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Financial Aid FAQ’s

Q. Will this be my final award notification? What may cause revisions to my award?
A. Changes in the information you originally reported on your federal application could affect your award. For example if you indicated that you would be a full-time resident (dorm) student and you enroll part-time or as a commuter student, your award will be revised and you will be sent a new award notification. If you are enrolled as an external degree student where more than 50% of your courses are external (off-campus) a revised award letter will be sent and eligibility will be changed. Verification decisions may change the award or if you receive an outside scholarship, your award may be revised.

Q. What should I do if I expect to enroll for fewer credits than originally reported on my FAFSA?
A. You should contact the Office of Financial Aid so that your file can be reviewed and your financial aid can be adjusted if necessary.

Q. What happens to my Caldwell University Scholarship for tuition if I receive other grants that are used for tuition only?
A. All tuition based grants and scholarships cannot exceed the cost of tuition. If the combination exceeds tuition, your Caldwell University Scholarship will be adjusted accordingly.

Q. Is there a minimum grade point average I need to maintain in order to remain eligible to receive financial aid? What about my scholarship?
A. You must maintain Satisfactory Academic Progress; the policy is detailed in the Caldwell University catalog. The specific terms and conditions of your scholarship are stated in your original scholarship letter sent to you.

Q. Will my awards be the same next year?
A. Since the financial aid process requires all students to renew their FAFSA applications annually, your family’s contribution may change annually. Caldwell University attempts to keep the awards as consistent as possible from year to year, provided you file within the required deadlines and your circumstances have not changed drastically.

Q. If I am a returning Caldwell University student, do I have to reapply for my Stafford Direct Loans?
A. If you have previously borrowed under the Direct Loan Program, the amount indicated on your award notification will automatically be processed. If you have not previously borrowed at Caldwell University, you must complete an entrance counseling session (EI) and Master Promissory Note (MPN) at www.studentloans.gov . Make sure you get a confirmation number so you know the process is complete and submitted. If you wish to decline or reduce your loan please email the Office of Financial Aid atfinancialaid@caldwell.edu

Q. What will happen to my award if I am selected for the federal verification process?
A. If you are selected for verification you will be sent a missing information letter detailing the documentation required to complete the process. Until verification is completed, awards are subject to change and will not be credited to your account.

Q. How will my loan be disbursed?
A. Your loan will be disbursed in two or more installments and transferred electronically to your student account. If you are a first time borrower, federal regulations require a 30-day waiting period before disbursement. You will also receive a notice of disbursement when the money is credited to your account.

Q. I am graduating after this semester, is there anything that I need to do with the Office of Financial Aid?
A. If you were a Stafford loan borrower at any time during your time of studies at Caldwell University you will have the exit counseling session that is federally mandated. You can do this process by visiting https://studentloans.gov/myDirectLoan/index.action. Make sure you get a confirmation number so you know the process is complete and submitted.