As you navigate along the road to financial aid, it is easy to get bewildered by all of the technical vocabulary and jargon. We’ve attempted to answer many of those questions below. If other questions develop, or if issues arise that require assistance, please do not hesitate to contact the Financial Aid Office for help. For many students, completing the financial aid process in a timely and optimally beneficial manner is as essential an endeavor as they will make during their college experience. Throughout the process we want to assure you that we are here to help.
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is the main application for financial aid at CBU. The results of the FAFSA are used to calculate your financial aid award.
To whom does the FAFSA go?
The FAFSA is submitted to the federal Department of Education. A copy of it will be sent to the schools that you list on the FAFSA.
Do I need to fill out the FAFSA?
Yes, unless you are paying cash.
What is CBU’s school code?
001125
How long does the FAFSA take?
If you submitted the FAFSA online and listed CBU (001125) on it, we will usually receive the results in just a couple of days. It may take a little longer during peak processing season.
Will I receive anything back from the government?
Yes. The government will send you a SAR (Student Aid Report) that details the results of the FAFSA. Your SAR will contain your EFC (Expected Family Contribution). That is the number that we use to calculate your financial aid award.
What if my family can’t contribute the amount of the EFC?
You are not necessarily expected to contribute the amount of the EFC. CBU will award you everything you are eligible for by using the EFC in our calculation.
When will I receive an award letter?
If you are new to CBU, we will send you an award letter shortly after you are accepted to the university, as long as we have a complete FAFSA on file. If we need further information before we can award you, we will contact you.
My SAR says I am selected for verification. What should I do?
CBU will need tax documents from you. You may contact us immediately to provide the documents, or you may wait for us to notify you that we need them. You will also be required to fill out a Verification Worksheet. We will need your taxes, if you filed any, and your parent(s’) taxes. We may also need W-2 forms.
How soon do I need to send in taxes?
As soon as possible. Once school starts, your financial aid will be placed on hold until we receive your tax documents and the Verification Worksheet. Near the end of the semester, your financial aid may be canceled if we have not yet received your documents.
I won’t qualify for anything–do I still need to do a FAFSA?
The FAFSA also determines your eligibility for student loans. Unless you are paying cash, you will need to complete the FAFSA.
What is aStafford loan?
AStafford loan is a government guaranteed student loan that is deferred until you leave school or your enrollment drops below half-time status. There are two types ofStafford loans: subsidized and unsubsidized.
What is the difference between a subsidized and unsubsidized loan?
The federal government pays the interest on a subsidized loan for you while you are in school. However, the interest on an unsubsidized loan will accrue while you are in school.
Do I have to pay the interest on an unsubsidized loan while I am in school?
No, you do not have to pay any interest while you are in school. However, you may choose to make payments in an effort to keep the interest down. When you leave school, the accrued interest on the unsubsidized loans will be capitalized (added to the principal). You will then pay interest on the interest that has been capitalized.
My parents don’t support me any more. Can I be independent?
You are independent if you fall into one of these categories:
• 24 years of age or older
• Orphan or ward of the court
• Married
• Provide at least 50% of the support for a child of your own
• Veteran of theU.S. Armed Forces
There is a series of questions on the FAFSA that will determine your dependent/independent classification.
I don’t live with my parents–do I still need their information for the FAFSA?
Unless you are an independent student (see above), you will need your parents’ information.
When is the FAFSA due?
The priority deadline for filing your FAFSA is March 2. If you are applying for a Cal Grant from the state ofCalifornia, you MUST file your FAFSA and GPA verification by March 2. If you are not applying for the Cal Grant, you may submit your FAFSA after March 2; just remember that we cannot provide a financial aid award until you do so.
My financial aid is not sufficient. What should I do?
There are several options to assist you in covering the gap between your charges and your financial aid. You may make a cash payment (this includes checks and credit cards) or sign up for the payment plan. Both of these options may be accomplished by speaking with the Student Accounts Office. Options through the Financial Aid Office include a Parent PLUS loan or a private loan.
