School Code: 001047
Yes. If you want an estimate of financial aid prior to applying for either admission or financial aid, you may use an expected family contribution (EFC) financial aid calculator. You will need to provide information on your household size, number of household members attending college, and income and asset information for yourself, and if you’re filing as a dependent student, for your parents as well.
All students must complete the Free Application for Federal Student Aid (FAFSA). The fastest way to get you application processed is to apply over the internet. To apply online, go to http://www.pin.ed.gov. Web site and apply for a Personal Identification Number (PIN). A PIN allows you to electronically sign and submit the Free Application for Federal Student Aid (FAFSA) without having to print, sign, and mail a signature page to the processing center. A PIN saves time and mistakes. If you prefer to file via a paper application, you can pick one up from the financial aid office.
To complete the FAFSA, you will need to provide information on your household size, number of household members attending college, and income and asset information for yourself, and if you’re filing as a dependent student, for your parents as well. Be sure to follow the directions carefully because making corrections is a time consuming process.
Your can file the FAFSA anytime after January 1st of the year that you plan on attending or returning to college. For example if you plan to attend in Fall 2006, Spring 2007, or Summer 2007, you would complete the 2006-2007 FAFSA. If you don’t have your tax returns completed, please wait until all the information is completed before completing the FAFSA.
No. You can apply for financial aid any time after January 1st of the year in which you will need funding. However, to actually have your aid processed you must be admitted in a degree program.
No, Troy University only administers financial aid for students who are seeking a degree through Troy University for courses at Troy University.
No, as a University accredited by the Commission on Colleges of the Southern Association of Colleges and Schools, we can only provide financial aid for Troy University students seeking the associate's degree, the bachelor's degree, the master's degree, and the education specialist degree. We are authorized by the US Department of Education to provide funding for those degrees only. The non-degree certificate programs offer certification recognized by the State of Alabama and do not offer a degree through Troy University.
Students who require funding while in a non-degree certificate program will need to apply through one of our private lenders for a private educational loan.
Yes. You must complete a FAFSA or Renewal FAFSA for each year you attend school. Renewal of your financial aid package NEVER happens automatically. It depends on factors including academic progress, income, number of members of your family in college, and changes in your family’s financial status.
Yes. While many people hate the paperwork involved, you really should file a FAFSA even if you don’t think you’re eligible for federal assistance. Why? Because the FAFSA is also used to find out if you qualify for federal loans. Applying for Federal Student Aid Programs Using the FAFSA is free, so there is no good excuse for not applying. Unfortunately the belief that their own family is not eligible stops many parents and students from applying early - resulting in a late application after families are requested to write a check for tuition. Apply early and know for sure about your eligibility - then you will be in position to know all of your financing options when faced with the tuition bill.
The Student Aid Report (SAR) is a detailed explanation of the information you supplied on you FAFSA. You will receive your SAR anywhere from 3 to 6 weeks after completing your FAFSA (The shorter time period is for those who file their FAFSA online. The paper version takes six weeks).
The SAR is used for three purposes. First, it is a means of conveying important information about your application for federal aid. Second, it tells you your Estimated Family Contribution (EFC). Finally, it can be used to make changes to your application information.
Read Part 1 of your SAR carefully. It will tell you whether or not you may be eligible for the Pell grant, or whether you will be required to submit additional documentation to your financial aid office (this is usually worded as “you have been selected for a process called verification”). This portion is difficult to read but is considered the first notification of additional documents needed to complete your file. Until the financial aid office receives this information they do not know all that may be needed to complete your file.
Part 1 also contains a listing of all the information you supplied on your FAFSA. Go through each item carefully to ensure that it is correct. While the process used to scan and interpret your form is very good, it is not error-proof, so sometimes, even if you filled out the FAFSA correctly, you may find errors. If you need to make corrections, do so on Part 2 of your SAR.
Part 2 of your SAR lists your information under two columns. The first column reports what your FAFSA currently shows, and the second column provides a space to make corrections. After making your corrections, copy Part 2, and then mail Part 2 only back to the address indicated on the SAR. The address is printed close to where you must sign Part 2. You can also go on line and correct your FAFSA information using your PIN.
Notice the 5 digit number on the middle to upper right hand side of the first page of the SAR. That number is your Expected Family Contribution (EFC). The EFC is the calculation arrived at by processing your FAFSA information. The EFC is the amount of money the Department of Education thinks your family can afford given your household size, state of residence, income, and assets.
The EFC (Expected Family Contribution) on your SAR (Student Aid Report) is a measure of your family’s ability to pay for college. The financial aid office establishes a Cost of Attendance (COA). The COA includes tuition, fees, estimated living expenses, and books and supplies. Financial need is an official term for how much need-based financial aid you’re eligible for. Your financial need is calculated by subtracting the EFC from COA.
To put it simply, the equation is used is:
COA – EFC = Financial Need
In order for you to receive need-based aid, your Cost of Attendance must be greater than your Expected Family Contribution.
