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When will I receive my financial aid money?
The Student Financial Services Department will credit your student account as the funds arrive. If all your requested financial aid paperwork is complete, funds will usually start arriving prior to the first week of school. Please check and make sure all your forms are complete so there will not be a delay in your financial aid.
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How do I pay for my books?
The Campus Corner store (located in the lower level of the Student Center) accepts cash, check or credit card. Books may also be ordered online at the Campus Corner. A student receiving financial aid in excess of the cost of tuition, fees, and on-campus housing (if applicable) can use their refund check to help cover the cost of books.
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What happens to my financial aid if I drop a class?
If you drop a class before the semester starts or during the first week of classes, financial aid that has been awarded or already disbursed to you may have to be adjusted. You should contact the Student Financial Services Department before you drop a class to find out if your aid may be affected.
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Why do I have to use my parent's information on the FAFSA?
The definition of an independent student is very narrowly defined by law and impacts many students who consider themselves “independent.”
You must meet the following criteria in order to be considered an independent student:
- You are 24 years of age before January 1 of the award year,
- You are married, as of the day you completed the FAFSA,
- You are working on a degree beyond a bachelor's degree,
- You have children who receive more than half of their support from you,
- You have dependents (other than your children or spouse) who live with you and receive more than half of their support from you,
- You are an orphan or ward of the court, or
- You are a veteran of active duty in the U.S. Armed Forces.
If the above conditions do not apply to you, you are a dependent student and must use your parents' information.
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How is my financial aid determined?
We will use your FAFSA results to award your financial aid. The standard formula is:
Cost of Education (tuition/fees room/board, books/supplies, transportation, misc)
- Expected Family Contribution (FAFSA results)
=Financial Need
Your financial need determines the amount and type of financial aid you will receive.
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What is the expected family contribution (EFC)?
The Expected Family Contribution (EFC) is a measure of your family’s financial strength and indicates how much of your and your family’s financial resources (for dependent students) should be available to help pay for your education. The EFC is calculated from the information you report on the FAFSA.
Your EFC is calculated according to a formula established by law. Your family’s income (taxable and untaxed), assets and benefits (for example, unemployment or Social Security) are all considered in determining your EFC. Your family size and the number of family members who will be attending a college or career school are also considered.
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Why is our family contribution so high?
Your expected family contribution is based on your completion of the FAFSA. A formula, established by the US Department of Education, determines the EFC which includes adjusted gross income, savings, retirement accounts, assets and business, etc. If you feel there has been a significant income or family change since you completed the FAFSA, a special circumstance form can be submitted with supporting documents. A committee will review the circumstance and rule on a decision.
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How are student loan funds disbursed?
Most student loan funds are disbursed electronically and are automatically credited to the student’s account at the Student Financial Services Department.
If you do not select a common lender, your loan proceeds will be forwarded to Clarkson College via paper check and the Student Financial Services Department will have them available at the beginning of each semester. Federal regulations mandate that all Stafford and PLUS checks are co-payable to the borrower and Clarkson College. All checks must be endorsed before Clarkson College is able to apply the funds to the student’s account.
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How do you determine my loan amount?
Loan amounts are awarded based upon grade level, degree program, dependency status, etc. For a student in an associate degree program, they can receive loan amounts up to the sophomore limit. Other loan amounts can change based on the number of transfer hours that Clarkson College accepts from your previous institutions.
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