UW Colleges Financial Aid
Frequently Asked Questions
- Applying for Aid
- Verification Process
- Awarding Financial Aid
- Financial Aid Disbursement
- Special Circumstances
- Satisfactory Academic Progress (SAP)
- Direct Loan Program
Applying for Aid
Q. How do I apply?
To apply for federal, state, and institutional financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). This form can be obtained at any high school or university. You can also complete it online at http://www.fafsa.ed.gov. When filing the FAFSA you should list the University of Wisconsin Colleges school code of 003897. This will ensure that UWC receives the results of your FAFSA and processes your financial aid according to your eligibility. Allow plenty of time for processing the FAFSA as it can take up to six weeks to process.
Q. What are the deadlines?
The University of Wisconsin Colleges must receive the results of your Free Application for Federal Student Aid (FAFSA) by our priority deadline of April 15 preceding each award year in order for you to be considered for all available financial aid. This is not the date by which you must mail the FAFSA or submit it online. We must have already received your FAFSA results in order for you to be considered first-priority. If you file a paper FAFSA, you should allow up to six weeks for processing. If you file online, you should allow up to four weeks.
Q. What is a Student Aid Report (SAR)?
The Student Aid Report (SAR) is a report of the information you provided on the Free Application for Federal Student Aid (FAFSA). You should review this information carefully for accuracy. If it is correct, do not send it back. File it for your records. If you find incorrect information or you originally used estimated information and need to report actual figures, make your changes on the SAR or online SAR report.
Q. How can I be considered Independent?
To be considered an independent student when completing the Free Application for Federal Student Aid (FAFSA) you must meet one of the following criteria: be married at the time you are filing; have a child or other legal dependents for whom you, personally, provide more than 50% of the support for that child or legal dependent and be able to document that support; be an orphan/ward of the court; be a veteran of the U.S. Armed Forces or currently serving on active duty. A student is an orphan only when both biological parents are deceased. A ward of the court is someone whose guardianship has been placed with a court system or government agency, not necessarily someone who has a legal guardian or has been in foster care. A ward of the court must also have had that status until age 18. For more information review the Dependency Status information page.
There is a Dependency Appeal process; however, only appeals with well-documented parental estrangement are approved. Being financially independent of your parents does not allow you to be independent for financial aid purposes. Contact your Student Services Office to obtain a Dependency Appeal Form.
Q. What is the UW Colleges Federal School Code?
The University of Wisconsin Colleges' school code is 003897. This code must be entered in question 86 on the Free Application for Federal Student Aid (FAFSA).
Q. How much does it cost to attend the UW Colleges?
For up-to-date information on tuition and fees, click here
Verification Process
Q. What is the verification process?
Verification is a process that all universities receiving federal aid are required to complete. Students must complete verification in order to be eligible for need-based financial aid. The verification process is completed by collecting various tax information and comparing it to the information reported on a student's Free Application for Federal Student Aid (FAFSA). This is not done to find fraudulent FAFSA applicants, but to find and correct common mistakes made by students and parents. When an error is found, we make a correction to the student's FAFSA information. The UW Colleges completes the verification process for those students selected by the U.S. Department of Education's Central Processing System.
Q. Why was I selected for Verification?
The Central Processing System (CPS) selects students for verification using pre-set criteria. This means that your Student Aid Report (SAR) may say that you have been selected to complete the verification process. You will receive notification shortly after we receive the results of your Free Application for Federal Student Aid (FAFSA) if you are selected to complete verification at the University of Wisconsin Colleges.
Q. What do I need to do?
If you have been selected for verification, you must return all required documents for that process. If you refuse to complete verification, you will not be eligible for any need-based financial aid. If you do not have a copy of your federal tax return you can request one from the IRS.
Q. How long will it take?
We will notify you via a letter or email telling you what information we need in order to complete verification. This notification is typically sent when we receive the results of your Free Application for Federal Student Aid (FAFSA). We will then send a second notification after 30 days and a third notification 30 days from that point. Once we receive all documents needed, we will compare your tax information to your FAFSA. If the information is correct, verification is complete and your aid will be awarded. If we need to make corrections to your FAFSA, the processing/packaging will be delayed until the correction is processed by the Federal processor and sent back to UW Colleges. Verification will typically only take a few days once you have submitted all of the required documentation (if all of the FAFSA information was correct).
