With the help of the Financial Aid Director, students utilize the Campus Ivy CORE Student Portal to complete the financial aid process.
Each student seeking financial assistance must complete the Free Application for Federal Student Aid (FAFSA) and include the Family of Faith Christian University federal school code . This number ensures that Family of Faith Christian University’s VFAO receives the Institutional Student Information Record (ISIR) so that potential sources for financial assistance can be identified. Students and prospective students are encouraged to complete their tax forms and FAFSA early in the calendar year because some monies are only awarded early in the calendar year. The FAFSA can be found at www.fafsa.ed.gov.
Additional documentation is usually required to process a student’s financial aid package, be sure that you have your income tax records, W2’s, and Social Security documents. To receive and retain financial aid, students must meet all federal standards regarding documentation and Satisfactory Academic Progress. Details of these standards will be provided to all students receiving financial aid.
Once a student completes the FAFSA, they must register in the CORE Student Portal. From the portal, the Director of Financial Aid will assess whether or not the student is eligible for grants and/or loans and create a funding estimate for the student to review and sign. The student and the financial aid office will work together as the financial aid is processed and disbursed.
GRANTS, SCHOLARSHIPS, AND LOANS:
The awarding of grants and scholarships depends upon a variety of factors, but primarily, the student’s demonstrated financial need. Some of the most common forms of grant assistance are the Federal Pell Grant, Academic Competitiveness Grant, and the Federal Direct Loan Program.
Federal Pell Grant:
The Pell Grant is a grant from the federal government to the student. To apply the student must fill out the Free Application for Federal Student Aid (FAFSA) found at http://www.fafsa.ed.gov/. Financial aid is based on income and other factors such as the number of family dependents.
Federal Direct Loan Program:
Federal Direct loans are either subsidized or unsubsidized. The student can receive a subsidized loan and an unsubsidized loan for the same enrollment period.
A subsidized loan is awarded on the basis of financial need. The student will not be charged any interest before beginning repayment or during authorized periods of deferment. The Federal Government “subsidizes” or pays the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, it will be capitalized – that is, the interest will be added to the principle amount of the student’s loan and additional interest will be based upon the higher amount. These loans must be repaid by making payments beginning six months after a student graduates, leaves the university, or drops below half-time enrollment.
If the student is desiring to utilize the federal direct loan, he/she will need to sign their Master Promissory Note by clicking on the link to the Federal Direct Student Loan Program in the Student Interview Center of the VFAO site. The student must also complete Entrance Counseling available on the Federal Direct Student Loan Program site. This site is also used to access application for Parent PLUS loans.
Other Grants and Aid
Students who qualify for other non-federal aid such as state grants, Indian tribal grants, and scholarships, etc., will need to visit the local campus financial aid office in person for application to these grants, as these types of aid are not handled by the VFAO. State and Indian tribal grants are awarded at various times during the school academic year, so not all aid is available at the beginning of each semester. The financial aid office can help students in estimating costs of attendance and the non-federal aid for which he/she may be eligible. The student is responsible for advising the local campus financial aid office of any other financial aid that they received during any given academic year, as this impacts the total student aid package.
Students seeking more detailed information regarding requirements for eligibility for federal student aid are encouraged to contact the Financial Aid Office at Family of Faith Christian University (email: firstname.lastname@example.org; phone 1-405-777-8451). We would be happy to assist you and answer any questions you may have.
Other resources to prospective students concerning federal financial aid are:
Completing the FAFSA:
FAFSA Forecaster and other Student and Parent Information:
National Student Loan Data System (NSLDS – Student Access):
Private Student Loans: Understanding the Cost of Borrowing (OCAP)
Oklahoma Money Matters