SMC
Financial
Aid "TOP 20" List
The Twenty Most Commonly Asked Questions About Federal Financial Aid
What types of Federal Financial
Aid are available?
There are three types of Federal Financial Aid:
grants, loans, and work study. (A grant is money that does not need
to be paid back. Loans are borrowed from a
bank and MUST be repaid. Work study is a job on campus.)
How do I apply for Federal
Financial Aid?
You must complete (and send) the FAFSA (Free Application
for Federal Student Aid) to the federal processor. You can either chose
to do it electronically at (fafsa.ed.gov)
or by the traditional paper application method.
With either application method (electronic or paper), you will receive a
SAR (Student Aid Report.) SMC will also receive this information
electronically.
Is there anything else that
I have to submit to the SMC Financial Aid Office?
Students need to send their official transcripts
(from ALL other schools that they have attended) to the SMC Financial Aid
Office. In addition, after SMC receives an electronic version of
your financial aid application, it will send you a Document Request Form
for any additional documents (or information) that is needed.
Please note that about a third of the applicants will be chosen
for verification.
What is verification?
Verification is proving that the income you reported
on the FAFSA is correct. Usually, verification is completed by submitting
a photo copy of your and/or your parent's signed federal tax return. In addition,
you will be asked to submit a Verification Worksheet.
Do I have to go to school
full-time to receive Federal Financial Aid?
No. You will be eligible for most Federal Financial
Aid if you attend school half-time. However, with the Pell and SEOG Grants,
your awards will be larger if you attend full-time.
If I'm eligible for aid, how
often will I receive money?
Generally, grant recipients receive two checks a
semester. One check comes at the beginning of the term and one check comes
at the middle of the term. Loan recipients usually get two checks a
year--one in fall and one in spring. College Work Study students are paid
twice a month.
How much money can I get if
I apply for financial aid?
It depends upon YOUR family's situation. The maximum
Pell Grant would be $4050 per year. The maximum Subsidized Stafford Loan
for a first year student is $2625. Work study allocations usually begin
at $3000 / year.
If I am living away from my
parents, am I considered to be "independent?"
Not necessarily. Applicants for Federal Financial
Aid-below the age of 24- are considered to be dependents . . . unless they
are married, a veteran, an orphan, a ward of the court, or have dependents.
(Usually children.)
What is the maximum money
that I could earn in a year and still qualify for a grant?
About $13,500-for a single, "independent" student
without dependents.
How long does it take from
the time I submit my FAFSA to when I receive my first check?
It will (probably) take
from 8 to 12 weeks.
Why does it take so long to
receive the money?
Because many people are applying for financial aid. But here's a rough breakdown of the steps and the approximate time-frame
for each: For you to receive your SAR (after you have submitted the FAFSA
)and then bring the requested documents to the Financial Aid
Office: 2-3 weeks. For SMC to process your paperwork and then mail an award letter:
4 to 8 weeks. For the county to process your grant check or a bank
to process your loan check: 2 weeks.
I didn't get a response from
the Department of Education after submitting the FAFSA. Is there
a number I can call to find out what happened?
(800) 4 FED AID / (800) 433-3243 (Note: If you provided
an e-mail address, the SAR will be sent to you electronically.)
I have a "dead end" job and
want to go back to school full time. Can I afford to quit my job and then
go to school?
It might be difficult-especially in the first year.
However, regardless of your income in the previous year, you will probably
qualify for student loans.
Do I have to pay a loan back?
Yes. Payments for student loans begin once a student
leaves school for six months (or falls below half-time enrollment for six
months.)
Is there a deadline for applying
for Federal Financial Aid?
Yes. Students may submit a FAFSA application as early
as January--for the academic year that begins in the following fall. Students
that apply by March 2 will receive priority consideration for several types
of Federal Financial Aid. Students that don't meet the priority deadline
can still apply throughout the school year. (However, some Federal Financial
Aid may no longer be available for those that apply late.)
Do I have to "do well" in
school to receive Federal Financial Aid?
Yes. For each semester that you receive aid you will
need to complete a certain number of units with a minimum GPA of at least
2.0. In addition, you need to maintain an overall completion rate of at
least 67% and an overall GPA of at least 2.0. (This is called maintaining
"satisfactory academic progress.")
How long can I receive
Federal Financial Aid at Santa Monica College?
Provided that you maintain satisfactory academic
progress, you can receive Federal Financial Aid until you exceed 150% of
the published length of an eligible program. (Students in 60 unit A.A./A.S.
programs or planning to transfer to 4-year schools will need to complete
their studies by the time they earn 90 units. ) Students who exceed the
maximum time frame may petition for an extension of funding through an "appeal
process."
Do I have to reapply for Federal
Financial Aid every year?
Yes.
Can I attend SMC and another
local community college and get financial aid from SMC for my enrollment at
both school?
No. SMC no longer participates in Financial
Aid Consortiums with other local community colleges.
Do I have to view the
on-line orientation
meeting each year?