At Hocking College, we understand that Financial Aid is hard to comprehend. That's why we decided to compile Financial Aid's most frequently asked questions into one blog post. If you have any other specific questions, please don't hesitate to contact our Financial Aid team and ask!
What is SAP?
Students can lose their financial aid by failing to maintain standards of satisfactory academic progress. Federal regulations require that all college financial aid programs enforce a set of rules and regulations called Satisfactory Academic Progress (SAP) Standards.
I just completed a FAFSA. Do I need to apply again next year?
Students must apply for financial aid each award year. Students may begin applying for the 2017-2018 FAFSA on or after October 1, 2016. Students are encouraged to apply early to ensure you receive the maximum amount of financial aid possible.
How is my financial aid
The federal government has designed a formula which determines your expected family contribution (EFC), and can be found on your Student Aid Report (SAR). This formula, which is used by colleges and universities throughout the country, estimates your family's financial strength in order to determine the amount your family should be able to contribute to the cost of education for the academic year.
Family income, assets, size of the family, and number in college are among the many items evaluated by this formula. The expected family contribution (EFC) is subtracted from the cost of attendance (COA) to determine your financial need.
I am transferring to Hocking from a different college. How do I transfer my financial aid?
You must alert Financial Aid Services that you are transferring from another college by completing the Overlapping Loan/Enrollment form.
If the previous school has processed aid and is entitled to retain a portion or all of the aid, then the amount of aid that you will be eligible for at Hocking is limited. Additionally, must alert the prior school that you are no longer enrolled and request they cancel any future disbursements of financial aid.
If I qualify for financial aid, what does it cover?
The purpose of financial aid is to assist students in covering their direct, and some indirect, costs associated with attending college. Below are direct costs for which aid can be applied.
- Incidental college charges(parking pass, books and supplies)
- Meal Plan
- Residence Hall Fees
- Course Fees
- General Service Fees
If your total charges exceed your financial aid amount, you will be responsible for paying the additional amount.
How much do I need to pay when I register for classes?
At the time of registration, you are responsible for confirming your method of payment. If you are planning to use financial aid to cover your educational costs, you must complete the Free Application for Federal Student Aid (FAFSA). Once your financial aid has been finalized, the college compares the amount of aid you have been awarded to the amount of your college charges/costs.
If you have enough financial aid to cover all your costs.
If you have enough financial aid to cover all your costs, you will have to pay nothing to register.
If your aid does not meet your costs.
If your aid is not enough to cover all your costs, you either must pay the difference on your own with cash, check or credit card or enroll in the Payment Plan, which will allow you to pay what you still owe later. A non-refundable payment of $30 is charged to enroll in the payment plan.
If your aid is not yet finalized.
If your aid has not been finalized yet by the time you want to register for classes, you will be required to pay for your charges at the time of registration. Another option is to enroll in the Payment Plan that carries a $30 non-refundable fee.
Then, when and if your aid does come through, the aid will be used to cover your costs. You may receive all or some of your payment refunded, depending on how much financial aid is awarded.
Ultimately, charges you incur by registering for classes are your responsibility. If your financial aid is not awarded to you, you will have to pay all these costs on your own. Apply for financial aid as early as possible to determine your aid eligibility and award amount before you register. If you are undecided about your enrollment plans, you should still complete the Free Application for Federal Student Aid (FAFSA) so this is in place when you do decide to enroll.
On my Award Letter, I received both subsidized and unsubsidized loans. What's the difference?
A subsidized loan is awarded based on a students' financial need as determined by the FAFSA. The government pays the interest on the subsidized loan while you are enrolled at least half time. The unsubsidized loan is not based on financial need and the student is responsible for the interest that accrues on the loan, while enrolled and afterwards. For both loans, your repayment begins six months after you separate from the college or drop below half time.
What if I need financial aid
for the summer term?
Students may receive aid during the summer, just as they do in other terms (autumn and spring). However, if a student does receive aid during a summer term, it can affect the aid available for other terms during the academic year. Depending on the type of aid you receive, your future aid could be possibly reduced.
However, the Office of Financial Aid Services needs to know that you will be attending summer term so your financial aid maybe applied accordingly. You must complete the Summer Enrollment Financial Aid Form form and submit to the Office of Financial Aid Services prior to the start of Summer Semester.
Can I get financial aid if I only attend Hocking part-time?
Yes, most financial aid awards have a part-time allocation. Hocking College defines full-time enrollment as 12 credit hours per semester. Students who are receiving federal loans may receive those loans if enrolled at least half time. If you are eligible for Pell, this grant will be pro-rated based on the number of credit hours you are enrolled.
What if my family has a special circumstance that will affect how much we can pay?
