How do I contact the Financial Aid Office?

• Our Office hours are Monday- Friday 8:00 am - 4:30 pm.
• You may call us at 803-321-5127 or 1-800-845-4955 ext. 5127
• The Financial Aid fax number is 803-321-5632.
• You may e-mail us at financialaid@newberry.edu

What is the Free Application for Federal Student Aid (FAFSA)?

• The FAFSA is used to apply for federal student aid such as grants, work-study, and loans. You may also use the FAFSA to apply for most state and some private aid.  You should complete the FAFSA each year in order to apply for Financial Aid.  The website is:  http://www.fafsa.ed.gov.

I probably don't qualify for aid. Should I apply 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 Stafford and PLUS loans that are available regardless of need.

Why am I being charged to complete the FAFSA?

• If you are being asked to pay to complete the FAFSA you are on the wrong website. You will need to go to www.fafsa.ed.gov .  
• If you are ever in doubt, remember this:  FAFSA stands for FREE Application for Federal Student Aid.
  

What is an EFC?

• The EFC stands for "Estimated Family Contribution". It is calculated by the Federal Government when you file the Free Application for Federal Student Aid. It takes into account such items as your tax information, your spouse's or parents' tax information (if applicable), your (and your family's) assets, the number of people in your household, and the number of family members in college.  The EFC is not the amount that you will have to pay. We use this amount to determine if you are eligible to receive Federal grants, work-study, and loans.

Do I have to reapply for financial aid every year?

• Yes. If your financial circumstances change, you may get more or less aid. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree.

What are the Satisfactory Academic Progress requirements?

• Students must meet the following requirements by the end of the academic year (including summer) in order to receive Financial Aid the following year:
  

• You must also earn at least 24 credit hours in one academic year

When will I received my award package?

• For new students, we will begin placing award packages online in March.  For returning students, we will begin placing award packages online in May, after we receive your grades.

Am I eligible for Federal work study?

• You must complete the FAFSA, have financial need and have at least a 2.0 GPA to participate in the Federal work study program. You will receive an e-mail when we are ready to begin the work-study program.
  
  
  

What is the difference between a subsidized and an unsubsidized Stafford Loan?

• A Subsidized Federal Stafford Loan is a loan in which the interest due on the loan is paid by the Federal Government while you are in school, during your 6-month grace period following cessation of at least half-time enrollment, and for any periods of authorized deferment after you begin repayment.
  
• An Unsubsidized Federal Stafford Loan has all the same terms as the subsidized Federal Stafford loan including deferments, interest rates and loan limits. However, you are responsible for the interest payments while you are in school, during periods of authorized deferments and during your grace and repayment periods

What is the interest rate of my student loan?

• Stafford Loans
  The 2008-09 rate is fixed at 6.8% for Unsubsidized loans and 6% for Subsidized Loans.
• PLUS Loans
  The 2008-09 rate is fixed at 8.5% for PLUS loans.

When do I have to start payments on my student loan?

• Stafford loan borrowers begin repayment after a 6-month grace period. Students enter their grace period after dropping below at least half-time enrollment status from the school they are attending.

I owe a balance of $4000 for the semester.  I will not borrow any money.  What options do I have for paying it?

• Answer.  You can pay by cash or check, by credit card, a payment plan, or by any combination of the three.  The installment program is through the Tuition Management System, which offers an interest-free monthly installment payment plan at a total cost to you of $75.  For more on TMS, go to http://www.afford.com.

I owe a balance of $6000 for the semester, but I must borrow all of it.  What are my options for payment?

• Answer.  First, we recommend you apply for a low interest student loan.  If your parents are willing to help, we suggest you start with the Parent PLUS loan.  If the loan company approves your parents’ request, the interest rate is locked at 8.5%. Repayment on the PLUS loan begins shortly after receipt. 

• Some parents don’t apply for a PLUS loan because they know the loan will be denied.  This denial works to the student’s advantage, however.  If the parent is denied, the student automatically gets an additional $4000 (freshmen and sophomores) or $5000(juniors or seniors) in an unsubsidized Stafford loan

• A second alternative is a Private Educational Loan.  The student is the principal borrower here, but must have a person with good credit co-sign the loan. 

• To find out more information on these loans or to select a lender, please visit our recommended lender list.