Here we discuss the most common and general, frequestly asked questions related to Financial Aid provided by California Port University. This is to help our current and new students umderstand how the policy for financial aid works for students in Calport University.
Yes. Many students mistakenly think that they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. The FAFSA form is free. There is no good excuse for not applying.
No. You can apply for financial aid any time before the commencement of the semester. But to actually receive funds, you must be admitted and enrolled at the university.
The need analysis process for financial aid uses the students' or parents income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the semester for which you are enrolled is already half way through, your application might get rejected or remain unnoticed. Its better to submit the application before the start of the classes so that the student and the management can all stay out of unnecessary hassel.
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
Submit an application. To indicate interest in student financial aid, student loans and scholarships, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not increase the amount of grants you receive.
No. Parents will only be responsible for your educational loans if they co-sign your loan. In general you and you alone are responsible for repaying your educational loans.
You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the 'defense of infancy' does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void. There is an explicit exemption to this principle in the Higher Education Act with regard to federal student loans.) However, lenders may require a cosigner on private student loans if your credit history is insufficient or if you are underage. In fact, many private student loan programs are not available to students under age 18 because of the defense of infancy.
If your parents (or grandparents) want to help pay off your loan, you can have your billing statements sent to their address. Likewise, if your lender or loan servicer provides an electronic payment service, where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. But your parents are under no obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.