BASIC FINANCIAL AID INFORMATION
The purpose of the Utah College of Dental Hygiene’s Financial Services Office is to help you understand the types and sources of financial assistance (federal/non-federal) that may be available to students who qualify. Detailed information regarding financial aid and the steps to apply can be found below. A glossary of common financial aid terms is also provided.
It is important to acknowledge that federal aid is only part of a financial strategy, a strategy that should also include funds saved by the student and/or family. Private scholarships (a non-federal source of funding) are another great resource to help cover higher education costs. Prospective students are strongly encouraged to research and apply for private scholarship funds.
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While formal application and final decisions related to financial assistance are not be made until a student is fully accepted into the College, it is never too early to start formulating your financial plan to cover higher education costs.
FREQUENTLY ASKED QUESTIONS
What is federal student aid ?
Federal student aid comes from the federal government – specifically, the U.S. Department of Education. It is often referred to as Title IV assistance. It is money that helps a student pay for higher education expenses (e.g., tuition and fees, textbooks, room and board, personal supplies, transportation, etc.) The College strongly encourages prospective students to learn more about federal student aid by visiting the U.S. Department of Education’s website: https://studentaid.gov/
What federal aid programs are available to eligible students at UCDH?
Federal Pell Grants, Federal Direct Student Loan, and Federal Direct Parent PLUS Loans may be available to eligible students. NOTE: In general, every student who meets certain eligibility requirements can get some type of federal student aid, regardless of age or family income. Before you apply, get an estimate of how much federal aid you could get by using the government’s estimator tool: https://studentaid.gov/aid-estimator/
How do I apply for those federal aid programs?
You apply using the Free Application for Federal Student Aid (FAFSA.) Financial Services can assist prospective students in completing the FAFSA. You can schedule an appointment by sending an e-mail to firstname.lastname@example.org or calling (801) 426-8234. You may complete the FAFSA online at www.fafsa.ed.gov. Our school code is 034633. Our school name will be listed as Careers Unlimited. Paper FAFSA applications are also available; however, applying through the mail is much slower and more prone to error and delay. The FAFSA award cycle runs from July 1st – June 30th each year.
Here are the steps:
I have an interview scheduled with the Admissions Committee and I am interested in submitting a FAFSA, what will happen next?
Financial Services will reach out to you via e-mail to offer additional assistance and information. The e-mail will contain an overview of tuition/fees, information regarding financial aid programs available, and steps to apply for Federal Aid. The following brochures will also be included: “Federal Student Loan Basics” and “Direct PLUS Loan Basics for Parents”. Prospective students are encouraged to reach out to a Financial Services representative to review the process, paperwork, and deadlines. Contact email@example.com.
Once your FAFSA is submitted, the Federal Processor will send you a Student Aid Report (SAR). Review the SAR and submit any corrections as soon as possible. The Federal Processor will also confirm that the FAFSA will be sent to UCDH in 2-3 days. It is important to carefully review the e-mail notice from the Federal Processor, as it provides an estimate of financial assistance for the academic year.
If you have notified Financial Services that a FASFA has been submitted, it will be reviewed for completeness. You will receive an e-mail if additional information or corrections need to be made. During this part of the process, your prior financial aid history may also be reviewed.
If you have been conditionally accepted into the program, you will receive a “UCDH Financial Services Checklist”. The Checklist must be completed and returned to Financial Services. The Checklist will help the student formulate their plan to cover costs; it will also provide crucial “next steps” (e.g., signing of an MPN and completing Entrance Counseling if a student plans to borrow.) An estimated Award Offers will be generated within 5-10 days following receipt of the completed Checklist and FAFSA. The estimated Award Offer will detail a student’s potential financial assistance eligibility. Note: Peak application times or availability of federal systems may result in slight processing delays.
Are There Terms and Conditions for Receiving Federal Financial Aid?
Yes! Financial aid comes with strings attached. Your estimated Award Offer will explain the terms and conditions for receiving funds, such as how/when the funds are credited directly to your tuition account, the payment periods, tuition due dates, late payment policies, etc. Other terms are noted below:
How and When Will Financial Aid Be Disbursed?
Once a student has met all criteria for obtaining the financial assistance, the following information outlines the next steps taken by the College.
