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Financial Aid Myths … Get the Facts!
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You will find many well-intended individuals who are willing to
help you through the financial aid process. These individuals may
be your siblings, neighbors, friends who have previously received
financial aid or even consultants who will charge you for financial
aid services. You will find that there is a lot of misinformation
communicated to new students. Before taking action on the advice
you receive, check the facts. Answers to about 80% of the questions
asked by students can be found on the Internet at BroncoWeb and the
Financial Aid Web Site:
“http://financialaid.boisestate.edu”>http://financialaid.boisestate.edu
FINANCIAL AID MYTHS
I missed the February 15, 2004 priority deadline
for the Free Application for Federal Student Aid (FAFSA) for
2004-2005 aid, so it is too late to apply. face=”Arial” color=”#ff0000″>Wrong!
There are definite advantages to submitting a FAFSA by the priority
deadline, but if you missed it, you may still complete and submit
the FAFSA for 2004-2005. Your application will be reviewed for Pell
Grant and Direct Student Loan eligibility. At this point, we can
not guarantee that your aid will be in place before the fall Fee
Payment Deadline, but if you hurry AND you respond quickly to any
“Financial Aid To Do” items on BroncoWeb, you will have
financial aid sooner rather than later. Next year make sure you
file by March 15 – the priority deadline for continuing
students.
My parents make too much money for me to be
eligible for financial aid.
“#ff0000″>Not true!
There is no income limit for eligibility for federal Direct Student
Loans. The interest rates on the student loans are quite low and
might be a better option than liquidating investments for school.
The only way anyone can determine what financial aid you are
eligible to receive is to know the results of your completed FAFSA.
In particular, the Expected Family Contribution (EFC) is an index
number that determines the type of aid you are eligible to
receive.
There are loopholes to filling out the FAFSA
that will make me eligible for even more financial aid.
Wrong!
Some private businesses and web sites would like you to think that
there are tricks to filling out the FAFSA and they will gladly take
your money to show you their secrets. In fact, the FAFSA is
designed to make it as easy as possible to accurately complete it
without professional assistance. Save your money for school and
fill out the FAFSA on your own. Should you need assistance, you can
find free advice on line, by phone, by e-mail or in person:On line:
“http://www.fafsa.ed.gov”>www.fafsa.ed.gov href= “http://financialaid.boisestate.edu”>http://financialaid.boisestate.edu
By Phone: 1-800-433-3243 or TTY line at
1-800-730-8913 or 426-1664 (at Boise State)
By E-mail:
“mailto:FAQuest@boisestate.edu”>FAQuest@boisestate.edu
In Person: Room 113 of the Administration Building on the Boise
campus or the Student Services Office at the Canyon County Office
of Boise State University
The only way to find personal information about
your financial aid is to come into the Boise campus Financial Aid
Office.
“#ff0000″>Wrong!
When you log into BroncoWeb, you have access to your personal
financial aid information. The information on BroncoWeb is visible
in “real time.” This means that the minute you are
awarded financial aid, you can see it and accept it on BroncoWeb.
If you need to submit some documents, you will be prompted to do so
under the “Financial Aid To Dos” link on BroncoWeb. You
will also be able to see the status of each financial aid award.
Thus, if an award shows as “Offered” you will need to
accept or decline that award. You can also check to see when the
aid has been “Disbursed” towards your student
account.
Financial aid will cover all of my educational
expenses. Not
necessarily – it depends
“Arial”>.
If you have scholarships, Pell Grants, work-study aid and student
loans, you will most likely have aid for all or most of your
educational expenses. If you are awarded freshman level loans only,
you will most likely need to use savings, income from a part-time
job, or other educational assistance to cover all of your expenses.
On BroncoWeb check your student account to see the amount you will
owe Boise State (under the Student Financials button). Then click
on the Financial Aid button on BroncoWeb to see the amount of aid
you can expect to receive each semester. Be sure you plan for any
amounts that you will owe after financial aid is applied towards
your fees.
Financial Aid recipients have to be enrolled in
at least 12 credits to be eligible for aid.
“Arial” color=”#ff0000″>Not necessarily – it depends on the aid awarded.
If you have been awarded a Perkins loan, you will need to be
enrolled for 12 or more credits each semester (at least 9 credits
for graduate students). Other student loans only require that you
be enrolled at least half time (6 credits for undergraduates, 5
credits for graduate students). Pell Grant eligibility is
determined by the number of credits for which you are registered on
the tenth day of each semester. You may receive one-fourth,
one-half, or three-fourths of a Pell Grant if you enroll for less
than 12 credits. When you enroll in 12 or more credits you will
receive the full amount of the Pell Grant visible on your financial
aid award for that semester.
My grades will not impact my financial aid
eligibility.
“#ff0000″>Wrong!
Academic performance is the most common reason students lose
eligibility for financial aid. Carefully read the Satisfactory
Academic Progress policy. This policy, as well as other policies
which may impact your eligibility for aid, can be found in the
Financial Aid Handbook.
These myths are only the beginning of misinformation circulating by
well-intended people. If you don’t want to put your fate in
their hands, get your answers in writing from official University
or federal aid sources.