If your parents are separated or divorced, the custodial parent is responsible for filling out the FAFSA. The custodial parent is the parent with whom you lived the most during the past 12 months. If you did not live with one parent more than the other, the parent who provided you with the most financial support should fill out the FAFSA. This is probably the parent who claimed you as a dependent on his or her tax return. If you have not received any support from either parent during the past 12 months, use the most recent calendar year for which you received some support from a parent or lived with either parent. Note, however, that any child support and/or alimony received from the non-custodial parent must be included on the FAFSA.
Yes. If you parent and stepparent are married at the time you fill out the FAFSA, they must report their income and assets even if they were not’t married in the previous year.
Many students ask, “Why am I considered dependent, even when I live on my own, my parents don’t support me and do not claim me as a dependent on their tax returns.” The answer to this question is somewhat involved. Basically, in order to be considered independent by the government, your must be able to answer “YES” to a least ONE of the following questions:
Are you 24?
Are you married”?
Are you a veteran of the US Armed Forces?
Are you an orphan or ward of the court?
Are you a graduate or professional student?
Do you have legal dependents other that a spouse?
If you can answer yes to any one of the above questions, then you are independent and it is not necessary to provide your parent’s information on the FAFSA. If you cannot answer yes to any of the above questions then, you are dependent. Therefore, you must provide parental information on the FAFSA.
Last, but not least: It is a common misconception that if you are not claimed as a dependent on your parents’ federal income tax return, then you can be considered independent for the purposes of financial aid. In fact, your status on your parents’ tax return has no bearing whatsoever on your dependency status for financial aid!
All financial aid applicants must meet our Standards of Satisfactory Progress to receive financial aid. The US Department of Education requires all institutions to set minimum standards which students must meet to receive financial aid. The standards for financial aid are different than those used by the Office of the Registrar; we must count all courses attempted (including all repeated courses, dropped courses, incomplete courses, and withdrawals); for example, if you took a course and received an "F" and retook the same course receiving an "A", the Registrar will determine you have a 4.0 (allowing the highest grade for the course to stand) but financial aid will consider you to have a 2.0 counting all credits completed and all credits attempted.
A Pell Grant is gift aid that you do not have to repay. It is given to very needy students. The Pell Grant is based on your Expected Family Contribution (EFC). The EFC is the number arrived at by processing the data you provide on the FAFSA.
A Supplemental Educational Opportunity Grant (SEOG) is a federal grant given to the neediest students.
Most students these days find that they need to get some type of loan to help finance their education. Federal Stafford loans are the best place to start, because they are the least expensive. The student loan program is a government, private industry, educational partnership.
First, you must complete the FAFSA (Free Application for Federal Student Aid) to determine your eligibility for a student loan. In about three to four weeks the school will receive information from the federal processing center which will determine what type of loan you will be able to receive. (Subsidized, Unsubsidized or both). At this point you should have received a letter from the financial aid office to let you know what other documentation will be needed to process your request for a loan. Once all the required documentation is received and verified, you will be sent an award letter to accept your loan. At this point you can cancel your loan or reduce the amount listed on the award letter and return this to the financial aid office.
All first time borrowers or students choosing a different lender must complete a Master Promissory Note (MPN) online at www.kheaa.com, or print, sign, and return to one of our preferred lenders.
A Stafford loan is variable interest rate loan made to students based on financial need. There are two kinds of Stafford Loans: Subsidized and Unsubsidized. With a Subsidized Stafford loan, you are not responsible for the interest charged on the loan as long as you are in school as an at least half-time student. Instead, the government pays the interest for you while you are in school. Students receiving Unsubsidized Stafford loans are responsible for the interest charged on the loan while in school (the rate varies annually based on the prior year average T-Bill rates but will never exceed 8.25%). A student can choose to either pay the interest or capitalize it. Capitalization occurs on a periodic basis and compounds over time – meaning interest charged on the principal is added to the principal, and then interest is charged on the principal plus interest and so on. Beware; capitalized interest can be a very costly! It’s best to pay the interest if you can. Repayment of either type does not begin until six months after the student graduates or stops attending on an at least a half time basis (6 undergraduate hours or 4 graduate hours). It is recommended that students make an effort to pay down the interest on an annual basis.
Parents will only be responsible for your educational loans if you are under 18 and they endorse/co-sign you loan.
No. Alternative loans are private loans issued by private lenders. Third party organizations may guarantee these loans, but the federal government has no involvement. The responsibility lies with you. However, the financial aid office is required to consider this as financial aid and students may not borrow in excess of their COA (cost of education).Troy University will expect you to submit the FAFSA and be considered for federal loans before applying for private loans.
Loan Locator from the National Student Loan Clearinghouse (No PIN Required)
The National Student Clearinghouse offers services to assist students to track their student loans.
NSLDS Student Access National Student Loan Data System (Requires FAFSA PIN)
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, the Pell Grant program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and Pell grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or Pell grant data.
Apply for a PIN US Department of Education PIN Registration
Your PIN can be used each year to electronically apply for federal student aid and to access your U.S. Department of Education records online. If you receive a PIN, you agree to not disclose or share your PIN with anyone. Your PIN serves as your electronic signature and provides access to your personal records. You should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to keep your PIN in a safe place.
