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FREQUENTLY ASKED QUESTIONS ABOUT COSTS & FINANCIAL AID
What forms do I need to complete? Overall, over $16.8 million dollars of King's College funds assist over 95% of all full-time undergraduates in 2007-2008. How is financial need determined? There are many different programs available including the King's College scholarships and need-based grants, federal campus-based programs such as SEOG Grants, Perkins Loans and federal work-study, the federal Pell Grant and federal Stafford and PLUS Loans. Most King's College students receive a combination of merit-based scholarships, need-based grants, need-based loans and student employment. Go to scholarship and financial aid for a complete listing of aid programs at King's. Is there an income cut-off for financial aid? No, there is no income cut-off for financial aid. While income is a factor when determining eligibility for need-based aid, there are other factors also taken into account, such as household size, number in college, and the age of the oldest parent. We strongly recommend that all students file for aid in order for their eligibility to be evaluated using all of the necessary information. When and how will I find out how much aid I can receive? In early March, the Financial Aid Office will begin to send out award letters to students who have been accepted for admission and who have completed both the King's College Financial Aid Application and the FAFSA. We will notify you of your eligibility for all assistance including scholarships in a financial aid award letter. You will also receive a brochure explaining among other things, the aid programs, requirements for their continued receipt and cost. We will continue to mail award letters on an ongoing basis, as students are accepted and their financial aid files become complete. What if my family's financial situation changes after we've completed the applications? Contact the Financial Aid Office and we'll tell you what you need to do in order to be evaluated based on the change in circumstances. You will most likely have to complete some additional forms. But as a result, you may be eligible for additional assistance. If my parents are divorced or separated, whose information is reported on the financial aid applications? The custodial parent is the parent that must complete the FAFSA. If the custodial parent has remarried, then the stepparent's financial information must also be provided. Will I receive the same amount of financial aid each year? King's College scholarships and grants will be renewed for each year that you are a full-time undergraduate as long as you continue to meet satisfactory academic progress requirements. Eligibility for federal and state aid will be reevaluated each year. You will be required to complete a Renewal FAFSA each year so that eligibility for federal and state aid can be determined. Eligibility may change as information on the FAFSA changes from one year to the next. What happens if I receive outside scholarships? You must notify the Financial Aid Office of any outside scholarships you've been awarded. We need to know the source and amount of the scholarship and if it is a renewable or one-time only award. Outside scholarships will first be used to meet any unmet financial need. If the financial need has been met and the student is receiving federal and/or state aid, the outside award will first be used to reduce or replace federal loan or work-study eligibility. Outside awards will not reduce or replace any King's College merit-based scholarships. |
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