@ Your Service with Victor Gray

Victor Gray April 15, 2010. We all know it’s “tax day.” But those attending college should be anticipating other important dates, as well—specifically the deadline for submitting forms to receive financial aid.

In this edition of @ Your Service I’ve taken a few minutes to sit down with Dawnia Smith, director of financial aid and federal compliance at  UI&U. Dawnia offers great insight into today’s financial aid opportunities for adult learners, and provides assistance to those navigating the sometimes daunting FAFSA application process. As financial aid counselors, Dawnia and her staff have been advocates for better financial aid opportunities for our learners. Rest assured, if you want to return to school, our staff in the Financial Aid Office can help make it happen.

“You’ll never make a better investment,” Dawnia said.  “When you invest in your education, you’re investing in yourself. It affords you the opportunity to become who you want to be. As our billboards say, “It Pays To Go Back.”

Dawnia said there are several new higher education initiatives that the Obama administration has developed, including:

• an increase in the amount of the federal Pell Grant program
• for those who qualify: offering loan forgiveness for federal student loans after 20 years of repayment
• for those qualify and work in nonprofit or as government employees, as well as others who work in public service: offering loan forgiveness after 10 years of repayment.

Dawnia Smith“The emphasis is now on re-educating the workforce, and because adults make up the workforce, you could say that the focus is now on making education affordable and accessible for adults,” explained Dawnia.

The new opportunities in federal financial aid, coupled with UI&U’s dedication to help each learner achieve success is an ideal combination for the busy adult. “What I love about Union,” Dawnia commented, “is that everyone who works here focuses 100 percent on the learner. We all work together to seek solutions for every learner so that they can reach their educational goals.”

Federal Financial Aid FAQ with Dawnia Smith:

Victor: How often does a learner need to complete the Free Application for Federal Student Aid (FAFSA)?
Dawnia: The FAFSA must be completed once each year, preferably in February after you have completed your tax return for that year.

Victor: How is eligibility determined?
Dawnia: Eligibility is determined by a number of factors: the data received from the FAFSA; whether or not you are admitted into an eligible program; how many hours you are enrolled (must be enrolled in six credit hours for loans, and the Pell is prorated); and, for state monies, if you met the deadline.

Victor: How many hours must I be enrolled to receive the Pell Grant? Student loans?
Dawnia: To be eligible for the Pell Grant, a learner may be enrolled in less than half-time, half-time, three-quarter time, or full-time. Eligibility is also determined by the data collected from the FAFSA. For student loans, you must be enrolled in at least six credit hours.

Victor: Is the amount of Pell Grant based on where I attend?
Dawnia: The amount of Pell Grant one will receive is the same no matter what institution you decide to attend.

Victor: How do I qualify for a state grant?
Dawnia: Eligibility differs by state. You must have completed the FAFSA by October 1 for the State of Ohio to be considered for a state grant.

Victor: How do I apply for the Supplemental Educational Opportunity Grant (SEOG)?
Dawnia: You are automatically considered for the SEOG after completing the FAFSA. Eligibility is given to those with a higher need as determined by a governmental formula.

Victor: What is the difference between an unsubsidized loan and a subsidized loan?
Dawnia: With an unsubsidized loan, you are responsible for the interest throughout the life of the loan. With a subsidized loan, the government pays the interest for you while you are enrolled in at least six credit hours or more.

Victor: What happens to my financial aid if I completely withdraw?
Dawnia: If you withdraw completely prior to completing at least 60 percent of the term, a calculation will be completed to inform you of what monies you must return.

Victor: When can I expect a refund of the excess aid I am receiving?
Dawnia: This process varies depending on the institution. For any institution, once the financial aid is posted to your account and you have a credit balance, the institution’s Business Office, by law, has to give you the remainder of the credit balance within 14 days.

Victor: What financial aid monies do I have to repay?
Dawnia: The only monies you have to repay are student loans, unless, of course, you completely withdraw prior to completing 60 percent of the term. In that case, you will be notified of the monies you must repay. For more information on financial aid or to contact the staff, click here: www.myunion.edu/finaid.