FAFSA SIMPLICATION 2024-25 FAFSA CHANGES
How the FAFSA Simplification Act Affects You
Last updated: December 7, 2023
Big changes are coming to the Free Application for Federal Student Aid (FAFSA) application for the 2024-2025 aid year!
The FAFSA Simplification Act was passed by Congress in 2020 and represents a significant overhaul of the processes and systems used to award federal student aid. This includes the Free Application for Federal Student Aid (FAFSA) form, the need analysis that determines federal aid eligibility, changes in terminology, and many policies and procedures for schools that participate in federal student aid programs.
2024-2025 FAFSA available in December 2023; SIU will receive FAFSA data in February 2024
Historically, the FAFSA has been available beginning October 1st each year. However, because of significant changes to the application and the rebuild of the FAFSA processing system, the Department of Education has indicated that students will be able to complete the 2024-25 FAFSA by December 31st and schools will begin receiving FAFSA data by January 31st. This means we won't be able to notify students that we've received their FAFSA until February. Updates on an exact date will be posted when announced.
What's changing with the FAFSA?
There are a number of benefits of the FAFSA simplification act, including a more streamlined application process and a better user experience for the FAFSA, expanded eligibility for federal student aid, and reduced barriers for certain student populations (e.g., homeless and unaccompanied youth, incarcerated students, English language learners, and students from low-income backgrounds).
Some fundamental changes include but are not limited to:
• The FAFSA will be shorter and more user-friendly. The FAFSA will reduce the maximum number of questions from 108 to 46. And because the FAFSA on the Web is dynamic, some students won't even be presented with all 46 questions. This streamlined format will simplify the application process and make it less daunting for students and their families.
• Students may list up to 20 colleges. Previously, the FAFSA only allowed students to list up to 10 colleges and universities.
• The FAFSA will be available in more languages. Currently, the FAFSA is only available in English and Spanish. The 2024-25 application will be expanded to include the 11 most common languages spoken by English learner students and their parents.
• Applicants will be required to use the IRS Direct Data Exchange. Previously, users had the option to enter their tax information manually or use the IRS Data Retrieval Tool. Beginning with 2024-25, all persons on the FAFSA must provide consent for the Department of Education to receive tax information or confirmation of non-filing status directly from the IRS. In a very small number of cases, students and families will have to enter their tax data manually, but for most, that data will be automatically transferred into the application. This change makes it easier to complete the FAFSA and reduces the number of questions to be answered.
• All "contributors" must provide financial information. A contributor—a new term being introduced on the 2024-25 FAFSA refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse). A student's or parent's answers on the FAFSA will determine which contributors (if any) will be required to provide information.
Contributors will receive an email informing them that they've been identified as such and will need to log in using their own FSA ID (if they don't already have one) to provide the required information on the student's FAFSA.
Being a contributor does not mean they are financially responsible for the student's education costs, but it does mean the contributor must provide information on the FAFSA or the application will be incomplete, and the student will not be eligible for federal student aid.
• The Student Aid Index (SAI) is replacing Expected Family Contribution (EFC). A notable terminology update within the new FAFSA is the replacement of the term Expected Family Contribution (EFC) with the Student Aid Index (SAI). This name more accurately describes the number used to determine aid eligibility and, unlike the EFC, the SAI may be a negative number down to -1500.
• The number in college will not be used to calculate SAI. Previously, the FAFSA calculated the number of household members attending college into the EFC, dividing it proportionately to determine federal aid eligibility. Beginning with the 2024-25 FAFSA, the application will still ask how many household members are in college, but your answer will not be calculated into the SAI. As such, undergraduate SIU students with siblings in college may see a change in their federal aid eligibility.
• Some students will automatically be awarded a Pell Grant. Families making less than 175% and single parents making less than 225% of the federal poverty level will see their students receive a maximum Federal Pell Grant award. Minimum Pell Grants will be guaranteed to students from households below 275%, 325%, 350%, or 400% of the poverty level, depending on household structure. Pell awards between the maximum and minimum amounts will be determined by SAI.
Pell Grant Eligibility
Pell Grant eligibility will be determined in three steps:
1. Maximum Pell Grant– Applicants may qualify for a Maximum Pell Grant based on family size, adjusted gross income (AGI), and poverty guidelines. Students qualifying for a Maximum Pell Grant will have an SAI between negative $1,500 (-$,1500) and $0.
