Frequently Asked Questions

 How do I qualify for financial aid?
If you are interested in receiving federal aid, including student loans, you need to complete the FAFSA (Free Application for Federal Student Aid). North Park's School Code is 001735. You, and your parent if you are a dependent student, will need a PIN to sign the form electronically. Once we receive your FAFSA information, we will determine your financial aid package, which will include student loans and any scholarships awarded by the Admission Office.

Do I have to file a FAFSA every year?
Yes.  The FAFSA must be completed every year that you wish to be eligible for federal aid, including federal loans. You will use the same PIN to sign your FAFSA each year.

What is an EFC and how is it used to determine my eligibility for financial aid?
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 your family can pay for a year of school. 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 any scholarships that you receive, is lower than your estimated cost of attendance, you're considered to have financial need, and you would be given a subsidized Stafford Loan.  The government pays the interest on subsidized Stafford Loans while you are enrolled at least half time (six credit hours/semester).  If your EFC, plus any scholarships that you receive, is greater than your estimated cost of attendance, you'll be given an unsubsidized Stafford Loan.  Interest will accrue throughout the life of this loan,but payment is not required 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/parent(s), 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. If you have already received your maximum in federal student loans for the year, there are still some options available to you.  If you are a dependent student, your parent can borrow a PLUS Loan on your behalf.  You may borrow a private loan. Student Administrative Services can discuss setting up a payment plan 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 continuing education 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.