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Financial Aid FAQ
How do I apply for Financial Aid Assistance?
The first step in applying for financial assistance is to complete the FAFSA – Free Application for Federal Student Aid electronically at studentaid.gov or fafsa.gov.
Does everyone have to complete the FAFSA?
Everyone is suggested to complete a FAFSA. The FAFSA mandates all aid, institutional, GA State aid, and Federal Aid.
When should I apply?
Students must apply each academic year and should begin the application process in October using the previous year’s tax information (example: 2022-23 FAFSA use 2020 taxes, 2023-24 FAFSA use 2021 taxes) The FAFSA should be submitted to your school of choice at least 90 days prior to the date that funds are needed. At Point University, the academic year runs as follows: Fall Term (August-December), Spring Term (January-May), Summer Term (May-August).
What documents will I need to complete my Financial Aid Application?
- Federal Student ID (Parent FSA ID are required for Dependent students)
- Social Security Number
- Date of Birth
- Drivers’ License – if you have one
- Federal income Tax Returns and W2s
- Parent Information for Dependent students
What is Satisfactory Academic Progress (SAP)?
Students who are receiving federal and state financial aid must be making measurable progress toward completion of a degree program in a reasonable period of time. Federal regulations restrict the awarding of financial assistance beyond 150% of the published program length. To maintain SAP, a student must complete at least 66.67% of all hours attempted and maintain a minimum cumulative GPA of 2.0.
If I do not have a high school diploma or GED, can I still qualify for Financial Aid?
In order to be eligible for Federal Financial Aid, a student must have a high school diploma, a GED or meet the minimum previous college requirements.
Verification
What does it mean if my FAFSA has been selected for verification?
The Department of Education randomly selects applications for a review process called verification. The Financial Aid Office is required to review the FAFSA results for accuracy. You will receive an email concerning being selected for Verification.
If a student is selected for verification one year, will they automatically be selected next year?
Not necessarily. Verification is selected by a random process.
How long does verification typically take, once all of the documents have been received (peak time vs. non-peak time)?
If it’s peak time, meaning times that are close to the beginning of an academic year, it could take up to 2 weeks. Once the documents are reviewed, if changes are required, it usually takes about 4 days for everything to process. Non peak time, it could take approximately 1 week.
Does verification have to be finalized before a Financial Aid Award is posted?
Yes, if a student is selected for verification, the process must be complete before the aid will be posted.
What Is dependent verification vs. independent verification?
A dependent student must provide parent information as well as student information. An independent student provides their information and spouse information if they are married.
What is the criteria to be considered “independent” for FA purposes?
An independent student is someone who meets at least one of the following criteria: 24 years or older, married or separated, has a child or other dependent that he or she supports, an orphan, homeless, or a veteran. (documentation will be required for the following statuses: orphan, homeless, ward of the court).
How are students notified that they have been chosen for verification?
They receive notification from Point University Financial Aid informing them of required documents and where to obtain them. They also receive a Student Aid Report from the Department of Education that indicates that they are selected and will need to provide the school with additional documents. Students should check their Point email account periodically for document requirements needed to complete their award.
Aside from Tax Forms, W2s and the dependent or independent worksheet, what are some of the other types of documents that you may need to complete the verification process?
If the student or parent has no income, they will need to provide a declaration of low incomeas well as documentation to support how they lived. This does include any assistance received from the Federal government (SNAP, food stamps, SSI, IRA roll-over).
What documents are typically needed?
When a student is selected for verification, they must complete a verification (dependent or independent) worksheet, which is provided by the school, and a copy of parent (if dependent) and student IRS tax return transcript and W-2s. A student will never submit someone else’s tax returns (i.e. grandparent), even if that person claimed them.
What if a student and/or his or her parents or guardians did not file taxes?
They need to provide how they are supported for the previous year – disability, social security, etc. If they have no income and are living with family members, they need to complete adeclaration of low income and/or IRS non-filer form. There may be additional information needed.
What if a student's income is dramatically different now than it was in the last tax year?
If a student or parent has been laid off or terminated, the student can complete a Professional Judgment Request Form and provide proper documentation which will be reviewed for possible adjustments. Otherwise, the student information would stay the same. These requests should be addressed through the Financial Aid Office at financial.aid@point.edu.
Please contact the Financial Aid Office with any questions.
Are there "typical" FAFSA errors that can be easily avoided?
The student needs to create an FSA ID and use it to complete the FAFSA. If a student does not complete the signature page, it is more likely to be selected for verification. Make sure you enter your taxes paid correctly. It is a common error to enter the adjusted gross income for taxes paid. There are helpful hints on the FAFSA to assist with getting tax information from the correct line off of the tax forms. For details on creating an FSA ID and tips on completing the FAFSA see fafsa.gov.
Will a student get dropped from classes (non payment) if they are waiting on verification to be completed?
Yes. When the drop for non-payment is processed by the Business Office, any student with a balance will be dropped from classes. This includes students waiting for verification to be completed. However, the student can complete a Payment Plan in lieu of being dropped. When the Financial Aid comes in, the student may be reimbursed.
Resources
Where can I find financial aid forms?
Most Financial Aid Forms can now be found in Campus Logic or in Softdocs-Etrieve.
How do I request a Parent Plus Loan?
*Parent PLUS loans can only be requested by the parent by applying at studentaid.gov.
Step 1: Go to www.studentloans.gov.
Step 2: Under “Grants and Loans” click “PLUS Loans: Grad PLUS and Parent PLUS.”
Step 3: Select borrower type “I am a Parent of a Student” and click “Learn More.”
Step 4: Scroll down to “I am a Parent of an Undergraduate Student” click “Start” and Log in with your FSA ID.
Step 5: Follow the instructions to complete.
Step 6:
- Enter application data
- Enter Student Information first
- Academic year (the school year at Point runs August-July)
- School: Point University
- Loan period dates: Use the current school year. Loans will be applied evenly between the Fall and Spring semesters unless otherwise requested.
- Amount: If you select “maximum amount,” we will calculate that amount by taking the annual cost of attendance and subtracting all packaged financial aid first. You can also enter a specific dollar amount. We will confirm your Parent Plus Loan amount in writing before processing.
Step 7: Once the application has been submitted, a credit decision will appear. If you are approved, please proceed to the next steps to complete a Parent PLUS Master Promissory Note. The loan will not be processed if this is not completed. We will contact you to get your final approval of the loan amount in writing.
Step 8: If you are denied or asked to complete additional options, we will receive a denial notification within 24 hours. We will contact you with the next steps and will update the student aid offer accordingly. When a parent is denied a PLUS loan, the borrowing limit for the dependent student increases. Dependent students can receive more unsubsidized loans, up to the limit set for independent students.
How do I complete Entrance Counseling?
Step 1: Go to www.studentloans.gov.
Step 2: Log in with your created FSA ID.
Step 3: Under “Grants and Loans” select Loan Entrance Counseling and follow the instructions to complete. Be sure to select the correct option for Undergraduate, Graduate or Parent loans.
How do I complete a Master Promissory Note?
Step 1: Go to www.studentloans.gov.
Step 2: Log in with your created FSA ID.
Step 3: Under “Grants and Loans” select Master Promissory Note (MPN) and follow the instructions to complete. Be sure to select the correct option for Undergraduate, Graduate or Parent loans.
