How to Apply for Financial Aid

 

Applying for financial aid may seem very difficult, but it is really as easy as typing a few letters and pushing a few buttons, especially if you apply using “FAFSA on the Web”. There are a few things that you should know and do prior to starting the application process and will make it a lot easier for you to complete. First review the Eligibility criteria, then “Gather the Needed Documents” then you should be set to go.

 

Eligibility

• Applicants must be a U.S. Citizen or eligible permanent resident.
• Applicants must complete the Free Application for Federal Student Aid (FAFSA).
• A High School Transcript or passing scores of Ability to Benefit test must be on file with the Office of Admissions within 30 days of application.
• Financial aid eligibility is determined by Federal, State and/or Agency awarding rules.
• All documents for authorization and necessary verification documents must be received and reviewed by the financial aid office.
• State Aid (MAP/IIA Grant) will be awarded if correct FAFSA has been completed by deadline date. (see FAFSA booklet or website)
• Applicants can not be in default of a student loan.
• Applicants can not owe a refund for federal student aid.
• Students may not receive Financial Aid concurrently at more than one institution, college or university.
• Students must maintain Satisfactory Academic Progress according to CCC policy.

Gather Needed Documents

• Your Social Security Number (can be found on Social Security card).
• Your driver's license (if any).
• Your 2006 W-2 Forms and other records of money earned.
• Your (and your spouse's, if you are married) 2006 Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia or Palau.
• Your parents' 2006 Federal Income Tax Return (if you are a dependent student).
• Your 2006 untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records.
• Your most recent bank statements.
• Your most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records.
• Your alien registration number or permanent residence card (if you are not a U.S. citizen).

Requesting a PIN (Personal Identification Number)

Each year that you apply for financial aid you can use your PIN to access and electronically sign your FAFSA. You and your parents do not need to apply for a new PIN from one year to the next. The PIN stays the same.

 

If you, or your parents, do not have a PIN you can apply at Federal Student Aid's PIN Web site

• www.pin.ed.gov

Completing the FAFSA Online

• www.fafsa.ed.gov

To receive student financial aid, you need to fill out a Free Application for Federal Student Aid (FAFSA) every school year. If you completed the FAFSA in the previous year, you may complete the RENEWAL FAFSA.

 

You will need the school code for Olive-Harvey College:

• School code – 001653

Check Status of a Submitted FAFSA

 

You can check the status of your FAFSA 3 to 5 days after submitting it by going to www.fafsa.ed.gov. You may also submit corrections at this site.

 

Once the FAFSA has been processed by the Central Processing Service (CPS), the results will be printed on a Student Aid Report (SAR). If all the information is valid, the SAR will have an EFC or Expected Family Contribution. The Student Aid Report will also have other important information on it, so be sure to read all of the comments.

 

During the application process, some students are selected for a review called Verification. Students must provide documentation regarding the information reported on the FAFSA. Documentation can include, but is not limited to signed copies of a U.S. 1040 IRS form(s) (A, EZ) as well as a signed Verification Worksheet. Other documentation may be required.

 

If there is additional information needed, Olive-Harvey College’s Financial Aid Office will send you a “Missing Information Letter”. You should respond within 10 days of receiving the letter.

 

Once all documentation is submitted and necessary verification is completed, students will receive and award letter.

 

Financial Aid Funds Awarded

 

Below are federal and state funds that are awarded based on the completion of the FAFSA.

• Federal Pell Grant
• Federal Supplemental Education Opportunities Grant (SEOG)
• Federal Work Study (FWS)
• Illinois Student Assistance Monetary Award Program (MAP)
• Silas Purnell Illinois Incentive for Access Program (IIA)

Other awards include:

• VA Benefits
• Scholarships provided by Olive-Harvey College and City Colleges of Chicago
  
  1. Awarding
  2. Disbursing
  3. Refunds

There are 3 separate functions of having a student’s account paid by financial aid.

1. Awarding – Occurs when valid documents are received, reviewed and corrected (if necessary).Most awards are need based. Some awards are given on “1st come - 1st served” basis.
2. Disbursing - The process of paying tuition, fees and perhaps book expenses with financial aid funds.
3. Refunds -If financial aid funds are more than school expenses, the difference may be given to the sudent as a refund in the form of a check. Checks are delivered by the Business Office. (This process may take up 14 days after disbursement.)