F.A.Q.s

See Financial Aid Instructions under Financial Aid Tab for steps.

036894-00 (some websites require the extra 2 “0’s” others don’t

FAFSA has a series of questions to determine your status.

To be an Independent student you must meet at least one of the following requirements:

• Were you 24 years of age by January 1?
• Are you married?
• Are you working on a graduate degree?
• Are you active duty in any of the US Armed Forces?
• Do you have children?
• Are you an orphan or ward of the court?

Go to the VFAO (faithseminary.vfao.com), click on the Forms & Documents tab and fill out the Additional Funds Request Form.

You must report the income for the parent you are living with and/or receiving the majority of your support from. If this parent is remarried, you must also include their income information.

• Current year’s Verification Worksheet – the form must have all blanks filled in with an amount or a “0” if not applicable, and signed by all adult parties included on the tax return (if joint return).
• 2-page tax return with handwritten signature (not all of the extra pages associated with long form, etc.).
• W-2’s for all parties whose income is listed on tax return.
• Any other forms specifically requested by the VFAO Verification.

During the Student Interview you will see a chart of your estimated aid eligibility, based on the information you have entered regarding your degree program, grade level, EFC#.

You can submit documentation of the tax return used for your FAFSA and documentation of your current income level to the Financial Aid Officer at Faith Evangelical College & Seminary. Upon review of the submitted information, the Financial Aid Officer will prepare a Professional Judgment Worksheet to send to the processor. The processor will review the information and make a determination as to whether the student is eligible for additional Pell grant funds (for eligible undergraduate students) or a reallocation of how your loans are divided between subsidized and unsubsidized loans. The student will receive a new Award Notice via email from the VFAO if the eligible amounts or allocation of loans are changed.

This depends on your grade level in school and your dependent/independent status. The maximum eligibility listed below is per award year, per student. These are the federal Direct Loan maximums available to students at any eligible educational institution:

Undergraduate Students
Grade Level 1 :Freshman (between 1 and 45 credits earned)
Dependent Student: $5,500 (only $3,500 can be subsidized)
Independent Student: $9,500 (only $3,500 can be subsidized)

Grade Level 2: Sophomore (between 46 and 90 credits earned)
Dependent Student: $6,500 (only $2,000 can be subsidized loans)
Independent Student: $10,500 (only $4,500 can be subsidized)

Grade Levels 3 and 4: Juniors and Seniors (90+ credits earned)
Dependent Student: $7,500 (only $5,500 can be subsidized)
Independent Student: $12,500 (only $5,500 can be subsidized)

Graduate and Post-graduate Students: $20,500 (only $8,500 can be subsidized)

You will need to contact the Business Office to make arrangements to pay any amount owed that financial aid does not cover.

The Business Office will issue a financial aid disbursement remainder check to the student with the remainder funds no later than 2 weeks after the aid funds are deposited with the institution*. The check will be mailed to the student unless the student requests via email to businessoffice@faithseminary.edu at least three days prior to the first day of the quarter to pick up the check.

Faith Evangelical College & Seminary does not offer direct deposit.

Pell Grants (for eligible undergraduate students only) are the only funds available through the institution that do not have to be repaid.

Once a loan reaches 360 days delinquent, no further assistance can be provided. Federal Student Aid deems the loan defaulted and requires the servicer to load the loan to the Debt Management Collection System, which ACS maintains on behalf of the Department of Education. FSA has made it very clear that the default status must stand, as the borrower had 359 days to take advantage of any deferment or forbearance eligibility, or to make necessary payment arrangements.

Subsidized loans have interest that is paid (subsidized) by the government while the student is considered active in school. Unsubsidized loans accrue interest while the student is receiving them, both while in school and after they are no longer an active student. Borrowers can elect to make loan and/or interest payments while still in school. Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate (does not affect undergrad students) and professional students are no longer eligible to receive Federal Direct Subsidized Loans; only Unsubsized Loans will be available. The terms and conditions of Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change.
More details at the following link Click Here.  We are not suggesting that you sign the petition, just ready the information as it becomes available.

Yes. In your Student Interview you will be asked to list the quarters that you are requesting aid for. If you choose to attend Summer, then your total eligibility for the year will be divided into 4 quarters (Fall, Winter, Spring, and Summer), instead of 3 (Fall, Winter, and Spring).

Yes, however you must notify the Financial Aid Office in writing each time and which quarter you intend to take off (1 quarter per FAFSA year).

Yes, if you did not request the maximum amount of your eligibility on the initial Student Interview. There may be a fee assessed for changing a financial aid package that has already been certified. If you are already receiving the maximum, there would not be any funds left to request.

Yes. There are financial institutions that offer private loans. These loans are similar to other loans in that you must complete a credit check and there is interest that accrues. Faith Evangelical College & Seminary does not currently administer private loans and does not recommend them because of the potential for increased debt and re-payment.  Requests to administrate private loans will be reviewed on a case by case basis.

Not at this time. Some other potential support sources are: your home church sponsorship, family members, employer benefits.

Yes. Please direct your questions regarding Tuition Assistance to Alison in the Business Office, ext. 31. All other military benefit questions can be directed to Dr. Eric Rice (VA Certifying Official), ext. 20.

No, however if you are an undergraduate student and eligible to receive Pell funds, you may have an opportunity to receive an advance book payment. Please review the Pell Book Advance Payment Policy located in the information under the Financial Aid tab at http://faithseminary.edu/ for the guidelines.

Financial aid is renewed once your current loan period has ended. A loan period represents the quarters included in your latest financial aid award package based on the information you provided in your Student Interview in the Virtual Financial Aid Office (VFAO) and is typically awarded for 3 or 4 quarters at a time. If you are nearing the completion of your current degree program and you have less than 3-4 quarters left, you will list and request aid for only the quarters remaining in that degree program. You must complete a new Student Interview each time you begin a new degree program.

Example: Fall, Winter, Spring and/or Summer. At the end of the requested loan/award periods you must complete a new Student Interview and or new FAFSA (if you have already used up 4 quarters of the current FAFSA). You will receive an Award Letter via email from the VFAO each time the award(s) have been changed or you are renewing for another loan period.

Once you receive a remainder check you have a few options: 1) you can use it for education related expenses and limited living expenses; 2) you can save the funds for future quarters and/or cancel a future remainder disbursement; or 3) you can return the funds to the following address (the funds cannot be returned to the educational institution once a check has been sent to the student):

US Department of Education
Direct Loan Payment Center
PO Box 530260
Atlanta, GA 30353-0260

Or make online payments through www.dl.ed.gov.

Note: For future Student Interviews, please specify in the Loan Amount Requested field the amount you wish to receive (calculation: total amount per quarter x # of quarters).

Online Web Application: https://loanconsolidation.ed/gov/AppEntry/apply-online/appindex.jspxpress

Phone Application: 1-800-557-7392

Request an application package to be mailed: 1-800-557-7392 or email moc/sde/liam//noitadilosnoc_naol

Yes, you will receive an Award Notice via email from the VFAO, that will list the loan periods and the date the funds will be deposited with the institution to begin the disbursement process, which includes verifying accurate registration and Satisfactory Academic Progress (this is not the date that the funds will be available to the student).