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Financial aid is money available to assist students with the costs of attending college. Financial aid comes from the federal government, state government, the institution, and from private sources in the form of scholarships. What does the Financial Aid Office
do?
The primary factor is financial need. Financial need is computed by determining your educational costs (tuition and fees, room and board, books and supplies, and a personal allowance) minus your family contribution (based on federal and institutional formulas). The difference between these is the need for financial assistance. Is financial aid available only to low income people? While many loans and grants are based on financial need, many are available regardless of need. Financial aid is available to everyone. Financial aid is intended to remove those financial obstacles for families who cannot afford the cost of an education beyond high school and to fill in the gaps for those families who can afford only part of the cost. Remember paying for an education is a family's responsibility. If I am a graduate or professional student, do I have to file the FAFSA? Yes. If financial assistance is needed to pay for educational expenses, a FAFSA application must be completed. Do I have to attend full-time to qualify for financial aid? No! You may enroll on a part-time basis. However, any financial aid you may qualify for will be adjusted according to the number of hours you are enrolled. Yes, even if you think that you or your parents earned too much money last year to qualify for some type of financial aid, you still need to complete the FAFSA, some programs do not require demonstrated need, but the financial information from the FAFSA is still required. When there is more than one undergraduate family member in college at the same time, your family contribution is divided among the college students. So, if there were two children in college one year and only one the following year, 100% of the family contribution would be expected to be available for the remaining student. Why does my award change each year? At UT-Pan American, eligibility for financial aid is based on federal and institutional estimates of your family's ability to contribute to the cost of education. A typical award includes grant, loan and work study. Keep in mind that your award is likely to change each year for one or more of the following reasons:
Students may take care of all of their financial aid business at the Student Financial Services Office. Refer to contact, for information regarding campus location, telephone numbers, fax numbers, etc. Why can't you discuss my financial aid status with my spouse, parents, and outside agencies?The Family Educational Rights and Privacy Act of 1974 (also known as the Buckley Amendment) limits access to educational records without express written consent. Outside agencies will have their own forms which you may sign when they wish to access information about you. Return to TOP.
Am I eligible for financial aid? You may be eligible if you meet the following minimum qualifications:
A non-citizen, who is a permanent resident, is eligible for financial aid. You should make sure that you have the proper documentation, such as, a resident alien card, since the FAFSA application requires that the number be listed. If you are on a temporary or student visa, you will not be eligible for federal student aid. Refer to the student eligibility criteria listed on the front of the Free Applications for Federal Student Aid (FAFSA). Return to TOP.
How do I apply for financial aid at UTPA?
What are some of the mistakes people make when applying for financial aid? Four of the most common mistakes are:
Yes. At UTPA, you may sign up for an Application Express Workshop and receive assistance in completing the application and sending the application electronically. Students are encouraged to attend an Application Express Workshop. Do I have to apply every year? When are the deadlines?Yes, a new FAFSA must be submitted to the processor every year. It is necessary to apply each year to ensure that any changes to your and/or your parent's financial aid situation is given proper consideration. Priority deadlines are posted each year. Am I required to use my parent's information on the FAFSA?The instructions in Step 3 of the FAFSA will explain whether or not you must include parent information. If you have been declared independent by a financial aid administrator in the past, or if you think your special situation merits a review, request and come by the Student Financial Services Office and ask to have your application reviewed by a financial aid advisor. Note: Complete the review prior to filing the FAFSA or Renewal FAFSA whenever possible.
Step 3 of the FAFSA is that section of the application that is used to determine dependency status. If you can legitimately answer "YES" to any of the questions in this section, then you can be considered independent. If you answer "NO" to all these questions but have extenuating circumstance that you feel would qualify you as an independent student, then you should address it with a UTPA financial aid advisor. My parents do not claim me on their federal tax form. Why can't I be considered independent? If your parents did not claim you on their tax return, this does not necessarily qualify you as an independent student. Is the FAFSA the only application I need? The FAFSA or the Renewal FAFSA are the only forms you need to apply for federal aid at UTPA. If you would like to be considered for UTPA Scholarships, there is a separate application available from the Student Financial Services Office. Do I need to keep copies? Yes! Keep copies of all forms completed and any materials used to prepare the FAFSA, such as, tax returns. Do I need to submit other documents to UTPA?Only if they are requested by UTPA. UTPA will contact you if additional information is needed to complete your file. Remember to include the your social security number on all documentation submitted, including parent documents. When do I apply for financial aid?Apply for financial aid as soon as your tax return is complete. Feb 28th - Priority date to file FAFSA with the Federal Processor. Meeting the priority date enables you to participate in the first financial aid packaging run. Subsequent packaging runs may have less grant money available. April 15 - Priority date to turn in any requested documents to the Financial Aid Office. If I apply for financial aid after April 15, what does that mean? You may apply late for financial aid and still receive some type of financial aid, if you qualify. However, you should know that the longer you wait to complete the application process, the less chance you may have to receive some of the aid that otherwise could be available if you applied early. If you apply after April 15, 1996, your financial aid may not be available to pay fall registration. Please plan to use your own resources if you are a late applicant.
How do I know my application was processed and that
UTPA has
received my application?
If you mailed the FAFSA, you should receive a Student Aid Report
(SAR) in the mail about four to six weeks from the date it was mailed.
