University of Hartford - Financial Aid - Frequently Asked Questions

What is financial aid?
Financial aid includes any form of financial assistance which helps you pay for college. This includes scholarships, grants, work-study, and student loans.

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What's the difference between gift aid and loans?
Gift aid, such as scholarships and grants, does not have to be repaid, while loans have to be repaid with interest, whether or not you graduate.

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How can I find scholarships?
Scholarships are available through various sources, including colleges and universities, civic organizations, religious institutions, and private corporations. Scholarships can be merit-based or need-based. You can find out about scholarships at your local library or through your high school guidance counselor's office. You may also search the following websites:

www.ed.gov/studentaid

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What is work study?
Work study programs allow students to work part time at their school or in the community. Students are paid directly on a bi-weekly basis. Work study is considered part of your financial aid award.

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How do I apply for financial aid?
Students must submit the Free Application for Federal Student Aid (FAFSA) . You may obtain the FAFSA from your high school guidance counselor's office or by going online to www.fafsa.ed.gov .

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What is the FAFSA?
The Free Application for Federal Student Aid is a form that you must complete in order to apply for any federal financial aid programs. To ensure you receive all the aid for which you are eligible, first-time, incoming students must submit the FAFSA to the federal processor by February 1 of the year in which they are applying. Returning students must submit the FAFSA to the federal processor by March 1 .
Tips on completing the FAFSA

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Do I have to complete a FAFSA every year?
Yes, the FAFSA needs to be filled out every year if you want to receive financial aid. The only type of aid which does not require the completion of a FAFSA is a University administered scholarship which is not based on need.

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How is my financial aid eligibility determined?
Based on the information provided on your FAFSA, the federal government will determine your family's expected family contribution (EFC). The difference between the cost of attendance (COA) at the college you attend and your EFC is your financial need.

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What factors determine expected family contribution (EFC)
Your expected family contribution (EFC) is determined using a formula developed by the Department of Education and is designed to assess what a family can afford to pay toward a college education. Factors include the number of family dependents, number of children in college, income, and a percentage of total assets (not including home equity).

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What is a student aid report (SAR)?
After filing a FAFSA, you will receive a secure link to view your student aid report (SAR) online. This document lists all of the information you provided and gives you a chance to review that information for accuracy. If you have any changes/corrections to make to your SAR, the corrections may be made online as www.fafsa.ed.gov.

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What is a financial aid award?
Your financial aid award lists all the types and amounts of financial aid for which you are eligible. It may include grants, scholarships, work study and loans.

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If I received funding from the University will it be renewed for subsequent years?
The renewal of funding is based on students meeting the University's financial aid deadlines, filing the FAFSA, maintaining a full time course load, meeting Satisfactory Academic Progress, and the availability of funds.

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What is the difference between a subsidized loan and an unsubsidized loan?
A Subsidized Federal Stafford Loan is a need-based loan for undergraduate and graduate students. Interest is subsidized by the government - the federal government pays the interest for you while you are attending school at least half time and for a six-month grace period after you leave school.

An Unsubsidized Stafford Loan is not need-based, and the federal government does not subsidize the interest. Therefore, you will be responsible for paying the interest on the loan from the day it is first disbursed. You may, however, choose to defer interest payments until you leave school. Interest will accrue while you are in school and will be added to the principal (or capitalized).

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Are there any loans for parents?
Yes. Parents can get PLUS Loans to cover up to the full cost of education minus other financial aid received. Payment on these loans begins with the second disbursement of funds, usually in January.

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Are there any other types of loans available?
Yes. You may also borrow private loans to supplement your federal and institutional financial aid. (See Supplemental Loan Options.)

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What is the MPN?
The Master Promissory Note is a legally binding document which sets the terms of your student loans. By signing the MPN, you are promising to repay your student loan, regardless of whether you graduate or are satisfied with your education. The MPN is valid for 10 years from the time you sign it.

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Is the MPN my loan application?
No. The MPN is simply the promissory note. Rather than completing a separate application, you begin the loan process each year by answering "yes" to the question on the Free Application for Federal Student Aid (FAFSA) which asks if you are interested in student loans. By accepting the Stafford Loan as part of your financial aid award, you have completed the application process.

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Do I have to sign the MPN each year?
No, you will only have to sign the note once as long as you don't change lenders. If your MPN exceeds 10 years, you must sign a new MPN. If you change lenders or if you transfer to another school, you may have to complete another MPN.

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How much can I borrow?
Each year, the University of Hartford's financial aid office will let you know the loan amount for which you are eligible and give you the opportunity to accept, reduce or decline that amount.

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What happens if I list more than one school on the FAFSA and receive an MPN from more than one lender or school?
The University of Hartford's Financial Aid Office will certify your MPN for a Stafford Loan after the ofice verifies your enrollment status. It is your responsibility to inform each school of your plans to attend or to decline their acceptance to avoid multiple loan disbursements and unnecessary paperwork.

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Why do I need to provide my e-mail address on the MPN?
Giving out that information is optional, but by providing your e-mail address you are helping the lender communicate with you more efficiently.

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Who is eligible for federal education loans?
Students who are citizens or permanent legal residents and attending the University at least half time are eligible for federal student loans. Male borrowers must satisfy Selective Service requirements.

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When do I start repaying loans?
You do not have to begin repaying your loans until six months after you graduate, withdraw, or drop below half time. Remember, on unsubsidized loans interest accrues while you are in school. Although you can choose to defer interest until after your grace period, your total loan costs will be higher because accrued interest will be added to your principal balance (capitalized) when you enter repayment.

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Do I have a choice of repayment plans?
Yes. Lenders typically offer a variety of repayment plans, including interest-only payments for two or four years and income-sensitive repayment, which is based on a percentage of your income.

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