More Information on Financial Aid

Don't Miss Out: Fill out the FAFSA

For students preparing to enter North Park University, an important step right now is to complete the 2012–2013 Free Application for Federal Student Aid (FAFSA) as soon as possible.

Filling out the FAFSA is required before North Park can create your personalized financial aid package that outlines your cost of attendance and eligibility for scholarships, grants, loans, and/or work study.

• Complete the FAFSA online.  North Park's federal school code is 001735.
• You, and your parent if you are a dependent student, will need your FAFSA PIN to sign your form electronically. 
• File your FAFSA as soon as possible.

It's best to file your FAFSA after you file your federal taxes.  But you may also use estimated information and make adjustments later after your tax information is available.

Frequently Asked Questions

How do I qualify for scholarships at North Park?
First, you have to be admitted to North Park University. Your admission's record will determine if you qualify for any academic scholarships. There is no additional application required. There are also talent- based scholarships, which require, for example, the submission a portfolio or an audition. Talent based scholarships are given in art, theater, media studies, and journalism. Contact the Admissions Office for more information about how to qualify for these awards.

Do you offer athletic scholarships?
No. North Park is a Division III school, and does not offer any athletic scholarships.

How do I qualify for other types of financial aid?
The only form we require to be eligible for financial aid is 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 your PIN's to sign your form electronically. Once you are admitted, and we receive your FAFSA information, we will determine your financial aid package, which could include grants, loans, and/or work-study, in addition to any scholarships for which you might qualify per the Admission Office.

Here's a two-minute video that helps orient you to the process:

 

Do I have to file a FAFSA every year?
Yes. The FAFSA must be completed every year in order to be eligible for federal/state aid, including student loans and/or work study. You (and your parent) 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 that you report is used to calculate your Estimated Family Contribution (EFC). Your EFC is the amount of money the federal government assumes that you and your family can pay for a year of school. Your EFC is used in determining your financial need (Cost of attendance - EFC = Financial need). Depending on your costs and for what aid you qualify, your out of pocket costs may be more than your EFC.

Do I need to file my taxes before I apply for financial aid?
We recommend filing the FAFSA after you and your parent(s)/spouse have completed your federal income taxes. You may complete the form by using estimated income information. However, the likelihood of being selected for verification, requiring you to submit 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. Corrections to your FAFSA information can be done online.

What is verification?
About a third of our students are randomly selected for a process called verification. We are required to collect copies of your (and your parent's/spouse's) tax forms and W-2's to verify that the information provided on your FAFSA is accurate. If you are selected for verification, you will be notified by the Financial Aid Office to submit these documents. Your financial aid will be "unofficial" until verification has been completed.

My parents make a lot of money. Is it worth my time to file a FAFSA?
We recommend that you file a FAFSA at least for your first year. It is impossible to determine from just income level what financial aid you may receive. Many other factors play a role in determining your financial aid eligibility, such as size of household and/or number in college. The FAFSA is free and only takes a small amount of time to complete. Also keep in mind that you cannot borrow federal student loans without a FAFSA on file.

My parents are divorced. Which parent should list his/her income information on the FAFSA?
If your parents have divorced or separated, answer the questions about the parent you lived with more during the past 12 months. If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent. If the parent whose information you supplied on the FAFSA has remarried, you must include your stepparent's information on the FAFSA as well.

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 have heard that if I receive an outside scholarship, it will negatively affect my other financial aid. Should I pursue outside scholarships within my community or from other sources?
Yes. North Park will not take away institutional scholarships and grants even if you receive an outside scholarship. In rare instances an outside scholarship may decrease your eligibility for loans or work-study. Please contact the Financial Aid Office if you receive an outside scholarship so that we can update your records.

I just received my financial aid package, but it's not going to cover my expenses. Are there any other options?
If you are a dependent student, your parent can apply for a PLUS Loan.
You can apply for a private loan. There are also payment plans available to assist you in paying your outstanding balance. 

Can I use my financial aid to pay my tuition and/or housing deposits?
No. These deposits must be paid out of pocket. However, your tuition deposit will appear as a payment on the bill.

How do student loans work?  When will I get my money?
Once you do 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?
The only way that you can use financial aid for things other than your North Park charges is if you have a credit on your account (more aid than what you are being billed). Your bill must be paid first before we issue you a refund check. If your parent is borrowing a PLUS Loan, or you are borrowing a private loan, you can request an amount that will not only pay your bill, but give you enough to use for extra educational expenses, such as a computer.  If you have a credit on your account and want to use those funds for books, you can request a cash advance from Student Administrative Services up to two weeks prior to the start of the term.  You can only receive one cash advance of up to $500/semester.