Financial Aid
Made Simple
In 2019-20, undergraduate students received an average of $14,940 per FTE student in financial aid: $9,850 in grants.1
It may surprise you to know you don’t have to be a straight-A student or down to your last dollar to qualify for financial aid.2 Many grants and scholarships are made for everyday adults, just like you, who want to better their lives.
A college degree may be more
affordable than you may think.
1. https://research.collegeboard.org/pdf/trends-college-pricing-student-aid-2020.pdf 2. Financial aid available to those who qualify.
3 Am I eligible?
CONTENTS
What are the right
options for you? ...4 Paying for college,
realizing your dream ...5 What’s available for me? ...6 How do I find the financial
aid I need? ...7 How do I apply? ...8 What information will
I need to provide? ...9 Understanding
financial aid terms ...10
Cost of Attendance ... 12
Additional resources ...14
4 Am I eligible?
Review the information below, then visit our financial aid office for more information and help. Our experienced financial planners are happy to assist you through the financial aid process.
The following is a basic list of eligibility requirements for federal financial aid:
• Show financial need (some loan and scholarship programs excepted)
• Earn your high school or home school diploma, HiSET, TASC, or GED® test certificate
• Meet any state standards that have been federally approved
• Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program
• Be a U.S. citizen or eligible non-citizen
• Certify that you will use federal student aid only for educational purposes, and certify that you are not in default on a federal student loan and do not owe money on a federal student grant
Financial Aid
What are the right options for you?
Eligibility for other types of aid—including private, institutional, and state aid—is determined by the aid-granting organization.
Contact the organization for specific requirements.
• Have a valid Social Security number. If you need a Social Security number, you can apply for one at www.ssa.gov
• While in attendance, meet satisfactory academic progress standards
• Comply with Selective Service registration
5 Paying for college, realizing your dream
Paying for college, realizing your dream
Some people have the idea that they can’t afford college. The fact is, college may be much more affordable than you think. Financial aid is available to those who qualify. Many students are amazed at the financial aid they’re eligible to receive. You may be wondering whether college
is worth the expense, time, and work it takes to be successful. The truth is, the right degree can greatly improve your earning potential.1 The vast majority of students today are being helped through college with financial assistance. 2
Federal Aid Program Type of Aid Program Details Annual Maximum Award
Federal Pell Grant Grant: does not
have to be repaid Available almost exclusively to undergraduates. All eligible students will receive the Federal Pell Grant amounts they qualify for.
$6,495 (2021–2022); subject to change every July 1.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Grant: does not
have to be repaid For undergraduates with exceptional financial need.
Priority is given to Federal Pell Grant recipients.
Funds depend on availability at school.
Amounts vary depending on school’s allocation.
Federal Work Study Money is earned while attending school; does not have to be repaid
For undergraduates with exceptional financial need.
Priority is given to Federal Pell Grant recipients.
Funds depend on availability at school.
No annual maximum.
Amounts vary depending on school’s allocation.
Direct Subsidized Loan Loan: must
be repaid U.S. Department of Education pays interest while the borrower is in school and during grace and deferment periods.
Amounts vary, depending on grade level and dependent/independent status. See https://studentaid.ed.gov/sa/types/loans/
subsidized-unsubsidized for info.
Direct Unsubsidized Loan Loan: must
be repaid The borrower is responsible for the interest of unsubsidized
loans throughout the life of the loan. Amounts vary, depending on grade level and dependent/independent status. See https://studentaid.ed.gov/sa/types/loans/
subsidized-unsubsidized for info.
Direct PLUS Loan Loan: must
be repaid Available to parents of dependent undergraduate students. Cost of attendance minus any other financial aid the student receives.
1. https://www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm 2. https://nces.ed.gov/fastfacts/display.asp?id=31
Source: https://studentaid.gov/understand-aid/types/grants/pell https://studentaid.gov/understand-aid/types/loans
6 What’s available for me?
Each financial aid option may offer both need-based and non-need-based aid, as well as grants, loans, and work-study programs. It’s smart to explore all your financial aid options to get the best chance of receiving all the aid you need to finance your education.
1. Federal aid
Federal aid is need-based aid that is regulated by the U.S. Department of Education. Your financial aid will be determined by the information you provide in your FAFSA – Free Application for Federal Student Aid.
2. State aid
State-supported financial aid varies from state to state and may have residency or attendance restrictions. In some states, grants cover tuition and are based on financial need as determined by the state. Some state scholarships are based solely on merit and are measured by academic achievement. Others are designed to support students interested in certain professions to help fill a shortage within a specific state. Search the U.S. Department of Education’s database at www2.
ed.gov/about/contacts/state/index.html for contact information and website addresses.
