Financial Aid

Frequently Asked Questions

FAFSA

What is the FAFSA?

“FAFSA” stands for Free Application For Federal Student Aid. The FAFSA is the application a student needs to complete in order to be considered for federal/state grants, federal student loans, and federal work-study. Eligibility for some Trinity grants also depends upon the results from the FAFSA.

· Please visit www.fafsa.ed.gov to complete the application.

· Trinity’s school code is: 001772

· Visit www.PIN.ed.gov to apply for a FAFSA PIN.

Do I have to fill out a FAFSA?

A student is not required to complete a FAFSA, but we strongly advise students to do so. A student must complete a FAFSA in order to be considered for federal grants, loans, and work-study. We also take the FAFSA into consideration in determining several Trinity grants. All students who complete a FAFSA are guaranteed to at least qualify for an Unsubsidized Stafford Loan (assuming aggregate loan limits have not been reached.)

*Please notify the Financial Aid Office if you do not intend to complete a FAFSA.

When is the deadline for the FAFSA?

The priority deadline for filing the FAFSA is April 1^st. A student can still file the FAFSA after this, but filing before the priority deadline ensures timely processing. Illinois residents must file the FAFSA by August 1 (continuing applicants) or September 15 (first time applicants) in order to be eligible to receive the State of Illinois MAP Grant. The absolute deadline, after which point a student cannot receive any Federal Aid, is the last day of classes for the academic year.

Do I need to include my parents’ information on the FAFSA?

Dependent students must include both student and parent financial information on the FAFSA. Independent students only need to include their own financial information.

Am I a dependent student?

If the answer is “No” to ALL of the following questions, then one is considered to be dependent.

Were you born before January 1, 1986?
At the beginning of the upcoming school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?
As of today, are you married?
Are you currently serving on active duty in the US Armed Forces for purposes other than training?
Are you a veteran of the US Armed Forces?
Do you have children that will receive more than half of their support from you during the upcoming school year?
Do you have dependents other than children/spouse who live with you and will receive more than half of their support from you during the upcoming school year?
At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
Are you or were you an emancipated minor as determined by a court in your state of legal residence?
Are you or were you in legal guardianship as determined by a court in your state of legal residence?
At any time on or after July 1 of this past year, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?
At any time on or after July 1 of this past year, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
At any time on or after July 1 of this past year, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

What is an EFC?

“EFC” stands for Expected Family Contribution. The information a student submits on the FAFSA is entered into a formula that determines the Expected Family Contribution (the amount of money you/your family should be able to contribute toward college for the year.) The EFC is then used by the Financial Aid Office to determine the students financial aid eligibility. The factors that weigh most heavily in determining the EFC are adjusted gross income, number of people in the household, and number of household in college.

Why is my EFC different than what I owe TIU?

A student’s balance due at TIU may not be the same as the EFC. The EFC is used by the Financial Aid Office to determine the types of aid that a student qualifies to receive, not to determine how much the student will actually pay out of pocket for one year of education.

What is verification?

Verification is a process of documenting the FAFSA data. Up to 30% of applications are selected at each school by the Department of Education. If a students FAFSA is selected for verification, we will notify the student of the documentation that is needed. A student who’s FAFSA is selected for this process cannot receive any of their federal/state aid until the verification is completed.

Award Letter

When will I receive an award letter from the Financial Aid Office?

The Financial Aid Office begins to process financial aid awards in mid-February for the following award year.

· New incoming students will have an Award Letter mailed to their home address when their aid package has been completed.

· Current students will receive notice from the Financial Aid Office through Group Wise email when their award is ready to be viewed on TIU Access.

*Please note that we generally wait to package a student’s financial aid until we receive a FAFSA. Please notify the Financial Aid Office if you do not intend to complete a FAFSA.

Will my financial aid change if my circumstances change?

If your family experiences an unforeseen change in financial circumstances, or if you feel you have special circumstances that should be taken into account, please contact our Financial Aid Office.

TIU Grants and Scholarships

Will I get the same financial aid package next year as I did this year?

A students financial aid package will remain the same from year to year. The money you receive from Trinity through grants and scholarships will not decrease unless a student fails to meet certain requirements such as for an athletic/music scholarship or if the student drops below Satisfactory Academic Progress (SAP) standards. The aid a student receives from the state and federal government is based on the results of the FAFSA, which can change from year to year. If the results of the FAFSA change significantly a student may qualify for more or less federal grant or loan money.

Do I have to do anything to renew my grants and or scholarships each year?

No, there is no renewal process for the TIU grants/scholarships. However, if a student filed a FAFSA the previous year we will expect that they will complete one again for the following award year. We will wait to package a student’s financial aid in future award years until we receive the annual FAFSA, unless we are notified of otherwise.

Church Match Grant Program

What if there is more than one church that would like to contribute toward the Church Match Grant for me?

More than one church can contribute toward the Church Match Grant, but keep in mind that Trinity will only match up to $1,000 for the year. So, if three churches give a student $500 each, we will only match $1,000. The extra $500 will be applied to the students account as church support, but no TIU match will be applied.

When is the deadline for the church match program?

The deadline for the Church Match Grant is the first day of classes in the Fall semester. For new students in the Spring, the deadline is the first day of classes in the Spring semester.

Loans

What is a subsidized vs. unsubsidized loan?

Federal Stafford Loans are either subsidized or unsubsidized. A student’s total award may include subsidized and/or unsubsidized loans for the same enrollment period.

· A subsidized loan is awarded on the basis of financial need. No interest will be charged before repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during the periods of enrollment/deferment.

· An unsubsidized loan is not awarded on the basis of need. Interest will be charged from the time the loan is disbursed until it is paid in full.

What is the maximum amount I can receive in a Stafford loan?

Dependent Students
Grade level	Subsidized		Unsubsidized
Freshman	$3,500		$2,000
Sophomore	$4,500		$2,000
Junior/Senior	$5,500		$2,000
Independent Students and Dependent students whose parents cannot borrow PLUS
Grade level		Subsidized		Unsubsidized
Freshman		$3,500		$6,000
Sophomore		$4,500		$6,000
Junior/Senior		$5,500		$7,000

What is a PLUS Loan (Parent Loan for Undergraduate Students)?

A PLUS Loan is a low-interest, credit-based loan that parents take out on the student’s behalf. The interest rate is capped at 9 percent. Current rate fixed at 8.5 percent. Repayment begins within sixty days after the loan is disbursed or repayment can be deferred till six months after the student graduates or if the student drops below half-time status. (If for any reason, a parent is denied a Parent PLUS Loan, a student will be eligible for additional Unsubsidized Stafford Loan funds.)

What is a Private/Alternative Loan?

A Private/Alternative Loan is a variable-interest, credit-based loan taken out under the students name. Depending on a students credit history, many students will need a parent co-signature, impacting the parent's credit report. This loan type has variable interest rates that change monthly or quarterly. Most do not have an interest rate cap. Repayment generally begins six months after the student graduates or if the student drops below half-time status.

You can read further about the above loan options by visiting the website of the lender of your choice or by visiting the sites of the recommended lenders listed on our website: http://www.tiu.edu/college/financialaid/; select the “Lenders” link.

Summer Aid

Is there financial aid in the summer for TC students?

TIU scholarships/grants are not available to our undergraduate students during the summer months. A student should contact the Financial Aid Office to determine if they have any remaining Stafford and/or Perkins loan eligibility remaining from the previous award year. A student can also look into PLUS/Private loan options.