FAQ's

Frequently Asked Questions

Huh?

We get lots of questions about the financial aid process. To assist you as you prepare to apply for financial aid, we have compiled a list of our most frequently asked questions.

Questions?

We know the financial aid process can be confusing. Should you have any questions at any point during the application process or just need a little guidance, please feel free to contact us.

Click on one of the questions below to learn more!

What is financial aid?
Where does the money come from?
Do I qualify for financial aid?
How much am I eligible to borrow?
Do I need to be accepted at my school before I apply for financial aid?
What does "Selected for Verification" mean?
What is new for this year?
Is good credit necessary?
What is the Hope Scholarship and Lifetime Learning Credit?
How do I get my PIN number?
Why can't I submit my financial aid application before January 1?
Do I have to reapply for financial aid every year?
How do I apply for a Pell Grant and other types of need-based aid?
Are my parents responsible for my educational loans?
I received an outside scholarship. Should I report it to the financial aid office?
Should I estimate my income information?
I sent in my FAFSA four weeks ago, what should I do?
My parents are separated / divorced. Which parent should fill out the FAFSA?
Does my stepparent have to report his or her income and assets on the FAFSA?
How much is my tuition?
How do I make a payment by credit card? What is the deadline?
When are my tuition and fees due?
Rights and Responsibilities?
What is TTUHSC's Refund Policy?
What should I know about my student loan?
My student loan: who does what?
What is Satisfactory Academic Progress?
What is the withdrawal or refund policy of TTUHSC?

What is financial aid and where does the money come from?

Financial aid is intended to assist those individuals who need additional funds to finance their education. This aid may come in the form of grants, scholarships, employment, or loans. The funds may be from the federal government, your state, your college, bank, credit union or private sources. The first step in determining your need for financial aid is to apply. For most financial aid this means completing the Free Application for Federal Student Aid (FAFSA).

Financial aid comes in all of the following forms:

Grants: These funds do not require repayment.
Scholarships: These funds do not require repayment.
Loans: These funds / programs require repayment.
Other Programs: The requirements for these funds vary.

Where does the financial aid money come from?

Financial aid money can come from any number of places--Federal and State loan programs are among the most common.

U.S. Department of Education
Title IV Programs - (Most Federal financial aid is provided through the Department of Education.)
- Federal Pell Grant
- Federal Supplemental Opportunity Grant - (FSEOG)
- Federal Perkins Loan
- Federal Family Educational Loan Programs (Stafford Loans, Parent Loans)
Department of Health and Human Services
Title VII Programs
State Financial Aid - Texas
Institutional Financial Aid - Scholarships
Funds are available, but limited. Contact your Student Affairs or Financial Aid Office for information.
Other / Outside Sources of Financial Aid
(Note: Service commitments are often required.) U.S. Air Force, Army, And Navy Financial Assistance Programs:
Alternative / Private Loan Programs:
A number of market rate loan programs are available to health profession students through the private sector. This information is neither an endorsement of any program nor a complete listing of available programs. Verify the accuracy of the information with private loan program officials.

Please see your financial aid advisor for more information.

Do I qualify for financial aid?

All programs require you to:

Be a U.S. citizen or a permanent resident.
Be enrolled or accepted for enrollment as a regular student.
Be pursuing a degree or certificate in an eligible program.
Be enrolled at least half-time (6 hours for undergraduates and 5 hours for graduates).
Provide a valid social security number.
Have a high school diploma or its recognized equivalent (GED).
Not have borrowed in excess of annual or aggregate limits on Title IV loans.
Not have had federal benefits suspended due to a drug conviction.
Maintain satisfactory progress as identified by the institution.
Be registered with the Selective Service, (if required).
Some programs require Texas residency.
For your calculated need determined, you must complete the FAFSA.
You must not be in default or owe a refund on any Title IV program.
Additional items may also be required. This information is subject to change.

How much am I eligible to borrow?