Students who have special circumstances should contact the Hocking College Office of Financial Aid Services to discuss your circumstances. You should request a Change of Income form and return it with all supported documentation as soon as possible. Appeals for change in income will be accepted through December 1st for the current award year. Consideration will be given to situations involving the following:
- Loss of income earned from work (due to unemployment, plant closing, or termination)
- Loss of taxable income (such as alimony and unemployment)
- Loss of untaxed income (such as child support, worker's compensation or other income)
- Loss of income due to a disability, separation or divorce, death of a parent or spouse
We will review your request for any allowable changes that may help you and your family better afford the cost of education.
I receive no help from my parents and live on my own. Can I complete the FAFSA without using my parent’s information?
In order to be considered 'Independent', a student must be able to correctly answer yes to at least one of the dependency questions in section three of the FAFSA. Otherwise, your parent’s information is required. If you believe there are extenuating circumstances which prevents you from being able to obtain parent information, you may submit an appeal for a dependency override. You are responsible for providing appropriate documentation to support your request. Click on "Determining Dependency Status" link below for more information.
If I have a bachelor's degree, may I still receive Financial Aid?
Students with a bachelor's degree may still apply for the Federal College Work Study Program and Federal Direct Stafford loans (both subsidized and unsubsidized). However, students will not be eligible for the Pell or FSEOG grants.
What does Financial Aid Freeze or Census Date mean?
Hocking College uses a "freeze" date each term to determine a student's enrollment status for awarding financial aid. All financial aid that a student is eligible to receive will be disbursed after the Financial Aid Freeze Date. A student's maximum financial aid award is based upon full time enrollment for the term. The courses for which an eligible student is registered on the freeze date will determine the amount of financial aid a student may receive for the term.
This means that if a student adds or drops classes before the freeze date, the amount of financial aid the student is eligible for may be affected. If classes are added or dropped after the freeze date, the financial aid will not change if the student has attended the class, however, satisfactory academic progress (SAP) may be affected.
What happens to my financial aid if I add or drop classes, if I withdraw from college or if one of my classes is canceled?
These are complex situations, which can affect your financial aid drastically; do not take such situations lightly. Since aid levels are always based on your current enrollment status (full-time or part-time), it is very important for you to be aware of your enrollment level at all times.
If your status changes due to any of the situations named above, contact the Hocking College Office of Financial Aid Services immediately to discuss the status of your aid. Also, it is best to hold off changing your schedule until you have discussed with a financial aid associate what the effect on your aid might be by making such a change.
Aid will be reduced if you drop below certain enrollment levels. If you withdraw, the aid may be taken away and you may end up owing both the federal government and the college money. Please review our Refund Policy by clicking the button below.
Will I receive a financial aid overage/refund check?
If you receive more financial aid in a term than the charges on your account at the college, you may qualify to receive the overage amount in the form of direct deposit or by check. The process that determines this is called Financial Aid Transmittal and currently the college conducts several transmittals each term processed on Thursdays (subject to change if necessary).
Typically, aid is applied to accounts on the first transmittal each term. However, in cases where aid cannot be applied at that time because it has not yet been finalized, it will be applied once finalized at the next scheduled transmittal for that term. Financial aid must be finalized two weeks before overage/refund check date.
If a student receives more financial aid than the amount of their account charges, an overage check will be mailed to the address listed for the student in WebAdvisor unless direct deposit has been established.
Can I use my financial aid to charge books or supplies at the Bookstore?
Hocking College allows limited pending financial aid funds, up to $700 during the first ten business days of the term, to be used against charging of books and supplies at the Hocking College bookstore. This is allowed only if there is a credit appearing on the account. If the student owes a balance, even if on a payment plan, they are not eligible to charge books. If your pending financial aid does not become finalized the student is responsible for charges incurred.
How do I receive Federal Work-Study?
You apply for Federal Work-Study by completing the FAFSA and answering "yes" to the question that asks whether or not you are interested in student employment. To receive a job placement, please visit our Office of Human Resources. If you are eligible for FWS, you have the opportunity to work in the FWS Community Service program, which pays $ 2.00 more per hour than student employment on campus.
If I don't qualify for Federal Work-Study, is there any other way I can work on campus?
Yes, while not part of financial aid, the college employs students in positions throughout the college through the Part-Time Employment program. Please contact our Office of Human Resources for more information about student employment opportunities.
Will I receive the same amount of financial aid next year?
You must re-apply for financial aid every year you wish to be considered for financial aid. Since your aid amount is based on your specific financial information, which may change every year, the college has no way of knowing your aid eligibility level from year to year until we receive the results of your FAFSA each year.
We hope that we have been able to answer your questions through this blog on Financial Aid FAQ. Please feel free to contact the Enrollment team with any additional questions!