2. Student Aid Index (SAI)– Applicants who do not qualify for a Maximum Pell Grant may still qualify if their calculated SAI is less than the maximum Pell Grant award for the award year. The applicant’s Pell Grant award for full-time enrollment will be equal to the maximum Pell Grant for the award year minus SAI. The Pell Grant will be adjusted (prorated) if an applicant enrolls in less than full time, or if the applicant’s Cost of Attendance is less than the calculated Pell Grant award.
3. Minimum Pell Grant– Applicants whose SAI is greater than the maximum Pell Grant award for the award year may still qualify for a Pell Grant, based on family size, AGI, and poverty guidelines.
Non- Filers – Independent student (and spouse, if applicable) tax non-filers and dependent children of non-filing parent (s)
Children of certain deceased veterans and public safety officers- Students under age 33 whose parent died in the armed forces after September 11, 2001, and or students under age 33 whose parent (s) died in the line of duty as a public safety officer.
Once the annual Federal Pell Grant is determined, half of the award will be offered in each semester of the award year and will be prorated by Enrollment Intensity instead of Enrollment Levels.
Year-Round Pell Grant
Previously, a Pell Grant-eligible student must have been enrolled at least half-time in a payment period during which they received more than 100% of their scheduled award. Beginning with the 2024-2025 award year, half-time enrollment is no longer required.
• The parent responsible for submitting the FAFSA in cases of divorce or separation has changed. For dependent students, financial information was previously needed from the parent(s) the student had lived with the most in the last 12 months. With the new FAFSA, financial information will be required from the parent(s) who provided the most financial support to the student. For divorced or separated parents, income and assets are reported for the parent who provides the most financial support even if the student does not live with that parent or lives with the other parent.
Parental Income on FAFSA
• Parents who live together - Parental income and assets in the case of student whose parents are married and not separated, or who are unmarried but live together, shall include the income and assets of both parents.
• Divorced or separated parents - Parental income and assets for a student whose parents are divorced or separated, but not remarried, is determined by including only the income and assets of the parent who provides the greater portion of the student's financial support.
• Death of a parent - Parental income and assets in the case of the death of any parent is determined as follows:
(A) If either of the parents has died, the surviving parent shall be considered a single parent, until that parent has remarried.
(B) If both parents have died, the student shall not report any parental income or assets.
• Remarried parents - If a parent whose income and assets are taken into account under paragraph (2), or if a parent who is a widow or widower and whose income is taken into account under paragraph (3), has remarried, the income of that parent's spouse shall be included in determining the parent's assessment of adjusted available income if the student's parent and the stepparent are married as of the date of application for the award year concerned.
• Single parent who is not divorced or separated Parental income and assets in the case of a student whose parent is not described in paragraph (1) and is a single parent who is not divorced, separated, or remarried, shall include the income and assets of such single parent."
• Family farms and small businesses must be reported as assets. When required, families must now report the value of their small business or family farm. If the family farm includes the principal place of residence, applicants should determine the total net value of all farm assets and subtract the net value of their principal residence to determine the final value of their farm assets.
Unusual Circumstances - Students with unusual circumstances are defined as:
A student for whom a financial aid administrator makes a documented determination of independence by reason of unusual circumstances which prevent the student from contacting parents. These circumstances could include—
• human trafficking, as described in the Trafficking Victims Protection Act of 2000 (22 U.S.C. 7101 et seq.)
• legally granted refugee or asylum status and are separate from their parents, or their parents are displaced in a foreign country
• parental abandonment or estrangement and have not been adopted• abusive or threatening environment or
• student or parental incarceration and contact with parents would pose a risk to the student.
Other students will continue to qualify as independent on their FAFSA form and not required to provide parental information if they:
• Are active-duty military
• Are a veteran of the U.S. Armed Forces
• Were an orphan, ward of the court or in foster care at the age of 13 or older
• Are or were a legally emancipated minor or in a legal guardianship as determined by a court in the student’s state of legal residence or
• Are a student unaccompanied and either homeless or self-supporting and at risk of being homeless
Starting with the 2024-25 Award Year, both first-time and renewal applicants who indicate on their FAFSA form that they have an unusual circumstance will be granted provisional independent status. They will be able to complete the form without providing parental information. They will also receive an estimate of their federal student aid eligibility, which will be subject to a final determination by the institution they attend. If a student's institution approves their unusual circumstances, their independent status will carry over when they renew their FAFSA form in future award years, and they will be considered independent for as long as they remain at the same institution and their circumstances remain unchanged.
While the FAFSA is receiving an update and the aid eligibility calculation has been revised, there are several aid-related matters that will not change.
The general types of aid available to SIU students and federal student loan limits will not change.
