Financial Aid

Financial Aid Timeline

September

• Apply for admission.
• Parents and students need to talk about what funds are available for college costs. If parent loans are being considered or parent may need to be a co-signer, make sure credit is in order.
• Begin looking for outside scholarships. Check with your high school guidance counselor.

October

• Consider filling out Heidelberg's financial aid estimator to determine an estimated range of financial aid eligibility.

December

• Pick up a Free Application for Federal Student Aid (FAFSA) in the high school guidance office. Become aquainted with what information must be reported.
• Ask if your high school will host a Financial Aid program to learn more about the financial aid process from a financial aid administrator.
• Student and one parent should apply for a federal PIN which is used as a signature when electronically submitting FAFSA.

January

• Plan to have your tax return completed as soon as possible.
• Complete the FAFSA. Apply on line at www.fafsa.ed.gov.
• If you family has unusual circumstances creating an economic hardship, contact the Financial Aid Office.

March

• College determines financial aid eligibility and sends a financial aid award to students on a rolling basis.

• Be sure you have applied for admission at Heidelberg.
• Heidelberg's federal code number is 003048.
• Then paper version of the Free Application for Federal Student Aid (FAFSA) is typically available in mid to late November for the next academic year. Check with your high school guidance counselor or our Financial Aid Office.
• Complete the FAFSA as soon as you have accurate income information.  If you use estimated figures, you will need to update when accurate figures are known.
• Keep copies of parent and student 1040s and W2 statements in case we request copies.
• Be sure to fill out the FAFSA completely. Both student and parent sections should be completed, if applicable. Do not leave blanks. Try whenever possible to indicate “0” for none.
• If your family has unusual circumstances creating an economic hardship, contact the Financial Aid Office at 1-800-HEIDELBERG or financial-aid@heidelberg.edu
• Financial aid awards are sent to prospective students beginning in mid-March to students for whom we have received FAFSA results and have been accepted to Heidelberg. We package on a rolling basis.
• Students are encouraged to explore other scholarship opportunities through your high schools, local community, or scholarship information available at local libraries or web sites such as FastWeb.org or FinAid.org.
• Parents are encouraged to begin planning for their financial contribution by evaluating what funds they will have available to pay for higher education expenses. Parents interested in securing a Federal Parent Loan (PLUS) or co-sign for a student alternative loan should be sure their credit is in order. Contact your banker for information about getting a current credit evaluation.

GENERAL

What is the federal code?

• A code number identifies every college and university that receives federal money. The federal code number for Heidelberg College is 003048.

What does FAFSA mean?

• This means Free Application for Federal Student Aid.

Is this my final award?

• The aid award you received from the Financial Aid Office is based on the information you provided to us through the FAFSA. It is a final award unless new or additional information is provided to us.

What is verification and why was I chosen?

• Verification is a process in which the aid administrator must confirm that all information on the FAFSA is accurate and complete. Much like an IRS audit, most applications are randomly selected. A few are selected because it appears there may be an error. Each year, at least 30% of all applicants are flagged for verification.

Why do you need our tax returns and W-2 forms?

• If you are selected for verification, we need your tax returns and W-2 forms to confirm information reported to the federal processor on the FAFSA.

Do I have to apply for financial aid every year?

• Yes, although it is easier after the first year because you will be using a renewal application, which already has much of the data preprinted from the previous year. You may access your renewal application electronically upon receipt of your Personal Identification Number (PIN) from the federal processor. The web site address is www.fafsa.ed.gov

If I lose a Heidelberg merit scholarship one year, can I get it back if my grades improve?

• Yes. We review grade point averages at the end of spring semester. If you have regained the required GPA, then your scholarship will be renewed for the following year.

Do I lose any gift money if my grades are not good?

• Yes, you will lose aid if you are not making Satisfactory Academic Progress (SAP). Your aid can be renewed upon regaining the necessary hours or GPA required.

What is Satisfactory Academic Progress (SAP)?

• Minimum standards are required to renew financial aid each year. A full time student must pass a minimum of 24 hours and obtain a minimum GPA based on the number of hours attempted. This is outlined in our college catalog.

Do I receive the same aid package every year?

• Not necessarily. You must apply for aid every year, and if family income, family size, and number in college changes, your aid award will also change.

Why did I lose my Pell Grant?

• Your Pell Grant will change or be lost if your family income or other variables that are part of the formula change, resulting in a higher expected family contribution, as determined by the federal processor.

Are my scholarships renewable?

• Scholarships are renewable if you maintain the required grade point average - which has been detailed in your scholarship award letter.

What happens to my gift assistance if I receive an outside scholarship?

• While we try to completely meet your financial need, it is not always possible. If your need has not been completely met by your aid award package, the outside scholarship can fill in the gap between your need and your financial aid. If your need has been completely met, then the outside scholarship reduces the self-help portion of your aid award, which includes work-study and loans. Your Federal Stafford subsidized loan could change to an unsubsidized loan.

What happens to my financial aid if I change my residency status?

• The aid award you receive is based on charges incurred as a resident, commuter, or off-campus student. If you change your residency status, your aid award will also change. If you have an award as a resident, then change to a commuter, you will very likely receive a reduced amount of gift aid. This is because part of your living expenses on campus is covered by Heidelberg assistance.