What’s available for me?
FOUR BASIC SOURCES OF FINANCIAL AID:
1. FEDERAL 2. STATE
3. INSTITUTIONAL 4. PRIVATE
3. Institutional aid
Institutional aid can be need-based (income-related) or non- need-based (performance-related) and is provided by the institution or school that the student is attending. Examples of institutional aid include school-based scholarships, tuition payment plans, college partnerships, and more.
At Independence University, we have a variety of grants and scholarships* available for those who qualify. Call 800-331-8831 for more information.
4. Private aid
Private aid is financial assistance that is provided by a private business, group, or individual. This includes aid from groups such as community groups, employers, religious organizations, ethnic organizations, private benefactors, or investors. Private aid can be granted based on almost any qualification. Contact your school’s financial aid office or your city’s chamber of commerce or community center to find out more about local aid sources. There are also many internet sites that provide information about private aid resources. See this booklet’s “Additional Resources” section for reliable sites (pg. 14).
*Financial aid available to those who qualify.
7 How do I find the financial aid I need?
A FEW SIMPLE STEPS COULD HELP YOU PAY FOR COLLEGE
— AND IT’S ALL SURPRISINGLY EASY WITH OUR HELP.
How do I find the financial aid I need?
It starts with knowing where to look. You can start applying for federal financial aid by filling out an online application at www.fafsa.ed.gov.
Once it’s processed, you will receive notice from the government through your school telling you the types of aid for which you may qualify and, if qualified, the next steps to take in receiving aid.
Exploring other financial aid options can begin with your high school counselor or the internet. Both can be excel- lent resources for help in getting started. Here is a list of helpful websites:
www.studentaid.ed.gov
This site will help you find more information on federal student aid, access FAFSA on the web (the online version of the Free Application for Federal Student Aid), look up the status of your federal student loan, and access federal student aid publications.
https://studentaid.gov/h/apply-for-aid/
fafsa
This is where you’ll find your Free Application for Federal Student Aid.
https://studentaid.gov/apply-for-aid/fafsa/
filling-out/help
This site will help you complete your FAFSA.
www.fastweb.com
Search over 600,000 scholarships, totaling over $1 billion.
Get expert tips on financial aid, careers, and more.
www.scholarships.com
This is the internet’s premier free college scholarship search and financial aid information resource, connecting students and parents with college funding opportunities. Create a personal profile, and the free scholarship search will match you to the database of college scholarships. Search results include scholarship summaries and a customizeable application request letter. A few simple steps could help you pay for college—if you qualify—and it’s all completely free.
8 How do I apply?
How do I apply?
1. Apply for federal financial aid by filling out the FAFSA (Free Application for Federal Student Aid)
You can apply beginning October 1 of the year you plan to attend school until June 30 of the following year.
Be sure to check the FAFSA for the list of deadlines for state aid. Schools and states often set deadlines early in the calendar year that you must meet to receive certain types of funds. A word of advice:
Apply early!
2. Keep a copy of your application
Make a copy of your application (or print out a copy of your FAFSA on the web application), so you’ll have one for your records. Save all other records as well in case there’s a need to verify the information you reported. Make sure you write down your FSA ID once you receive it, in case you need to provide a copy of your FAFSA in the future.
3. Verify your information on your Student Aid Report (SAR)
Depending on the method you used in filling it out,
your Student Aid Report will be sent to you in the mail or on the internet. It confirms the information reported on your FAFSA and indicates your Expected Family Contribu- tion (EFC). The EFC is a measure of your family’s financial strength and is used to determine your eligibility for federal student aid.
4. Contact us
Talk with one of our financial planners. Make sure they have the information to determine your eligibility. We will review your SAR, and we will contact you with information stating the amount of financial aid for which you may qualify. We can also refer you to other potential sources of financial aid.
5. Research private financial aid options
Check with your school’s financial aid planner for help in finding the private financial aid options that apply in your particular state. Also, refer to this booklet’s
“Additional Resources” section (pg. 15).
NEED HELP?
GIVE US A CALL AT
800-331-8831
9 What information will I need to provide?
The following checklist will help you gather the information you’ll need to complete your Free Application for Federal Student Aid (FAFSA).
By keeping copies of this information, you will save yourself time later when you are applying for private aid as many colleges require the same information.
