Frequently Asked Questions
Financial aid can be an overwhelming process. We are here to help! Following are some questions we are frequently asked and a link to their answers. If your questions are not answered here, or if you need additional information, feel free to contact our office!
- What is Augustana's Code for the FAFSA form?
- Do I have to apply for financial aid each year?
- When will I receive my financial aid award?
- Will my financial aid award be the same each year?
- If I receive an outside scholarship, will I lose some of my financial aid?
- My parents are divorced and I live with my mother. How do I complete the FAFSA?
- My parents tell me that I am 18 and responsible for my own expenses. Can I be considered a self-supporting student for the need analysis?
- What is my estimated family contribution (EFC?) Is it the same at every institution?
- What is included in a financial aid award or financial aid package?
- What's the difference between subsidized and unsubsidized Stafford Loans?
- What are included in college costs?
- Does Augustana University have payment plans?
2. Do I have to apply for financial aid each year?
Yes. An email notice should be sent to you each year to remind you to complete the FAFSA. You may update the FAFSA form online each yeat at www.fafsa.ed.gov. (back to top)
3. When will I receive my financial aid award?
Awarding begins toward the end of March each year. New students to Augustana College can expect to hear from the Office of Financial Aid approximately five or six weeks after completing the FAFSA. Returning students will be notified of awards during the summer. (back to top)
4. Will my financial aid award be the same each year?
Since college costs change and family income fluctuates, your award probably won't be exactly the same each year. Changes in your aid award will generally parallel changes in your family situation. Your academic standing can also affect the amount of your award. (back to top)
5. If I receive an outside scholarship, will I lose some of my financial aid?
Augustana's policy is to review your award and make revisions for any outside scholarships over $200. Generally, either your loan or work study amounts are decreased, but not always to the amount of the outside aid. This is done to promote outside scholarship assistance and to reduce the student's self-help amounts. (back to top)
6. My parents are divorced and I live with my mother. How do I complete the FAFSA?
Federal guidelines require that your mother (and stepfather, if applicable) include their information when completing the FAFSA. (back to top)
7. My parents tell me that I am 18 and responsible for my own expenses. Can I be considered a self-supporting student for the need analysis?
In a word, no. Federal guidelines indicate a student may be considered independent if they meet one of the following criteria:
- is at least 24 by December 31 of the award year
- is an orphan or ward of the court
- is a veteran of the US Armed Forces
- is currently serving on active duty in the US Armed Forces for purposes other than training
- is a graduate or professional student
- is a married student
- is a student who has legal dependents other than a spouse
- is a student with unusual circumstances as determined by a financial aid administrator.
- is homeless or at risk of becoming homeless. (back to top)
8. What is my estimated family contribution (EFC)? Is it the same at every institution?
Your EFC is determined through completing the FAFSA and is a set amount. It will be the same at every institution you are considering. The amount is calculated based on your family's financial situation. If you would like to determine your EFC, follow the directions on the FAFSA site. (back to top)
9. What is included in a financial aid award or financial aid package?
These are interchangeable terms. A financial aid award generally includes a variety of financial sources to assist the student in meeting college costs. Typically, an award or package consists of gift aid (grant and scholarship), student loans with low interest rates, and campus employment. (back to top)
10. What's the difference between subsidized and unsubsidized Stafford Loans?
Student Loan options are more diverse than these two programs. However, these two are the most widely used student loan options. A Subsidized Stafford Loan is awarded on the basis of need. It is a low interest rate loan with no interest accruing while in college. An Unsubsidized Stafford Loan is not awarded on the basis of need. This loan accrues interest from the time of disbursement. We encourage students to pay the interest on this loan; however, it is not required. (back to top)
11. What are included in college costs?
Direct costs for a college education are tuition, fees, room and board. Indirect costs, which would be incurred at any institution include books, supplies and travel, and personal expenses. (back to top)
12. Does Augustana University have payment plans?
Yes. Once your contribution toward your educational expenses has been determined, you will want to decide how to pay the balance. Augustana does have a number of options available, including a monthly payment plan. Please see the Business Office about these options. (back to top)