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Financial Aid >FAQ - Frequently Asked Questions -
What is a FAFSA? A FAFSA is an acronym that stands for Free Application for Federal Student Aid and is the first step in the financial aid process. Students use this document (available at www.fafsa.ed.gov) to apply for federal student financial aid, such as loans. What is CUA Law School’s federal school code? E00131 What is an EFC? EFC means Expected Family Contribution. The EFC measures your financial strength and it will be used to determine your eligibility for federal student aid. We will use your EFC to prepare a financial aid package that can assist you with meeting your financial needs. What is a PIN used for? PIN is an acronym for Personal Identification Number (PIN) and you can use your PIN to sign your online FAFSA; review your processed FAFSA information and your Student Aid Report (SAR); correct your FAFSA information; print a copy of your SAR and reapply for financial aid. You can apply for a U.S. Department of Education PIN by visiting www.pin.ed.gov What financial options are available for my legal education? You can finance your legal education using one or a combination of the following: scholarships from CUA, federal student aid, and private/commercial loans or outside scholarships. Should I apply for financial assistance? Can you and your family finance a law school education without help? If you answer no, then you are like the majority of students currently attending CUA – Columbus School of Law. Submitting a Free Application for Federal Aid (FAFSA) will help our office assist you in securing loans from the government’sThis is my first time obtaining a federal You must submit a Free Application for Federal Aid (FAFSA), an entrance interview form, and you must complete a Master Promissory Note (MPN) that has to be submitted to your lender of choice. What is a Master Promissory Note (MPN)? The Master Promissory Note (MPN) essentially opens a line of credit for your education expenses during your academic career. When you sign an MPN, you are promising to repay your student loans. The MPN also includes important language about your rights and responsibilities as a borrower. How long will I keep my MPN? An MPN is good for 10 years from the date you sign the document. You can use the MPN for any loan period that begins within the 10-year time frame, providing you receive your first loan disbursement within 12 months of the date you sign your MPN. What is an entrance interview used for? The entrance interview is a tool that is used to ensure that all new federal Stafford borrowers understand their rights and responsibilities as a federal How do I report the financial aid I received last year as part of my income? Monies you received from loans, grants, and scholarships should not be listed as income on your FAFSA, unless the Internal Revenue Service (IRS) taxed you on them. If you reported any financial aid money to the IRS, then you must include that total amount as part of your adjusted gross income (AGI) and in the appropriate section in Worksheet C on the FAFSA. Do I have to pay interest on my student loans? Depending on your answers on the FAFSA, the federal government will pay the interest on any Subsidized Stafford loans that may be awarded to you while you are in school (at least half-time), in grace period, or during an authorized period of deferment. You are responsible for paying all of the interest that accrues on any Unsubsidized Stafford loans, regardless of the borrower’s enrollment/repayment status. You are also responsible for the interest accrued on private loans. How can I stay informed about Financial Aid: deadlines, policies, and workshops and outside funding opportunities? Please read the financial aid section of Head Notes – this is a weekly CUA – Columbus School of Law publication that’s printed every Friday during the academic year (August – May). Read and save a copy of the financial aid packet that our office will be sending to you in the summer with your financial aid notice. Periodically you should take a look at the financial aid bulletin board, which is located outside of our office in Room 314 -- our office regularly posts important information and reminders about key upcoming deadlines and events. Also, we are striving to keep our website updated and useful so that you can go there and get what you need fast and efficiently. What happens to my financial aid if I withdraw from CUA? Students are responsible for following the university's withdrawal procedures. The 1998 Reauthorization of the Higher Education Act requires the financial aid office to calculate a return of Title IV funds on all federal financial aid students who withdraw (officially or unofficially) from all classes on or before the 60-percent attendance point in the term. Note: The Financial Aid’s return calculations are independent from the University’s Tuition Refund Policy. For more information, please review our Withdrawal Policy & Procedures.What happens to my financial aid if I don't maintain a satisfactory cumulative GPA? Eligibility for federal student aid requires a student to maintain satisfactory progress in his or her course of study according to the school’s published standards of satisfactory progress. The academic rules at the Columbus School of Law define satisfactory progress as “good standing” to be a minimum of a cumulative grade point average (GPA) of 2.15 or better as determined at the end of each academic year and a minimum 1.82 GPA in any single semester. For more information, please review our SAP (Satisfactory Academic Progress) Policy. |
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3600 John McCormack Rd., NE, Washington, DC 20064 202-319-5140 |
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