Frequently Asked Financial Aid Questions

MARCH 1ST IS PRIORITY DEADLINE!

What occurs after I complete the Free Application for Federal Student Aid (FAFSA)?
What if I am selected for the verification process by the Federal government?
How do I apply for a FAFSA PIN ?
What if I can’t find or remember my PIN # ?
Can I charge my books and supplies against my financial aid?
How do I apply for a student loan?
I am a new first-time freshman at CCU and am borrowing a Federal Stafford loan, when will my money be disbursed?
If I have a one-semester loan, when will my money be disbursed?
How do you disburse excess Parent Plus loan funds?
How do I apply for a Parent Plus loan?
What is the Estimated Parent Loan that is listed on my Award Notification letter?
What other money can I borrow if the Parent Loan is denied due to credit approval?
What if I want to use a different bank/lender?
What could delay the processing of my loan?
I need more financial aid. What are my options?

1. What occurs after I complete the Free Application for Federal Student Aid (FAFSA)? The Financial Aid Office will receive the results electronically. If you have received a letter of acceptance from the Admissions Office and have completed the FAFSA accurately, we will award you as appropriate. If you have requested consideration for College Work-study and/or loans, we will award you, if eligible and if funds are available. An Award Notification letter will be mailed to you at your permanent address. All future revisions will be sent via email to your Coastal email.

2. What if I am selected for the verification process by the Federal government?
This occurs for 3 out of every 10 applicants. Our office will mail a letter to your permanent address requesting copies of the student’s and parent’s (if applicable) Federal income tax returns and W-2 forms and requesting completion of an enclosed verification worksheet (also available online). This letter will only be mailed once; all future requests will be sent via email. Please submit the requested information as soon as possible in order to be considered for the best financial aid award package.

3. How do I apply for a FAFSA PIN ?
Go to www.pin.ed.gov. Remember, both the student and at least one parent (if applicable) needs to apply. A FAFSA PIN is an electronic signature given to an individual to use when signing the FAFSA, making corrections to the FAFSA and signing federal loan promissory notes. Please keep your PIN numbers available for subsequent years.

4. What if I can’t find or remember my PIN # ?
You can request a duplicate and/or make corrections to an address by going online at www.pin.ed.gov.

5. Can I charge my books and supplies against my financial aid?
Yes, if: 1) you (and your parent if a parent plus loan has been certified), sign the financial aid authorization form and 2) check “Yes” authorizing funds to go towards non-tuition items and 3) have available financial aid above the cost of tuition and room and board. This authorization can be found online at www.coastal.edu/financialaid/forms.html.

6. How do I apply for a student loan?
Students and parents (if applicable) indicate “yes” for loans when the FAFSA is completed. Once the Financial Aid Office receives the FAFSA results and the student completes all necessary paperwork, we will award the student a Federal Stafford Loan. The Financial Aid Office’s policy is to choose the lender for the student from our Preferred Lender’s List. In early June, we will transmit all certified loans to the lender who in turn will send a letter to you asking you to complete the Master Promissory Note (MPN). You will have the opportunity to complete the MPN either online or to print the note and mail it to the lender. All new borrowers at CCU must complete Entrance Loan Counseling which is a Federal requirement. This can be completed online at www.mapping-your-future.org. This will help you understand your rights and responsibilities in borrowing a Federal Stafford loan.

7. I am a new first-time freshman at CCU and am borrowing a Federal Stafford loan, when will my money be disbursed?
Currently, the Federal government has guidelines that require our office to wait 30 days from the first day of enrollment before requesting the first disbursement.

8. If I have a one-semester loan, when will my money be disbursed?
Per Federal government guidelines, we must ask for two disbursements per loan period; therefore, the first half of the loan will be disbursed at the beginning of the semester, and the last half, mid-way through the semester.

9. How do you disburse excess Parent Plus loan funds?
If a Parent/Plus loan is processed and there are excess funds available, a check will be mailed to the parent when the funds are disbursed, per federal guidelines.

10. How do I apply for a Parent Plus loan?
The FAFSA is not required to apply for a PLUS loan; however, the Financial Aid Office does recommend that the parent choose one of our preferred lenders. You can find a list of our preferred lenders, as well as the links to their web page, at http://www.coastal.edu/financialaid/Loantable.htm. By applying online, the parent can request a specific dollar amount that they wish to borrow for either the academic year or the semester. We recommend that the loan be completed for the academic year.

11. What is the Estimated Parent Loan that is listed on my Award Notification letter?
If the FAFSA is completed, the award letter will give an estimate of the maximum amount of Parent Plus loan that can be borrowed for the academic year.

12. What other money can I borrow if the Parent Loan is denied due to credit approval?
The Parent Plus loan has an approval based on credit. If a parent denied due to credit, the student has the option of borrowing additional Unsubsidized Stafford loan funds; however, there are loan limits

13. What if I want to use a different bank/lender?
If you are a first time borrower, we recommend our lenders. If you are a transfer student and have received a Stafford loan or a Parent Plus loan in the past, please contact our office to see if we can continue using your previous lender.

14. What could delay the processing of my loan?
Students must sign their Federal Stafford Master Promissory Note (MPN) before any funds will be disbursed to their account. Students can sign the MPN either online or by paper application. The lender will send a letter to the borrower after the loan is certified by the school.

All first time federal student loan borrowers at CCU must complete Federal Stafford Loan Entrance Counseling prior to receiving their loan. Online counseling is available at www.mapping-your-future.org . This information will provide the student their rights and responsibilities as a student loan borrower.

Parent PLUS loan borrowers must sign their Master Promissory Note (MPN) before the Plus loan funds will be disbursed to the student account.

Note: If your lender is not one of our preferred lenders, there is a possibility for a delay in the processing of your loan.For a list of our preferred lenders, please visit www.coastal.edu/financialaid/links.html

15. I need more financial aid. What are my options?

Apply for scholarships at various web sites. Please go to http://www.coastal.edu/financialaid/scholar.html
Apply for an alternative loan. These are private loans that usually require a co-signer with good credit. Please view our list at www.coastal.edu/financialaid/AlternativeLoanGridII.htm
A payment plan is available with the Bursar’s office at www.coastal.edu/bursar