Awarding Financial Aid
Q. Do I need to return my Award Offer?
You do not need to return your Award Letter to accept grants/scholarships. You DO need to return your award offer if you wish to accept Federal Work Study or loans.
Q. Why is my aid package different from last year?
Each year students are required to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA reflects the prior year's tax information. As your or your parent's income and asset information changes from year to year your financial aid eligibility may change. Another factor could be the time that you filed your FAFSA. Students who meet the UW Colleges' priority deadline April 15 preceding each award year are considered for all financial aid the UW Colleges offers. If you filed by the deadline in a previous year and filed after the deadline this year, you may not have been offered certain grants and loans that you previously received. If that is the case, you can contact or visit our office and asked to be put on a waiting list for additional aid. It will be awarded to the neediest students as it becomes available.
Q. What is financial need and how is it determined?
A student's financial need is determined by using the Expected Family Contribution (EFC) which is derived from the Free Application for Federal Student Aid (FAFSA). The EFC takes into account the number of people in the household size, the number of people in college, student income and student assets. When a student is dependent and required to include parent(s) information on the FAFSA, parent(s) income and assets are taken into consideration as well. Need-based aid consists of grants, scholarships, Federal Work Study, and subsidized Stafford Loans. The remainder of the student's budget may be covered by an unsubsidized Stafford Loan, a Parent PLUS Loan, or an alternative loan from a private lender. The maximum amount of aid a student can receive is determined by his or her Cost of Education Budget.
Q. Who can receive financial aid?
To receive Title IV federal aid (Federal Pell Grant, Federal Work Study, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, or Federal Stafford Loan) a student must meet the following requirements: be a U.S. citizen, a national, or permanent resident of the U.S., or be in the U.S. for other than a temporary purpose (U.S. citizenship is required for the Academic Competitiveness Grant); comply with U.S. Selective Service registration requirements; be enrolled or accepted for enrollment in a degree program (teacher certification or preparatory coursework cases should be discussed with a financial aid administrator); be making Satisfactory Academic Progress as defined by the UW Colleges; not be in default on a Federal Loan; not owe any repayment on any Title IV funds; and have a valid Social Security Number. Students who have earned enough credits for the UW Colleges Associate of Arts and Science degree or who have already completed a bachelor's degree are not eligible to receive financial aid from the UW Colleges.
Q. Why is the financial aid offered from the UW Colleges different from XYZ College?
Financial aid offers can be different from one institution to another for many reasons. Some types of financial aid are awarded based on criteria established by the institution, such as institutional financial aid. Funding for some federal programs is limited. Institutions receive an allocation, or set amount, for each of the campus based aid programs (Federal Work Study, Federal Perkins Loan, and Federal Supplemental Educational Opportunity Grant) from the U.S. Department of Education. Since schools receive different allocation amounts, institutions will have different rules and methods for awarding their allocation of limited funding. Institutions also have different costs of attendance which can change a student's eligibility for need based financial aid funding and can affect the total amount of financial aid offered from one institution to the next.
Q. Can I have more financial aid?
A student's award package can include scholarships, federal grants, state grants, loan assistance, and employment. Not all students receive all types of financial aid. If you meet the priority deadline April 15 preceding each award year, you may receive a more attractive award package than if you apply later. If additional financial aid becomes available throughout the award year, the UW Colleges Student Financial Aid Office re-awards that financial aid. If you do not receive a particular type of aid which you thought you should qualify for, you can contact us to discuss the eligibility criteria.
Financial Aid Disbursement
Q. When will financial aid credit my UW Colleges account?
Financial aid funds are credited to your account on September 17 for fall 2009 and February 8 for spring 2010. Checks are mailed the same day that aid is credited to your account. If you applied, were offered, and accepted aid prior to the start of school, your aid will normally be available in this time frame.
Q. What if I have more financial aid than what I owe the UW Colleges?
When calculating your financial need, the Student Financial Aid Office takes into consideration tuition and fees, room and meals, books and supplies, transportation and personal miscellaneous expenses. Once your tuition and fees are paid, excess funds will be mailed to your current mailing address; these funds are available for your other educational expenses. To determine if you will receive a financial aid refund, you should compare your university charges with your anticipated financial aid. In most cases, this is evident on your university account statement accessible via PRISM. You can also use your award letter to review your financial aid. If you have financial aid on your award letter that is not appearing as an anticipated credit on your account statement, you may need to complete additional paperwork, register for additional credit hours, or complete an online process for that award. Requirements for each award are explained on the award letter.
