Question 1

What is Financial Aid

Accepted Answer

Financial Aid is any type of outside assistance that helps you pay for school.  The most common types of aid are loans, grants, and scholarships.  Student loans help pay for school now and must be repaid in the future.What is a Federal Pell Grant?

A Pell Grant does not have to be repaid if the program is completed.  Pell Grants are awarded only to undergraduate students who have not earned a professional degree.  This is need based.What is a Federal Subsidized Loan?

Subsidized loans are based on financial need.  You will not be charged any interest before you begin repaying the loans.  The government pays the interest during this time.What is a Federal Unsubsidized Loan?

Unsubsidized loans are not based on financial need.  You will be charged interest from the time the loan is disbursed until it is paid in full.What is a PLUS loan?

PLUS loans are made to parents of dependent students to help pay for education expenses not covered by other financial aid.What is a Scholarship?

Scholarships are awarded to students based on academic or other achievements to help pay for education expenses.  These generally do not have to be repaid and are awarded by outside sources.

Question 2

Do I need to be admitted to Diamonds before I can apply for financial aid?

Accepted Answer

No.  You can apply for financial aid any time.  To actually receive funds, however, you must be admitted and enrolled.

Question 3

How do I apply for Financial Aid?

Accepted Answer

You can ask our financial aid planner for assistance.  You can also complete the FASFA on your own.

Question 4

What is Diamonds School code for FASFA?

Accepted Answer

041691

Question 5

What information do I need to apply for financial aid?

Accepted Answer

The FASFA asks for information about you (name, address, date of birth, etc)  Your social security number, parents Social Security number if you are a dependent, driver’s license, Federal tax information, and your FSA ID.

Question 6

What is a FSA ID?

Accepted Answer

A FSA ID is your electronic personal identification ID that serves as your identifier to allow access to personal information in various Department of Education systems and acts as your digital signature on some online forms.  You can request one online.

Question 7

Do I have to have good credit to qualify for financial aid?

Accepted Answer

No. Financial Aid for students is not credit based.  Most students, with some exceptions, qualify for some type of aid.

Question 8

What happens after I complete the FASFA?

Accepted Answer

Applying is the first step.  Your application has to be processed, and then you get an Expected Family Contribution (EFC) number, which your college or career school uses to figure out how much aid you can get.  The school that you listed on your application will contact you to explain what you are qualified for and answer any questions you might have.

Question 9

What is an EFC?

Accepted Answer

This is the number that is used to determine your eligibility for federal student financial aid.  This number results from the information you provide in your FASFA.  Your EFC is reported to you on your Student Aid Report (SAR).

Question 10

How and when will I get my financial aid?

Accepted Answer

Contact the school’s financial aid representative and set up an appointment.

Question 11

Which financial aid is the best to accept?

Accepted Answer

The rule is:  free money first (scholarship and grants), then loans.

Question 12

Is it OK to accept less loan money than offered?

Accepted Answer

Sure!  You should only borrow what you need.  You have the right to refuse any loan or request a lower loan amount.

Question 13

How do I tell the school what aid I am accepting?

Accepted Answer

Contact the financial aid office to complete the process.

Question 14

Will I receive any money back?

Accepted Answer

It depends on what type of aid you will be receiving – grants, student loans, or parent loans.  Typically, Diamonds applies your entire grant or loans to your tuition, kit, and fees first.  If there is any above these costs, the balance will be refunded to you.

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