Frequently Asked Questions
- What is financial aid?
-
Financial aid is funding from federal, state and institutional sources. It is awarded to help bridge the gap between each family's ability to pay for college and CLU's total cost. There are four different kinds of assistance:
- Non-Need-Based Awards - Includes merit scholarships awarded to recognize academic achievement and/or talents. These awards are not based on financial need.
- Need-Based Awards - Includes grants and scholarships based on information obtained from the Free Application for Federal Student Aid (FAFSA).
- Loans - Includes federal student loans, Parent loans and private loan options.
- Work Study - Money earned from an on-campus job that can be used to make payments towards the student account balance.
- How do I apply for financial aid at CLU?
-
- First, apply for admission and be admitted to CLU.
- File the Free Application for Federal Student Aid (FAFSA). Be sure to indicate on the FAFSA that you want the results of your analysis sent to CLU (CLU's school code: 001133). Keep copies of all the materials you submit.
Back to top
- When do I apply for financial aid at CLU?
- You are strongly encouraged to submit your FAFSA between January 1 and March 2nd. We recommend filing the FAFSA as soon as possible for priority awarding and consideration.
Back to top
- Will I qualify?
- The only way to determine your eligibility is to be admitted and submit a FAFSA. The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate. More than 80% of CLU applicants are awarded some kind of financial aid. Merit or non-need based awards are determined by the evaluation of your academic profile at the time of admission.
Back to top
- What happens after I file the FAFSA?
- The analysis of your FAFSA by the U.S. Department of Education determines how much you and your family can afford to contribute to your education. The Expected Family Contribution (EFC) that is generated from filing your FAFSA is used to determine your eligibility for various forms of financial aid.
Back to top
- Will my payment be limited to my Expected Family Contribution (EFC)?
- No. The EFC is a tool used to determine a student's financial aid eligibility. It is not an indicator of out-of-pocket costs.
Back to top
- What determines the amount of aid I can receive?
- The U.S. Department of Education will review your FAFSA and determine your family's expected family contribution (EFC). CLU will create an award of financial assistance based on a number of factors such as your academic profile and FAFSA information.
Back to top
- The FAFSA requires completed federal tax information. What if our taxes are not yet completed?
- You may use estimated amounts to file the FAFSA. Once your taxes are completed, you are obligated to revise the estimated figures and re-submit your FAFSA with your updated tax filing status and income figures.
Back to top
- How do I make revisions to my FAFSA?
- Log into your FAFSA at www.fafsa.ed.gov. Click on "Make Corrections to a processed FAFSA" and update your information.
Back to top
- When will I hear something about my financial aid?
- We send award letters via email to a CLU email account created when you are admitted to CLU as a freshman or transfer student. Awards for new freshmen who meet all priority deadlines will receive a financial aid award in mid-March. Continuing CLU students will receive award letters by the end of May.
Back to top
- What does it mean to be selected for "Verification"?
- Verification is a requirement of the U.S. Department of Education and is the process of confirming information submitted on the Free Application for Federal Student Aid (FAFSA). Those who are selected should be aware that this federal regulation requires them to submit tax data and other requested information to the CLU Financial Aid Office before processing of student loan applications and/or awarding of funds. Students selected for Verification will receive notification from the Financial Aid Office and must submit the required information to complete the Verification process as soon as possible. Typically, students must submit copies of the student and parent(s) prior year Federal Tax Return, signed and dated with all schedules included, W-2 forms and any other earnings statements from the prior tax year, and a Verification Worksheet.
Back to top
- Is there a deadline to submit verification documents?
- Federal and State eligibility will be evaluated based on the resources available at the time you submit your financial aid application and supporting verification documentation. If you fail to submit the documentation by the following deadlines, your University need-based financial aid will be reduced by the following percentages according to University Financial Aid Policy. If you have filed for an extension on your federal tax return, please submit a copy of FORM 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and your 2007 W-2s, 1099s or other earnings statements. Your financial aid will not be finalized until we receive the completed Tax Return; however, you will not be penalized for the late submission of documents. View a chart of dates and penalty amounts.
-
Back to top
- What do I do with my award letter?
- Reply to your award online, and accept or decline the different types of financial aid being offered. Be sure to read through your award carefully and follow the instructions.
Back to top
- Is there a way in which I can get more financial aid? What if it's a special circumstance?
- Students and/or parents must write a letter to the Director of Financial Aid explaining any special circumstances that necessitate additional financial aid. Please document, in detail, any expenses, income changes or other information when you send your letter. In addition, you are required to complete the Special Circumstances Form.
