Frequently Asked Questions
How do I qualify for financial aid?
Domestic students who want to be considered for the Presidential or Diversity Scholarship and/or need-based financial aid (grants) must complete the FAFSA (Free Application for Federal Student Aid). The FAFSA is also required to be eligible for Stafford Loans. North Park's school code is 001735. International students should submit the North Park Financial Aid Form to be considered for these scholarships and grants.
Do I have to file a FAFSA every year?
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. You DO NOT need to file the FAFSA on an annual basis to renew your scholarships and/or grants.
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 significant change in your financial situation occurs after enrolling in the Seminary, such as a separation or divorce, loss of income, or major medical expenses, please contact Seminary Admissions to discuss filing an appeal for financial aid.
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.