The FAFSA will still be required for consideration of federal and state financial aid every year.
Dependency status questions that determine if your parent(s) must complete the FAFSA will remain the same.
The FAFSA will still request tax information from the prior-prior year, which means you'll report 2022 income and assets on your 2024-25 application. Families with significant reductions in income can consider submitting an appeal.
The questions regarding an applicant's gender, race, and ethnicity will have no effect on federal student aid eligibility and are included for statistical purposes and data collection only. In fact, SIU won't even receive this data from the FAFSA.
When should I submit the 2024-25 FAFSA?
New students who plan to begin classes at SIU anytime for the 2024 starts should complete the FAFSA as soon as it becomes available in December 31. Returning SIU students should complete the FAFSA by the March 15th priority deadline.
Where can I find additional information regarding the FAFSA simplification act?
The Federal Student Aid website, studentaid.gov, will continue to be updated as additional details are released. The FA office is also available to answer any questions you may have.
You can also Watch “2024–25 FAFSA FAQs” playlist to better understand what’s changed on the new form.2024-2025
The Free Application for Federal Student Aid (FAFSA) will now be available for the 2024-2025 Academic Year in December 2023. New Students for the 2024–25 Academic Year should file as soon as the application becomes available.
Terms to know:
1. Student Aid Index (SAI): Calculated by FAFSA data and will determine student aid eligibility. this replaces the EFC that was used in previous years.
2. Contributor: A parent, stepparent, student or spouse of student who is providing information on the FAFSA
3. Consent: Required from all contributors in order for the IRS to share tax data directly to the FAFSA. Not providing consent will automatically make the student ineligible for aid.
4. Direct Data Exchange (DDX): Previously known as IRS Data Retrieval; this tool imports tax data directly from the IRS to your FAFSA.
5. FAFSA Submission Summary (FSS): a summary of your completed FAFSA information. This replaces the Student Aid Report (SAR) that was used in previous years.
Ways to Prepare
1. Create your FSA ID - Students and all contributors must register for an
FSA account, known as an FSA ID, to complete and sign the online 2024-2025 FAFSA.
The ability to create an FSA ID has historically been limited only to parents who can be verified with a Social Security Number. However, starting in December 2023, all parent and spouse contributors without an SSN may now create one using the Department of Education's newly developed system to validate identity. Further guidance for using the updated FSA ID process is anticipated in December. All contributors are encouraged to create the FSA ID as soon as they are able to.
Will parents and students need to create a new FSA ID if they have had an FSA ID in the past? No.
You would retrieve your existing FSA ID if you forgot your username and password.
2.
Stay informed of the FAFSA release date and additional resources through the Federal Student Aid website and socials Stay Informed
3. Upcoming: The 2024-2025 FAFSA will become available on December 31, 2023. All parent and spouse participants, with or without a SSN, can complete.
Submit Your FAFSA
• Determine your contributors, if applicable. The FAFSA will also offer assistance when filing. The student is a contributor.
• 2022 Federal Tax Information and W-2sAll contributors will need this information, if applicable•
SIU Federal School Code: 042169
Invitations to be a contributor will be deleted when they have been inactive for 45 days. Any previously entered information will be deleted and the process will need to start over.
Disclaimer
The Office of Financial Aid is working to provide accurate and timely updates related to the 2024-25 FAFSA. Due to the significant number of changes that are occurring, our website may change as updates are received from the Department of Education and Federal Student Aid for the 2024-2025 academic year.
We appreciate your patience as we work to implement the changes brought by the FAFSA Simplification Act.
COST OF ATTENDANCE POLICYELIGIBILITY FOR FEDERAL STUDENT AID
STEPS TO COMPLETING THE FAFSA
Code of Conduct
FAFSA on the Web
To complete the Free Application for Federal Student Aid (FAFSA) visit studentaid.gov. This online process saves time and provides instant editing of your federal aid application.
FAFSA Checklist
SIU’s Office of Student Financial Services is happy to provide a FAFSA Checklist to help students and their families complete their FAFSA thoroughly and correctly.
FAFSA Tutorial - Useful Links
Federal Student Aid website
Related Videos
• FASFA Overview: https://youtu.be/emUDDQSFYRI
• What Happened next: https://youtu.be/1c1gNefSw78
• How to create your FSAID: https://youtu.be/dEbxaRjlLus
• How to complete the application: https://youtu.be/LK0bbu0y5AM
• Types of Federal student aid: https://youtu.be/Pn4OECMTh5w
• Determining your Dependency status: https://youtu.be/dEbxaRjlLus
• Responsible borrowing: https://youtu.be/mTHtn0FRMWw
• Repayment, what to expect: https://youtu.be/oJHySMdXjxE
Your Federal FSA ID
Students and their parents are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.
