Q What is the first step in
applying for financial aid?
A UPT requires the completion of
the Free Application for Federal Student
Aid (FAFSA). This form is available
in high school guidance offices
beginning in December. High school
seniors can file the FAFSA as soon as
January 1.
Q Can I file the form online?
A Yes! The online FAFSA is
accessible at
www.fafsa.ed.gov. The benefits of
filing your FAFSA online are: free,
fast, easy, and secure! Before you
begin, though, you must apply for a PIN
at
www.pin.ed.gov. You'll need a PIN
to electronically sign your FAFSA.
Please note that if you are a dependent
student, your parents also must apply
for a PIN which allows them to
electronically sign your FAFSA.
Q How do I make sure UPT receives
my FAFSA information?
A All you have to do is list the
Title IV code in the appropriate section
of the FAFSA. The University of
Pittsburgh's Title IV code is 008815.
This code must be used for any school
within the Pitt system.
Q What is the deadline to apply
for financial aid at UPT?
A To receive maximum
consideration for aid, students must
apply prior to March 1 each year.
January 1 is the earliest date that you
may apply; however, you may complete
your FAFSA at any time. You must
complete a FAFSA to be considered for
any type of financial aid, including
loans.
Q What are the factors that
determine need?
A Most people have the
misconception that income is the only
factor in determining need. Other
variables are also considered including:
family size, number of family members in
college, age of older parent, savings
and investments. There are allowances
depending on the variables listed above.
Q What types of financial aid are
available?
A There are two main types of
financial aid for which students can
qualify by completing the FAFSA.
1. GIFT AID
Grant - A grant is a gift. It
does not have to be repaid and is based
on the student's financial need.
Scholarship - A scholarship is an
achievement award, which is usually
based on academic grades, abilities,
skills, test scores, class rank, etc.
2. SELF-HELP AID
Loans - Loans are funds borrowed
by the student and/or parent. In most
cases, loans must be repaid with an
interest charge.
Work Study - Work study is a
federally funded program in which
students earn money by working on
campus.
Q If my parents are separated or
divorced, whose income is reported on
the FAFSA?
A The parent who provides more
than half of your support should
complete the FAFSA. This is typically
the parent you live with or the one who
has custody. If the custodial parent has
remarried, the income of that parent and
the new spouse must be used.
Q What will I receive in the mail
after I file the FAFSA?
A You will receive a Student Aid
Report (SAR). The SAR is generated from
the information you submit on your
FAFSA. It will detail the level of
federal financial aid for which you
qualify and how much the government
expects you to contribute (Expected
Family Contribution or EFC). You will
receive the SAR in the mail about two
weeks after you submit the online
FAFSA. Or, if you gave a valid email
address, you will receive an email with
a link to your SAR on the web within
five days.
Q What should I do if my family's
financial circumstances change after I
apply for financial aid?
A If your family's financial
circumstances have changed due to death
of a parent, divorce or separation, or
loss of employment, please contact the
Financial Aid Office to discuss your
situation.
Q Should I use a Scholarship
Search Service?
A These companies are not
recommended. Many have been found to be
fraudulent at worst and misleading at
best. Don't be fooled by the money-back
guarantee promised by many of these
companies. The services provided by
these companies can be done on your own
by researching scholarship publications
at the library or using a number of free
scholarship searches available on the
Internet. Suggested scholarship sources
include:
www.finaid.org,
www.fastweb.com,
www.collegeboard.org, and
www.schoolsoup.com.
Q What types of federal loans are
available?
A There are several federal loans
available.
1. Perkins Loan at UPT ---
- Maximum of $1,000 a year
- Low interest rate of 5%
- Loan is need-based
2. Stafford Loan ---
There are two types of Stafford Loans,
subsidized and unsubsidized.
Subsidized loan - awarded on
the basis of financial need. Student
will not be charged any interest while
enrolled in school at least half time,
during a grace period, or during
authorized periods of deferment.
Unsubsidized loan - not awarded
on the basis of need. Student will be
charged interest from the time the loan
is disbursed until it is paid in full.
- As of 7/1/07 first year
eligibility for a subsidized loan is
$3,500.
- Interest is subsidized if loan
is need-based.
- Interest is unsubsidized if loan
is not need-based.
- Interest rate is fixed at 6.8%.
- Visit
www.aessuccess.org for more
information and to apply or call
1-800-692-7392.
3. Parent PLUS Loan ---
- Yearly limit is equal to your
cost of attendance minus any other
financial aid you receive.
- Interest rate is fixed at 8.5%,
but some lenders may offer
discounted rates.
- Eligibility is based on credit
history of parent.
- Application should be submitted
after all other financial aid
resources have been determined.
- Visit
www.aessuccess.org for more
information and to apply, or call
1-800-692-7392.
4. Alternative Educational Loans ---
- Loan is in student's name and
most lenders require a creditable
co-signer.
- Interest rates are variable.
- Application should be submitted
after all other resources have been
determined.
- Visit
www.upt.pitt.edu/upt_admissions/als_ln
for more information regarding
alternative loans.
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