Frequently Asked Questions About Financial Aid

General  

1. I'm not sure whether I will qualify for need-based aid. Is it worth my time to fill out the Free Application for Federal Student Aid (FAFSA)? 

  • Yes. We recommend that all students file the FAFSA. You can't assume that you will or will not qualify for aid based on your family income alone. Many factors are considered in calculating need. You will need to complete the FAFSA after January 1 -- we recommend prior to March 1 - to receive a financial aid award letter. 

2. What is considered in calculating how much my family can afford to contribute to my education? 

  • Congress has created a formula that takes a number of factors into consideration. Among them are a family's total taxable and nontaxable income including the student's income, family and student assets, the number of persons supported by the family income, the number of dependents in college, and the age and marital status of the parents. 

3. What happens to the money that is awarded but not accepted because students decide to go to another college? 

  • With the exception of the Pell Grant and Stafford Loan, funds are re-awarded to students attending Abilene Christian University who are on the waiting list for funds. Awards do not transfer from one school to another. Students must reapply at their new college.

4. Is there any consideration for sending two or more students to college at the same time (i.e. group rate)? How is that factored in? 

  • The federal need-based formula takes into consideration the household size and number in college (excluding parents) among other factors. Two in college would be reflected in the calculated family contribution for each student. If a parent is attending college half-time or more and working towards a degree or certificate contact the Financial Aid Office. An additional form is required to consider a parent in the number of family members in college. 

5. What if our previous year's income is greater than our income will be for this year? 

  • First complete the FAFSA with the requested information, then contact the ACU's Student Financial Services office. There is an additional form that can be completed to explain any special circumstances. Often, projected year income can be considered. These considerations are made at the family's request and reviewed on a case-by-case basis. 

6. What is the maximum family income allowed in order for a student to be eligible for some need-based scholarships or support? Is that level the same for all universities? 

  • Since so many factors are taken into consideration when determining a student's eligibility for assistance there is not a specific maximum income threshold for need-based aid. The FAFSA formula determines the family contribution which remains the same from school to school. Need-based eligibility is determined by subtracting the family contribution from the cost of attendance at each institution. 

7. Whose income do you use for the FAFSA if my parents are divorced? (father's, mother's or stepparent's)? 

  • If a student's parents are divorced, the income data for the parent and stepparent (if any) with whom the student lives is used to calculate eligibility for assistance. 

8. In determining eligibility for need-based assistance, what income figure is important (gross, net, adjusted)? 

  • The adjusted gross income is used. 

9. We are in a high-income range but have low assets. How might this affect our need-based help? 

  • Both asset and income information are collected on the FAFSA. Based on income and household information provided, the federal formula determines what the family can contribute toward educational costs. The family contribution is then subtracted from the cost of attendance to determine need-based eligibility.

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Scholarships  

1. If I receive a scholarship or grant will my need-based aid be affected? 

  • The federal government requires that scholarships and grants be applied to your eligibility as calculated by the FAFSA. Any additional funding you receive from any source may require an adjustment to your eligibility for federal or state aid. If adjustments are made you will receive a revised award letter. 

2. Are scholarships awarded for one year or are there scholarships that are guaranteed for all four years? 

  • A number of scholarships, particularly those awarded on a merit and need basis, are awarded annually. Scholarship awards made on a merit-based basis are generally renewable for subsequent undergraduate years provided you maintain the required ACU grade point average. 

3. Do you have scholarships for students studying in various academic departments or disciplines? 

  • A number of endowed scholarships are designated for students studying in particular departments or pursuing specific majors. Many times, students who might be eligible for such scholarships will be selected by their departments during their junior or senior year at ACU. Other times the scholarships may be awarded on a merit and need basis through the Financial Aid office. Again, students in their junior or senior year are given priority. 

4. What is the meaning of a full tuition scholarship and how does that differ from a full scholarship? 

  • A full tuition scholarship is an award that covers a recipient's tuition obligation. A full scholarship is an award that covers a recipient's tuition, fees, room, board and (sometimes) book obligations. On a strictly merit basis, the largest ACU scholarship is full tuition. 

5. Are there scholarships that currently enrolled students can apply for? 

  • Organizations and some departments send applications to our office so that students may apply. These scholarship applications are located on a rack in the Welcome Center of the ACU Student Financial Services Office. 

6. I am not planning to complete a FAFSA, can I still apply for the merit scholarships? Yes, you may complete an application in the Welcome Center at the ACU Student Financial Services Office. Are scholarships awarded for study abroad programs? 

  • There are no scholarships specifically awarded for study abroad programs. 

7. If I get a loan from one place, will that disqualify me for other loans or grants? 

  • Since loans are part of the total financial aid package, they are offered after grant eligibility has been determined. It is possible to receive loan funds from more than one loan source. 

8. Are loans available that can be repaid after graduation? 

  • There are several deferred loan options. A student should apply for financial aid and determine additional loan options once a financial aid package has been offered. 

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Work-Study  

1. How much are students paid under the work-study program? Are they paid with a check or are the earnings subtracted from the college bill? 

  • Students participating in the work-study program are paid minimum wage. Students receive a paycheck every two weeks for the hours actually worked during the pay period, up to a maximum of 20 hours per week. 

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