Silhouette

Issue date: 9/28/06 Section: Front Page

Media Credit: Nick Snyder Amanda Murphy, Scott City, Kan., signs forms to receive her financial aid check in the lobby of Student and Community Services Center. This is the first of two series of checks for the year.

The first of two financial aid check disbursements was Sept. 27. Students apply each year for financial aid through the Free Application for Federal Student Aid (FAFSA) form. The FAFSA form is used to determine how much the student is qualified for and is a free form that can be completed by hand or online.

"We encourage students to fill out the FAFSA form," Barb Edwards, assistant director student financial aid, said. "They never know how much [money] they qualify for."

The FAFSA form is made up of questions such as family income, how many live in your home, and taxable earnings. This must be completed before any financial aid amount can be determined as well as what kind of loan or grant you qualify for.

"Students should fill out the form as early as they can," Lesa Gilbert, financial aid adviser, said. "They [students] never know what will come up and when they might need the money,"

Once FAFSA is filled out students can review the results and decide to either take out a loan or a grant if they apply.

A grant doesn't have to be repaid. A Federal Pell Grant is available almost exclusively to undergraduates. If they apply for the Federal Pell Grant then they can apply for a Federal Supplemental Educational Opportunity Grant (FSEOG). This is available for undergraduates with exceptional financial needs, and depend on availability at school.

Students can also take out a student loan. As a freshman the loan limit is $2,625 and a sophomore the limit is $3,500.

"The loan limits will change next year, the freshman limit will be $3,500 and the sophomore limit will be $4,500," Gilbert said.

Loans must be repaid. A subsided loan means that the U.S Department of Education pays interest while the borrower is in school. The student must be enrolled in at least 12 credit hours per week.

Under the same circumstances a student may receive an unsubsidized loan but he or she is responsible for interest during the life of the loan. Borrowers need to understand how much they are borrowing, the grace period, and the loan repayment schedule.

The checks come in two disbursements, the second will come Feb. 22.

"This is a Federal Regulation, we have nothing to do with how much is in each check," Edwards said.

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