PSTCC Financial Aid FAQ's

Financial Aid Department

Why should I apply for Financial Aid?
You should apply for Financial Aid every year even if you think you dont qualify. Any change in family circumstances might affect your eligibility such as a brother/sister starting college. You may be eligible for monies that are funded by the state and federal government and do not have to be paid back.
How will I be affected if I miss the Financial Aid deadline?
Financial Aid deadlines are one of the most important things to consider when applying for financial aid. If you miss the deadline, this can result in classes being dropped for non-payment. At certain times, classes cannot be added back for any reason.
How do I apply for Financial Aid?

Go to the website www.pin.ed.gov and apply for a PIN (Personal Identification Number). You will need to keep your PIN for future reference.
Go to the website www.fafsa.ed.gov and complete the Free Application for Federal Student Aid. The application will be evaluated by the Department of Education. Within 3-5 business days an electronic SAR (Student Aid Report) will be sent to you and the Financial Aid Office.
The Financial Aid Office will evaluate the SAR to determine if your application was selected for verification. If you have been selected for verification you will need to supply the Financial Aid Office with necessary documents such as copies of Federal tax returns, verification worksheets, etc. If your application has NOT been selected for verification we will determine if you are eligible for grants. We will notify you either way with a letter letting you know.

Do I reapply for financial aid each year?
You will need to renew your FAFSA form each year. This will be a much easier process than before as 75% of the information is pre-printed. You will need to provide any new income/asset information. Go to www.fafsa.ed.gov to fill out the renewal FAFSA.
What documents/information will I need to fill out my FAFSA?

Your Social Security number
Your driver's license (if any)
Your W-2 forms and other records of money earned (from the previous year)
Your (and your spouse's, if you are married) Federal Income Tax return (from the previous year) IRS Form 1040, 1040A, 1040EZ, Foreign Tax return, or Tax return for Puerto Rico, Gaum, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau.
Your parent's Federal Income Tax return (if you are a dependent student)
Your untaxed income records (from previous year)
Your current bank statements
Your current business and investment mortgage information, business and farm records, stock, bond, and other investment records.
Your alien registration or permanent residence card (if you are not a U.S. Citizen)
**Keep these records!! You may need them again.

My parents are divorced. Whose information do I need for the FAFSA?
The parent with whom you lived with the most during the past year should complete the FAFSA. If you did not live with either parent or lived equally with each parent, the parent who provided you with the most financial support. It does not make a difference which parent claims you as a dependent for tax purposes.
What is the difference between dependent and independent students?

Were you born before January 1st, 1984?
At the beginning of the 2007-08 year, will you be working on a master's or doctorate program?
As of today, are you married?
Do you have dependents other than your children/spouse who live with you and who receive more than half of their support from you, now and through June 30, 2008?
Are both of your parents deceased, or are you (or were you until 18) a ward/dependent of the court?
Are you a veteran of the U.S. Armed Forces?
Do you have children who receive more than half of their support from you?

If you answered yes to any of these questions, you are considered an independent student.

I do not get along with my parents or live with them. I pay my own rent and bills. Can I apply without my parent's income?
If unusual circumstances exist in your relationship with your parents, you may complete the Dependency Status Appeal. This form is available online at Financial Aid Forms or at the Financial Aid Office.
What eligibility requirements must I meet for Financial Aid?

When should I apply for financial aid?
You should complete a FAFSA as soon as possible after January 1st of each year. This will help ensure the funds are available to you when tuition and fees are due. Applications are processed in the order in which they are received so try to get your FAFSA filled out as early as possible. You will also need to keep a copy of your tax return in case the Financial Aid Office needs a copy.
How do I apply for a Student Loan?

Fill out the FAFSA www.fafsa.ed.gov
Complete the Loan Request Form. You can download this from our website at Financial Aid Forms or come by the Financial Aid Office and pick up a paper copy. This must be turned back in to the Financial Aid Office.
Electronically sign your promissory note at www.clipslink.guarantorsolutions.com/esign/ and follow the directions.
Complete "Entrance Counseling" at www.mapping-your-future.org. Entrance counseling will go into detail about your student loan and cover topics such as your rights and responsibilities, repayment options, and so on.

What if I had an unusual circumstance that prevented me from meeting the college's standards for satisfactory academic progress for financial aid?
A student can appeal the decision. Appeals that can be evaluated for mitigating circumstances are:

Serious illness or accident that prevented classroom attendance
Death, accident, or serious illness in the student's immediate family that prevented classroom attendance
Change in the student's academic program that led to the student exceeding the maximum number of credits allowed for financial aid.
Other documented extenuating circumstances that prevented the student from attending class.

Do I have to do "Entrance Counseling" for my student loan every year?
No, you only need to do the "Entrance Counseling" once unless you are changing lenders.
Do I have to do "Exit Counseling" for my student loan if I am not graduating?
Yes, all students are required to do "Exit Counseling" every year after their student loan has been fully disbursed even if they are not graduating.

Updated March 26, 2007