Home

FINANCIAL AID FAQ'S

Q:  What is financial aid?

A:  Financial aid refers to any funds available to students and/or their parents to help offset the cost of higher education.  Funds come from private, federal, state, and institutional resources. 


Q:  What do I need to do to apply for financial aid?

A:  Complete a FAFSA- Free Application for Federal Student Aid.  This form can be completed online at www.fafsa.ed.gov, or by paper.  Paper FAFSA forms are only available online. Also, if you complete the FAFSA by paper we will need a copy of your w2 and federal tax forms(parents will be needed as welll if dependent status). All students need a pin number if they are (dependent-parent pin also.)   For independent student only one pin is needed- www.pin.ed.gov. 

Q:  What is the cost for submitting a FAFSA?

A:  The FAFSA is a completely free application.  You do not need to pay anyone to assist you in filling out the FAFSA.  The best resource for help is a Financial Aid Counselor at Mid-Continent University or call: 1-800-433-3243 Department of Education, or look on the internet- www.studentaid.ed.gov


Q:  How do I sign my FAFSA electronically?

A:  The FAFSA is signed electronically with a PIN number if dependent/parent pin also/independent student pin only.  You may apply for your PIN at www.pin.ed.gov.

Q:  What grants are available at Mid-Continent University? 

A:  The Federal Pell Grant is based on a student's financial need by filling out the FAFSA using taxes and w2 forms from previous year.  The state of Kentucky awards two grants to Kentucky residents if they are eligible: the CAP (College Access Program) and KTG (Kentucky Tuition Grant).  All of these grants are based on financial need and are time sensitive. Money does run out on the state grants this is why a FAFSA needs to be filled out by March 15th of each year to be assured of eligibility.  

The KTG grant is designed specifically for Kentucky residents that choose to attend a private college or university in Kentucky. A student must be a full-time student (at least 12 hours) to receive KTG. 


Q:  Does Mid-Continent University accept KEES (Kentucky Education Excellent Scholarship) funds?  

A:  Yes.   Mid-Continent University applies KEES to a student's account if they are awarded the money. 


Q:  Does Mid-Continent University participate in the Federal Student Loan Program? 

A:  Yes.  Please contact your individual Financial Aid Counselor for the necessary application for the Federal Stafford Loan after filling out a FAFSA. 


Q:  What are some tips in completing a FAFSA?

A:  The information supplied on the FAFSA is taken from you and/or your parents' prior-year federal income tax forms.  Please make an effort to prepare the income tax forms early enough to complete the FAFSA accurately and completely.  IF you or your parents are unable to prepare your taxes this early, use estimated income figures to complete the FAFSA. When doing so you will need to have copies of all tax and w2 forms submitted to the financial aid office ASAP when taxes are completed.  This is for verification.  As a student submitting estimated numbers this may not give you a correct EFC number. 

Remember to complete the entire form, use black ink and do not leave any questions blank unless instructed to do so.  Be cautious when entering numbers like your social security number.  An error in reporting your social security number can delay the application process.  

Check and have someone to proofread the FAFSA application before submitting it to the processing center on-line.  Keep a copy for your records and to expedite questions or concerns that you may be asked by the Financial Aid Office or the processing center for clarification.  Print out a conformation form when doing a FAFSA on-line.

Remember to sign the FAFSA, either in black ink or electronically.  A PIN number is required for electronic signatures if student is independent/dependent-parent pin number also.

If you need assistance, contact the Financial Aid Counselors or call 1-800-4-FED-AID.


Q:  Can a student apply for financial aid from two schools simultaneously?  

A:  Yes, they can.  A student may apply up to 10 different schools by inserting each schools code on the FAFSA, but can only receive financial aid from one school in an academic award year.   If a student plans to take classes at two different colleges in the same term the Financial Aid Office should be contacted immediately! 

Q:  Can a student receive financial aid after completing their first bachelors' degree? 

A:  Students are no longer eligible for grants after completing a bachelor's degree, but they may continue to apply for loans within the loan limit.


Q:  How many college credit hours do students need to take to be eligible for financial aid? 

A:  A student must be full-time (a minimum of twelve credit hours) to receive full grant funds. Financial Aid disbursement for PELL and CAP may be prorated for students enrolled in less than a full-time status. Only students enrolled for full-time may receive KTG. Students may apply for loans if they are enrolled in at least a half-time status (6 credit hours). 


Q:  How is my financial aid disbursed to me?

A:  All federal and state grant and loans are applied directly to a student's account each term.  After current charges have been paid, any excess financial aid may be disbursed to the student in the form of a residual check. 


Q:  If I withdraw from school, do I have to pay back my financial aid?

A:  Students who withdraw from school are expected to repay a portion of their financial aid.  According to a formula prescribed by state and federal regulations, any refundable amount used to pay tuition and fees is returned to the appropriate financial aid sources. If a student drops from school any loans that have been made, payments are to start immediately on the balance.


Q:  If I continue in school and graduate, do I have to pay back my grants and student loans?

A:  Grants do not have to be paid back. Student loans must be repaid.


Q:  If I am married, but planning a divorce, do I answer married when filling out the FAFSA. 

A. Yes you do, not unless you are legally separated.  The FAFSA provides a space to answer this question. 


Q:  Are Graduate students eligible for Pell grants?  

A:  No.  Only undergraduate students are eligible for Pell grants.

Q:  When am I independent from my parents?  How do I answer this question, when I am filling out the FAFSA? 

A:  According to government rules a student is dependent until:  you are 24 years old- you are considered independent from your parents if you were born before January, 1980, if you are a graduate or professional student, if you are married on or before the date you apply for aid, or if you have dependents (children) other than a spouse.   If you are 24 years old and parents still pay a portion of your support this must be reported on worksheet B on the FAFSA.

Q:  Is a foster parent a legal guardian? Are they considered a parent?  

A:  No.  A foster parent is not treated as a parent for FSA purposes, but a student must report untaxed income on worksheet B if money is received from a foster parent.  A dependent student must report information about his/her parental income, not unless the parents are dead. 

Q:  Are students who are living with grandparents, or other living relatives dependent?  

A:  Not unless the relatives or grandparents have adopted the student.  Any cash supports must be reported as untaxed income on worksheet B.  Parents' income must still be reported.

Q:  The question is asked:  if   a student is paying for their education and they are dependent age why must they still use a parents' income to fill out my FAFSA?  

A:  If a student is dependent and not 24 years of age they still need to use a parents and their income when filling out a FAFSA even if the parents did not claim them on income tax. If a student is still supported by their parents and over age 24 they need to report money received on worksheet B.

Q:  What does not contribute to a dependency override?   Singly or in combination of all below? 

A:  Parent refusing to contribute to the student's education.  Parents that is unwilling to provide information on the FAFSA Application, or for verification.  Parents that do not claim the student as a dependent for income tax purposes.  Student demonstrates total self-sufficiency. A student must use parent's information unless the parent or parents are deceased.