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What financial aid programs are available?
What application is required to apply for financial
aid?
What is the Long Island University School Code for
the FAFSA or Renewal FAFSA?
Do students have to apply for financial aid every year?
How does a student apply for an academic scholarship
or grant from Long Island University?
Is it too late to complete a FAFSA if the L.I.U. campus-based
financial aid deadline has passed, and is there any financial aid
students can still receive?
What constitutes completion of the financial aid application
process?
How does a student know if they have to provide additional
documentation to the Office of Student Financial Services?
After a student receives an award letter,
will their funding ever change?
Is there a difference between "need-based"
and "merit-based" financial aid?
What is good academic standing and satisfactory progress
for financial aid purposes?
If a student is awarded Federal
Work Study, can any of those earnings be applied to a tuition bill?
When is a student independent for financial aid purposes?
If a student registers for less than 12 credits
per term, is he/she still eligible for financial aid?
Do students have to complete the FAFSA to get
loans?
What if a student is a Non-Degree or Certificate
Student?
When do students begin repaying their loans?
What is the interest rate on Direct Loans?
How do students make payments?
Is there a pentitley for repaying Direct Loans
early?
What happens if students don't pay back their
loans?
What happens if the students Direct Subsidized
and Direct Unsubsidized Loans are in repayment and they decide to
go back to school?
What should students do if they can't make
any loan payments?
What If students have problems repaying their
loans?
Q. What financial aid programs are available?
- A. At Long Island University, the federal and state government
provide a variety of financial aid programs which includes the
Federal Pell Grant, Federal Supplemental Educational Opportunity
Grant Program (SEOG), SDS Awards, Federal Work Study/America Reads,
Federal Perkins or HPL Loans, and the Federal Direct Student Loan
Programs. For New York State residents, Tuition Assistance Awards
(TAP) is also available.
The Federal Pell Grant Program and N.Y. State's TAP Program are
considered entitlement programs. Federal SEOG, Federal Perkins
Loans, HPL Loans, Federal Work Study/America Reads, and SDS Awards
are called campus-based financial aid.
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Q. What application is required to apply
for financial aid?
- A. The electronic Free Application for Federal Student Aid (FAFSA)
or the Renewal Free Application for Federal Student Aid (Renewal
FAFSA) is the only application required to apply for most of the
federal and state financial aid programs. See the direct link
to completing the FAFSA on this website.
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Q. What is the Long Island University School
Code for the FAFSA or Renewal FAFSA?
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Q. Do students have to apply for financial
aid every year?
- A. Yes, all students must electronically complete a FAFSA or
Renewal FAFSA every year, and must meet the deadline date for
campus-based financial aid in order to be considered for those
types of assistance. The date is generally in mid-March each year.
Q. How does a student
apply for an academic scholarship or grant from Long Island University?
A. Eligibility for academic scholarships and grants is determined
at the time of a student’s admission to the University. The
Admissions Office automatically reviews the academic records of
all entering students to determine award eligibility. See the “Scholarships
and Grants” section of this website for additional information.
Q. Is it too late to complete
a FAFSA if the L.I.U. campus-based financial aid deadline has passed,
and is there any financial aid students can still receive?
- A. After the campus-based financial aid deadline, it is not
too late to complete the FAFSA. A student can still receive a
Federal Pell Grant, N.Y. State’s TAP award, and loans from
the Federal Direct Student Loan Programs. The deadline dates for
these programs appears on our “Deadline Dates” option
of this website.
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Q. What constitutes completion of the financial
aid application process?
A. The financial aid application process is considered complete
when the following exists:
1. The results of a FAFSA or Renewal FAFSA are electronically sent
to L.I.U.
2. If "Verification" of the FAFSA information is required,
or comments exist on the Student Aid Report (SAR), all documentation/information
has been received by the Office of Student Financial Services, and
all issues resolved.
