1 .Q. Is a new application required each year to receive financial aid?
A. Yes, each student must reapply each year for financial aid.

2. Q. What is the deadline for applying for financial aid each year?
A. April 15

3. Q. What types of loans are available?
A. Subsidized FFEL Stafford Loan, FFEL Unsubsidized Federal Stafford Loan, Graduate Plus, and Private.

4. Q. What is the difference between the two types of loans?
A. The Subsidized Federal Stafford Loan is awarded on the basis of need according to federal eligibility standards. Interest on this loan does not accrue while the student remains in school. If the total costs of education are not met by other forms of financial aid, any student regardless of need can qualify for an Unsubsidized Federal Stafford Loan accrues while the student attends school.

5. Q. What is a Master Promissory Note?
A. The MPN is a multi-year note, which allows the borrower to complete the note once and borrow in subsequent years with out completing an additional note.

6. Q. Why do we have to use the Master Promissory Note?
A. Its use was mandated by the federal government on all loans after July 1, 2000.

7. Q. How do I find out if my loan (s) has been received at the university?
A. The Office of Financial Aid receives a disbursement roster which indicates what funds will be received the next day.

8. Q. How are funds received at the University?
A. The funds are received from Sallie Mae by electronic transfer to the University. The university then has to distribute those funds into each student’s account.

9. Q. Which department controls the printing and distribution of checks?
A. The university’s comptroller’s office has the responsibility of printing checks and distribution of them. Our office of financial aid is not involved in that process.

10. Q. Are there any funds for emergency loans?
A. Yes, we have the Cicardo Emergency Loan Fund. These funds can only be borrowed for use in (1) travel home due to extreme illness/death of an immediate family member; (2) emergency medical care; (3) emergency need for food; or (4) eviction housing notice. The amount is set at $200.00.

11. Q. How is the amount of money determined that the student receives each year?
A. The cost of attendance budget is determine by reviewing each year the cost of living in the community by a STUDENT based on needs and not wants in the following components: 1) Tuition 2) Books and Supplies 3) Room and Board 4) Transportation 5) Personal/Miscellaneous. For out of state students we have to add non-resident fees to the foregoing components. Also, we have added a component for child care for those students who have dependent children.

12. Q. Do I have to maintain a certain grade point average to be eligible for financial aid?
A. Yes, students are expected to maintain a minimum grade point average based on attempted course hours. Students should refer to the law center’s SAP policy.