Graduate
Frequently Asked Questions (FAQs)
Financial
aid…What is it?
Financial
aid is monetary assistance from institutional, governmental, or private
sources that is available to assist students in affording educational
costs. This aid can take the form of academic scholarships, need-based
grants, low-interest loans, and student employment.
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How
do I become eligible?
Eligibility
for federal, state, and institutional need-based grants, loans, and student
employment is determined after submitting the Free
Application for Federal Student Aid (FAFSA). Need-based assistance
is determined on the basis of "financial need," which is defined
as the difference between family resources and educational costs. Final
consideration for all financial aid occurs only after your admission
to Aurora University has been confirmed, and we have received your processed
FAFSA.
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What
is the EFC?
The EFC or Expected Family Contribution is the dollar amount representing
how much of a family’s financial resources should be available
to help pay for school. It is derived from a formula created by the Department
of Education and it utilizes various data acquired from the FAFSA for
its calculations, such as the student’s and/or parents’ Adjusted
Gross Income (AGI), assets (savings and checking accounts), and benefits
(unemployment or Social Security). The EFC is subtracted from the college’s
Cost of Attendance (tuition, books, fees and living expense) to determine
eligibility for Federal need-based aid.
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What
is AU’s Federal School Code?
Aurora
University’s federal school code is 001634. You will need
this number when filling out your FAFSA form. By listing AU’s code,
we will receive your application electronically.
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Are
there any deadlines?
It is suggested that forms be completed as early as possible for
top consideration for financial aid. April 15 is the priority date for
a fall semester start and December 1 for a spring semester start.
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Should
I wait until I have been accepted to apply for financial aid?
No. Complete the FAFSA as soon as you can. The financial aid staff
will keep your application on file until they receive notice that you
have been accepted.
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When
will I know what financial aid I am eligible to receive?
Allow two to six weeks for the federal processing of your FAFSA.
If you file over the Internet, it will take approximately two weeks.
If you file by mailing, the application can take up to six weeks. Once
the financial aid staff receives this information, a financial aid package
will be determined unless further information is required. The amount
of time between receipt of application and determination of aid varies,
but it is generally within two weeks. Returning students are processed
when fall semester grades have been posted and Satisfactory Academic
Progress has been verified. Typically, award offers for returning students
will be processed beginning in April.
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Verification…What
Is It?
The
Federal Processing Center randomly selects applications for verification.
You can tell if your application has been selected by reading the comment section on your Student Aid Report (SAR). Your financial aid counselor
may also select your SAR for verification – this is called institutional
verification.
In both cases, if your file is selected for verification,
we will ask for:
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How
do I report a special circumstance?
Loss of a job or benefits, death in the family, divorce or separation,
or extreme medical bills are examples of special circumstances that can
change your financial aid eligibility. Please download and complete the Special Circumstance form (PDF) if you would like the Special Circumstance Committee to review your situation. You can fax the completed form to the Financial Aid Office at 630-844-6191. Please contact the Financial Aid Office by phone at 630-844-6190 or by e-mail at finaid@aurora.edu if you need further information.
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How
will receiving outside scholarships affect my financial aid?
If you receive outside scholarships, a student financial services
counselor will first focus on reducing any remaining unmet need. After
that, it might be necessary to replace any self-help (i.e. loans or Federal
Work-Study) in a student's aid package. It is the student’s responsibility
to report all outside scholarships.
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Will
my financial aid change from year to year?
Your financial aid eligibility is based on many variables, including
your FAFSA information, academic performance, and your registration.
Your aid may be influenced by a change in your EFC, an increase or decrease
in federal and state funding, or by missing a required deadline.
Students
who wish to continue to receive financial assistance must complete the FAFSA each
year. Each November or December, the Department of Education will send an e-mail reminding you to complete the Renewal FAFSA.
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