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Q. How does a student know if they have to
provide additional documentation to the Office of Student Financial
Services?
- A. The first document students will probably receive in the
financial aid process is a Student Aid Report (SAR) from the federal
processor, which is a result of the FAFSA or Renewal FAFSA you
completed. By reading the comment section, students can usually
see if additional information will be required.
For example, if a student has been selected for a process called
"Verification," a comment will appear telling the student
this and advising them that they will be required to submit additional
documentation to the Office of Student Financial Services. Also,
if the student is a male applicant, and if Selective Service does
not have the student on their database, he will be asked to provide
documentation regarding his registration with that agency. If
the student's date of birth does not appear on the Social Security
Administration database, they will be asked to provide evidence
of their U.S. citizenship. If the student is a permanent resident,
and their name does not appear on the Immigration and Naturalization
Service database, they will be asked to confirm this status as
well.
These are a sampling of the types of messages students can read
in the comment section of the Student Aid Report that will alert
them to extra required documentation. Also, the Office of Student
Financial Services may contact the student, if they need to provide
additional documentation to clarify their status.
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Q. After a student receives an award letter,
will their funding ever change?
- A. A student’s award letter and funding can change if
additional resources, not previously considered, are received
on his/her behalf. Also, if changes are made to FAFSA information
that result in a change of the student’s eligibility, this
may result in revised awards including a reduction in loan eligibility,
etc.
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Q. Is there a difference between "need-based"
and "merit-based" financial aid?
- A. Yes there is. Need-based financial aid includes any grant,
loan, scholarship, etc., that is offered based on determined financial
need which comes from the results of the FAFSA or Renewal FAFSA.
The Office of Student Financial Services determines this financial
need.
Merit-based aid is any scholarship, grant, or other educational
resource given to a student based only on academic achievement,
community service, or involvement in a particular club, sport,
or program.
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Q. What is good academic standing and satisfactory
progress for financial aid purposes?
- A. Every school must publish standards of good academic standing
and satisfactory progress for financial aid purposes. These standards
are in the University Bulletin and reflect academic conditions
that must be met including:
1. A minimum grade point average
2. A minimum number of credits earned each term
3. A minimum number of cumulative credits earned each payment
period
The Federal Government requires schools to develop these standards
because it wishes to monitor the fact that students make progress
toward their educational objective i.e., a baccalaureate degree,
etc. These measures insure that reviews take place, and that the
institution is in compliance with the regulation.
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Q. If a student is
awarded Federal Work Study, can any of those earnings be applied
to a tuition bill?
- A. Yes, up to 75% of earnings from the Federal Work Study program
may be applied to a student’s tuition bill.
Q. When is a student independent for financial
aid purposes?
- A. The two types of student status (dependent and independent)
are regulated in legislation within the Higher Education Act,
and are based on specific conditions. These conditions appear
on the FAFSA and the Renewal FAFSA and to be considered “independent”
a student meet at least one of the following conditions
1. Was born before January 1, 1981 (each year this date changes
to reflect at least 24 years of age by December 31 of the current
award year)
2. Is a veteran of the U.S. Armed Forces
3. Is enrolled as a graduate student
4. Is married
5. Is an orphan or ward of the court or was a ward of the court
until age 18
6. Has legal dependents (other than a spouse) for whom he/she
provides at least half support
Students who do not meet at least one of these conditions is considered
a "dependent" student for financial aid purposes.
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Q. If a student registers for less than 12
credits per term, is he/she still eligible for financial aid?
- A. Some financial aid programs require full-time attendance
and include NY State’s TAP, full Federal Pell Grant funding,
and at Long Island University, campus-based financial aid (Federal
SEOG, Federal Perkins Loans, HPL Loans, Federal Work Study/America
Reads, and SDS Awards). If registration falls below full-time
status (12 credits per term), awards may be reduced or canceled
(TAP and campus-based financial aid are canceled, and Federal
Pell Grants are reduced to reflect 3/4 time, 1/2 time, or less
than 1/2 time status. Loan eligibility can also be reduced or
canceled if registration falls below full-time status.