If you transmitted you FAFSA electronically, you should receive
a Student Aid Acknowledgement statement in the mail two weeks after
transmitting. Check to make sure UT-Pan American is one of the schools listed
in Step 6 of the form. Questions about FAFSA processing can be directed
to the Federal Student Aid Information Center (1-319-337-5665).
My SAR is not accurate. Do I need to correct it?
Students who are concerned with only UT-Pan American receiving
corrections can submit the SAR directly to the Student Financial
Services Office for correcting. Students who want corrections sent
to schools besides UT-Pan American--schools that are listed on the
SAR--should process corrections through the Central Processor by
mailing back their SAR.
I turned in my SAR to another school, but I'll be
coming to UT-Pan
American.
What should I do? If you indicated release of data to UT-Pan
American on your FAFSA, then UT-Pan American will receive your information.
If you did not indicate UT-Pan American, then it will be necessary
to request a duplicate SAR from the Federal Student aid Information
Center (call 1-319-337-5665). Make sure you request that your data
be released to UT-Pan American and that the address they have for
you is correct. The SAR will be mailed to you. Upon receiving your
updated SAR, contact the Student Financial Services Office.
What if I want to attend summer school?
You should pick up a summer financial aid application from Student
Financial Services Office's front counter in early January. The
deadline to apply for summer financial aid is February 15th. In order to qualify for a loan, you may not exceeded the maximum
loan limits for the academic year.
Return to TOP.
The Federal Stafford Loan is a private lender, state/private guaranteed loan backed by the federal government. Interest rates are low. What is the difference between the Subsidized and Unsubsidized Stafford Loan? With a Subsidized Stafford, the interest is paid by the government while you are in school. The interest on the Unsubsidized Stafford is not paid by the government while you are in school. You have the option of paying the interest or deferring it until after you stop attending school, at which time it will be added to the principal of the loan. Why do I have to wait 30 days to get my loan when I applied early? This regulation applies only to first-time freshmen borrowers to ensure that enrollment has been consistent before the loan amount is disbursed. What is EFT? Should I use it? EFT is Electronic Funds Transfer, which is used by lenders to transfer Stafford and PLUS loan proceeds from the lenders to the schools without the need for individual checks. This method of disbursing loan funds does speed up the time between receiving funds in the Student Financial Services Office and the student actually having access to the funds. It's likely I'll have to borrow every year to pay for my college expenses. How much should I borrow so that I can afford to pay it back? Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment table to calculate how much you will have to pay each month. To decide how much to borrow, you can use the criteria lenders use when they consider an applicant's ability to repay: the total monthly payment for all debts should not exceed 8% of your gross monthly salary. What if I am a loan borrower and my educational or career plans change, or something happens after I am out of school and working? A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loan more difficult than you expected. In some cases, and at the lender's option, you may be permitted to temporarily stop making payments, or to make smaller payments. This is called a forbearance. The promissory note for each loan you borrow outlines the specific terms under which you may be granted a deferment. Contact your lender for more information. What happens if I don't pay back my loan? Not paying back your student loan can have serious consequences. If you go into default, your lender can require you to repay the entire amount immediately, including all interest plus collection and late payment charges. The lender can sue you and can ask the federal government for help in collecting from you. The Internal Revenue Service may withhold your income tax refund and apply it toward your loan. You cannot get any additional federal student aid until make satisfactory arrangements to repay your loan. Also, the lender may notify credit bureaus of your default. Being delinquent or being in default can affect your credit rating, which will make it difficult to obtain credit cards, car loans and/or a home mortgage loan. How can I find out my credit history? Since approval of some non-need-based student loans and most parent loans is based upon credit history, you may want to order a credit report if you will need to finance a part of your family share. Check the report closely for accuracy and resolve any erroneous information prior to applying for educational loans. Return to TOP.
No at UT-Pan American, you can only have one work study job, but you can have a work study job and a non-work study job either on or off campus. How many hours can I work per week on the work study program? Twelve to twenty hours per week is the maximum recommended for academic reasons as well as tax reasons. If you work twenty or more hours per week (among all your campus jobs), FICA (Social Security) will be deducted from your wages. Furthermore, twelve to twenty hours a week will allow you to continuously work while enrolled in school. You are not allowed at any time to earn more than what was awarded to you on your award letter, and it is your responsibility not to exceed that award amount. Can I change work study jobs? Yes. You can at any point in the academic year. It is recommended that you give your employer at least two weeks notice. Isn't work study money nontaxable? Work study earnings are taxable income. If taxes were withheld from your paycheck, you probably are eligible for a refund--depending, of course, on your total annual earnings. It is in your best interests to file a tax return with the Internal Revenue Service by April 15th. Can my fall/spring work study award be used in the summer? No. You must apply separately for summer work study. You can not carry over any unused earnings to the summer. Your work study award must be utilized by the end of the spring semester. If you are enrolled for at least three credit hours during each summer term and you complete the summer financial aid application, you may be eligible for summer work study. What happens when I reach my award maximum? Your department should notify you when you reach your award maximum. The department has the option of either continuing your assignment and paying you 100 percent from their departmental budget or ending your assignment altogether. Most departments will make every attempt to keep you working with them. Return to TOP.
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