Frequently Asked Questions

How do I qualify for financial aid?
You will be considered for North Park grants and scholarships by the Admissions Office.  The Financial Aid Office will ensure that this aid is credited to your account.  If you are interested in obtaining federal Stafford Loans to help fund your education, you must file the FAFSA.

Do I have to file a FAFSA every year?
Yes.  The FAFSA (Free Application for Federal Student Aid) must be completed each year that you plan to obtain federal Stafford Loans.  We recommend filing the FAFSA as soon as you file your federal income taxes.  Putting the two events on the same schedule is helpful in remembering to file the form annually.  You will use the same PIN to sign your FAFSA each year.

What determines my eligibility for federal Stafford Loans?
When you file the FAFSA, the information you report is used to calculate your Estimated Family Contribution (EFC). Your EFC is the amount of money the federal government thinks that you (and, if applicable, your spouse) can pay toward your education for the year. Your EFC is used to determine your financial need by subtracting it from your estimated cost of attendance.  The result is your financial need.

If your EFC plus your scholarship aid is lower than your estimated cost of attendance, then you're considered to have financial need, and you would be given a subsidized Stafford Loan.  The government will pay the interest on a subsidized loan while you're enrolled at least half time.  If your EFC plus your scholarships is greater than your estimated cost of attendance, then you would given an unsubsidized loan.  Interest will accrue throughout the life of the loan, but you're not required to make payment while you're in school.

Do I need to file my taxes before I apply for financial aid?
We recommend filing the FAFSA after you (and your spouse, if applicable) have completed your federal income taxes.

You may complete the form by using estimated income information. However, the likelihood of being selected for verification, which would require submitting additional documentation to our office, increases when estimated figures are used. If you do use estimated figures, you should review the income information originally reported on the FAFSA after you file your income taxes, and make any necessary changes online.

What should I do if changes occur after I file the FAFSA?
If a change in your current family situation occurs, such as loss of employment or income, separation or divorce, and any other situation that may affect your family's ability to contribute to the cost of education, contact the Financial Aid Office to discuss filing an appeal.

I just received my financial aid package, but it's not going to cover my expenses. Are there any other options?
If you need additional funding, please contact your financial aid advisor.  S/he may be able to increase your loan amounts for the current term.  There are also payment plans available to assist you in paying your outstanding balance.

Do I get any sort of a discount for having kids in college at the same time that I am attending school?
Unfortunately, the government does not make any allowance for parents of college age children who themselves attend college.

How do student loans work? When will I get my money?
Once you complete the loan documents, your loan will be processed. The funds will come electronically from your lender, and will post to your North Park student account about a month into the term. You will receive an email when the funds have arrived. If/when you have a credit on your account (more aid than what you are being charged), you will receive a refund check for that amount. Once again, you will receive an email if/when your refund check is ready.

Can I use my student loan funds for other things, such as buying a computer?
Most graduate students can borrow enough funds to pay their North Park charges, and have some funds to use for additional educational and living expenses.  Please contact the Financial Aid Office if you need additional loan funds.  Once all of your aid has posted to your account, and your charges have been paid in full, you will receive a refund check for the credit amount on your account.