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Q. Do students have to complete the FAFSA
to get loans?
- A. Yes, to receive any type of financial aid, a student must
electronically complete the FAFSA or Renewal FAFSA.
.
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Q. What if a student is a Non-Degree or
Certificate Student?
- A. Generally, students must be fully matriculated in order to
be eligible for financial aid. However, there are some titleernative
loan programs that are available to students in non-degree or
certificate programs.
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Q. When do students begin repaying their
loans?
- A. After students graduate, leave school, or drop below half-time
enrollment, they have at least six months before they must begin
repaying their loans. This is called the “Grace Period.”
If students have borrowed Direct Subsidized Loans, they won’t
be charged any interest during their grace period. If students
have borrowed any Direct Unsubsidized Loans, they will be responsible
for the interest charged during their grace period. Students may
either pay this interest as it accumulates or have it capitalized
when they start repaying their loans. Repayment period begins
the day after the grace period ends. First payment will be due
within 60 days after the repayment period begins
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Q. What is the interest rate on Direct Loans?
A. The interest rate for both Direct Subsidized Loans is variable
and is adjusted each year on July 1. The interest rate will be calculated
differently depending on several circumstances. The interest rate
during the in-school, grace, and deferment periods is equal to the
91-day Treasury bill rate plus 3.1 percentage points. By law, however,
the interest rate can never exceed 8.25 percent.
The servicing center of the loan program will notify the student
each year in writing about the interest rate that will go into effect
on July 1. Note that the fixed amount students pay each month will
be adjusted to account for any changes in the interest rate. The
length of the student’s repayment period will not be adjusted
unless they request it by contacting the Servicing Center.
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Q. How do students make payments?
- A. Students can pay by check every month or by Electronic Debit
Account (EDA). If students elect to pay by check, they should
send all loan payments to the Servicing Center. The address for
mailing payments will appear on their billing statement. If students
select EDA, loan payments will automatically be deducted from
their checking account.
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Q. Is there a pentitley for repaying Direct
Loans early?
- A. No. Students may prepay all or part of the unpaid balance
on any Direct Loan at any time without pentitley. Be careful to
specify which loan they are prepaying. The Servicing Center will
apply the prepayment first to any charges or collection costs,
then to interest, and last to principal.
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Q. What happens if students don't pay back
their loans?
- A. Students Direct Loans will become delinquent and will eventually
go into default. Student loans are reported to major credit bureaus
when they are 90 days late making payments. Default occurs when
they are 180 days late making a payment. The consequences of default
are serious and can include a damaged credit rating, loss of eligibility
for further federal student aid, withholding of wages and tax
refunds, and legal actions (such as lawsuits) being taken against
any students.
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Q. What happens if the students Direct Subsidized
and Direct Unsubsidized Loans are in repayment and they decide to
go back to school?
- A. Students may be eligible to postpone their loan payments
with an in-school deferment if they are attending an eligible
school at least halftime. If students are attending less than
half time and think they might have difficulty repaying their
loans, contact the Servicing Center. Students may be able to obtain
a forbearance to postpone their payments.
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Q. What should students do if they can't
make any loan payments?
- A. Students should immediately contact the Servicing Center.
A representative will assist them in choosing a new repayment
plan, applying for a deferment or forbearance, or making other
necessary adjustments to help ensure that their loan payments
are affordable.
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Q. What If students have problems repaying
their loans?
- A. If any student thinks they might have a problem making a
scheduled payment on their loans, immediately contact the Servicing
Center. The Servicing Center will work with any student to help
them avoid the costs and adverse consequences of delinquency or
default on their Direct Loans. There are several options available
to help them avoid default, such as changing repayment plans,
deferment, or forbearance.
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Updated:
May 11, 2007
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