FAQ

Q: Do I need to submit an additional application to be considered for the merit scholarships?

Students must complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov and the Iliff Application for Scholarships & Financial Aid to be considered for all types of financial aid.

Q: Can I receive a merit scholarship and a grant at the same time?

Yes. Consideration for need-based grants is based on results of students completing the Free Application for Federal Student Aid (FAFSA).

Q: Do my work-study earnings go to my student account?

No. Work-study earnings are paid directly to the student on a monthly basis.

Q: How many hours can I work per week?

No more than twenty (20) hours per week while classes are in session.

Q: Is work-study money taxable?

Work-study earnings are taxable income. Your total annual earnings, from all the jobs that you held over the course of the year, determine your refund eligibility. It is in your best interest that you file a tax return with the Internal Revenue by April 15 of each year. Work–study earnings are not used to determine your aid eligibility next year.

Q: What happens when I reach my work-study award maximum?

Your department should notify you when you reach your award maximum. The department has the option of either continuing your assignment and paying you 100% from their departmental budget or ending your assignment altogether. Most departments will make every attempt to keep you working with them provided that you are a good employee and they have the budget funds to pay you.

Q: Do you need my federal and state tax returns?

You may be asked to provide a Federal income tax transcript. Transcripts may be requested by going to www.irs.gov.

Q: Should I report my parent’s income information on the FAFSA?

Iliff requires only student income to determine eligibility for financial aid. Parental income is not required.

Q: What is Iliff School of Theology’s Title IV School Code?

001354

Q: I received a need-based institutional grant in my first year. Am I guaranteed the same amount of grant next year?

Each year students are required to submit a new FAFSA. Need-based institutional aid can change from one year to the next due to information provided and budget considerations.

Q: How much does the program cost?

Tuition charges for students entering the 2013-2014 academic year can be found on the Get Costs page.

Q: What aid is available?

Most merit-based scholarships are given as a percentage of tuition. That percentage remains constant in most cases during the degree program. Consideration for need–based aid is determined by results from completion of the FAFSA.

Q: How do I apply for federal need-based aid?

Complete the Free Application for Federal Student Aid (FAFSA).

Q: What about other sources of financial aid?

You should investigate all possibilities for financial assistance, including church scholarships and grants, denominational assistance, and community service agencies.

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Q: Do I have to pay the entire total listed on my financial aid award letter budget to attend Iliff?

The total budget not only takes into consideration tuition and fees, but also living expenses, books & supplies, insurance, and transportation. We provide a statement of charges for your tuition and fees each quarter, and the additional expenses may vary with each student depending on individual choices. It is up to each student whether or not to take out student loans for these expenses.

Q: Why is room and board listed on my financial aid award letter when I do not live on campus?

As a graduate student, living expenses are considered part of our budget. These expenses vary per student. Students have the option whether or not to use financial aid for these expenses.

Q: Why is insurance listed on my financial aid award letter when I have insurance with my employer?

As a graduate student, as the state requirement for students, insurance is a part of our budget. This expense varies per student. Students have the option whether or not to use financial aid for this expense.

Q: When will I receive my financial aid?

You will receive your financial aid after the term begins. If you have been awarded aid, you must return your signed award letter to the Director of Financial Aid, in order to complete the financial aid process. If your award includes federal student loan funds, your Master Promissory Note and Entrance Counseling must be completed online before loans can be disbursed. Notification of completion of these documents must be received in the financial aid office if we are to process your financial aid in a timely manner.

Q: How will my financial aid be disbursed to me?

All financial aid, with the exception of work study funds, will be credited to your account. Once the charges have been paid (tuition, fees, and on-campus housing), any additional funds will be refunded to you to help pay for other items in your budget (living expenses, books, insurance, etc.). If you are due a refund, you will receive the refund 14 days after the first day of each class as a direct deposit disbursement into your bank account. A direct deposit form is required to receive a refund.

Q: I did not receive financial aid. Why not?

To be considered for financial aid, you must complete an Iliff financial aid application and the Free Application for Federal Student Aid (FASFA). If you did apply, and still have not received a financial aid award letter, there may be something missing from your file. You can check the status under “current students” financial aid on the my.Iliff web page. You will need your my.iliff username and password. Download a printable financial aid packet.

Q: When do I pay my bill?

You pay your bill online (my.iliff) or in person at the Business Office the first week of classes. Instructions for how to pay your bill can be found on my.iliff.

Q: I am enrolling in the summer. How does that affect my financial aid?

Financial Aid is generally awarded for three terms (fall, winter, spring). Summer financial aid may be awarded by informing the Financial Aid Director. Your financial aid will then be distributed in four quarters, rather than three. Keep in mind this means that you will receive less aid per quarter.

Q: Do I have to be a full-time student to receive financial aid?

Students who receive any type of financial aid (institutional or federal) must at least enroll half time (4.0 quarter credits). Some scholarships require full-time status.

Q: How do I find a work-study position on campus?

All students who qualify for work-study may apply with the Financial Aid Director. Positions are announced at the start of the fall quarter. Supervisors at Iliff accept or decline a current worker to work in their department.

Q: We won’t have our taxes done until April, so I can’t complete the FAFSA. What do I do?

Many families do not have their federal and state income taxes completed until April; however, this should not prevent you from applying for aid on time. The FAFSA allows you to use estimated income figures on its form. You can always update your application at a later time and your financial aid may be adjusted.

Q: What if my family’s financial circumstances change drastically during a given year? What can be done?

There are circumstances that will enable the Iliff financial aid office to adjust a student’s aid eligibility. These circumstances could include: job loss for a variety of reasons including illness; a one-time benefit that affected your federal adjusted gross income; separation or divorce, or unusual medical expenses. If conditions such as these occur, please contact the financial aid office.

Q: Can I expect to receive the same financial aid package throughout my degree program?

While we do our best to ensure a similar award the following year(s), scholarships are market driven and therefore we cannot guarantee the same package you may have been awarded the first year. In addition, eligibility for scholarships often includes maintaining full-time status.

Q: Will I have to borrow federal student loans to attend Iliff?

Student loans are a component of the aid package and help students meet their educational costs. Student loans are a reality of attending graduate school.

Q: My FAFSA form has been processed. What is my EFC?

The EFC is your Estimated Family Contribution. Based on the information you provided on your FAFSA, the government estimates that you will be able to contribute a certain amount of money toward your education for that school year.

Q: How much can I borrow on a student loan?

The Department of Education has set maximum levels for student borrowing. Each student’s eligibility is determined based on the results of the FAFSA.

Q: Can I cancel my loan if I don’t need it?

You have the option to accept or decline any loan offered. You may also change to a lesser amount by crossing out the amount on your letter, and writing in the new amount. Contact the Financial Aid Office to cancel or change your loans.

Q: What is a Master Promissory Note?

The Master Promissory Note is a legal document which binds you to the conditions and terms of your student loan. It is necessary to complete the master promissory note the first time you choose to borrow.

Q: Do I apply for financial aid each year?

Yes, all students must fill out the FAFSA (renewable FASFA) every year to be considered for financial aid.

Q: What is a Renewal FAFSA?

The Renewal FAFSA will include all of last year’s information. You just need to update your income information and any data that has changed. You will need your PIN number to access your renewal FAFSA online at www.fafsa.ed.gov

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