Q. What happens if I drop a class after financial aid has been credited to my account?
You need to finalize your class schedule by midnight of the tenth day of classes in a given term (September 16 for fall 2009 and February 7 for spring 2010). If you drop a class after this time you will recieve a W grade on your transcript and may have difficulty meeting the requirements of the Satisfactory Academic Progress (SAP) policy.
Q. What happens if I withdraw from the UW Colleges after I've received my aid?
If you completely withdraw from all of your courses, the UW Colleges is required to perform a calculation called the Return of Title IV Funds which will determine the amount of financial aid you earned and, quite possibly, the amount of financial aid you need to return/repay. If you withdraw from the UW Colleges during the first 60% of the semester, your financial aid will be adjusted based on the calculation. The Student Financial Aid Office will review what charges you are responsible for and what financial aid you are eligible to receive at the time of your withdrawal. Your aid may be reduced or canceled based on this process and you may have owe a balance to the UW Colleges. You will be notified by the Student Financial Aid Office as to the outcome of this process. You will most likely have difficulty meeting the requirements of the Satisfactory Academic Progress (SAP) Policy.
Special Circumstances
Q. My financial situation has changed since I filed my FAFSA, what can I do?
If your financial situation has changed since you filed the FAFSA, you can request an adjustment based on your most recent financial information. You should contact the Student Services Office at your campus at the end of September to pick up the required form(s). The Student Financial Aid Office will review this information and will notify you once the information has been processed. There is no guaranty that you will be eligible for additional financial aid.
Q. What can I do if my parents have divorced/separated since filing the FAFSA?
If your parents divorced/separated AFTER you filed your FAFSA, you can pick up the request for adjustment form(s) from the campus Student Services Office. The form(s) will be reviewed by the Student Financial Aid Office and will notify you once the information has been processed. There is no guaranty that you will be eligible for additional financial aid.
Q. I have other special circumstances I would like considered, who do I speak to?
While there are always exceptions, only some circumstances can be considered when evaluating a student's financial aid eligibility. Many monthly expenses (mortgage, vehicles, etc.) are already taken into consideration in the federal formula used to determine your Expected Family Contribution (EFC). Although these will vary in families, extraordinarily high expenses cannot be taken into consideration for additional eligibility. Contact your local Student Services Office to discuss your situation. The UW Colleges Student Financial Aid Office will review exceptions on a case-by-case basis and will notify you of any changes in eligibility.
Satisfactory Academic Progress (SAP)
Q. What is Satisfactory Academic Progress?
Satisfactory Academic Progress (SAP), is a requirement for ALL students (whether you receive financial aid or not) based on certain Federal guidelines to ensure you are making progress toward finishing your degree. SAP is made up of three components; maximum timeframe, cumulative Grade Point Average (GPA), and completion rate. For more information access the UW Colleges SAP Policy.
Q. I received notification indicating I'm not meeting the requirements of SAP, what do I do now?
If you are not currently meeting the requirements of the Satisfactory Academic Progress (SAP) policy, you will not be eligible to receive further financial aid from UW Colleges. You will need to pay for your courses on your own, without the help of financial aid, until you have once again met the SAP requirements. If you feel you had an extenuating circumstance that prevented you from achieving the SAP requirements, you need to appeal your standing and contact the Student Services Office at your campus immediately. For more information access the UW Colleges SAP Policy.
Q. The SAP Appeal process... how do I appeal and how long does it take?
Once you have received notification that you are not meeting the requirements of the SAP Policy, you will need to contact your Student Services Office immediately. You have the right to appeal your SAP standing if you had extenuating circumstances that prevented you from meeting the SAP requirements. The processing time will vary based on how quickly your appeal is submitted to the Student Services Office. The sooner you appeal your standing, the sooner the campus SAP Committee can review your appeal and give you a decision. For more information access the UW Colleges SAP Policy.
Direct Loan Program
Q. What are Direct Loans?
The William D. Ford Federal Direct Loan Program, commonly referred to as Direct Loans, provides loans to eligible student and parent borrowers under Title IV of the Higher Education Act. The loan types include Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Parent PLUS Loans, and Direct Consolidation Loans. Funds are provided directly from the U.S. Department of Education to eligible borrowers. UW Colleges began participating in the Direct Loan Program starting with the Summer 2010 term.
