Spring 2008
Financial Aid FAQ’s
1.
What
type of funding is available for the Study Abroad program?
·
Federal
Student Aid (eligibility/amount of aid determined by completing the FAFSA, www.fafsa.ed.gov)
·
Parent
Plus loan (federal loan for parents, 7.9% interest rate, repayment begins 60
days after the full amount borrowed for a school year has been disbursed)
·
Alternative/Private
loans (interest rates and loan terms vary by lender. For more information, go to http://www.dmacc.edu/fin_aid/alternativeloans.asp)
·
Scholarships
·
Your
resources
2.
How
much financial aid can I use for the Study Abroad program?
The total amount of your financial aid package
cannot exceed the cost of the trip (approximately $11,000).
3.
What
if I have used some of my financial aid for the fall term?
The amount of aid you used for the fall term is
subtracted from the total aid you have for this academic year to determine the
aid available for the Spring 2008 term.
If you do not have enough financial aid remaining to cover the cost of
the trip, you will need to apply for an alternative/private loan, use your own
resources, etc.
4.
Can
I use my financial aid to pay for the application fee and program costs due to
AIFS in December?
We are waiting on clarification from AIFS on this
question.
5.
When
will my financial aid be applied to my DMACC student account for the Spring
term?
Federal regulations require that financial aid
cannot be applied to your DMACC student account until ten days before the term
begins.
6.
Will
I be able to use my DMACC One Card for purchases and cash withdrawals while I
am in
We are waiting on clarification on this question
from Student Accounts and Higher One.
7.
What
if I am planning to take summer classes?
If you are a full-time student for the Fall 2007
and Spring 2008 terms, you will not have any remaining federal financial aid
for the Summer 2008 term (assuming you have already used all of your federal
loans). You could apply for
alternative/private loan or use a payment plan for the Summer term.
8.
What
are my next steps?
·
File
a FAFSA (www.fafsa.ed.gov) for 2007-08
if you have not already done so.
·
Set
up an appointment to meet with Barb Badger, Financial Aid Advisor to discuss
specific questions about your financial aid package for Spring 2008. Barb’s contact information is:
Ph.
515-697-7797
Email: bjbadger@dmacc.edu