Not immediately. The Stafford loan has a grace period of 6 months before the student must begin repaying the loan. If you use up your grace period you will have to begin repaying your loan. The loan repayment can again be deferred when you are again enrolled at least half time. However, you agreed to contact your lender if you drop to less than half time.
Finding scholarships is a challenging, time consuming, but very worthwhile and potentially rewarding task. Some scholarships are site specific - You can view available scholarships by going to the Troy Campus of interest. Outside scholarship searches can be completed at www.fastweb.com and www.finanid.org.
Yes. Any kind of financial aid from outside sources must be reported to your financial aid office. You agree to do this when you complete the FAFSA.
No. You are a veteran only if you have been discharged from Active Duty honorably.
You should complete the FAFSA according to your situation at that time. You should give only your portion of the exemptions, income, and taxes paid if you are separated or divorced at the time of application. Use your W-2’s to separate the income and tax information. If you become separated or divorced after completing the FAFSA, you should contact us - we will help you divide the income and assets appropriately. If you have any questions, please contact your financial aid office for help - Dothan, Montgomery, or Troy. (check under Contact Us at the bottom of the page) If your next years FAFSA information again reports you as separated, we will request documentation.
Your enrollment status for financial aid eligibility is directly related to the number of credits for which you are enrolled at the end of the free drop/add period; this is also called the Census Date. The financial aid shown on your Award Notification is based on the assumption that you will be enrolled full-time. The aid you receive (in check, payment of fees, direct deposit, or payment to residence halls) is based upon the number of credits for which you were enrolled at the end of the free drop/add period. Credits added after the Census Date - after the last day of free drop/add are not seen by the system; students should have their site notify financial aid when classes are added after the Census Date.
Federal and state regulations require that certain portions of your award be reduced if you are enrolled less than full-time. If you are enrolled for 6 credits or less after drop/add, your cost of education is reduced to reflect the fact that you pay part-time fees. A reduction in your cost of education may mean that you are eligible for less aid.
If you drop prior the end of free drop/add, you are paid for the number of credits remaining after the end of free drop/add. However, the action taken for a drop after the end of free drop/add depends on whether Troy University adjusts your charges when you drop. If your charges do not change, then your financial aid does not change. While your financial aid may not change for that term, you may have a problem with future financial aid due to the Satisfactory Academic Progress requirement if you do not complete 80% of the courses attempted at Troy University. If you are granted an administrative drop so that charges are reversed when you drop, then your financial aid is adjusted according to the number of credits for which you are actually charged (if your charges are reversed due to the drop, then some of your financial aid may be reversed and you would be responsible for the difference).
Yes, this is a problem. The Financial Aid Office awards you, Term (4 disbursements) vs. Semester (2 disbursements), based on your home location. The computer will be looking for terms and will not count the semester credit hours towards your eligibility for the disbursement - so there will be no disbursement. You should call (800) 414-5756 or e-mail us (see Contact Us) for what will be a manual process for disbursement. Beginning Fall 2007 after disbursement does not occur for you, the financial aid office in Troy, AL will be manually checking to see if you are registered on another attendance pattern to manually, student by student, approve the movement of funds to student accounts.
You can tell whether you are awarded on Terms vs. Semesters by looking at your financial aid status by year on Trojan Web Express. If you are awarded on terms and will be attending on semesters, you can inform us how you wish to be awarded on the award letter when you return it to us.
If you are pursuing a degree at one of the four main campuses (Troy, Montgomery, Dothan or Phenix City), you are automatically awarded on a semester disbursement schedule. If you are actually attending eCampus or a branch of the University College which is a set up on terms, you can let us know when you return your award letter that you will be attending on Terms.
Once a student has had any financial aid disbursed, the disbursement pattern (Term vs Semester) becomes locked in and can not change.
Students who are awarded on semesters and will be attending terms or vice versa need to make corrections on their award letters prior to any aid disbursing.
If you have been awarded based on semesters and are attending a term location, you must be enrolled at least half time (based on semesters: 6 credit hours) before any loans will disburse. This means you may be enrolled for 3 credit hours T1(which is half-time on Terms) and your loans will not disburse until you are registered for an additional 3 credit hours in T2. Once you have registered for at least 6 credit hours, then loans will disburse.
Yes, this is a problem. If you are awarded on semesters, the system is only looking for semester credits to count for your financial aid to disburse. If the term course credits are needed in order to be either full or half time, the student should contact the call center (800) 414-5756 or their financial aid counselor to request that we manually adjust the criteria to include the term courses. Beginning Fall 2007 after disbursement does not occur for you, the financial aid office in Troy, AL will be manually checking to see if you are registered on another attendance pattern to manually, student by student, approve the movement of funds to student accounts.
The student will also need to make sure the two A/R offices are aware - the term location must bill the student's account at the semester location for the charge to appear on the student's account while financial aid is still there to pay it.
Term classes do not count towards the credit requirement for any Alabama campus scholarships. Alabama campus scholarships will not pay for term credits.
Office of Financial Aid
134 Adams Administration Building
Troy, Alabama 36082
Phone: 1-800-414-5756
Assistance Available 24 Hours A Day/7 Days A Week
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