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Financial Aid Frequently Asked Questions

  • Q: What changes due to the Coronavirus have impacted Saint Francis University? 

    A: For the most up to date information please visit https://www.francis.edu/coronavirus/

    Q: How do I contact the Office of Financial Aid? 

    A:  Contact our staff via email (finaid@francis.edu) or Cranium Cafe (https://francis.craniumcafe.com/group/financial-aid/)


    APPLYING FOR FINANCIAL AID 

    Q: How do I apply for Financial Aid?  

    A:  File the Free Application for Federal Student Aid (FAFSA). The FAFSA is available each year beginning October 1st and requires two-year prior tax information. Students must file the FAFSA on a yearly basis. 

    Q: Is there a maximum income level that will make me ineligible for Financial Aid?  

    A:  No. Every student is encouraged to file the FAFSA regardless of family income. Other factors, such as number in the household, and number of students attending college play a role in determining financial aid eligibility.  

    Q: How is my Financial Aid Package determined?  

    A:  The Federal Government uses a methodology to determine your Family Contribution Number (EFC). This need-based calculation determines a student's eligibility for Gift Aid (grants). It is combined with Self-Help aid (student loans, work-study), and other Saint Francis University Institutional aid to develop your complete Financial Aid Award Package.   


    LOAN INFORMATION

    Q: How do I accept my Federal Direct Loans listed on my Financial Aid Award Letter?  

    A:  The FAFSA is your application for Federal Direct Loans (Subsidized and Unsubsidized) for students, however, there are two additional steps you must take to accept them. By logging on to studentaid.gov, you can complete Loan Entrance Counseling and sign a Master Promissory Note. Loan Entrance Counseling will provide you with information about interest rates, repayment, etc. You will need two 'References' (one that does not share your address) to complete the Master Promissory Note (*these are NOT co-signers). 

    Q: If I already have Entrance Counseling and a Master Promissory Note for another school, do I have to complete another one?  

    A:  Yes. Both Loan Entrance Counseling and Master Promissory Notes are school-specific. Please use Saint Francis University's school code: 003366. 

    Q: Why does the loan amount on my Financial Aid Award letter differ from the loan amount on my billing statement?  

    A:  All Federal loans (Subsidized, Unsubsidized and PLUS) have origination fees. This fee is taken from the amount of the loan before it is disbursed to a student's billing statement. For more information and fee rates, please review your Master Promissory Note or visit the Student Aid Website

    Q: What are my other loan options?  

    A:  Option1) Federal PLUS Loan. The Federal Government offers Parent PLUS loans for parents of Undergraduate students and Graduate PLUS loans for Graduate students. Parent PLUS loans can never be transferred to a student's name and repayment is not deferred until after your student graduates. You can apply for either of these loans on studentaid.gov. Both are subject to origination fees.  

    A:  Option 2) Alternative Loan through a private lender. You can compare loan options at Elmselect.com. Any alternative loan will be in the student's name and they will need a credit - worthy cosigner (this does not have to be a parent).