Financial Aid FAQs

Apply for Financial Aid in 7 Easy Steps!

AS SOON AS  POSSIBLE! The FAFSA becomes available for the upcoming award year on October 1st of each year.

Yes. After your first year you will have an option to complete “Renewal Application” which contains preprinted information from the previous year’s FAFSA. Note that your eligibility for financial can change year to year. Renewal of your financial aid package also depends on you making satisfactory academic progress towards a degree.

Verification is a Federal aid eligibility requirement in which students are requested to support certain data elements of their Free Application for Federal Student Aid (FAFSA). The Office of Financial Aid, partnered with Inceptia, verifies all students who are selected for verification by the Department of Education. SoLAcc may use discretion in selecting students on an individual basis. Some items that are required to be confirmed include: taxable income, family size, and untaxed income. If selected, this process must take place prior to SoLAcc offering aid.

Processing normally takes 7-10 business days, however, during peak times, the timeframe may extend to 2-4 weeks. Students are encouraged to submit required documentation as soon as possible to avoid delays.

Students must be enrolled at least half-time (six hours) to maintain eligibility for Direct Loans. Students who drop below half-time during the semester may have their Direct Loan revoked and funds returned to the Department of Education. If you need to drop below half-time, please consult with a financial aid adviser.

A grant is gift aid that does not have to be repaid in most cases. However, students who withdraw from school may be required to pay back some of the grant funds.

If a student is determined to be eligible for financial aid, the approved award amount is determined by their enrollment status and the final determination of the EFC. Depending on the criteria mentioned, it is possible for a student to receive financial aid for one class but not guaranteed.