Back to top
- Does my financial aid remain the same every year?
- Students must re-apply for financial aid every year. Although financial aid packages may be similar from year to year, they can and do vary based on the figures you report on the FAFSA, which takes family size, income and asset levels into consideration when determining a student's need. Non-need based awards such as a CLU Academic Scholarship will remain the same as long as the student meets the academic eligibility requirements.
Back to top
- Can I get a financial aid award before I apply for admission?
- No. Students may only receive an award after they have been admitted.
Back to top
- How do I apply for a student loan?
- You can apply for a student loan through your financial aid award or by going to the CLU Applying for Loans webpage.
Back to top
- I applied for my loans, what happens now?
- If you have completed your loan application, the Financial Aid Office will certify your loan and schedule your loan disbursements. Once your loan funds are disbursed, you will receive notification from your lender. Typically, it can take up to two weeks for your loan to be processed.
Back to top
- What is the difference between a Stafford Subsidized and Stafford Unsubsidized Loan?
- The government pays the interest on the need-based Subsidized loan while the student is enrolled at least half-time in school. The non-need based Unsubsidized loan accrues interest at a fixed rate of 6.8% while the student is enrolled. Students have the option of making interest-only payments on the Unsubsidized loan, but are not obligated to do so.
Back to top
- What is Loan Counseling? Why do I have to do it?
- Loan counseling is required by law for all New and/or first-time CLU borrowers. Loan Entrance Counseling must be completed when a student first borrows a loan and Loan Exit Counseling must be completed after the student is no longer enrolled at least half-time or graduates.
Back to top
- How do my parents apply for a Parent (PLUS) loan?
- Parents must apply online as indicated on the student's financial aid award letter or by going to the Applying for Loans webpage.
Back to top
- What is "Federal Work Study"?
- Work Study is a need-based financial assistance program that allows students to work on campus during the academic year. Students receive a monthly paycheck for hours worked which they may sign over to CLU - that amount will be credited towards their student balance. Important Note: Interest will begin to accrue on any portion of your student account balance that remains unpaid at the beginning of the semester. This includes unearned work study. Students should strongly consider paying the work study amount in advance in order to avoid interest accruing; then as the semester progresses their monthly work study paycheck can, in effect, "pay them back".
Back to top
- What do I do if I can't find a Federal Work Study job?
- It is the student's responsibility to find a Federal Work Study job. CLU will assist students, however, CLU cannot guarantee that a student will find a job that meets his/her preferred schedule. Please visit the Student Employment website to view current employment opportunities.
Back to top
- Are there campus jobs for students who do not qualify for need-based Federal work study?
- Yes, but students who have been awarded Federal Work Study have first priority in securing on-campus jobs. After the first two weeks of the semester, jobs are open to any student regardless of need.
Back to top
- Will dropping below full-time enrollment status affect my financial aid package?
- Yes. CLU Institutional aid will be removed. However, students must be enrolled at least half-time to meet the minimum enrollment requirements for a Federal Stafford loan. Please Note: If you are a graduating senior and do not need to take a full load of classes during your last semester at CLU, please contact the Financial Aid office about your less than full-time enrollment financial aid options.
Back to top
- What classifies a student as independent?
- Students must meet one of the following criteria: (1) be 24 years of age, (2) be working on a Master's or Doctorate degree, (3) be married, (4) have children who receive more that half of their support from the student, (5) have dependents (other than children), (6) be an orphan or ward/dependent of the court, (7) be a veteran or actively serving in the U.S. Armed Forces.
Back to top
- How do my scholarships that come from outside sources affect my aid?
- Outside scholarships go 'on top' of all other aid to the point that the student's budget is met. However, total aid cannot exceed cost of attendance. If an outside scholarship takes the student above cost of attendance, the financial aid office will work to first reduce items such as loans and work-study before reducing institutional scholarships and grants.
Back to top
- Does CLU offer any athletic scholarships?
- No. We are an NCAA Division III school, which means we are prohibited from doing so. However, many of our student-athletes have qualified for other scholarships or grants.
Back to top
- Is there some way that I can get outside scholarships?
- Students are encouraged to search for outside gift aid through their communities and the internet. Our office also maintains a notebook with information about outside scholarships. Please visit our announcements page to learn more about scholarship opportunities.
Back to top
- My friend and I are very similar when it comes to family size and income, why are our financial aid awards different?
- CLU students are awarded on a case by case basis. There are a number of factors that determine a student's award.
Back to top
-
-
-
-
-
