Questions/Answers
What forms are needed to apply for financial aid and when do I apply?
The Free Application for Federal Student Aid (FAFSA) must be completed each year for the academic year beginning with the Fall semester and ending in Summer semester. Students can submit their application electronically at studentaid.gov. You can apply any time after January 1, but you should apply after completing tax returns for the previous year.
Is completing the FAFSA all I have to do to receive financial aid for the term?
No. About 2 weeks after electronically submitting the FAFSA, you should receive notification from the UACCM Financial Aid Office about the needed documents to complete your application process.
What types of financial aid do I apply for when I complete the FAFSA?
Eligibility for Pell Grant, SEOG Grant, FFELP Loans, and Federal Work-Study are determined when you complete the FAFSA. However, additional paperwork will be needed for each of these programs. Pell and SEOG, a student data form will be needed along with the possibility of the additional items: (if your application is selected for verification or if additional information is needed.)
- Tax returns for the previous year for the student (and spouse or parents if applicable)
- Verification form indicating information about the household members.
- Other possible information such as proof of job lay-offs, proof of unemployment benefits, W2’s if the student, spouse or parent’s are dislocated workers (recently laid off from a job).
Loan and Federal Work Study applicants are required to complete an application in the Financial Aid Office in addition to completing the FAFSA and required office documents. Students applying for the Workforce Improvement Grant must complete the FAFSA and the required documents requested by the Financial Aid Office.
My application has been selected for verification, what does that mean?
The US Department of Education randomly selects FAFSA’s for a review process called “verification.” This means UACCM must compare the information from your FAFSA with financial documents that you must provide to our office. You will be required to submit a signed copy of your federal tax forms and verification work sheet. If you are a dependant student, you will also be required to submit a copy of your parent’s federal tax forms. You may also be asked to submit other documents, such as proof of the amount of untaxed income you or your parents receive.
What is UACCM's Title IV Code?
UACCM’s code is 005245. By entering this code on your FAFSA, UACCM will electronically receive a copy of your processed FAFSA results called a student aid report.
Do I need to be admitted before I can apply for financial aid?
No. Students can apply for financial aid at any time after January 1. To be awarded federal aid, students must be admitted to a degree seeking program. To receive funds, you must be admitted and enrolled at UACCM.
What is an SAI?
The "Student Aid Index", or SAI, is a figure calculated from all the data you and your spouse/parent(s) enter into the FAFSA. This figure is used to determine the amounts and types of federal aid for which you are eligible.
I am independent of my parents. I don't live with them, I file my own taxes and they are not helping me with college expenses. Can I file for financial aid without using their income information?
The federal aid programs are built on the premise that educating a child is a family responsibility. The FAFSA gives specific criteria for determining when a student may file for federal aid without using parental income information. If there are other extenuating circumstances, please feel free to contact the Financial Aid Office for further assistance.
I plan to apply for a student loan only. Do I have to complete a FAFSA?
Yes, but in addition to the FAFSA, you must complete a Loan application worksheet and complete any required documents requested by the Financial Aid Office for verification.
What is the difference between a subsidized and an unsubsidized loan?
For both loans, the principal (the original amount a student borrows) is deferred until six months after the student graduates or stops attending school at least half-time. As its name implies, a subsidized loan is one where the government pays the interest on the loan while the student is in school. An unsubsidized loan is one where the government does not pay the interest while the student is in school, that is, the student is responsible for paying the interest.
Can I cancel my loan if I change my mind?
Yes. Students may cancel all or a portion of their loan by informing the Financial Aid Office in writing.
Do my grades affect my financial aid eligibility?
Yes. Please review the Satisfactory Progress Policy for specifics on the number of hours you must complete and the grade point average you must maintain in order to keep your financial aid.
Does dropping classes affect my financial aid eligibility?