FAFSA checklist
❑
Your Social Security number (you can find this on your Social Security card)❑
Your Prior-Prior Year (PPY) federal income tax return (and that of your spouse, if you are married and filing separately)❑
W-2 forms or other records showing money earned in the previous tax year not appearing on your PPY return❑
If you’re a dependent student, your parents’ PPY federal income tax return❑
Any foreign tax returns or tax returns from Puerto Rico (if applicable)❑
Your PPY untaxed income records, including Social Security, Temporary Assistance to Needy Families, welfare, or veterans’ benefits records (if applicable)What information
will I need to provide?
❑
Your previous year’s bank statements❑
Your previous year’s business and investment information, such as business and farm records or stocks, bonds, and other investment records (if applicable)❑
Your alien registration card (if you are not a U.S. citizen)Helpful hints
•
Read all the school information carefully. If you have any questions about costs or other important topics, contact our financial aid department for the answers you need.•
Complete your paperwork carefully and completely, following the instructions closely.•
Pay close attention to deadline dates so you won’t miss out on aid awarded on a first-come, first-served basis.•
Answer any letters or emails you receive right away. If you change your email, notify your financial planner to make sure you don’t miss important documents and deadlines.•
Keep copies of everything relating to your application, including forms and communications both sent and received.•
Re-apply for financial aid by the deadline each year to maintain eligibility. Note: Failure to re-apply by the deadline each year could result in loss of funds and being dropped from your program.10 Understanding financial aid terms
Understanding
financial aid terms
Understanding the following words will make your financial aid decisions easier.
Academic year
An academic year for a credit-hour or direct assessment program must be defined as at least 30 weeks of instructional time.
Cost of attendance (COA)
Cost of attendance is the total amount it will cost you to go to school, usually expressed as a yearly figure. COA includes tuition, fees, and on-campus room and board (or a housing and food allowance for off-campus students). An allowance is also included for books, supplies, transportation, loan fees, and, if applicable, dependent care. It also includes other expenses, including an allowance for the rental or purchase of a personal computer. (For details about the new tablet and new laptop our college supplies to students, please contact us.)
See page 12-13 for Cost of attendance charts.
Default
Default is a failure to repay a loan according to the terms agreed to when you signed a promissory note.
The consequences of default are severe. Your school,
the lender or agency that holds your loan, the state, or the federal government may take action to recover the money and may notify national credit bureaus of your default.
Eligible non-citizen
You must be one of the following to receive federal student aid:
• A U.S. citizen
• A U.S. national (includes natives of American Samoa or Swain’s Island)
• A U.S. permanent resident who has an I-151, I-551, or I-551C (alien registration card)
If you’re not in one of these categories, you must have an Arrival-Departure Record (I-94) from the Bureau of Citizenship and Immigration Services (formerly the U.S.
Immigration and Naturalization Service) showing one of the following designations:
• Refugee
• Asylum Granted
• Cuban-Haitian Entrant, Status Pending
• Conditional Entrant (valid only if issued before April 1, 1980) Other applicants should check with their school’s financial aid office for more information.
Understanding financial aid terms
Eligible program
This is a program of organized instruction or study that leads to an academic, professional, or vocational degree or certificate, or other recognized educational credential.
To receive federal student aid, you must be enrolled in an eligible program, with two exceptions:
• If a school requires that you complete certain coursework to qualify for admission into one of its eligible programs, you can get a Direct Loan for up to 12 consecutive months while you’re finishing that coursework. You must be enrolled at least part-time and meet the usual student aid eligibility requirements.
• If you are enrolled at least half-time in a program to obtain a professional credential or certification required by a state for employment as an elementary or secondary school teacher, you are eligible for a Direct Loan. In addition, your parents can apply for a PLUS Loan while you’re enrolled in that program. You may also qualify for the federal work study program.
*GED® is a registered trademark of the American Council on Education (ACE) and is administered exclusively by GED Testing Service, LLC under license. This material is not endorsed or approved by ACE or GED Testing Service. HiSet is a registered trademark of Educational Testing Service.
TASC is a trademark of Data Recognition Corporation. All other trademarks are property of their respective owners.
11 High School Equivalency
(GED
®test, TASC
TMtest, HiSet
®exam)
*This is a certificate that students receive if they’ve passed a specific, approved high school equivalency test. Students who don’t have a test credential may still qualify for federal student aid. A school that admits students without a high school diploma must make a test credential program available in the vicinity of the school and must inform students about the program.