The amount you are eligible to borrow depends on a number of factors. First your "financial need" must be determined by your school. This is the result of the cost of attendance less your expected family contribution (calculated from your FAFSA) less any other financial aid you have been awarded. In addition, each loan program has limits to the amount you can borrow for an academic year. The first step in determining eligibility is to apply for financial aid, complete the FAFSA. From this information, the school will work with you to generate an award package specifically for you.

Do I need to be accepted at my school before I apply for financial aid?

No. The financial aid application can be completed anytime after January 1, in the year you will be going to college, and you can apply to any number of colleges. At Texas Tech University Health Sciences Center, you must have completed all admission requirements and have been accepted into the program before any funds will be disbursed.

What does "Selected for Verification" mean?

The FAFSA is transmitted to the Central Processing System (CP). The CP calculates a student's eligibility and checks the application for inconsistencies and mistakes. As a result, certain applications are flagged for verification. The student, spouse (if married) and parents will be required to submit additional documentation. This documentation may include signed copies of IRS 1040s, proof of citizenship, proof of registration with Selective Service, Social Security benefit statements as well as other items. If your Student Aid Report (SAR) has an asterisk next to the EFC (top right hand corner) your SAR has been selected for verification.

What is new for this year?

The application process is essentially the same as in previous years. You can still apply using a paper version of the FAFSA, but it is much faster to apply online at www.fafsa.ed.gov. To reapply you can use a Renewal FAFSA to update previously submitted information.

Your Personal Identification Number, or PIN is still a very important item in the FAFSA process. The PIN is your electronic signature for completing the FAFSA on the Web. Your parents can also obtain a PIN that will allow them to provide an electronic signature on the FAFSA. In January, the Department of Education will mail PINs to students who applied in the prior year. Until then, parents of dependent students will need to print and sign a signature page if applying online via FAFSA on the Web.

Note: Students being mailed a PIN as described above will not be sent a paper Renewal FAFSA. The idea behind the PIN is so you can apply online. Students who do not receive a Renewal FAFSA or PIN by February should file the "regular" FAFSA, either online or by paper.

Is good credit necessary?

Some alternative loan programs require credit worthiness. These programs will deny you based on a "bad" credit rating. It is important to know your Consumer Credit History prior to beginning school.

All financial transactions are reportable to credit agencies, i.e., bankruptcy, default on prior student loans/personal consumer loans, debts to the government, debt to a private corporation, etc.

Lenders may reject your applications due to a "poor credit history" such as not paying financial obligations "as agreed," (for example: paying late or not paying at all). These obligations may include rent, utilities, credit card, health care costs, car payments, etc. Students are urged to protect their good name by paying the full amount of all financial obligations on time. When a "late payment" or "collection" is listed on an account, it remains on your credit report for seven years.

What is the Hope Scholarship and Lifetime Learning Credit?

For more information about the Hope Scholarship and Lifetime Learning Credit see the following web page: Hope Scholarship and Lifetime Learning Credit information page.

How do I get my PIN number?

Request one at the U.S. Department of Education's PIN Site. The PIN is your identifier to let you access personal information in various U.S. Department of Education systems. You must have a PIN to file an on-line Renewal FAFSA or to make on-line corrections to your FAFSA.

Why can't I submit my financial aid application before January 1?

To calculate your financial "need" your family's income and tax information from the most recent tax year (the base year) is used. Since the tax year ends December 31, you cannot submit a financial aid application prior to January 1. If the FAFSA it is submitted before January 1, it will be rejected.

Do I have to reapply for financial aid every year?

Yes. You must re-establish eligibility every year. Your "base year" information is subject to change, you must update the financial information for you and your family.

How do I apply for a Pell Grant and other types of need-based aid?

The FAFSA is used to calculate your eligibility for all forms of need-based financial aid. Your eligibility for grants and scholarships will be calculated before your eligibility for educational loans.

Are my parents responsible for my educational loans?

No. You are responsible for your educational loans. NOTE a parent loan is a debt in your parent's name. They are responsible for parent loan debt. Parents will only be responsible for your educational loans if they co-sign your loan. You are responsible for repaying your educational loans.