Yes. At the end of each semester, (Fall, Spring, Summer) the Financial Aid Office will review the number of hours students complete in order to determine if the student has completed enough hours to maintain eligibility. The student must complete at least 64% of the cumulative hours attempted in order to continue receiving financial aid. Included in this is all hours attempted at UACCM and any hours from other colleges attended that transfer toward the student’s current major at UACCM.
What are the requirements for maintaining my scholarship?
Scholarship requirements vary, depending on the scholarship. If you are receiving a UACCM scholarship, you would have received a letter at the time you were initially awarded the scholarship indicating the requirements. If you have further questions about the particular scholarship you are receiving, you may refer to the scholarship webpage or contact the Financial Aid Office.
How do I apply for the Arkansas Academic Challenge (Lottery) Scholarship?
You may apply using the Student Application Management Systems (SAMS). Applications are taken through June 1 for the upcoming award year. You will be required to set up a log-in and password. At this location, you will be prompted upon receipt of your application, about additional requirements for receiving the scholarship. Typically an applicant may have to provide high school transcripts, college transcripts, ACT or ACCUPLACER scores, and completion of the FAFSA.
Does the Student Applicaiton Management System qualify me for any additional aid?
The Student Application Management Systems (SAMS) does consider your eligibility for other state funded programs.
What other types of financial aid can I receive at UACCM?
There are numerous scholarships that are available to selected students (completed general scholarship applications and selection by the scholarship committee are required). UACCM also participates in Veteran’s programs, Rehabilitation Services, VA Rehabilitation Services, Workforce Investment Act (WIA) Programs, and private scholarship programs.
When should I expect my refund?
If you are expecting to receive Pell Grant funds, scholarship funds, SEOG or student loan funds, the money will first be applied to any outstanding balances at UACCM automatically. After expenses, any remaing funds will refunded to you. Since there is a two week refund policy for tuition and books, financial aid refunds cannot be processed until after the first two weeks of classes. Reconciling all charges to each student account typically takes another week, and cutting checks and ordering funds an additional week. Refunds will be issued in this order: loans, Pell Grants, scholarships, SEOG, and all others.
Targeted Processing Dates:
- Loans processed the fifth week of classes for fall and spring semesters and second week of summer semesters.
- Pell Grants processed the fifth week of classes for fall and spring semesters and second week of summer semesters.
- Remainder of aid processed the sixth week and later
These are only target dates. The financial aid staff works very hard to insure that everyone receives their funds as quickly as possible.
What factors may delay my refund check?
- Student processing aid paperwork late
- Student failing to provide required transcripts, shot records, etc.
- First-time loan students (must wait until mid-term grades are posted)
- Student is enrolled in an off-schedule class
- State grants or other funds arrive late
Why am I classified as an independent student?
You are considered an independent student if at least one of the following applies to you:
- You will be at least 24 years of age before January 1 of the school year for which you will receive aid
- You are married at time of application
- You have a legal dependent other than a spouse for which you provide over one half of his/her support
- You are an orphan or ward of the court (or were a ward of the court until age 18)
- You are a veteran of the U.S. Armed Forces
If you claim to be an independent student, you may be asked to submit proof before you can receive any federal student aid. If you think you have unusual circumstances that would make you independent even though none of the above criteria apply to you, talk to the Financial Aid Director. Your counselor may be able to change your status if appropriate documentation can be provided and you have circumstances which warrant a change. The decision to override a student's dependency status is based on the judgement of the Financial Aid Office.
I am a veteran. What do I do to begin receiving my VA benefits?
If you have never applied for VA benefits before: apply on-line at www.gibill.va.gov. You will receive a certificate of eligibility letter in the mail several weeks after applying. Bring a copy of the letter to the UACCM VA Representative.
If you have used benefits at another school: complete a change of program/place of training form on-line at www.gibill.va.gov. You will receive an updated certificate of eligibility letter in the mail in a few weeks. Bring a copy of the letter to the UACCM VA Representative.
For questions regarding your benefits, you may contact the VA Regional Office at 1-888-442-4551.