FAQs About Financial Aid
Find out more about loans and work study.
What
is the difference between subsidized and unsubsidized loans?
Subsidized
loans are awarded based on financial need. The government pays the interest on
the loan until repayment begins and during periods of deferment (basically
while you are still a full- time student). When accepting funds, you should
always accept subsidized loans first. An unsubsidized loan is not awarded based
on need, and the interest is charged from the time the loan is disbursed until
it is paid in full. You can begin paying the interest on the unsubsidized loan,
but it is not required.
What is verification?
Why did I get chosen for verification?
Verification
is a process by which the information you included in your FAFSA is validated.
More than 30% of all students will have their FAFSA randomly selected for the
verification process by the federal government. If selected, you will be
required to submit specific documents to the Financial Aid office on campus.
These documents will be used to verify that the information on the FAFSA is, in
fact, correct. This process must be completed before you can receive a
financial aid award offer.
Please
be sure all forms are completed in their entirety. If a question does not
apply, enter a zero or n/a. Please do not leave anything blank.
How do I accept or
decline my financial aid? Can I decline part of my financial aid or loans?
The
form to accept or decline funds is called the Financial Aid Award Decision Form. It can be accessed through the
Online Aid Service under the forms tab. Yes, you have the option of accepting
all funds or accepting a portion of the funds.
How do I complete my
entrance counseling and sign my Master Promissory Note (MPN)?
You
can access the MPN and entrance counseling through the Online Aid Service, or
you can go to it directly at www.studentloans.gov.
What is my PIN for the
Stritch Online Aid Service? Is it the same as my FAFSA PIN?
Your
Stritch Online Aid PIN is a number that you will create. This number is not the
same as the FAFSA PIN.
What do I do if I forgot
my Stritch Online Aid Service PIN?
If
you forget your Stritch Online Aid Service PIN, click on "forgot your
PIN?" under the login section to reset it.
Where do I turn in my
financial aid documents?
All
financial aid documents can be turned in to the One Stop Desk, to the attention
of Kristin Johnson. Forms can also be turned in to your One Stop advisor.
Finally, you have the option to mail in or fax in completed documents. Please
be sure all forms are completed in their entirety. If a question does not
apply, enter a zero or n/a. Please do not leave anything blank.
I receive Federal Work
Study as part of my financial aid award. What does this mean?
Federal
Work Study is a program that allows students with financial need to work
part-time in order to help pay educational expenses. To earn work study funds,
you need to find a work study job on campus. You then receive a paycheck for
that work rather than having the work study money applied directly to your
account.
How should I go about
finding a job on campus?
Campus
offices generally begin to post student worker opportunities in mid-August. By
registering for StritchConnect, you will be able to review all of
the postings that have been shared with Career Services. You may also visit
departments and campus offices to inquire about student worker openings.
Am I guaranteed a job on
campus if I’m awarded Federal Work Study?
No.
Unfortunately, receiving a work study award in your financial aid package does
not guarantee an on-campus position. If you are not able to secure a work study
position during your first semester at Stritch, keep trying as positions can
become available throughout the year.
In
addition to on-campus positions, students may earn their work study by working
with an approved non-profit organization. For more information on this
opportunity, please contact Sean Lybeck-Smoak, with the Center for Calling and
Engagement, at (414) 410-4730 or slsmoak@stritch.edu.