What is an EFC?
An EFC, or Expected Family Contribution, is a number calculated by the Department of Education from the information you provide on the Free Application for Federal Student Aid (FAFSA). The EFC is the dollar amount the federal government determines you and your family can contribute to your college education. The number is used to determine your eligibility for need-based financial aid.
How do I apply for a student loan?
First, make sure you’ve filed the Free Application for Federal Student Aid (FAFSA). Then, visit the Loans page on the financial aid website. Here, you will complete loan entrance counseling and sign a Master Promissory Note with the PIN number you used to sign your FAFSA. The financial aid office will be notified once you’ve signed the Master Promissory Note and will certify your loan application.
How can my parents apply for a PLUS loan?
Parents interested in borrowing a Federal PLUS Loan to cover their students’ educational expenses should visit the Loans page on the financial aid website. Here, parents will complete and sign a PLUS promissory note as well as request a credit check through the US Department of Education. All parent loans are subject to a credit check. Parents can sign the promissory note with the PIN number they used to sign their students’ FAFSA. The financial aid office will be notified once a parent has signed the promissory note and will certify the loan application.
What if my family has special circumstances that we could not list on the FAFSA?
A Special Conditions form is available through the Thomas More Financial Aid Office for extraordinary or special financial circumstances. Your financial aid administrator takes all factors into consideration and uses fair professional judgment to determine eligibility for additional financial aid.
How do I apply for a scholarship?
Your Thomas More Application for Admission serves as your application for most Thomas More scholarships. To view other scholarships that may require separate applications, visit the Scholarships page on the financial aid website.
Can I check the status of my FAFSA?
Yes. You may check the status of your FAFSA by going to www.fafsa.gov. Under Step 3 on the website, click “Check Status of a Submitted FAFSA or Print Signature Page.” You may also check on the status by calling the Federal Processing Center at 1.800.433.3243.
What is a Direct Student Loan?
Direct Student Loans are student loans guaranteed by the federal government. There are two types of Direct Student Loans-subsidized and unsubsidized. Subsidized Stafford Loans are awarded to students on the basis of students’ need as determined by the FAFSA. The government pays the accruing interest on Subsidized Direct Student Loans while the student is enrolled in school at least half-time or during any authorized deferment. Unsubsidized Direct Student Loans are not awarded on the basis of student’s need, and the interest on these loans begins to accrue as soon as the funds are disbursed. For the 2017-2018 school year, interest on subsidized loans is fixed at 4.45 percent; interest on unsubsidized loans is fixed at 4.45 percent. Repayment of Direct Student Loans begins six months after the student graduates, withdraws, or drops below half-time status.
What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid. All students seeking financial aid from the federal or state government must complete the form. The FAFSA can be completed at www.fasfa.gov.
What is a Master Promissory Note (MPN)?
A Master Promissory Note (MPN) is a legally binding contract you sign in order to receive Direct Student Loans. The MPN describes your rights and responsibilities as a student loan borrower, and by signing the MPN, you agree to repay the money borrowed and agree to all terms and conditions included in the MPN. Once you sign an MPN, a new MPN is not required for any new loans for the next ten years. You can sign your MPN electronically with the PIN number you used to sign your FAFSA.
Is financial aid available for part-time students?
Yes. Although only full-time students are eligible for some types of financial aid (like Thomas More Scholarships), part-time students may be eligible for most grants and loans. Students must be enrolled for only a minimum of six credit hours to qualify for federal student loans. Students eligible for a federal Pell Grant may enroll for as few as three credit hours and still qualify for the grant