Your first step is to complete a Free Application for Federal Student Aid (FAFSA), which can be found at www.fafsa.ed.gov By completing this application, you will see what federal aid you qualify for, such as grants or loans. The FAFSA will also help in determining your eligibility for state grants.
Our school code is: 013505.
The primary factor in determining financial aid eligibility is financial need. Financial need is based on a determination of the cost of attendance(tuition and fees, room and board, books and supplies and miscellaneous expense) minus the determined Estimated Family Contribution (EFC).
Generally, if you are:
You are considered dependent for Financial Aid purposes.
A “yes” answer to any of the following listed dependency questions will typically qualify you as an independent student:
If you answer “yes” to any questions above, you are an independent student and will need to provide your and your spouse’s (if married) income and asset information.
An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your own personal information on ED websites such as the Free Application for Federal Student Aid (FAFSA®) at www.fafsa.ed.gov/.
If you are a parent of a dependent student, you will need your own FSA ID if you want to sign your child’s FAFSA electronically. If you have more than one child attending college, you can use the same FSA ID to sign all applications. Please note: Each FSA ID user must have a unique e-mail address.
You can create an FSA ID at the Federal Student Aid website.
As you complete your FAFSA, please make a note to avoid the following mistakes:
Many education loans are not based on your past or current credit. Even if you have declared bankruptcy, you may still apply and qualify for federal loans and grants as well as state grants.
A loan is borrowed funds that you must repay with interest. Grants, on the other hand, are funds that are awarded to you to be applied towards your educational expenses and do not need to be repaid.
The Subsidized loan is a federal loan in which the interest is paid by the government while you are in school. The Unsubsidized loan is a loan which is accruing interest while you are in school and you are responsible for the accrual upon the first disbursement of the loan. You have the option of paying the interest or deferring the interest until you graduate or are no longer attending school, at which time, it will be added to the principle of the loan.
As long as you listed Academy College’s school code (013505) when completing your FAFSA, we will receive your information electronically.
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. The “grace period” for Direct Loans is six months from your last date of attendance. The repayment period for all PLUS Loans begins on the date the loan is fully disbursed and the first payment is due within 60 days of the final disbursement.
Many student files are selected by the Federal Processor in the process of applying for aid. Some files are randomly selected while others are selected due to the appearance of a high number of errors. If your file is selected, requested documentation should be submitted to the Financial Aid office immediately to ensure timely processing dates are met.
Both the US Department of Education and the state of Minnesota require that students receiving aid demonstrate continuing academic success in college in order to continue receiving financial aid. This concept is called “Satisfactory Academic Progress” toward a degree. Therefore, it is important to maintain high academic scores and strive to complete all registered courses. Please reference the current Academy College catalog for additional information regarding SAP requirements.