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FAQ

FAQ

  1. What is my first step in applying for financial aid?

    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.

  2. What is the Academy College school code?

    Our school code is: 013505.

  3. What determines my financial aid eligibility?

    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).

  4. How do I determine if I am considered “dependent” or “independent” when completing the FAFSA?

    Generally, if you are:

      • Under 24
      • Not married
      • Not working toward a graduate degree
      • Do not have children
      • Have not served in the US Armed Forces

    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:

        • Were you born before January 1, 19_ _? (see FAFSA application for specific year)
        • As of today, are you married?
        • Will you be working on a master’s or doctorate degree in the next school year?
        • Do you have children who will receive more than half of their support from you?
        • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you?
        • Are both parents deceased, or are you an orphan or ward of the court, or were you a ward of the court until age 18?
        • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training, or are you a veteran of the U.S. Armed Forces?

    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.

  5. What is an FSA ID and how do I apply for it?

    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.

  6. What are some of the common mistakes people make while filing for financial aid?

    As you complete your FAFSA, please make a note to avoid the following mistakes:

    • Not reading and following the instructions in full
    • Not fully completing the application
    • Not using the correct Social Security number
    • Not electronically signing the FAFSA
  7. What if my personal credit history is not positive?

    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.

  8. What is the difference between a loan and a grant?

    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.

  9. What is the difference between the Subsidized and Unsubsidized Federal Stafford Loan?

    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.

  10. Do I need to send a copy of my Student Aid Report (SAR) to the Financial Aid office?

    As long as you listed Academy College’s school code (013505) when completing your FAFSA, we will receive your information electronically.

  11. If I take out loans, when will I have to start making payments on them?

    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.

  12. Why was my file selected for verification and what does this mean?

    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.

  13. Will a bad grade or withdrawing from class(es) affect my eligibility for aid?

    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.

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