Financial Aid FAQs | Answering Loan Questions

How do I check the status of my financial aid application?

Once you have completed your FAFSA, you should receive a confirmation e-mail from the Department of Education that your FAFSA has been processed. Felbry College usually receives your FAFSA within 2-4 business days from the time your FAFSA has been processed. We encourage students to check their online financial aid records for any additional documents that we may need in order to process your aid. This is also where you can view your awarded financial aid.

Do I need to complete a FAFSA every year?

Yes. In order to ensure you meet all federal, state and institutional deadlines, your FAFSA should be completed as soon after October 1st, if possible.

Can I take a leave of absence from Felbry without losing my financial aid?

Students are allowed to take a leave of absence for up to one year and keep their academic scholarship eligibility.

If my parents are divorced or separated, whose financial information would I use on my FAFSA?

If your parents are divorced or separated, use the financial information of the custodial parent or the parent whom you have lived with the most over the past 12 months. In the case that you don’t live with either parent, or have spent equal time with both parents, use the parent who has provided you with the most financial support over the past year.

Why does my sibling’s financial aid eligibility differ so much from mine?

If you and your sibling attend different schools, the difference between the costs of attending each school could explain this. If you both attend Felbry College, the difference between each person’s earnings and assets during the last calendar year may affect eligibility.

Do you offer aid packages for veterans?

Felbry accepts students with veteran benefits. Learn more about veteran benefits at http://benefits.va.gov/benefits/

I have a credit balance on my account. How do I request a refund?

Students may request a Credit Balance Refund through the Business Office. Credits will be applied to any outstanding accounts with the College before a refund is issued. Refund requests will be processed within 14 working days.

I have been selected for verification – what does this mean?

The Department of Education may randomly choose you for document verification, or in the case of conflicting aid information, Felbry College may as well. If you have been selected for verification, before we can continue processing your financial aid application, we will require:

Signed and completed Verification form
Signed Student’s Federal Tax form
Signed Parent(s) Federal Tax form (dependent student)

I would like to speak to a counselor in person. How can I make an appointment?

You can come into or call the Office of Financial Aid Services at (614) 781-1085, Monday through Friday, 8:30am – 5:00pm and request to speak with a counselor or make an appointment. Appointments can also be made through e-mail at finaid@felbrycollege.edu.

How do I know the amount granted is the amount disbursed for my Stafford Loan?

Students can track their indebtedness by reviewing their loan disbursements on the National Student Loan Database Services website. Students can see what was borrowed each academic year. This is a good way to ensure that the awarded and actual loan amounts are the same.

How much am I eligible to borrow as a nursing student?

Students are eligible to borrow up to $9,500 in Federal Direct Stafford Loan funds during the first year and up to $10,500 during the second-undergraduate academic year. An academic year at Felbry College comprises spring, summer, and fall semesters. Should a student begin mid-year the academic year is whatever semester(s) remain. Students are advised to contact Financial Aid Department for more information.

Can I change my loan amount?

Loan amounts can be changed at any time during the academic year, even if the funds have been released to the school. Students should return their financial aid notification within the 15 days indicated on their award letter so that the adjustments are applied before funds we requested are refunded to the student.

When is financial aid funds applied to students account?

Financial aid funds are applied to students’ accounts at the beginning of each semester. Student should expect to see their loan funds applied to their account within the first few weeks of class.

Why are my loans at an “estimated” status?

Loan funds are estimated until we request them from the Department of Education. They will remain at an estimated status until the first week of classes each semester. If the loans are at that status beyond that point, verify whether the Master Promissory Note and Entrance Counseling were completed at www.studentloans.gov. Also, be sure that 15 days have passed from the time that the financial aid notice was mailed.

What is a best-practice for dealing with financial aid?

To best utilize the resources available students should understand their costs of attendance. Knowing the costs, both direct (tuition and fees) and indirect (books and personal expenses) will allow students the opportunity to better plan for college. Often times students over borrow. Miscellaneous, travel and personal expenses are part of a student’s financial aid budget. However, students should try to keep indirect costs to a minimum. For example, even though a line item of their budget is designated for travel a student should not think their financial aid would cover car payments.

What is a Master Promissory Note (MPN)?

The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for Direct Subsidized/Unsubsidized Loans and one for Direct PLUS Loans.
If you’re an undergraduate or a graduate/professional student attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you may be required to sign only one MPN for all of your Direct Subsidized Loans and Direct Unsubsidized Loans. If you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all academic years.
Note: Graduate/professional students aren’t eligible for Direct Subsidized Loans.

