Frequently Asked Questions

Financial Aid Frequently Asked Questions

What is the school code for Merritt College?

Federal FAFSA Code: 001267

How do I apply for financial aid and are there any deadlines?

1. Apply for a Personal Identification Number (PIN) number at www.pin.ed.gov.

2. Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

3. When notified, complete and submit all documents requested by the Financial Aid Office.

4. Merritt College has a priority deadline of April 1st of each academic year for the Fall semester and November 15^th for the following Spring semester.

When can I expect to hear about my financial aid awards?

You will receive an award notification from the college once your award eligibility has been determined. All students must have a complete financial aid file including a processed FAFSA in order to receive an award notification.

How will my financial aid be disbursed to me?

All financial aid, with the exception of work study funds, will be credited to your billing account in four equal disbursements: 2 in fall and 2 in spring. Once your charges have been paid (tuition, fees, books, room and board), any additional funds will be refunded to you to help pay for off-campus living costs. Students who have been awarded work study will receive pay for the number of hours worked in a specific pay period. Students in general are paid once a month.

Can I charge my books each semester?

All students are allowed to charge up to $400 for books and academic supplies each semester if financial aid is available.

How do I apply for Scholarships?

1. Complete the Free Application for Federal Student Aid (FAFSA).

2. Complete the Peralta College Scholarship application.

3. Complete the College Student Data Form and Authorization to Release Information Form.

4. Scholarship deadline dates are April 1st for Fall semesters and academic year scholarships and November 15^th for the Spring semesters.

Will outside scholarships affect my financial aid package?

Outside scholarships must be included in your financial aid package as a resource to help pay for your educational costs. If the student’s educational cost has been met adjustments to the award package may occur. It is the responsibility of the student to notify the Financial Aid Office of all outside scholarship awards.

Will I have to borrow to attend Merritt College?

Whether a student attends a state university or a private college, student loans may be a component of the award package and will help families meet their educational costs.

What do I do with the promissory note?

If you are awarded a student loan you will be directed to complete a promissory note. The promissory note is basically your loan application with lender. The promissory note should be electronically signed on studentloans.gov.

What happens if I drop classes?

If you drop prior to the end of the refund period, it will not affect your aid eligibility. Your aid may be adjusted to actual credit hours of enrollment, depending on the aid source.

If you drop after the refund period, it could affect your aid eligibility. Your aid may be adjusted or you may have charges incurred.

Any drop after the refund period could affect future eligibility for federal student aid.

How do I remain eligible for financial aid?

To receive financial aid, you must be in “good standing”. Please see the Satisfactory Academic Policy for financial aid.

In general, students must meet the requirements listed below:

· Register and/or be accepted for enrollment in an eligible program of study

· Maintain satisfactory academic progress as determined by the Financial Aid Office (FAO)

· Be enrolled in a degree or a certificate program

· Be enrolled for at least six credit hours (for some federal programs)

· Be a US citizen, or eligible non-citizen

· Not be in default on any loan or owe a refund under any Title IV Program

· Demonstrate need through an approved needs analysis system

· Have complied with current selective service registration regulations

· Sign a statement of educational purpose

· Not have a bachelor’s or more advanced degree (for Federal Pell and Federal SEOG, ACG)

· Have a GED or high school diploma

Aid will be suspended if you fail to complete the required credits with the minimum GPA or exceed the maximum number of credit hours. Any student whose aid has been suspended may appeal that decision. A written appeal that states the reason(s) for the failure to maintain satisfactory progress standards and the steps taken to meet those standards in the future is required.

How do I use my work study award and get a job on campus?

After you have been awarded work study, contact the Work Study Coordinator in the Financial Aid Office to complete the necessary paperwork. Referrals for job openings will be given after the employment process is complete.

What is available in federal and state financial aid?

Program	Source of Funding	Approximate Annual Amounts	Minimum Credit Hours	Application Forms	Comments
Federal Pell Grant	Federal	Up to $5550 for full-time attendance	1	FAFSA	Provides financial assistance based on federal formula. Student receives an eligibility report called Student Aid Report (SAR)
Academic Competitiveness Grant (ACG)	Federal	Up to $750 for freshman; Up to $1,300 for sophomore	12	FAFSA	Provides financial assistance. Must be eligible for Federal Pell Grant. Based on high school coursework.


Federal Supplemental Educational Opportunity Grant (FSEOG)	Federal	Awards usually do not exceed $1,000	6	FAFSA	Must demonstrate exceptional need as determined by the FAO. (Priority given to students who have met the FAO priority deadline and is awarded to students on a first-come first-served basis).
Federal Work Study (FWS)	Federal	Awards usually do not exceed $2,000	6	FAFSA	Provides part-time employment on campus to assist with college expenses for students with financial need
Federal Stafford Loan (Subsidized)	Federal	$3,500 maximum for 1^st year; $4,500 maximum for 2^nd year; $5,500 maximum for 3^rd and 4^th years	6	FAFSA	Loan program administered by the Direct Loan program. Federal government pays interest on loan while student attends school. Student and/or parent income information is evaluated to determine eligibility. Variable interest rate is capped at 8.25%. Repayment begins six months after dropping to less than half-time. The amount of payment dependent upon repayment plan chosen by student. Federal Pell Grant must be processed before loan application is processed.
Federal Stafford Loan (Unsubsidized)	Federal	Maximum may vary depending on dependency status and/or subsidized loan eligibility	6	FAFSA	Loan program administered by the Direct Loan program. Student and/or parent income information is evaluated to determine eligibility. Variable interest rate is capped at 8.25%. The borrower, while still in school, pays the interest unless a deferment is granted.
Federal Parent Loan for Undergraduate Students (PLUS)	Federal	Up to the cost of education	6	FAFSA	Administered by the FFEL program for parents of undergraduate students. Variable interest rate capped at 9%. Monthly payment must begin within 30-60 days after disbursement.

Frequently used terms in financial aid

Aggregate Loan Limits: The maximum total debt for undergraduate study for Stafford loans. For dependent undergraduates, $31,000; for independent undergraduates, $ 57,500

Disbursement – A payment made to your student account (i.e. a payment from a loan program made to your account in a given semester).

Entrance Counseling – All students who are accepting loans as a part of their financial aid must participate in a counseling session to review the terms and responsibilities of receiving a loan.

Expected Family Contribution (EFC) – This is a calculation that is performed by the Federal Central Processing Center (CPS) that estimates what you and your family should be able to contribute towards your education (please note that this is not a “balance” amount).

FAFSA – Free Application for Federal Student Aid. This application is required in order to consider a student for federal and other types of financial aid.

Financial Aid Package – The total amount of financial aid (federal or non-federal) a student receives. The financial aid package is outlined within the student’s award letter.

Financial Need – The difference between the cost of attendance at Merritt College and your EFC.

Independent Status – For financial aid purposes, you are considered a DEPENDENT student unless you meet one of the following criteria:

You are 24 years of age by January 1 of the award year
You are married
You are a graduate student
You have children that you support by over 50%
You have legal dependents other than a spouse
You are an orphan or ward of the court
You are a veteran
You are currently serving on active duty in the United States Armed Forces for purposes other than training

Master Promissory Note – The legal binding document you sign when accepting a loan. It lists all items under which you are borrowing, including the repayment terms. This document should be read carefully prior to signing.

Over-Award – An over-award occurs when a student has received more financial aid than what he/she is eligible to receive. A student’s financial aid package cannot exceed the college’s total cost of attendance, or the student’s financial need if the student is receiving need-based aid. If a student is inadvertently over-awarded, financial aid will be reduced. If a refund has been issued, a student is required to repay the overage due.