FREQUENTLY ASKED FINANCIAL AID QUESTIONS
What is financial aid?
Financial aid includes all sources of federal and institutional funds you will be using to pay your school bill, such as loans, grants, work-study, scholarships and tuition discounts.
Who is eligible for federal financial aid?
To be eligible, you must:
- be a U.S. citizen or eligible non-citizen
- have a high school diploma or GED certificate
- be working toward a degree or certificate in an eligible program
- have a valid Social Security Number (unless you’re from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau)
- maintain satisfactory academic program once in school
- certify that you are not in default on an education loan
- certify that you will use federal student aid only for educational purposes
How do I apply for financial aid?
You must complete the Free Application for Federal Student Aid (FAFSA).
Do I have to apply for financial aid every year?
Yes. Your financial situation must be reassessed every year.
Do I have to wait until I’m admitted to apply for financial aid?
No. Apply as soon as possible after October 1 and include Evangel’s federal school code (002463) on your FAFSA. Note: You will not receive a financial aid offer until you have been admitted to Evangel.
What is the difference between a loan and a grant?
A loan is money that is borrowed and must be repaid; grants do not have to be repaid.
What kinds of loans are there?
- Subsidized Federal Direct Loan
- Unsubsidized Federal Direct Loan
- Parent Loan for Dependent Undergraduate Students (PLUS)
- Additional Unsubsidized Federal Direct Loan
- Private Loans
What’s the difference between subsidized and unsubsidized Direct loans?
- Subsidized loans— loans that do not accrue interest while a student is in school at least half-time.
- Unsubsidized loans— loans that begin accruing interest as soon as they are disbursed.
How much federal aid will I get?
The FAFSA uses a formula established by Congress to determine how much you are eligible for. This formula takes the information that was provided on your FAFSA and determines your annual student aid index (SAI).
DEFINITIONS
SAI: Student Aid Index
This is the number that’s used to determine your eligibility for federal financial aid. This number results from the financial information you provide on your FAFSA and is calculated on a formula established by law.
FAFSA: Free Application for Federal Student Aid
You must file a FAFSA to be eligible for federal financial aid. This is a free application that must be completed annually and can be completed online by visiting www.fafsa.ed.gov.
FSA (Federal Student Aid) User ID
FSA User ID: A self-created username and password to access all government sites.
FSS: FAFSA Submission Summary
Your FAFSA Submission Summary (FSS) summarizes the information you submit on your Free Application for Federal Student Aid (FAFSA) and provides you with your Student Aid Index (SAI).
Satisfactory Academic Progress
A student must be completing an acceptable percentage of attempted course work within a reasonable amount of time and have an adequate grade point average to maintain satisfactory academic progress (SAP). A student must meet SAP in order to be eligible for federal and institutional student aid. Indicators that a student is not making satisfactory academic progress include:
- A GPA lower than 2.0
- Suspension from the University
- Points deficient in transfer
- Dropping required hours
- Withdrawal from the University
- Incomplete grades
- Exceeding maximum credit hour limit
LINKS
The links below provide more information to questions or concerns you may have when it comes to financial aid.