Understanding
financial aid terms (continued)
2020-2021 Cost of Attendance
Region 1 District of Columbia,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 1177 4708 5885 7062 8239 9416 1868 7472 9340 11208 13076 14944
Travel 611 2444 3055 3666 4277 4888 611 2444 3055 3666 4277 4888
Personal 1114 4456 5570 6684 7798 8912 1114 4456 5570 6684 7798 8912
Total 2902 11608 14510 17412 20314 23216 3593 14372 17965 21558 25151 28744
Region 2 California, New York,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 1083 4332 5415 6498 7581 8664 1720 6880 8600 10320 12040 13760
Travel 562 2248 2810 3372 3934 4496 562 2248 2810 3372 3934 4496
Personal 1025 4100 5125 6150 7175 8200 1025 4100 5125 6150 7175 8200
Total 2670 10680 13350 16020 18690 21360 3307 13228 16535 19842 23149 26456
Region 3 Hawaii, Virgin Island, Puerto Rico,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 1003 4012 5015 6018 7021 8024 1591 6364 7955 9546 11137 12728
Travel 520 2080 2600 3120 3640 4160 520 2080 2600 3120 3640 4160
Personal 949 3796 4745 5694 6643 7592 949 3796 4745 5694 6643 7592
Total 2472 9888 12360 14832 17304 19776 3060 12240 15300 18360 21420 24480
Region 4 Alaska, Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 956 3824 4780 5736 6692 7648 1517 6068 7585 9102 10619 12136
Travel 496 1984 2480 2976 3472 3968 496 1984 2480 2976 3472 3968
Personal 904 3616 4520 5424 6328 7232 904 3616 4520 5424 6328 7232
Total 2356 9424 11780 14136 16492 18848 2917 11668 14585 17502 20419 23336
12 Cost of Living Expenses
2020-2021 Cost of Attendance (continued)
Region 5 Maine, Oregon, Rhode Island, Vermont, Washington,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 889 3556 4445 5334 6223 7112 1411 5644 7055 8466 9877 11288
Travel 461 1844 2305 2766 3227 3688 461 1844 2305 2766 3227 3688
Personal 841 3364 4205 5046 5887 6728 841 3364 4205 5046 5887 6728
Total 2191 8764 10955 13146 15337 17528 2713 10852 13565 16278 18991 21704
Region 6 Arizona, Colorado, Delaware, Illinois, Nevada, Pennsylvania,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 817 3268 4085 4902 5719 6536 1296 5184 6480 7776 9072 10368
Travel 424 1696 2120 2544 2968 3392 424 1696 2120 2544 2968 3392
Personal 773 3092 3865 4638 5411 6184 773 3092 3865 4638 5411 6184
Total 2014 8056 10070 12084 14098 16112 2493 9972 12465 14958 17451 19944
Region 7 Florida, Louisiana, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Carolina, South Dakota, Texas, Utah, Virginia, Wisconsin, Wyoming,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 759 3036 3795 4554 5313 6072 1204 4816 6020 7224 8428 9632
Travel 394 1576 1970 2364 2758 3152 394 1576 1970 2364 2758 3152
Personal 718 2872 3590 4308 5026 5744 718 2872 3590 4308 5026 5744
Total 1871 7484 9355 11226 13097 14968 2316 9264 11580 13896 16212 18528
Region 8 Alabama, Arkansas, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Michigan, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, Tennessee, West Virginia,
Living with Parents Living off Campus
Months 1 4 5 6 7 8 1 4 5 6 7 8
Room & Board 704 2816 3520 4224 4928 5632 1117 4468 5585 6702 7819 8936
Travel 365 1460 1825 2190 2555 2920 365 1460 1825 2190 2555 2920
Personal 666 2664 3330 3996 4662 5328 666 2664 3330 3996 4662 5328
Total 1735 6940 8675 10410 12145 13880 2148 8592 10740 12888 15036 17184
Cost of Living Expenses 13
Independence.edu
Additional Resources
www.nasfaa.org
The site for the National Association of Student Financial Aid Administration.
www.finaid.org
Great resources for information and links to many financial aid materials.
www.salliemae.com
Sallie Mae can provide loans to students which are paid to the school.
www.bls.gov/ooh/
The U.S. Department of Labor’s Occupational Outlook Handbook. This site gives detailed information on various careers and their potential earnings.
www.studentaid.ed.gov/sa/resources
This site has publications, fact sheets, online tools, and other resources to help you prepare and pay for college.
www.collegedata.com
Prepare, apply, and pay for college following the advice and tools you’ll find here. Get admissions help and scholarship search assistance.