Frequently Asked Questions (FAQs)
Do I have to apply for financial aid every year?
Yes. In order to receive consideration for all aid programs administered by the Financial Aid Office, you must file the FAFSA (Free Application for Federal Student Aid) each year.
Should I still file the FAFSA if I think my family's income is too high to be eligible for financial aid?
There is no automatic income level cutoff for financial aid eligibility. The only sure way to determine your eligibility for need-based financial aid is to file the Free Application for Federal Student Aid (FAFSA). A number of factors are considered in determining eligibility. There are non-need based loans available for those families who don't demonstrate financial need. We encourage all interested students to apply for financial aid. The likelihood of being eligible for some form of financial aid may be better than you think!
What if I (or my parents) have not yet filed our taxes when I want to complete the FAFSA?
You can file the FAFSA using estimated income amounts. You can either enter and submit your changes electronically once your taxes are done or submit your federal tax return(s) to the Financial Aid Office, where personnel will update those estimates to actual figures.
Is electronic filing really faster and easier?
Electronic filing is faster than completing a paper form. The process can be as much as 7-14 days faster if you electronically sign your application as soon as you complete it. Submitting your FAFSA On The Web eliminates possible mailing delays. Also, FAFSA On The Web edits your application before you transmit, ensuring that the data you transmit to the U.S. Department of Education is ready to be processed. Extensive online help is available. In addition, the online FAFSA allows you to skip questions that don't apply to you.
My family and I have unusual circumstances. How can I reflect that on my FAFSA?
You must complete the FAFSA accurately, giving the actual numbers requested. If you have changes to your financial information or if you have financial circumstances that affect your ability to pay for educational expenses, write them in a letter and mail it to the Luther College Financial Aid Office as outlined in the Appeals section of this website.
I reported on the FAFSA that I had $2,500 in savings. I have since spent that money. Can I correct that figure?
No. Assets must be reported as of the day you signed the FAFSA. They cannot be updated.
What is the definition of a self-supporting student for this academic year?
To be considered a self-supporting student for the, federal regulations state that you must meet one of the following qualifications:
- be at least age 24 by January 1 of the application year
- be a veteran of the U.S. armed forces
- be enrolled in a graduate or professional program
- be legally married on the day you file the FAFSA
- be an orphan or ward of the court (or have been until age 18)
- have children who receive more than half of their support from you
- have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you
- be currently serving on active duty in the U.S. Armed Forces for purposes other than training
Which parent fills out the FAFSA if my parents are divorced/separated?
The parent you lived with more during the last 12 months. If you did not live with either parent or if you lived with each parent an equal amount of time, provide information for the parent who provided the most support to you during the last 12 months, or during the most recent calendar year that you were actually supported by a parent. If this parent is remarried as of the date you are filing the FAFSA, provide information on the FAFSA about that parent and the person whom your parent married (your stepparent). The Financial Aid Office will require that you use the same parent throughout your years of study at Luther.
What is the difference between a subsidized loan and an unsubsidized loan?
When a loan is subsidized by the federal government, no interest is charged as long as the student maintains half-time enrollment, is in the grace period, or in deferment. An unsubsidized loan means that interest is charged while the student is enrolled (regardless of the number of hours), in the grace period, and in deferment.