Commonly Asked Questions About
Financial
Aid
Q. Do I have to reapply for financial aid each year?
A. Yes. The Free Application for Federal Student Aid (FAFSA) can be filed anytime after January 1 for the coming academic year. We recommend filing early because many funds are limited.
Q. When will I receive my financial aid award?
A. You will receive your financial aid award shortly after your financial aid file is complete (all required documents have been received by the College) and you have been accepted to Alverno.
Q. What do I do with my award once I receive it?
A. When you receive your financial aid award, please review it and all the materials that you receive with it. If you have any questions, call your admissions counselor or the Financial Aid Office.
Q. Will my financial aid award amount be the same each year?
A. It depends on each type of aid that you receive. Need is determined by the results of the FAFSA. The type of student loans that you receive is also dependent on need. If you meet the requirements for financial aid, you will qualify for some type of student loan. Academic scholarships that you receive are guaranteed for subsequent years. Additionally, to qualify for financial aid in subsequent years, a student must maintain satisfactory academic progress.
Q. If I receive an outside scholarship will I lose some of my financial aid?
A. Alverno's policy regarding outside scholarships is to reduce a student's loan amounts or employment. We do this to encourage students to search for outside scholarships to help reduce borrowing or time commitments due to student employment.
Q. My parents are divorced. Whose income will be considered for financial aid?
A. Federal requirements dictate that you must use the income of the parent with whom you reside.
It does not matter which parent claims you on their income taxes.
Q. Will I qualify for financial aid if I attend school part time?
A. Yes. The majority of scholarships and grants are pro-rated for part-time enrollment. Loan totals should not change based on part-time enrollment.
Q. What is the difference between an "independent" and a "dependent" student?
A. The definitions of dependent and independent students are dictated by federal guidelines and are determined when you complete the FAFSA. Federal guidelines consider a student independent if he or she meets one of the following criteria:
- Is at least 24 years old by Dec. 31 of the award year
- Will be working on a master's or doctorate program
- Is a married student
- Is an orphan or ward of the court
- Is a veteran of the Armed Forces of the United States
- Is a student who has legal dependents other than a spouse and provides over 50 percent of the support for that dependent.
The best way to ensure that you receive financial aid is to get materials in early and stay in close contact with financial aid staff. Be aware of dates and deadlines and keep a record of all information sent and received. Continue to communicate with your admissions counselor and the Financial Aid Office.
Financial Aid Home Page |