What is a Parent PLUS loan?
A Parent PLUS loan is a federally guaranteed education loan that parents may apply for to cover education costs. The loan is credit-based and the parents are responsible for repayment. The interest rate is set by the federal government. Repayment begins within sixty days of the final disbursement of the loan.
How do we apply for a Parent PLUS loan?
You will apply directly with a lender for a Parent PLUS loan. The Financial Aid Office can assist you with the selection of a lender, or you can research and select a lender yourself. Once selected, you should apply for the Parent PLUS loan through that lender’s website. Once you are approved and have submitted all the necessary loan documents to the lender, please notify the Financial Aid Office so that we can add the loan to your student’s award.
When is the final disbursement?
We recommend that your Parent PLUS loan application include enough funds to cover both the Fall and Spring semesters. In that case, the final disbursement would come to us in late January or early February.
What is a private or alternative loan?
A private or alternative education loan is a credit-based loan in the student’s name. Many students will need a co-signer because they have not yet established credit in their own name. The interest rate on the loan is based on the credit score and repayment is deferred until after you leave school or your enrollment drops below half-time status.
How do I apply for a private loan?
You will apply for a private loan directly with a lender. The Financial Aid Office can assist you with the selection of a lender, or you can research and select a lender yourself. Once selected, you should apply for the loan through that lender’s website. Once you are approved and have submitted all the necessary loan documents to the lender, please notify the Financial Aid Office so that we can add the loan to your award.
What are the responsibilities of a co-signer?
A co-signer needs to have an established credit history. By co-signing on your loan, he or she is accepting responsibility to repay the loan if you should fail to do so.
How do I access my award letter?
You will receive an email notification from the Financial Aid Office once your electronic award letter is ready. Please follow the instructions in the email to access your award letter. If you do not have the email, you may still view your award letter by visiting www.electronicaward.com/001125 once your award letter is ready. You will be required to register your account for the site the first time you access your award letter. Thereafter, you will be able to access your award letters using the same user ID and password that you set up.
How do I compare my CBU financial aid award to the other colleges where I’ve been accepted?
Actually, you will want to compare your out-of-pocket cost for each college. Comparing financial aid award packages without comparing costs in relation to the awards may result in paying more out of your own pocket for school.
Can I meet with a financial aid counselor?
You may meet with a financial aid counselor any time you have questions or need assistance. Simply contact our office at (951) 343-4236 or toll-free at (877) 228-8855 to set up an appointment. If you are on our campus, feel free to stop by our office and speak with a counselor.
Why didn’t I receive an honor’s scholarship?
Honor’s scholarships are determined by your GPA and your SAT or ACT text scores. Your admissions counselor will notify us if you are eligible. If you believe you are eligible, but the scholarship is not on your award letter, please contact your admissions counselor or your financial aid counselor.
Why didn’t I receive a subsidizedStafford loan?
Your eligibility for a subsidizedStafford loan is determined by the results of the FAFSA. The calculation also includes any other grants or scholarships that you may receive.
I reviewed my award letter–what do I do now?
Be sure to follow the instructions on your electronic award letter. If you are acceptingStafford loans, you will need to select a lender and complete the required loan documents by closely following the instructions outlined in the award letter. Don’t forget to submit your acceptance back to us by clicking on the SUBMIT button at the bottom of the award letter.
I’m not sure if I will be attending CBU. Should I still accept my financial aid award?
Yes. Please accept your financial aid award so that we may hold the funds for you. If you decide to attend another college, simply let us know and we will cancel the aid. You are under no obligation by accepting the financial aid offered to you.
What do I need to do to have financial aid next year?
You will need to submit a new FAFSA to the federal Department of Education after Jan. 1 for the following year. Once you register for classes for the following Fall (usually in early Spring), we will check for your FAFSA. If we need additional information, we will contact you. Unlike your first year, you will receive an award letter only after you’ve provided any additional documents that we request.