Student aid funds (federal, non-federal) are generally received by the College via electronic funds transfer (EFT). The funds are posted to each student’s tuition/fees account (student ledger). Grant and loan funds received are first used to pay the student’s outstanding tuition, textbook and fees charges. If a credit balance is created by the receipt of federal funds, the credit balance will be disbursed to the student via check within fourteen days of the creation of the credit balance – unless the student has authorized the institution to hold the credit balance. If the student authorizes the holding of a credit balance, the credit balance will be retained on the student’s account and applied to future tuition/fee charges. If requested, the institution may return the credit balance to the student’s lender to reduce student’s loan debt.
The College requests financial aid funds from applicable sources; however, the funding entity controls the actual date of disbursements. The institution; however, can provide estimated disbursement dates to financial aid recipients as indicated on the Award Offer. For Federal Pell Grant and Federal Direct Loan awards, the first disbursement is generally received and posted to the student’s ledger card on the first day of the semester, but generally not later than the first two weeks of the student’s first day of classes. For second and subsequent disbursements, funds are generally requested and received during the first week of each semester. Federal assistance will not be disbursed and posted to a student’s account sooner than 10 days prior to the start of each semester for which the disbursement is intended. Since all students are admitted with prior college credits, the school is not required to require 30-day delayed disbursement requirements.
Please review your Award Offer and College Catalog for additional information regarding semester start dates and specific information relevant to the financial aid process at our institution. If you should have any questions, please consult Financial Services.
A Quick Review of Important Notes:
GLOSSARY OF TERMS
Cost of Attendance (COA): The total amount (not including grants and scholarships) that it will cost you to go to school during the school year. COA includes Direct Costs (tuition, textbooks, clinic fees) and Indirect Costs (room and board, personal supplies, transportation costs, loan fees, etc.) Your actual indirect costs may vary.
Expected Family Contribution: A number used by a school to calculate the amount of federal student aid you are eligible to receive. It is based on the financial information provided in your Free Application for Federal student Aid (FAFSA). The EFC is a measure of how much you can contribute to the cost of education; it may not be how much you will actually need to pay.
Financial Need: The Difference between a school’s Cost of Attendance and the student’s Expected Family Contribution is. I would be COA – EFC = Financial Need. Your Award Offer will detail how much need-based (e.g., Pell Grants, Subsidized Loans) and non-need-based aid may be available.
Financial Aid Package. The total amount of aid (federal/nonfederal) a student is offered by the school. The packet will include an estimated Award Offer detailing the various forms of aid available and provide additional steps to accept or decline the aid offered.
Federal vs. Private Loans. Loans are “Borrowed Money” that must be repaid with interest. Loans from the federal government typically have a lower interest rate than loans from private lenders. Federal loans include: Direct Subsidized Student Loans, Direct Unsubsidized Student Loans, and the Parent PLUS Loans.
Federal Direct Subsidized Loan: Loans that The U.S. Department of Education pays the interest on this loan type while you are in school, and for the first six months following graduation (referred to as the “Grace Period”).
Federal Direct Unsubsidized Loan: Loans that the borrower is responsible for paying the interest on during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Federal Parent Plus Loan: A loan available to eligible parents of dependent students. Parent PLUS Loans must be repaid with interest. The Parent PLUS Loan borrower can never be transferred to the student. Parents will need to complete certain paperwork at the school to apply for these funds.
Federal Loan Interest Rates: The interest rate and fees change each July 1st. Please click here to see the current rates: https://studentaid.ed.gov/sa/types/loans/interest-rates#rates
Net Cost: An estimate of the actual cost that a student and his or her family need to pay in one academic year to cover education expenses. Net price is determined by taking a school’s cost of attendance and subtracting any grants and scholarships for which the student may be eligible.
NSLDS. The National Student Loan Data System (NSLDS) is where you can find out about all federal aid that you have ever received. Schools will report this data to NSLDS. Students are encouraged to review NSLDS to determine information about outstanding loan balances, etc. as you are subject lifetime borrowing limits. Click here: https://nslds.ed.gov/nslds/nslds_SA/
Pell Grants and Scholarships. Grants and scholarships are considered “Gift Aid” and do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based. Federal Pell Grant eligibility is determined by the FAFSA and meeting other requirements.
Private Loan: A non-federal loan made by a lender such as a bank, credit union, or state agency. Most private loans are credit-based and will often require interest payments while you are in school. Loan terms, interest rates and application requirements are determined by the lender.
Veteran Education Benefits: There are certain education benefit programs that are administered by the U.S. Department of Veterans Affairs (VA). For more information about VA education programs and the steps to apply, please reach out to 1-888-GI-BILL-1 (1-888-442-4551) or visit www.gibill.va.gov.