Financial Aid Information for Parents

You can find helpful information regarding financial aid here.

 

 

Apply for Financial Aid

Students must apply for financial aid each school year.  The
Free Application for Federal Student Aid (FAFSA) becomes available on January 1st for the upcoming year. It is recommended that students apply early.  Students should fill out the FAFSA as soon as possible after January 1st.  This will ensure that the student will be considered for certain aid resources that are offered on a first come-first served basis.

If your student has applied for financial aid, the Student Financial Aid Office will review the submitted Free Application for Federal Student Aid (FAFSA) data and determine if any additional information is needed.  If no additional information is needed, an aid award will be posted online.  Your student can log into Catalyst to check their application status and to accept any aid offered.  If you and your student choose to accept any federal loans, the website will walk you through the loan acceptance process.


FSA ID:  The FSA ID, which comprise of a user-selected username and password, replaces the Federal Student Aid PIN as the process by which students, parents, and borrowers authenticate their identity to access their federal student aid information and electronically sign their FAFSA. You and your student each apply for your own personal FSA ID. More information can be found at the Federal Student Aid PIN website. Parents also use the their FSA ID to electronically sign the Direct Parent PLUS Loan Master Promissory Note (MPN).

Verification Process

Approximately one-third of all federal aid applicants are selected by the federal government for verification.  This process allows the university to compare your federal income tax returns and other data to the information listed on your student's FAFSA application.  This helps ensure your student's aid application and financial aid award are accurate.

The Student Financial Aid Office may be required to request additional information prior to awarding a financial aid package.  Any additional documents needed will be listed online, when the student logs in to Catalyst and view their To Do List.  We highly suggest for you and your student to provide this information as soon as possible. 


Direct Parent PLUS Loan Information

The Direct Parent PLUS 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.

The loan is a non-need based loan currently at 6.31% 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.

Unlike most federal student loan programs, the approval of a Federal Direct Parent PLUS Loan is based on a credit check.  The PLUS Loan offered on your student's aid award is the maximum amount you would be eligible for if you are approved for the loan.  Once the loan is accepted on the student's financial aid award offer and the Master Promissory Note(MPN)* is completed, the loan request is sent to the lender for credit check approval.  Applications for the Parent PLUS Loan require a credit check each time the parent applies for the loan and is valid for 90 days.  There are options available if the parent is not approved for the loan.  Please view this page for details.


*Important note about Parent PLUS loan applications:  The parent borrowing the Parent PLUS loan must also complete a Master Promissory Note in their own name before the loan can be processed.