How do I know how much I owe?

• The cost to your family is determined by subtracting the grants, scholarships and loan funds the student has been awarded from the direct costs (tuition, room and board). If you do not use your loan eligibility, then you must add that to your family contribution. A Payment Contract is included in your financial aid folder indicating what your out of pocket cost is after your financial aid is applied to your direct charges.

What can I do if I don't have enough money to pay my bill or if my parents won't help me?

• Schedule an appointment with the Financial Aid Office. It is important to resolve any financial problems before the academic year begins.

What happens if family circumstances change after I file the FAFSA?

• Changes in family circumstances can change your eligibility for aid. You should schedule an appointment with the Financial Aid Office to review your circumstances as soon as possible.

My parents do not claim me on their tax return - am I considered independent for financial aid purposes?

• Not being claimed on a parent tax return does not make you an independent student. To be considered independent for financial aid purposes, you must be able to answer “Yes” to at least one question on the FAFSA that pertains to independent status.

What happens to my aid if I drop a course?

• Dropping a class may have financial aid implications. A change in enrollment status can affect grants and loans. If dropping a course is necessary, do so as early in the academic semester as possible.

What happens if I drop all my courses?

• Financial aid is subject to federal refund calculations when students drop all their courses for the academic term or withdraw from Heidelberg College. This process is formula driven and is unique to each student. However, as a general rule, the amount of refund applied to student charges equals the amount of reduction in aid, with all federal aid being reduced first. If dropping all course work is necessary, the earlier you do so the more beneficial it will be to the student.

Is aid available to participate in a Study Abroad Program?

• Yes. Students are eligible to receive assistance. The financial aid is based on the costs of the program the student chooses. If the student does not study through a Heidelberg program, then no college or state funds are available, only federal.

CAMPUS EMPLOYMENT

How do I get work-study job on campus?

• It is your responsibility to find campus employment. You may do this by checking a book of job listings in the financial aid office or by directly contacting a department of interest to you.

What papers do I need to complete in order to begin work on campus?

• You need to have the following papers on file with the Business Office: an I-9 form, a W-4, Direct Deposit form, and a copy of social security card and driver's license.

Can I work on campus if I do not have work-study in my financial aid award?

• As a general rule, students without work-study as part of a financial aid award, may work on campus four weeks after the Fall Semester begins if the department with a job opening has non work-study available for student employment.

How do I get paid for work-study?

• Students are paid on the 10th of each month beginning in October. Checks are directly deposited to your college or personal account.

What if I don't earn my entire work-study award?

• Work-study money is not spending money. It is a part of your financial aid package; therefore, any money not earned becomes a part of your family's responsibility.

STUDENT LOANS

Do I have to apply for student loans?

• You will be sent loan information giving you specific details on applying for student loans. Your financial aid award letter simply provides you with information on loan eligibility. If you wish to actually receive student loan funds, you must complete a loan application. All Stafford and PLUS loans must be guaranteed through Great Lakes Higher Education Corporation.

Does it matter from which bank I borrow?

• Yes. Please refer to our Preferred Lender List included on the Notice of Lender Selection form.

When will the Stafford Loan funds be distributed into my account?

• The expected disbursement dates for Stafford Loans, PLUS Loans and all private loans that have been processed and approved is 10 days prior to the start of classes. This means that the funds will be on the student account at that time. However, students will need to wait until the first week of school to actually receive any refunds since federal law requires that students offficially attend class prior to the actual receipt of Stafford funds.

When do I have to pay back my student loans?

• You will begin repayment on student loans six months after graduating or leaving school.

What is the difference between a Subsidized Stafford Loan and an Unsubsidized Stafford Loan?

• A subsidized loan is need based and is interest free while you are in college and until repayment begins. An unsubsidized loan is not need based and is not interest free. You must either pay the interest while you are in college or defer it but have the interest accrue.

What is an entrance interview?

• The Department of Education requires a college to provide certain information to students who are borrowing through the Federal Stafford Loan Program for the first time. The entrance interview ensures that the student is aware of his or her rights and responsibilities when borrowing a student loan. New borrowers will be instructed to complete entrance in their aid award.

Do my parents have to apply for a PLUS and if so, how?

• Parents may choose to pay costs not covered by financial aid by borrowing under the PLUS program. They will need to complete a PLUS Notice of Lender Selection form. The form must be submitted to the Financial Aid Office for processing. For more information on PLUS loans or to apply for PLUS loan pre-approval, please call the Financial Aid Office.

Where do I sign for my Perkins loan?

• Your Perkins loan forms will be included with your financial aid award letter, which is sent to your mailing address.

Where can I call for more information?

• Heidelberg College Financial Aid Office 419-448-2293; Fax: (419) 448-2296
• Federal Student Aid Report Information 1-800-433-3243
• Stafford Loans processed through GLHEC (Great Lakes Higher Education Corporation) 1-800-377-9095

Heidelberg College processes Federal Stafford and PLUS Loans electronically with lenders guaranteed through Great Lakes Higher Education Corporation (GLHEC). We have chosen these lenders based upon their high quality services, visibility in Ohio, and the fact that they are fully serviced with GLHEC.

• Chase lender code 808956
• Fifth Third Bank lender code 808780
• Key Bank USA lender code 813760
• National City Bank lender code 808877