Top 10 financial aid questions

Classes begin Monday, Aug. 26. Here at FIU News, we know one the most stressful components of college is figuring out how to pay for it. To help you navigate financial aid, we asked staff members from One Stop Enrollment Services to answer the most frequently asked questions.

1. How/when do I apply for the FAFSA?

Students must apply for financial aid online at http://www.fafsa.ed.gov/. For accuracy, we highly recommend you do data retrieval – which auto populates your recent tax return information onto the application. The priority deadline for submitting an application is March 1 of every year.

2. I’ve submitted my FAFSA, now what?

Frequently check your MyFIU account as well as your Panthermail for news and updates regarding your financial aid.

3. What is the FIU school code? 009635

4. What is a book advance?

A book advance is simply an advance of your financial aid. Once you accept the funds, it goes on your Panther ID card and you may use it to purchase books and supplies from the FIU Bookstore.

5. What is the difference between subsidized and unsubsidized loans?

A subsidized loan is a need-based loan in which the government pays for the interest while you are a student. An unsubsidized loan is not need-based and the interest accumulates while you’re in school.

6. How do I know if I’m eligible for the work study program?

Work Study is part of your financial aid award. If you are interested in Work Study select yes on the FAFSA application.

7. How do I accept/decline financial aid?

To accept or decline financial aid, you need to log-on to your MyFIU account and in the finances section of the student services page you will see the link for accept/decline.

8. When will my refund be disbursed?

Financial aid disbursements occur after the add/drop period. Loans, however, are disbursed 10 days before the semester begins. Please refer to the academic calendars for these dates. Be sure to set up direct deposit with the university to receive a faster refund.

9. How do I appeal my financial aid suspension?

If a you do not meet Satisfactory Academic Progress (SAP) due to PACE, GPA or Time frame), you may appeal only the first two (PACE or GPA) by logging into your MyFIU account and clicking on the SAP link on your To Do List. If you have been academically dismissed, you must appeal financial aid when you submit the dismissal appeal. Time frame cannot be appealed.

10. How do I obtain IRS transcripts?

You will need to contact the IRS directly to order transcripts. Financial aid only accepts this document faxed in or sent via electronically on your MyFIU account.