Frequently Asked Questions About Financial Aid at GoddardQ. I’m a prospective student who has never received Financial aid before, where do I begin? A. The first step to receiving aid is to apply. This is done by completing the Free Application for Federal Student Aid (FAFSA) form. There is no fee for submitting a FAFSA form. You will need Goddard’s Federal School Code to apply, which is 003686. You will need your tax/financial information from the previous year to complete the form. The FAFSA form is the only application we require.
Q. Where do I get a FAFSA form? A. A FAFSA form can be picked up from any local high school or college, or you can request one be mailed to you from the Admissions or Financial Aid Offices at Goddard. You can go to the 'FAFSA' link and apply over the Internet (www.fafsa.ed.gov). Applying online is faster than mailing a copy of the FAFSA form to the Department of Education. If you decide to complete a paper copy of the FAFSA form, mail the form to the Financial Aid Office at Goddard and we will file it electronically for you.
Q. When should I apply for aid, is there a deadline? A. We encourage students to apply for aid as soon as possible. A student can apply anytime after January 1st for the upcoming academic year. We encourage students to wait until they have completed their income tax returns, but if a student is a late filer, estimated information can be used until the exact information can be submitted.
Q. Should I wait to be accepted before I apply for Financial Aid? A. No, you should apply for Financial Aid as soon as possible. If a student had already submitted their FAFSA form before being accepted, sometimes their award letter arrives in the mail the same day they receive an acceptance letter from the Admissions Office!
Q. I forgot to file my FAFSA and the residency is right around the corner, is it too late to apply for Financial Aid? A. No, we suggest that if the residency is less than two weeks away you complete a paper copy of the FAFSA and mail or fax it to the Financial Aid Office. We will file it electronically for you and you should have an award letter within the week. If your paperwork is not complete by registration day, you will be required to pay a residency fee.
Q. I have submitted my FAFSA form and been accepted, what happens next? A. You will receive an award letter in the mail, along with all necessary paperwork needed to complete to receive your aid. The paperwork may consist of the following: an award letter, a loan application called a Master Promissory Note, a loan entrance interview, a Parent Plus Loan application (for dependent students), and a verification form. You may also be expected to provide a signed copy of your previous year’s income tax return (and your parent’s income tax form if you are a dependent student) if you are selected for verification.
Q. When do you start awarding aid? A. For the Fall semester we start awarding aid near the end of March. Anytime after March we will award students as soon as they have been accepted and we have received their FAFSA form.
Q. What types of aid am I eligible for and how much will I receive? A. The types of aid and the amount of aid you receive depend on your financial situation and your grade level.
Aid Available for Undergraduate (B.A. or B.F.A.) Programs: Federal Grants: The Federal Pell Grant, for students with a low Estimated Family Contribution (EFC) as determined on your FAFSA form. This grant can range between $200-$2155 a semester. We also have a small amount of SEOG that is awarded in conjunction with a Pell Grant. State Grants: Most states require you to complete an additional application in order to qualify for a state grant. Check with your state’s Dept. of Higher Education to receive an application and deadline information. The amount of aid received varies by state. Goddard Scholarships: Please refer to the 'scholarships' link for a complete listing of the scholarships available to B.A. and B.F.A. students. Federal Loans: Stafford Subsidized Loan, Stafford Unsubsidized Loan, Perkins, and Parent Plus Loan. Stafford Subsidized Loan amounts vary by financial eligibility and grade level.
Stafford Unsubsidized Loan amounts for independent students as determined by the FAFSA form.
Perkins Loan funds are limited and are only granted to financially eligible students. The maximum amount available for eligible students is $2,000 per semester.
Aid Available for Graduate (M.A. & M.F.A.) programs: Federal Grants: There are no Federal grants at the Graduate level. Goddard Scholarship: Please refer to the 'scholarships' link for a complete listing of scholarships available to M.A. and M.F.A. students. Federal Loans: Stafford Subsidized Loan, Stafford Unsubsidized Loan and Graduate PLUS loan. The maximum amount available in Subsidized Stafford Loan funds for graduate students is $8,500 for the year ($4,250 in the Fall and $4,250 in the Spring). The maximum amount available in Unsubsidized Stafford Loan funds for graduate students is $12,000 for the year ($6,000 in the Fall and $6,000 in the Spring). Graduate PLUS loans are to supplement the Stafford Loans for educational expenses up to the cost of attendance.
Q. How do I know which lender to borrow from? A. Students are able to select any lender they choose. It is helpful to check out different websites (see the greentree gazette loan comparison chart) to compare lender's rates and repayment terms. Historically, the majority of our students have borrowed through the Vermont Student Assistance Corporation (VSAC). However, students are free to select the lender of their choice.
Q. Are there loan fees? A. Due to recent legislation, origination and guarantee fees are being phased out. Many lenders have decided to charge 0% loan fees for the upcoming academic year. The interest rate is a fixed 6.8% for Stafford Loans and 8.5% for PLUS Loans.
Q. Why am I able to receive more financial aid than the cost of tuition? A. Some students decide to borrow the maximum amount of aid they are eligible for which creates an overage—we call this a refund. (Although not all students are eligible for a refund, which is based on their grade level and financial situation) A student can use the refund to pay for travel expenses for the next residency, to buy a computer, to buy books etc. The refund can be used toward any educational expenses. Refund checks are generated from the Student Accounts Office.
Q. When do I get my refund? A. This will depend on when your paperwork is completed and the type(s) of funds you are receiving. Your refund MAY be available on the last day of your residency if all paperwork is complete, including your submitted study plan. You can pick up the check at the Student Accounts Office, or if you are off-site, the check will be mailed to you. Your refund will not be available if your paperwork isn't complete by registration or if Goddard has not received the funds. Funds that may not be received until after the residency include State Grants, outside scholarships or loans, tuition or VocRehab payments, or other late awards. Your refund will be mailed to you as soon as all paperwork and funds are received.
Q. There is a $250 enrollment deposit required by the Admissions Office, will Financial Aid cover this?
A. No, your Financial Aid award covers expenses incurred after you enroll, not before.
Q. I need money for travel expenses, I qualify for a refund, can I receive my refund check before I arrive? A. No, funds do not get applied to your account until after you enroll. |