I received an outside scholarship. Should I report it to the financial aid office?

Yes. If you are receiving financial aid, you must report the scholarship to the financial aid office. The university will adjust your financial aid package to compensate. The outside scholarship is beneficial. Normally, your student loan eligibility will be reduced and replaced with your scholarship funds. This reduces the amount of money you will have to repay when you leave school or graduate.

Should I estimate my income information?

No. DO NOT estimate your income. At TTUHSC, estimating will delay the awarding of your financial aid package. By completing your 1040, you will be able to complete the FAFSA with actual information.

I sent in my FAFSA four weeks ago, what should I do?

You can call the Federal processor at 1.319.337.5665. You must provide them with your Social Security number and date of birth as verification.

My parents are separated / divorced. Which parent should fill out the FAFSA?

If your parents are separated or divorced, the custodial parent is responsible for filling out the FAFSA. The custodial parent is the parent with whom you lived the most during the past 12 months. Note that this is not necessarily the same as the parent who has legal custody. If you did not live with one parent more than the other, the parent who provided you with the most financial support should fill out the FAFSA. This is probably the parent who claimed you as a dependent on their tax return. Note, child support and alimony received from the non-custodial parent must be included on the FAFSA.

Does my step-parent have to report his or her income and assets on the FAFSA?

Yes, if the parent you're living with is completing the FAFSA (your custodial parent) they must use the income of their current spouse. They must report their income and assets even if they weren't married to them in the previous year.

How much is my tuition?

For tuition and fee information, contact the Bursar's Office by phone at 806.743.1888, extension 238 or 239; or send e-mail to: Karrie.Boyd@ttuhsc.edu

How do I make a payment by credit card? What is the deadline?

For payment information, contact the Bursar's Office by phone at 806.743.1888, extension 238 or 239; or send e-mail to: Karrie.Boyd@ttuhsc.edu

When are my tuition and fees due?

For tuition and fee information, contact the Bursar's Office by phone at 806.743.1888, extension 238 or 239; or send e-mail to: Karrie.Boyd@ttuhsc.edu

Rights and Responsibilities?

Student's Rights and Responsibilities

Your Rights:

To know what financial aid programs are available at TTUHSC.
To know the deadlines for submitting the appropriate applications for each financial aid program that is available.
To know how your financial need was determined, including, how various expenses in your budget are considered.
To know what resources are considered in the calculation of your award.
To request an explanation of the programs in your financial aid package.
To consult with the Financial Aid Office staff concerning your financial aid application, budgeting and/or financial problems which might arise.

Your Responsibilities:

To complete all application forms accurately and submit them on time.
To provide correct information. Mis-reporting information can be a violation of federal law and may be an indictable criminal offense.
To provide additional documentation, verification, information, or corrections as requested by the Financial Aid Office.
To read, understand and retaining copies of all forms you sign.
To accept responsibility for all agreements that you sign.
To understand the sources of financial aid you receive and whether the aid is a loan, grant or scholarship. If the aid is a loan, you must know to whom repayment is to be made and the terms of repayment.
To keep the Financial Aid Office informed of your correct address at all times, during school and after graduation until all loans are repaid.
To inform the Financial Aid Office of status changes, such as marriage, divorce, childbirth, employment of self or spouse, etc.
To arrange for an exit interview with the Financial Aid Office prior to your separation from TTUHSC, either by graduation or withdrawal.

What is the Refund Policy of TTUHSC?

Refund Policy of TTUHSC
Students that withdraw from TTUHSC may be eligible for a partial refund of tuition and fees paid for that semester. If a student receives financial assistance, then a portion of the assistance may need to be returned to the scholarship, grant, or loan source from which that assistance was received.

The Federal Formula:
The Federal Formula is applicable to any students receiving federal aid, if students withdraw on or before the 60% point in the semester. The percentage of the refund is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester. The Federal Formula will be used for students receiving the following: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Student Loan or PLUS loan.