Your FSA ID can be used to:
• Gain access to FAFSA/Renewal FAFSA on the Web
• Sign the FAFSA or obtain a copy of your FAFSA information
• Make online corrections to your FAFSA
• Sign you Federal Loan Master Promissory Note
• Review your online loan and grant history on the National Student Loan Data System
Important Note
Protect your FSA ID, it serves as your electronic signature, and should not be shared.
Monitoring Your Financial Aid
• Check Financial Aid status with the University
• Check disbursements to your student account
• Sign up for a Payment Plan
• Make payments to SIU
For many students, financial aid can greatly affect their decision about whether to attend college or which institution to attend. Because of its importance, the decision to apply for financial aid, as well as which financial aid programs to accept, should be made only with a complete understanding of the process, requirements, benefits, and responsibilities.
Financial aid is any loan, part-time employment, grant, or scholarship offered for the express purpose of helping a student pay education-related expenses. Such aid is usually provided by federal, state, institutional or private agencies. If you qualify, you may be offered combinations of these types of aid, depending on your financial need and the funds available.
Who is Eligible to Apply?
Eligibility requirements for most financial aid programs at SIU are listed here. Some programs may have additional eligibility requirements.
•
Do you need money for college
• My future, my way- steps towards college
• Financial aid process (
Spanish Version)
You must:
• Be a U.S. citizen, national or permanent resident alien
• Be enrolled or accepted for enrollment, at least halftime (for most aid programs), in a degree program
• Make satisfactory academic progress towards a degree
• Not be in default on a loan or owe a repayment on a previous financial aid award received at San Ignacio University or any other institution
• Establish financial need
Additional Information
Financial Aid Basics
The key to financing your education is to start the planning early. The more you understand the resources available to you and your family, the better prepared you will be to pay the cost of your education. Below is a step-by-step guide through the process of applying for financial aid.
Step 1: Complete the Free Application for Federal Student Aid (FAFSA)
There are three ways you can complete the FAFSA:
• Online: Apply online at studentaid.gov. It's fast, easy, and efficient.
Helpful Hints:
• You must complete a FAFSA every year!
• New students should not wait to be admitted to the University to apply.
• You are not allowed to complete, mail, or sign the 2023-24 FAFSA before October 1, 2022.
• On the FAFSA, you must include San Ignacio University Title IV federal school code, which is 042169.
• Keep copies of all documents that you used to complete the FAFSA in case your application is chosen for federal verification. See Federal Verification Process in Step 3 for more information.
Why should everyone file a FAFSA?
The Office of Student Financial Services encourages all eligible students to complete a FAFSA.
Remember:
• A FAFSA must be filed to receive any type of federal or state financial aid including federal student loans.
• The FAFSA information is used to determine eligibility for some institutional need-based awards and scholarships.
• Your family's financial situation may change during the year.
Step 2: Student Aid Report (SAR)
You will receive a 2023-2024 Student Aid Report (SAR) from the federal processor approximately four weeks after completing your FAFSA. The SAR indicates all the information you and your family reported on the FAFSA.
If the San Ignacio University federal school code (042169) is not listed on the SAR contact the Federal Processor at (800) 4 FED AID and add the SIU school code (04219).
If you do not need to make corrections, please keep this document for your records. If you have general inquiries regarding your SAR, contact the Federal Processor at (800) 4 FED AID.
Step 3: Federal Verification Process
The Federal Processor reviews all FAFSA applications and selects a percent for a process known as verification. To complete the verification process, you must submit documentation that verifies the information you and your family reported on the FAFSA. If you are selected for verification, our office will send you the appropriate documentation to be completed. All completed documentation must be sent to the Office of Student Financial Services for review.
Step 4: The Financial Aid Package
New students must wait until they have been accepted to SIU before they will receive a Financial Aid Package. The Package will list the amounts and types of federal, state and/or institutional assistance they are eligible to receive. Packages are generated beginning in January and will continue to be sent out to all accepted students who file a FAFSA and list SIU's federal school code ,042169, on their FAFSA application.
Step 5: Apply for a Federal Direct Student Loan
Parents and students may want to consider borrowing federal student loans to assist with meeting educational costs. For new or first-time borrowers once you file your FAFSA form, you will receive a Financial Aid Package indicating the amount of your federal student loan eligibility along with instructions on when and how to apply for your loans.
