FREQUENTLY ASKED QUESTIONS

Q:  What are my chances of receiving financial aid?

A:  The only way to determine your eligibility is to submit the Free Application for Federal Student Aid.  The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate.  Normally, more than 80% of the students who apply for financial aid demonstrate some financial need.

Q:  How do I apply for financial aid?

A:  The first step is to file a Free Application for Federal Student Aid (FAFSA).  The FAFSA form is available on the web at www.fafsa.gov.  The application determines your eligibility for grants, loans, and work study.  It must be completed EVERY YEAR.  (For maximum consideration, the Federal Processor must receive the application by March 1.)  The application for the 2013-14 year is available beginning January 1.

Q:  What if our taxes will not be completed by your deadline?

A:  Although we encourage you to complete your tax returns before completing the application process, we understand that sometimes, this is not possible.   Realize that you may be selected for verification (a process which requires you to provide your tax documents to the financial aid office) or need to correct your FAFSA later.

Q:  I received a letter that states I am selected for verification.  What does that mean?

A:  A number of applications are required by the Department of Education to submit an IRS tax return transcript and other financial documentation to the financial aid office as well as a "verification worksheet: to verify the financial information reported on the FAFSA. This worksheet will be available on the financial aid office website as soon after January 1 as possible. Students and parents can request a free copy of their tax return transcript from the IRS website at www.irs.gov or use the IRS data retrieval tool to fill in the correct tax information on the FAFSA.

Q: What is the IRS Data Retrieval Tool?

A: The IRS data retrieval tool allows FAFSA applicants to retrieve their tax data directly from the Internal Revenue Service in order to auto-fill the tax portion of the form. The IRS data retrieval tool becomes available for the 2013-14 FAFSA on February 1, 2013. IRS information will be available within several days for electronic tax filers or several weeks for paper tax filers.

Q:  Who determines how much aid I get?

A:  The federal government has established the basic formula approved by Congress, called Federal Methodology.  When we receive your application, it includes your Expected Family Contribution (EFC) which is determined by the formula.  We subtract your EFC from the total cost of attending Shepherd University.  This gives us your financial need, and allows us to develop your financial aid award, or package.

Q:  How do I apply for privately funded scholarship assistance?

A:  Some businesses and social organizations offer scholarship assistance to employees, members, or other students that meet designated application criteria.  Students should inquire about such assistance from their current employers, their parents' employers, or any local organizations.  Information of scholarship sources may also be obtained at the library.  Scholarship searches are also available on the Internet.  Visit our scholarships page for more information.

Q:  What is a "Financial Aid Package" or "Award Letter"?

A:  Your financial aid package is composed of the different types of financial aid (scholarships, grants, loans, and work) combined to form your award.  Most students have a combination of grants, loans, and work study in their packages.  We begin sending award letters in April.

Q: What happens after my first year in college?

A:  You need to reapply for aid each year using the FAFSA.  Aid changes each year based upon changes in the family's financial situation and changes in college expenses.  Satisfactory Academic Progress Standards will also apply.

Q:  What happens if I have to withdraw from school?

A:  The Office of Financial Aid is required by federal statute to recalculate federal financial aid eligibility
for students who withdraw, drop out, are dismissed, or take a leave of absence prior to
completing 60 percent of a payment period or term. The federal Title IV financial aid programs
must be recalculated in these situations.

If a student leaves the institution prior to completing 60 percent of a payment period or term,
the Office of Financial Aid recalculates eligibility for Title IV funds. Recalculation is based on the
percentage of earned aid using the following Federal Return of Title IV Funds formula:
• Percentage of payment period or term completed = the number of days completed up to
the withdrawal date divided by the total days in the payment period or term. (Any break
of five days or more is not counted as part of the days in the term.) This percentage is
also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned
aid using the following formula:
• Aid to be returned = (100 percent of the aid that could be disbursed minus the
percentage of earned aid) multiplied by the total amount of aid that could have been
disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a
portion of the funds and the student would be required to return a portion of the funds. Keep in
mind that when Title IV funds are returned, the student borrower may owe a debit balance to the
institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the
student a post-withdrawal disbursement which must be paid within 120 days of the student’s
withdrawal.

The institution must return the amount of Title IV funds for which it is responsible no later
than 30 days after the determination of the date of the student’s withdrawal.

Refunds are allocated in the following order:
• Federal Unsubsidized Direct Stafford Loans
• Federal Subsidized Direct Stafford Loans
• Federal Perkins Loans
• Federal Direct Parent (PLUS) Loans (graduate student)
• Federal Direct Parent (PLUS) Loans (parent)
• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grants (SEOG)
• Other Title IV assistance
• Other state assistance
• Other institutional assistance
• Other private assistance
• The student

Please keep in mind this repayment policy is in addition to the institution’s refund policy. A
student who withdraws from school could owe federal financial aid as well as repayment back
to the West Virginia Higher Education Grant Program, Promise Scholarship Program, Shepherd
University, etc.

Failing to Earn a Grade in Any Class: If a student who began attendance does not officially withdraw
and fails to earn a grade in at least one course, he/she is considered to have unofficially withdrawn
for financial aid purposes. A recalculation of federal Title IV financial aid eligibility is required.
The recalculation will be based on 50 percent of the period unless documentation supports a last
date of attendance to the contrary. Generally, the student will owe a return of funds. A grade of F
is considered earned failure. An IF is considered failure due to irregular withdrawal.

Q:  What is Satisfactory Academic Progress?

A:  To receive funds administered by the Office of Financial Aid at Shepherd University, student must be making measurable academic progress toward completion of an eligible degree.  Federal regulations require evaluation of both quantitative and qualitative academic progress.  You can find the complete Satisfactory Academic Progress Policy here.

Q:  Can I appeal my financial aid if I am not meeting SAP standards?

A:  Unusual circumstances may occur which impact a student's ability to be successful during an enrollment period. Examples of such unusual circumstances would be death of an immediate family member or legal guardian, personal injury or illness of the student, or other documented circumstances. Documentation such as death certificate/notice, physician's statement, etc., or other comparable documentation of unusual circumstances will be required. A student who wishes to appeal his/her SAP status based on documented unusual circumstances may do so using the Satisfactory Academic Progress (SAP) Appeal Form--Level 1