Attention:
Any students who fail to complete each of the steps of the withdrawal procedure and/or follow the proper check out procedures to officially withdraw from a class or from the university will receive a grade of "F" in all classes. Students receiving financial assistance who withdraw from the university may be in danger of immediate repayment or collections of student loans / financial aid.

What should I know about my student loan?

Forbearance and Deferment - The two are similar. If you need temporary relief from loan payments, you may qualify to defer or forbear your payments. Contact your lender. If you qualify, your payments will be postponed or temporarily lowered.
With a deferment, interest does not accrue on the Perkins and the Subsidized Stafford loans. With a forbearance, interest continues to accrue on all loans.
Extended Repayments - Many servicers allow extended repayment schedules. These plans can last up to 30 years. Remember, your payments will be lower, but the total amount you must repay will increase. With an extended plan, you could end up paying more than twice what you borrowed.
Graduated Repayments - You can choose a graduated repayment schedule. This allows your first payments to be lower and gradually increase over the life of the loan. This can work well for students who are not able to make large payments right after graduation, but who don't want to extend their repayment schedule. Payments start low and increase over time (up to 30 years). Income-Based Repayment - Some repayment plans base your monthly payment to your monthly income. This is a good choice for graduates who don't have a steady or reliable income. Payments are usually 4% of your monthly income and do not exceed 20% of your discretionary income.
Lower your Monthly Payments - Responsible borrowers may be able to lower payments using these strategies. The amounts may seem small, but any decrease in the interest rate, no matter how small, could save you hundreds or thousands of dollars over the life of the loan. Direct Withdrawal - Many servicers will reduce your interest rate if you allow automatic loan payments (drafting) from your bank account. Contact your lender or servicer for more information.

Make Payments On Time - Many servicers will reduce your interest rate if you make your payments on time.

My student loan, who does what?

Your School - determines your eligibility, recommends loan amounts and monitors your enrollment status.
The Federal Government - Congress authorizes education funds including the Federal Family Education Loan Program (FFELP).
The Lenders - Banks, credit unions, savings and loan institutions, and insurance companies who participate in FFELP are eligible to provide funds for federally sponsored education loans. The lender is the holder of the loan. Your lender may sell your loan to a secondary market; however, the terms and conditions of your loan remain the same.
The Borrower - A student or parent who signs a promissory note, thereby assuming obligation to repay the loan.
The Servicers - Institutions contracted by lenders to perform loan origination, due diligence, and/or collection and reporting functions on student loan portfolios for lenders. Servicers administer loans on behalf of lenders and secondary markets.
Guaranty Agencies - A state or non-profit private institution or organization authorized by the Department of Education to:
- Guarantee the loan
- Maintain reserve funds for defaulted loans
- Provide program, technical and administrative support services.
Secondary Markets - Your lender may sell your loan to a secondary market. Upon sale, the originating lender transfers all responsibility and ownership of loans to the secondary market. The terms and conditions of the loan will not change.

What is Satisfactory Academic Progress?

Federal Regulations
Federal regulations require all students receiving financial aid maintain satisfactory academic progress. According to the standards and practices at Texas Tech University and Texas Tech University Health Sciences Center, the following guidelines are applied in determining satisfactory academic progress.

Guidelines for All Students
All undergraduate students must have a 2.0 cumulative grade-point average (GPA) and graduate/professional students must have a 3.0 cumulative GPA.

If a student's cumulative GPA falls below 2.0 (Grad/Prof - 3.0), the student will be placed on financial aid probation for one semester. However, if during a probationary semester a student earns a 2.0 GPA (3.0) but fails to raise the cumulative GPA to a 2.0 (3.0) or better, he or she will continue on probation.

At the end of any probationary semester the student does not have a 2.0 (3.0) current or cumulative GPA, the student will not receive future financial aid until a 2.0 (3.0) cumulative GPA has been obtained.

