When will I receive my financial aid check?
Financial aid is applied directly to your university tuition,
room, board and registration fees. If the financial aid offered
exceeds your university charges, you will receive a refund.
Financial Aid refunds are processed twice weekly beginning the
first day of classes. To activate or confirm your refund preference
go to
www.EMUEagleOne.com
Why did
I receive a bill from Student Accounting? I have financial aid.
Financial aid is not applied to your university charges until
the first week of classes. University charges will be adjusted
to reflect the financial aid payment after the first
week of classes. The Student Accounting Office will provide
you with a revised bill.
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How
do I receive my College Work-Study award?
A college work-study award is money that you earn while doing
part-time work on or off campus. You will receive these funds
from your employer bi-weekly in the form of a paycheck.
Is College
Work Study taxable?
Yes. Any money you receive as a result of work is considered
taxable income. You will be asked to file a withholding form
(W-4), and you will receive a statement of income and taxes
withheld form (W-2) each calendar year.
Do I
have to report any grants, scholarships or fellowships on myFederal
Income tax return?
Part or all of a grant, scholarship or fellowhsip may be taxable
even if you do not receive a W-2 form. If you are in a degree
program, the amount you use for expenses other than tuition
and course-related expenses are taxable (e.g. Amounts used for
room, board and travel are taxable). Additional information
is available on the
IRS website.
Do
I have to apply for financial aid every year?
Yes. You must complete a Free Application for Federal Student
Aid (FAFSA) each year. The FAFSA is available online each January
at The
U.S. Department of Education-FAFSA on the Web website. In order to receive priority consideration,
your FAFSA must be processed and received by our office
by March 15th.
Note: It takes up to two weeks to process the FAFSA.
I
filed an extension for my federal tax return. Can I still apply
for financialaid?
Yes. The Free Application for Federal Student Aid (FAFSA) allows
you to estimate your federal tax information.
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Do
I have to report my stepparent's financial information?
Yes, but according to one of the following situations:
Situation A: If you lived with your mother and stepfather
the majority of the time during the past 12 months, then you
would report both your mother's income and your stepfather's
income. (This is true even if your father paid child support
to your mother. The child support is listed as untaxed incomeon
the FAFSA.)
Situation B: If you lived with your father and stepmother
the majority of the time during the past 12 months, then you
would report both your father's income and your stepmother's
income. (This is true even if your mother paid child support
to your father. The child support is listed as untaxed income
on the FAFSA.)
Situation C: If both your mother and father shared custody
of you equally during the past 12 months, then you would report
the income of the parent and stepparent who provided the most
financial support during that time.
NOTE: You must report the income of any stepparent you lived
with if he/she was married to your biological parent at the
time you signed the FAFSA.
Am
I allowed to receive financial aid from more than one institution
at the same time?
No. If you are enrolled at more than one college or university
at the same time, you may receive financial aid from one of
the institutions, not both.
Can guest
students receive financial aid?
No. Guest students are not eligible to receive financial aid.
You may, however, be eligible to apply for an alternative loan
through the alternative loan
program.
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I
have been notified that my Free Application for Federal Student
Aid (FAFSA) application was selected for verification. What
information do I need to provide your office?
Once your FAFSA application is received in our office, we will
notify you directly if we require additional information.
How
do I apply for a student loan?
Student loans are funded through the federal government. To
receive any type of student loan, you must first fill out a
Free Application for Federal Student Aid (FAFSA). For more information
on filling out the FAFSA, see FAFSA
Procedures. This application allows you to apply for two
types of federal loans: subsidized and unsubsidized.
How
do I apply for a PLUS loan?
A PLUS loan is a loan that your parents can apply for through
the federal government. For more information on PLUS loans,
please see the PLUS
Loan Information
page.
How
do I apply for an alternative loan?
Please remember that alternative loans are not for everyone.
You should exhaust all of your Stafford loan eligibility before
considering an alternative loan.
For more information on alternative loans, please visit our
Alternative Loans
information page.
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