?

If you don't meet the semester contract terms, you will then have to fill out a SAP appeal justify your reasons for not completing the contract terms. The appeal will be reviewed by the Financial Aid Committee and notified you via mail of the decision.



 

 

 







For more information, contact Pa Lee Moua at palee.moua@uwc.edu or 920.832.2620