In addition to maintaining a minimum GPA, a student must make reasonable academic progress. After attempting 60 hours, a student must have earned at least 75 percent of those hours to remain eligible for financial aid. Students are expected to complete their degree programs within 150 percent of the number of hours required.

Transfer Students
Students transferring to TTUHSC will be given one semester before they are evaluated for SAP. However, all students on financial aid must meet the eligibility requirements for satisfactory academic progress to continue on aid.

Please Note: Summer school is considered a semester.

Reinstatement of Financial Aid Eligibility
To regain eligibility for financial aid the following conditions must be met:

A student must regain a 2.0 cumulative GPA (3.0),
The 75% rule must have been met, and
Students wishing to appeal the loss of aid may do so in writing to the Director of Financial Aid.

Appeals for hardships based on:

the death of a family member,
personal injury or illness, or
special circumstances as determined by the institution.

Documentation is required (e.g. death certificates or notice, medical bills).

What is the withdrawl or refund policy of TTUHSC?

Withdrawal / Refund Policies

Refund Policies (Institutional and Title IV Withdrawal / Refund Policies)

Detailed information about the impact of decreasing course load on:

ü Institutional Refund Policy - All students who withdraw from TTUHSC or drop all courses during a term

ü Additional considerations for students who received financial aid and withdraw from TTUHSC or drop all coursesduring a term

Institutional Refund Policy

Refund Policies for Tuition and Fees. Texas Education Code, Section 54.006, provides the amount of tuition and fees to be refunded to students who drop courses or withdraw from the institution. Class day count is based on the official institution calendar for the school, not the specific course dates.

Students who drop a course, but remain enrolled at the institution will be refunded at the following rate:

Term	Class Day	Percent of Payment

Summer - More than 5 weeks but less than 10 weeks in duration	1st class day through 4th class day	100%
	After the 4th day of class	None

Fall, Spring or Summer - Duration of 10 weeks or longer	1st class day through 12th class day	100%
Fall, Spring or Summer - Duration of 10 weeks or longer	After the 12th day of class	None

Students who withdraw from the institution (zero semester credit hours) are required to pay tuition and fees according to the following schedule based on their official withdrawal date:

Term	Class Day	Percent of Payment

Summer - More than 5 weeks but less than 10 weeks in duration	Before the 1st class day	None
	1st, 2nd, or 3rd class day	20%
	4th, 5th, or 6th class day	50%
	7th class day of later	100%

Fall, Spring or Summer - duration of 10 weeks or longer	Before the 1st class day	None
	1st five class days	20%
	2nd five class days	30%
	3rd five class days	50%
	4th five class days	75%
	21st class day and after	100%

Students who withdraw from TTUHSC or drop all courses during a term that receive(d) financial aid

It's important for students who receive financial aid and withdraw or drop all courses during the term to be aware of the refund policies and to understand the impact they will have on the aid released and the continued financial aid eligibility. Current refund policies for students who withdraw or drop all courses during a term are determined by the Higher Education Title IV refund regulations.

Federal Refund and Repayment calculations must be performed for students who receive Title IV (Pell, FSEOG, and Stafford Loans) funds and officially withdraw from all courses, drop out of all courses, are expelled, take an unapproved leave of absence, or fail to return from an approved leave of absence prior to the 60% date of the term. All unearned aid must be returned to the federal aid programs as determined by the Federal Refund and Repayment calculations.

In order to keep all the financial aid issued in each term, students must be enrollment for at least 60% of the term. After this point in the term students have earned 100% of the Title IV funds released for the term. Therefore, it is in your best interest to maintain attendance and complete at least one class each term that you receive federal aid to avoid repayment of funds

How the calculation works:
1) Number of days attended ÷ Days in semester = % of semester completed
2) Total $ disbursed X % completed = Earned $
3) Total $ disbursed - Earned $ = $ to be returned

Once it is determined that you owe money back to any of the federal aid programs, you will be ineligible to receive further federal aid at TTUHSC or any other institution, until this debt is cleared.

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