Frequently Asked Questions

I probably don't qualify for aid. Should I apply for aid anyway?
Why can't I submit my financial aid application before January 1?
I sent in my FAFSA over four weeks ago, but haven't heard anything. What should I do?
Do I have to reapply for financial aid every year?
How will I receive the funds that I have Accepted?
When will my financial aid be available to help with living expenses?
If I take a leave of absence, do I have to start repaying my loans?
I got an outside scholarship. Should I report it to the financial aid office?
Are work-study earnings taxable?

I probably don't qualify for aid. Should I apply for aid anyway?

Yes. Many families mistakenly think they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Federal Loans and Private credit based loans that are available regardless of need.

Why can't I submit my financial aid application before January 1?

The need analysis process for financial aid uses the family's income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the base year ends December 31, you cannot submit a financial aid application until January 1. If you submit the financial aid application before January 1, it will be rejected.

I sent in my FAFSA over four weeks ago, but haven't heard anything. What should I do?

If you haven't received a Student Aid Report (SAR), call the Federal processor at 1-319-337-5665. You must provide them with your Social Security number and date of birth as verification.

Do I have to reapply for financial aid every year?

Yes. You required to apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a " Renewal Application " which contains preprinted information from the previous year's FAFSA.

How will I receive the funds that I have Accepted?

School of Nursing Scholarships:
School of Nursing Scholarships are disbursed directly into the student's account every semester.

Federal Stafford Student Loan Programs:
Both the subsidized and the unsubsidized student loans are disbursed by your bank in two equal disbursements. The loan funds are sent to the school electronically and transferred to your student account at the bursar's office.

Federal Perkins Loans and Nursing Student Loans:
These loans are disbursed directly into the student's account at the bursar's office, after the promissory note has been signed. The student is required to attend an Entrance Interview. The Student Loan Office arranges for the loan funds to be electronically sent to your student account at the bursar's office.

Alternative Loans:
Loan checks are made co-payable to the borrower and the school. Loans are disbursed in two equal installments. The cashier's office will notify students when the loan checks arrive. The checks have to be endorsed by the student before they are credited to the students account.

Federal Work-Study Program:
A student accepting Federal Work Study must contact the Center for Career Services located at the Morningside campus, to set up an appointment for a job placement interview. Once you have been placed with a job in a particular department, bring the signed Employment Authorization form to Student Career Services.

When will my financial aid be available to help with living expenses?

All the financial aid you accept is disbursed to your student account. If disbursed financial aid exceeds billed charges, you can request a refund. Refunds can be requested on-line by linking to https://www.ais.columbia.edu/ssv/. Refund requests cannot be made prior to registration or the first day of the term.

If I take a leave of absence, do I have to start repaying my loans?

Not immediately. The subsidized Stafford loan has a grace period of 6 months and the Perkins loan a grace period of 9 months before the student must begin repaying the loan. When you take a leave of absence you will not have to repay your loan until the grace period is used up.

I got an outside scholarship. Should I report it to the financial aid office?

Yes; if you are receiving any kind of financial aid from outside sources, you must report it to the financial aid office. the financial aid office will adjust your financial aid package to reflect the new aid. The outside scholarships are used to reduce the self-help level (student loans). * If you receive a National Health Service Corps. Scholarship, the financial aid office will reduce the institutional scholarship 100%.

Are work-study earnings taxable?

The money you earn from Federal Work-Study is generally subject to federal and state income tax, but exempt from FICA taxes (provided you are enrolled full time and work less than half-time).