Q. What are the types of Direct Loans?
Direct Subsidized and Unsubsidized Loans, Direct Parent PLUS Loans, and Federal Direct Consolidation Loans.
Q. How do I apply for a Direct Loan at UW Colleges?
You complete the Free Application for Federal Student Aid (FAFSA) using our school code of 003897. The Student Financial Aid Office will then review your application, request additional information if necessary, and send you a Financial Aid Award Offer.
If interested in applying for a loan, you will “accept” the loan per the instructions on the Award Offer. You must sign a Direct Loan Master Promissory Note (MPN) with the U.S. Department of Education as your lender. You only need to sign once. As you request loans for subsequent years, the loans will be added to your Master Promissory Note. You also must complete a Direct Loan Entrance Counseling session which helps you understand your rights and responsibilities as a student loan borrower and provides information and terms to help you make the right choices.
After you complete Direct Loan Entrance Counseling and sign your Direct Loan Master Promissory Note, the UW Colleges Student Financial Aid Office will request that the U.S. Department of Education send your funds for the semester and we will apply the loan funds to your University of Wisconsin Colleges student account.
Q. Do I have to complete Loan Entrance Counseling for the Direct Loan Program?
Yes, both new and continuing students must complete Direct Loan Entrance Counseling. Once you have completed Direct Loan Entrance Counseling and selected University of Wisconsin Colleges as your school, you do not need to complete it again each year, it will carry forward each year and remain valid while you are enrolled at UW Colleges.
[NOTE: you will need the same PIN that you used for your FAFSA to electronically complete this step. If you do not have a PIN, you may obtain one via http://www.pin.ed.gov.]
Q. Do I have to sign a Master Promissory Note for the Direct Loan Program?
Yes, both new and continuing students must sign a Direct Loan Master Promissory Note. Once you have completed a Direct Master Promissory Note (MPN) for UW Colleges that MPN will carry forward and be valid at our school assuming a loan had been made under the MPN in the first year that you signed it. The completed MPN typically remains valid for 10 years.
[NOTE: you will need the same PIN that you used for your FAFSA to electronically complete this step. If you do not have a PIN, you may obtain one via http://www.pin.ed.gov.]
Q. Do I have to find a lender?
NO! The U.S. Department of Education is your lender.
Q. What are my repayment options under the Direct Loan Program?
There are five repayment options: Standard Repayment, Extended Repayment, Graduated Repayment, Income Contingent Repayment, and Income-based Repayment. Read more about these Direct Loan Repayment Plans.
Q. What are the interest rates and fees charged under the Direct Loan Program?
| Loans disbursed from | May 25, 2010 – June 30, 2010 |
July 1, 2010 – June 30, 2011 |
July 1, 2011 – June 30, 2012 |
|||
Interest |
Fees |
Interest |
Fees |
Interest |
Fees |
|
Direct Subsidized Loan |
5.6% |
0.5% |
4.5% |
0.5%* |
3.4% |
0.5%* |
Direct Unsubsidized Loan |
6.8% |
0.5% |
6.8% |
0.5%* |
6.8% |
0.5%* |
Direct Parent PLUS Loan |
7.9% |
2.5% |
7.9% |
2.5%** |
7.9% |
2.5%** |
*Direct Loan Fee Rebate: the Direct Subsidized and Unsubsidized Loans have a 1.0% origination fee and also offer a .5% rebate on the origination fee – resulting in a net fee of .5%, which will be deducted from the gross amount of the loan borrowed. Once you enter repayment if you make your first 12 monthly payments on time, the rebate becomes permanent. If you fail to make 12 on-time monthly payments, a charge for the initial rebate will be added to the outstanding balance of the loan. This is not a guaranteed rebate; for further explanation please refer to Direct Loan Entrance Counseling.
**The Direct Parent PLUS Loan has a 4% origination fee and offers a 1.5% rebate on the origination fee – resulting in a net fee of 2.5%, which will be deducted from the gross amount of the loan borrowed. The 12 on-time payment rule also applies to the Direct PLUS Loan in order to keep the rebate.
Q. What steps should I take to obtain a Direct Parent PLUS Loan?
Please refer to Direct Parent PLUS Loan Application Process for information.