Frequently Asked Questions & Glossary
Frequently Asked Questions:
Glossary (Terms & Acronyms):
Answers to Frequently Asked Questions:
What do I need to do to qualify for financial aid?
You need to do three things to qualify:
- Be admitted to Calvin College
- Complete a Free Application for Federal Student Aid (FAFSA)
- Complete Calvin's Optional Supplemental Financial Aid application
Back to Top
What is the Free Application for Federal Student Aid (FAFSA)?
To apply for federal financial aid you must complete the FAFSA or renewal FAFSA each year. The FAFSA is published by the U.S. Department of Education. Students complete and submit the form to the Department of Education's federal processor. The federal processor, in turn processes the information and sends a record to the colleges and universities you designated on the form. The FAFSA can be completed on the Web at www.fafsa.ed.gov and is also available en español . Paper copies of the FAFSA are available by calling 800-4FEDAID (800-433-3243).
Back to Top
What is a Calvin Supplemental Financial Aid Application?
Families who file the FAFSA form with the federal government may also complete the Calvin's Optional Supplemental form. This can be done online or a paper form may be filled in and sent to Calvin. This form provides a way for families to communicate any special circumstances that they are experiencing that may impact their ability to pay for college.
Back to Top
When should I apply for financial aid?
Students must apply for financial aid every year. The FAFSA or Renewal FAFSA should be completed after January 1.
- New incoming students should file by February 15 in order to receive an award package by late March or early April.
- Returning students should file by March 1 so they can receive their
award package in June for the next year.
Back to Top
Do I have to reapply for financial aid every year?
Yes, you should apply for financial aid every year. If your financial circumstances change, you may get more or less aid.
Back to Top
Should I file for need based financial aid if I don't feel I will qualify?
We normally recommend filing for financial aid, especially for the first year a student is applying or if there are significant changes in your family's financial status from the previous filing year.
Back to Top
If I don't file for financial aid will I still be eligible for any financial aid?
You will still be considered for merit based scholarships which do not look at financial need for consideration.
Back to Top
What is verification and what am I required to do if I am selected to be verified?
Verification is a process whereby a family is asked to send tax information to the financial aid office which is used to verify the information you filed on your FAFSA form. This requires you to send a copy of your 1040 and W2 information, your parents 1040 and W2, as well as completing a 2 page verification worksheet. The government randomly selects about 30% of all applicants to be verified.
Back to Top
Is my Financial Aid Award Notice the same as my College Account Billing Statement?
No. The Office of Scholarships and Financial Aid sends you the Financial Aid Award Notice which lists scholarships, grants, loans or workstudy. Your Account Billing Statement is sent by the Financial Services Office. This statement will show your tuition, room and board and will also reflect the financial aid for which you qualified. Questions related to financial aid should be directed to the Financial Aid Office. Any questions related to charges, payments or payments due should be directed to the Financial Services Office.
Back to Top
Will anything happen to my financial aid if I change my housing arrangements?
Changing housing arrangements from either on-campus, off-campus or to living with parent can effect financial aid. You should notify the Financial Aid Office of any housing change. You may get more or less aid depending on the situation.
Back to Top
Financial Aid Terms and Acronyms:
Financial Aid Package - If you are eligible for financial aid, you will be awarded a financial aid package that could consist of scholarships, grants, loans, and Work-Study. An Finanacial Aid Award is a means of notifying financial aid applicants of the assistance being offered. The package usually provides information on the types and amounts of aid offered.
Budget/Cost of Attendance (COA) - The estimated cost of attendance for a student which includes tuition, fees, books, supplies, room, board, personal expenses and transportation.
Independent Student - is someone who can answer yes to one of the following conditions:
- 24 years old
- is an orphan or ward of the court
- a veteran of the service
- is married
- has legal dependents other than a spouse
- working on a degree beyond a bachelors degree
Dependent - a person who does not qualify under the independent definition and whose parental income and asset information is used in calculating Expected Family Contribution (EFC)
Expected Family Contribution (EFC) - The amount a student and his or her family are expected to contribute toward the student's cost of attendance as calculated by a Congressionally mandated formula known as Federal Methodology.
Federal Methodology - Formula, defined in statue, and used to determine an Expected Family Contribution for Federal Awards. This formula is also used by the state of Michigan to determine Michigan Competitive Scholarships/Grants for residents.
Financial Need/Need Analysis - The difference between the institutions cost of attendance and the family's ability to pay. May be expressed in the formula:
Cost of Attendance (COA) minus Expected Family Contribution (EFC) = Financial Need
Scholarships, Grants and Gifts - A type of financial aid that does not have to be repaid. Scholarships can be both merit based and need based whereas grants are usually need based.
Student Aid Report (SAR) - A federal output document sent to a student by the federal processor. This report contains financial and other information reported by the student on the Free Application for Federal Student Aid (FAFSA)
Back to Terms |