What if I don’t want to complete an MPN electronically?

To complete a paper MPN, contact the school’s financial aid office.

How do I complete an electronic MPN?

To complete an electronic MPN:
• From the StudentLoans.gov home page, click on the “Log In” button located in the “Manage My Direct Loans” box. The Log in page will appear.
• Use of another person’s FSA ID constitutes fraud. Use only your own FSA ID information.
• Once logged in, click on the “Complete MPN” option located under the “Master Promissory Note” heading on the left menu bar. The Master Promissory Note (MPN) page will appear.
• Select the type of loan you would like to receive.
• Follow the instructions to complete, sign, and submit your MPN.

What do I do after I have completed a Master Promissory Note?

Your school’s financial aid office will be notified of the completion and will contact you if further action is needed. Before your loans are disbursed, you’ll receive a disclosure statement from us.
To view your submitted Master Promissory Notes (MPN):
• From the StudentLoans.gov home page, click on the “Log In” button located in the “Manage My Direct Loans” box. The Log In page will appear.
• Once logged in, click on the “Completed MPNs” option located under the “My Loan Documents” heading on the left menu bar. The “Completed Master Promissory Notes” page will appear.

Will I be able to save my electronic MPN prior to submitting it and return at a later time to complete it?

No. You’ll need to complete the entire electronic MPN process in a single session. If you exit the Web Site before submitting your signed MPN and return later, you’ll have to start over from the beginning of the process.

What is the Refund Policy for Title IV Funds?

ORDER OF RETURN OF TITLE IV FUNDS

FCSON must return to the U.S. Department of Education any Title IV funds that it collected for a student but, based on refund calculations; the student was not in school long enough to receive all of the Title IV financial aid.

The financial aid must be returned to the Title IV program(s) that the fund came from. If the aid came from more than one Title IV program, it must be returned in the priority order listed below.

Note that this list contains only those programs in which FCSON is currently eligible to participate.

Unsubsidized Direct Loans (other than Direct PLUS Loans)
Subsidized Direct Loans
Direct PLUS Loans
Federal Pell Grants for which a Return is required

RETURN OF TITLE IV FUNDS

FCSON has 45 days from the date it determines that a student withdrew to return all unearned funds. The school will notify the student in writing if he or she owes a repayment.

INSTITUTION RESPONSIBILITIES:

FCSON responsibilities regarding the return of Title IV funds are to:

Provide students with information on the return policy;
Identify students for whom return calculations should be made and to complete those calculations; and, Return any Title IV funds that are due to the correct Title IV programs.

OVERPAYMENT OF TITLE IV FUNDS:

Any amount of unearned grant funds that a student must return is called an overpayment. The student must make arrangements with FCSON to return the amount of unearned grant funds.

STUDENT RESPONSIBILITIES REGARDING THE RETURN OF TITLE IV FUNDS

Students must do the following, related to Title IV funds:

Return to the Title IV program(s) any funds received but for which was determined to be ineligible based on the Return to Title IV calculations; Notify the Dean and/or Registrar in writing of an intent to withdraw or of the decision not to return to school (to drop) following the completion of a course. Notify the Dean and/or Registrar in writing that the student is rescinding notification of intent to withdraw.

WITHDRAWAL FROM THE PROGRAM

Student refunds shall be made within thirty days after the school has determined that a student has withdrawn unless another refund period is mandated by the use of state or federal financial aids funds. If a student cease attending school but does not notify the school officially of their withdrawal, the school will treat the student as withdrawn within fourteen days of the student’s last date of attendance or participation in an academic activity.

A student’s withdrawal date used to calculate refunds will be the student’s last date of attendance and participation in an academic activity. Students who wish to withdraw from the program may complete an official withdrawal form to be submitted to the administrative office. Refunds will be made based on the refund policy above; requests for refund will not be accepted.

Any student who obtained a student loan from a lending institution and who withdraws or is terminated from FCSON must notify the institution in writing of the withdrawal. Refunds will be made directly to the lending institution per the FCSON refund policy. The student will be responsible for any tuition balances remaining after the institution’s refund determination has been made. The student is responsible for managing the loan and its repayment. It should be noted that student loans from a lending institution must be repaid regardless of the student’s academic outcome.

Financial Aid – FAQs