For continuing student borrowers, if you have previously borrowed under the Federal Direct Loan program at SIU you will not need to complete a new Master new Promissory Note each year but you must accept your loans by contacting the FA office.
Financial Aid offered at San Ignacio University
The following aid is offered at San Ignacio University:
State Scholarship
Federal Student Loans
Veteran Aid
Federal Pell Grant
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain post baccalaureate students to promote access to postsecondary education. Federal Pell Grants are direct grants awarded through higher education to students with financial need who have not received their first bachelor’s degree.
How much can a student receive?
2023-2024 maximum Pell Grant award increased to $7,395.00. Awards are contingent on federal funding levels and are therefore subject to change based on Congressional action.
Who is eligible?
The U.S. Department of Education determines student’s eligibility for Pell by using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC. (Expected Family Contribution). The fundamental elements in this standard formula are the student’s income (and assets if the student is independent), the parents’ income and assets (if the student is dependent), the family’s household size, and the number of family members (excluding parents) attending postsecondary institutions.
What is the EFC range?
To be eligible for a Federal Pell Grant a student’s Expected Family Contribution must be between 0 and 6656. EFC range subject to change based on Congressional action.
Upon completion of the FAFSA the student will receive a Student Aid Report (SAR) which advises them of their EFC and Pell eligibility.
How can a student stay eligible?
• File a FAFSA, make Satisfactory Academic Progress and continue to meet basic eligibility criteria.
Aggregate Lifetime Limit: Students may receive up to 12 semesters of the Federal Pell Grant.
Other Grant programs
Vocational Rehabilitation School to Work Program - Varies per Applicant Vocational Rehabilitation (VR) is a federal-state program that helps people who have physical or mental disabilities get or keep a job. VR is committed to helping people with disabilities find meaningful careers. In addition to the general customer employment program, VR has additional specific programs designed to help eligible people with disabilities become employed.
Examples of VR Services:
Medical and Psychological Assessment
Vocational Evaluation and Planning
Career Counseling and Guidance
Training and Education After High School
Job-Site Assessment and Accommodations
Job Placement
Job Coaching On-the-Job Training
Supported Employment
Assistive Technology and Devices
Time-Limited Medical and/or Psychological Treatment
The amount of grant funding varies by state. Please contact your local Vocational Rehabilitation Office for additional information. Source: http://www.rehabworks.org/ What is a Federal Pell Grant?
Application Process and Criteria
Maximum Pell is $7,395.00
Need based, complete the FAFSA. Students must be enrolled full-time in order to receive the maximum amount of Pell Grant. Awards are prorated and adjusted according to enrollment and attendance.
Jose Marti Scholarship Challenge Grant (State of Florida)
The student is a Florida resident of Hispanic origin, minimum unweighted high school GPA of 3.0, Priority is for need-based; complete the FAFSA and Initial Student Florida Financial Aid Application. Graduates may apply. Must complete the Florida Residency Affidavit.
The Florida Postsecondary Student Assistance Grant (State of Florida)
Minimum award of $200, maximum award of $2,413 per year, determined by the University
Need-based, complete the FAFSA renewable for up to 9 semesters based on satisfactory academic progress and continued need. Must complete the Florida Residency Affidavit.
Iraq and Afghanistan Service Grant
Up to $6,895.00 (an amount equal to the Pell Grant)
The student is not eligible for Pell Grant, but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001. Must be 24 years of age or under, or enrolled in college at the time of the parent or guardian’s death
State Scholarship, Grants and Special Programs
Application Process and Criteria
Jose Marti Scholarship Challenge Fund
•Be Florida resident
•US citizen or eligible noncitizen.
•Be of Hispanic culture (born in or having a natural parent who was born in either Mexico or a Hispanic country of the Caribbean, Central or South America, regardless of race).
•GPA requirements: ◦Undergraduate scholarships: Have earned a 3.0 minimum unweighted cumulative GPA by the fall semester of senior year in high school. ◦Graduate-level scholarship: 3.0 institutional cumulative GPA for undergraduate college work.
•Enroll as a degree-seeking: ◦Undergraduate: for a minimum of 12 credit hours of study each term. ◦Graduate: for a minimum of 9 credit hours of study each term.
•Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
Florida Bright Futures Scholarship
•Be Florida resident
•Florida Medallion Scholar
Florida Gold Seal Vocational Scholar
• $4,272 ($2,136 per semester for 12+ credits)
•$3,204 ($1,602 per semester for 9-11 credits)
•$2,136 ($ 1,068 per semester for 6-8 credits)
Dependent children or un-remarried spouses of Florida veterans or service members who died as a result of service-connected injuries, diseases, or disabilities sustained while on active duty OR who have been certified by Florida Department of Veterans Affairs as having service-connected 100% permanent and total disabilities; Complete the Initial Student Florida Financial Aid Application by April 1 and ensure that the Florida Department of Veterans Affairs certifies the applicant’s eligibility by April 1. Must complete the Florida Residency Affidavit.
Vocational Rehabilitation School to Work Program
All Students or young people with disabilities should be encouraged to apply for VR services.
Students who have an Individual Educational Plan (IEP)
Students who have a 504 Plan
Students or young people who don't need academic or physical accommodations in high school, but may need them later.
Federal Student Loans
The Office of Student Financial Services encourages students to explore various grants and scholarship opportunities and to evaluate loan options carefully.
What is a Federal Direct Student loan?
Federal Direct Student loans are one form of student “self-help” financial aid. Through the Federal Direct Student loan program students borrow money for college from the federal government.
How much can I borrow?
• $5,500 is the maximum annual amount a first-year student is eligible for, no more than$3,500 of which can be subsidized.
• $6,500 is the maximum annual amount a second-year student is eligible for, no more than $4,500 of which can be subsidized.
• $7,500 is the maximum annual amount a third- or fourth-year student is eligible for, no more than $5,500 of which can be subsidized.
• Independent students and students whose parent(s) are denied a Federal PLUS Loan qualify for additional unsubsidized loans
How Do I Apply for a Federal Direct Student Loan?
•First accept- then go to https://studentaid.gov and sign in with your FSA ID
o Select Entrance Counseling and complete
• SIGN – on the same website, https://studentaid.gov website
o Select Sign Master Promissory Note and complete
• Important Note for Both Step 2 and Step 3:
• Select “Florida” as the School State and “San Ignacio University” as the school’s name. *Your loans will be credited to your account only after the completion of all three steps.
Important Reminder: Borrow only what is needed. Remember, loans must be repaid.
What is the difference between a subsidized and unsubsidized loan?
• Subsidized Loan – the federal government pays the interest on the loan until the student enters their grace period; the time they are no longer enrolled on at least a half-time basis. Repayment begins six months after you cease to be enrolled at least half-time (including leaves of absence).
• Unsubsidized Loan – the government does not pay the interest on the loan while a student is in school as it does for the subsidized loan. Interest accrues and must be paid or capitalized during periods of enrollment in school and/or deferment.
Are there any federal loans available to parents? The Federal Direct PLUS Loan (parent loan for undergraduate, dependent students) is a loan from the U.S. Department of Education for parents of undergraduate students who meet general eligibility requirements. Your FAFSA must be on file at SIU. The maximum amount your parent may borrow for the 2022-2023 school year will be indicated on your award letter.
What is the interest rate on federal loans? The interest rate for all federal student and federal PLUS loans disbursed on or after July 1, 2022, will be calculated annually by the federal government based on the 10-yearTreasury note index. Are there any fees associated with these loans? An origination fee of the total loan is assessed and deducted prior to loan disbursement. For PLUS loans, an origination fee is assessed and deducted prior to loan disbursement. Origination fees are determined by the U.S. Department of Education and are subject to change on an annual basis. Loans credited to the student’s account will be less than the loan amount borrowed due to these U.S. Department of Education mandatory fees.
Is there a federal loan processing deadline?
In accordance with federal guidelines San Ignacio University may not originate a loan for a period in the academic year in which a student is no longer enrolled. Therefore, students enrolled for the academic year who are interested in borrowing a loan must complete the loan process within the academic year. Students who enroll for one semester in an academic year must complete the process within the period of enrollment for the semester. If you wish to reinstate a loan you have already declined or modify a loan you have already accepted, please complete, and return a Student Loan Change Form available at the financial aid office.
To learn more about various federal loan programs, debt management and to view sample repayment plans please visit:
• https://studentaid.ed.gov
• https://www.sanignaciouniversity.edu/en/financial-aid#af4
Loan Proration
Federal regulations require SIU to prorate Federal Direct Loans for students when the student is enrolled in a program that is one academic year or more in length, but the student is in a remaining period of study that is shorter than the full academic year. This will mostly affect students that will graduate from their program of study at the end of the summer or fall semesters.
Loan Proration Formula: Number of credit hours divided by the number of credit hours in an academic year (24) multiplied by the annual Federal Direct Loan limit for the student’s grade level.
