Should I bother filling out the FAFSA if I don't think I will qualify for need-based aid?
Only students who complete the FAFSA will be considered for need-based financial aid. We encourage all students and parents to file the forms, especially if they have never filed before. An individual’s “need” will vary according to the cost of each institution to which the student is applying. Even if you don’t qualify, the results of the analysis may help you in your long-term planning for meeting college costs. In addition, by having the forms already on file with the college, should an unexpected emergency situation arise during the year, the Financial Aid Office will be able to respond much faster.
How long after I file the forms for need based aid will I know what aid I am receiving?
From the time all required forms and applications are first submitted, it takes approximately four weeks for the information to be received by Elon. Another two weeks is required for us to process the information and, where necessary, request and receive additional information from students and parents. We will begin to mail financial aid Award Notifications according to the following schedule:
- For New Students: First week in February
- For Returning Students: First week in June
My parents will not complete their federal tax returns before the deadline for filing the FAFSA and PROFILE. Should we wait to file these forms until their tax returns have been completed?
No. You can complete the FAFSA and PROFILE based on reasonable estimates of your parents’ prior year income. Later, when tax returns are complete and you receive the federal Student Aid Report and PROFILE Acknowledgement, you can make any necessary corrections.
If a dependent student's parents are divorced or separated, who should fill out the FAFSA and PROFILE?
The student and the parent with whom the student lived the most in the preceding 12 months. If that parent has remarried, both the parent’s and the stepparent’s information is required.
What are the school codes for Elon to ensure that the FAFSA and PROFILE information is received by the university?
Our school code for the FAFSA is 002927; for the PROFILE 5183.
Do I have to file for need-based financial aid each year?
Yes. You must at least file the federal FAFSA form for each year you wish to receive such aid.
We missed the deadlines for applying for aid. Can we still apply now?
Yes, the deadlines are for priority consideration only. You may apply at any time during the academic year. However, Elon’s financial aid resources are limited and we might not be able to award you the aid for which you would have otherwise been considered.
Does Elon negotiate its financial aid awards for potential freshmen, particularly if I received a higher award from another college?
No. In order to maximize our limited financial aid resources, Elon personally reviews each of its financial aid offers before sending them and makes its best offer up front. If a family’s financial situation should change, we will review the aid award at the family’s written request.
I received a scholarship from the company for which my parents work. Will this affect my award from Elon?
In most cases it will not. In those cases where we are required to reduce part of our previous award, Elon first reduces student loans and/or work. Only where absolutely necessary will we reduce a scholarship or grant.
My Award Notice from Elon contains Federal Work-Study funds. Does this mean I am guaranteed a job?
No. If your award includes Federal Work-Study funds (FWSP), the amount represents the amount you are eligible to earn during the academic year. It is not a guarantee of a job. If you are looking for a job on campus, call the Student Job Line (336-278-5577) or visit the On-Campus Jobs & Federal Work Study page. After finding a job in which you might be interested, you will interview with the appropriate supervisor who is responsible for hiring. Earnings are paid to students throughout the year and cannot be used to defer payment of any portion of the university’s charges.
I have received my financial aid offer, but I only received loans. What else is there?
Did you complete the CSS Profile? Need-Based Grant Aid from the university is awarded based on the results of the CSS Profile
If not, go to cssprofile.collegeboard.org to complete the profile and we will re-evaluate.
If yes, then the Estimated Family Contribution results of your Profile and FAFSA did not fall in the range for need based aid. The following links are useful to search for outside scholarship opportunities.
I did not receive any merit-based aid, why?
The Office of Financial Aid evaluates students for need-based grant aid based on the FAFSA and CSS Profile. For merit scholarship questions, please reach out to your admission counselor.
My parent is probably not going to get approved for the parent PLUS loan. What else can I do?
Have your parent complete the application for the parent PLUS loan anyway. A denial decision from the federal processor will make the student eligible for additional Unsubsidized Direct Loan funds.
My parent does not want to apply for the parent PLUS loan. Can I get more money on my own?
There are federal loan limits for Subsidized and Unsubsidized Direct Student Loans. If you require additional funding, you may apply for a private loan with a co-signer. A list of reputable lenders is on our website under borrowing.
How does my parent apply for the PLUS loan?
1. Complete a Plus Loan Application at studentaid.gov. Elon will be notified of your approval or denial.
2. When you complete the Plus Loan Application with the Department of Education please indicate the amount that you wish to borrow. The Office of Financial Aid will not be able to process Plus Loan requests for MAX or UNKNOWN amounts. Requests without the amount indicated will require follow-up with the borrower.
3. First-time borrowers, complete a Master Promissory Note for your loan at studentaid.gov.
4. Complete and sign the Annual Student Loan Acknowledgment at studentaid.gov.
How do I complete my Entrance Counseling/Master Promissory Note/ Annual Student Loan Acknowledgement?
1. Complete and sign a Master Promissory Note with the Department of Education at studentaid.gov.
2. If you are a first time Stafford borrower, please complete Entrance Loan Counseling at studentaid.gov.
3. Complete and sign the Annual Student Loan Acknowledgment at studentaid.gov.
My financial aid offer is not the amount I need. What are my options?
Be sure you have completed the CSS Profile for institutional need-based aid eligibility. Check out the financial aid web page for private loans options. Payment plan options are available through the Bursar’s office. Search for outside scholarship opportunities through the following scholarship sites:
www.cfnc.org
www.collegeboard.org
www.fastweb.com
www.scholarships.com
www.scholarshipmonkey.com
I don’t want work-study or the parent PLUS loan, how can I remove it from my offer.
You may email the financial aid office at finaid@elon.edu to decline either/both awards.