FREQUENTLY ASKED QUESTIONS:

What is Financial Aid?
When is the Financial Aid Office available?
What should I bring to my Financial Aid appointment?
What is the difference between grants and loans?
When does my loan go into repayment?
What is the interest rate on my loan?
What about the scholarships(s) I have earned?
Where can I find more scholarship opportunities?

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What is Financial Aid?

Financial Aid is any financial assistance from the government for your education. This includes loans, as well as grants. Your Financial Aid eligibility will be determined once you have met with a Financial Aid Officer.

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When is the Financial Aid Office available?

There is someone in the Financial Aid Office from 9am to 6pm Monday through Friday. Evening appointments are also available.

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What should I bring to my Financial Aid appointment?

First, answer these questions:

1. Are you age 24 by January 1 of the current
financial aid year?
2. Are you a veteran of the Armed Service?
3. Are you married?
4. Are both of your parents deceased, or are you (or were
you until age 18) a ward of the court?
5. Do you have dependents for whom you provide at
least 51% of their financial support?
6. Are you currently serving on active duty in the US Armed
Forces for purposes other than training?

If you answered yes to any of the above questions, bring with you:

• Previous year's Federal Tax Return and W2 forms for you (any your spouse if applicable)
  
• Previous year's year-end statements from SSA, FIA, Worker's Compensation, Child Support or any other benefits received for you (and your spouse if applicable)

• Picture ID and Social Security Number
  
• Completed & signed FAFSA
  
• Completed & signed verification worksheet

If you answered no to all of the above questions, bring with you:

• Your parents (step-parents if applicable) signed previous year's Federal Tax Return and W-2 forms
  
• Your parents (step-parents if applicable) previous year's year-end statements from SSA, FIA, Worker's Compensation, Child Support or any other benefits received (if applicable)
  
• Your previous year's Federal Tax Return and W-2 forms
  
• Your previous year's year-end statements from any untaxed income (if applicable)
  
• Completed Verification Worksheet, signed by you and a parent (or a step-parent if applicable)
  
• Picture ID and Social Security Number
  
• Completed FAFSA signed by you and a parent (step-parent if applicable)

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What is the difference between grants and loans?

A grant is need-based money from the government that you do not need to pay back. A loan is borrowed money that must be paid back with interest.

Specs Howard offers three different Federal Student loans:

Federal Stafford Subsidized loan: based on need and no interest until you start repayment

Federal Stafford Unsubsidized loan: not based on need and interest accrues once the loan is disbursed

Federal Parental Loan for Undergraduate Students (Plus loan): parent borrows loan funds to pay education expenses of a dependent student and is not need based.

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When do my loans go into repayment?

Federal Stafford loans go into repayment six months after you leave school. The Federal Plus loan (parent loan) will go into repayment four to five months after you start school.

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What is the interest rate on my loan?

Federal Stafford loans have a fixed interest rate of 6.8%. The Federal Plus loan (parent loan) has a fixed interest rate of 9%. Check with the Financial Aid Office to find out what the current rates are. An example of a loan repayment schedule follows:

Loan Repayment Chart Based on a standard 10-year monthly repayment plan
Loan Amount Borrowed	Interest Rate 6.8%	Interest Rate 8.5%
$4,000	$50.00	$50.00
$5,000	$57.54	$61.99
$6,000	$69.04	$74.39
$7,000	$80.55	$86.78
$8,000	$92.00	$99.00
$9,000	$103.57	$111.58
$10,000	$115.08	$123.98

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