Examples:12/24=.5 x 5500 = 275015/24=.625 x 5500 = 3437.50*Subsidized and unsubsidized loans are calculated separately to determine the maximum for each loan.
To Borrow or Not to Borrow
By accepting a Federal Student Loan, you incur a binding obligation to repay the loan in full, including interest and any applicable fees. It is essential that when you plan for educational costs, you also plan for future repayment of any amounts you have borrowed. When making the decision whether to accept a loan, you should be aware of all the requirements, interest rates, repayment options, schedules, and deferment options. As stated in the Federal Student Aid Publication Your Federal Student Loans – Learn the Basics and Manage Your Debt:" REMEMBER: Federal student loans are real loans, just like car loans or mortgage loans. You must repay a student loan even if your financial circumstances become difficult.
Federal student loans usually can’t be written off in bankruptcy. They can’t be canceled because you didn’t get the education or job you expected, and they can’t be canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed)."
San Ignacio University in accordance with federal regulation reports all loan borrowing, student enrollment status and changes in enrollment status to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible by authorized agencies, lenders, and institutions.
How to Borrow Wisely:
SIU's Office of Student Financial Services encourages students to borrow responsibly and to use the federal loan repayment calculators to plan and manage their debt. Learn more on how to be a responsible borrower, review the Federal Student Aid publication: Be a Responsible Borrower: Plan Ahead and Graduate with Less Debt. Don't borrow without first looking into other methods of financing your education(scholarships and assistantships, for example). Look into local resources of financial aid from community organizations and civic groups. Repay your debt as soon as possible. The longer you owe, the more you owe. To help secure your financial future, regularly visit the National Student Loan Data System(NSLDS) to monitor the status of your loans and your repayment history and repay your loan on time.
Code of Conduct for Education Loans:
San Ignacio University, Office of Student Financial aid, code of conduct for educational loans prohibits:
• Revenue-sharing arrangements with any lender
• Receiving gifts from a lender, a guarantor or loan servicer
•Contracting arrangement providing financial benefit from any lender or affiliate of a lender
• Directing borrowers to lenders, or refusing or delaying loan certifications
• Offers from lenders of funds for private loans
• Financial aid staffing assistance from lenders
• Advisory board compensation from lenders
Student loan resources
- See related Video above
Application Process and Criteria
Federal Direct Student Loan
(Loans must be repaid-with interest)
• Direct Subsidized Loan
Up to $5,500, depending on grade level and dependency status.
For more Direct Subsidized Loan details and updates, visit studentaid.gov/sub-unsub.
For undergraduate students who have financial need, the U.S Department of Education generally pays interest while the student is in school and during certain other periods; the student must be enrolled at least half-time.
Interest rate is 3.76% for a loan first disbursed on or after July 1, 2016, and before July 1, 2017, and fixed for the life of the loan. Borrowers may not receive this type of loan for more than 150% of the length of their program of study; the U.S. Department of Education may stop paying interest if a student who received direct subsidized loans for the maximum period continues enrollment.
(Loans must be repaid-with interest)
• Direct Unsubsidized Loan
Up to $20,500, depending on grade level and dependency status.
For direct unsubsidized loan details and updates visit studentaid.gov/sub-unsub.
For undergraduate, and graduate, or professional students; the borrower is responsible for all interest; the student must be enrolled at least half-time; financial needs is not required.
Interest rate is 3.76% for a loan first disbursed on or after July 1, 2016, and before July 1, 2017, and fixed for the life of the loan. Borrowers may not receive this type of loan for more than 150% of the length of their program of study; the U.S. Department of Education may stop paying interest if a student who received direct subsidized loans for the maximum period continues enrollment.
The annual limit is equal to the student's cost of attendance minus any other financial aid the student receives.
The parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN).
Benefits for Veterans
HELPING OUR HEROES
At San Ignacio University, we believe it is important to show our gratitude towards those who have sacrificed to keep our nation safe. We support our veterans’ educational efforts and seek to make getting VA Benefits and using them for higher learning as easy and as helpful as possible.
SIU is approved to offer G.I. Bill® educational benefits by the FL State Approving Agency. These benefits included are listed below.
If you know you are eligible for one of these benefits, please review the appropriate benefit located below to apply to use this benefit. If you are unsure of your eligibility or entitlement, please contact the U.S. Department of Veterans Affairs at (888) 442-4551. For questions regarding usage of your VA benefits at San Ignacio University please contact one of our School Certifying Officials (SCOs) at 305-629-2929 x4015.
Process for Veteran Benefits
1. Apply for educational benefits on www.va.gov. The students will receive a Certification of Eligibility (COE), a written notification of the Department of Veteran Affairs of the U.S.A. about the eligibility to receive educational benefits for veterans.
2. Submit your COE and the Release Certification or Release of Active Duty (Form: DD-214) to SIU's financial aid office.
3. Veterans are responsible to guarantee that all application requirements have been approved by VA. To ensure the status of the application process, veterans can contact the Admission Coordinator.
4. The Veteran Certification Officer from SIU will send an electronic enrollment certification to the Department of Veteran Affairs once the applicant's forms have been received and the enrollment on SIU's classes have been confirmed. Veterans will receive an e-mail confirmation once the enrollment certification has been summited.
5. Veterans will receive an award letter by the Department of Veteran Affairs once their eligibility is confirmed.
Veterans deserve to use the educational benefits they earned and we, at San Ignacio University, are pleased and honored to help them use those benefits.
We welcome you to our university and we hope that you benefit significantly from your studies.
Benefits
Chapter 30-Montgomery Gi Bill® (MGIB)
The MGIB program provides up to 36 months of educational benefits. This benefit can be used for degree and certification programs, flight training, apprenticeship, on-the-job training, and remote courses. Remediation, deficiency and actualization courses may be approved under certain circumstances. Generally, benefits are paid for 10 years after release from active duty. This program is also commonly known as Chapter 30.
Visit the GI Bill® website for a more detailed description of Chapter 30 benefits.
Chapter 31-Vocational Rehabilitation and Employment
This benefit is designed to help veterans with a service-related disability to obtain the chosen service and to maintain employment. A service-related disability classification is required as part of the eligibility requirements. Veterans must apply for vocational rehabilitation through the county's Veterans Services Office. They will receive guidance from the DVA Division of Vocational Counseling and Rehabilitation regarding application and admission requirements.
Visit GI Bill® for more information on benefits from Chapter 31.
Please note that the case manager must provide VA Form 1905 to the university to process your benefits.
Locate a Vocational Rehabilitation Center
Chapter 33: GI Bill® prior to September 11
GI Bill® prior to September 11, received Chapter 33, offers the following benefits to veterans:
Tuition and annual fees of $ 23,671.94. Please note that this amount is subject to change based on VA annual allowances.
Housing allowance
Funding for books and supplies up to $ 1,000 per year.
Chapter 35- Survivors and Dependents Assistance (DEA)
Visit the GI Bill® website for a more detailed description of Chapter 35 benefits.
Chapter 1606 – Montgomery GI Bill® for the Selected Reserve (MGIB – SR)
The MGIB-SR program may be available to you if you are a member of the Selected Reserve. The Selected Reserve includes the Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve and Coast Guard Reserve, and the Army National Guard and the Air National Guard. Veterans may be entitled to receive up to 36 months of education benefits. Benefit entitlement ends 14 years from the date of eligibility for the program, or on the day the service member has left the selected reserve. The VA pays a monthly stipend based on the number of credits taken in the academic program.
Visit the GI Bill® website for a more detailed description of Chapter 1606 benefits.
Chapter 1607- Reserve Education Assistance Program (REAP)
REAP is an educational benefit programs of the Department of Defense of the U.S.A. designed to provide educational assistance to reserve members called or ordered to active duty in response to war or national emergency (contingency operation) as declared by the President of the United States and/or Congress. The Department of Defense and the Department of Homeland Security will determine who is eligible for the program. The Department of Veterans Affairs (VA) will administer the program and pay benefits from funds contributed by the Department of Defense. The VA pays a percentage of the Montgomery GI Law based on the total length of active-duty service and the number of credits taken in the academic program.
Visit the GI Bill® website for a more detailed description of Chapter 1607 benefits.
Important Avoid Delays and Overpayments
Notify immediately to the FA office at SIU if you are changing your credit hours or if you are withdrawing from the school. If you do not do it, you may causa delays or overpayments.
What forms do I need to submit to SIU?
Click here for more information about documents and forms.
For more information, contact the VA Certification Officer at SIU.
VA Certifying Official
305-629-2929 x4015
Email: flagardere@sanignaciouniversity.edu
Office Hours: Monday - Friday, 9:30 am - 6:30 pm EST
VA Isakson and Roe Section 1018Department of Veterans Affairs of the United States of America (VA)
The U.S. Department of Veterans Affairs (VA) has assigned SIU to the Muskogee Regional Processing Office.
Department of Veterans Affairs (VA)
Muskogee Regional Processing Office
P.O. Box 8888
Muskogee, OK 74402-8888
888-GI-Bill-1
