University of Wisconsin; Financial Aid FAQs

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Financial Aid FAQs

The following is a list of frequently asked questions concerning financial aid. For answers to questions about financial aid that are general, contact HELP or the student's financial aid office.

How can I tell if my family is eligible for financial aid?
The only way to tell if you are eligible for financial aid is to complete the Free Application for Federal Student Aid (FAFSA). Sometimes, families never complete the FAFSA only to find out later they would have qualified. Furthermore, there are some types of loan programs for which the student will qualify regardless of need.

Do I have to wait until I am admitted to apply for financial aid?
No. Students may apply for financial aid anytime after January 1 proceeding the academic year the student plans to attend college.

Do I have to reapply for financial aid every year?
Yes. Students are required to complete a FAFSA or the Renewal Free Application for Federal Student Aid (renewal FAFSA) every year. Students who applied for financial aid during the 2003-2004 school year will have a renewal FAFSA mailed to them automatically by the Department of Education or their institution.

How long do I have to wait before I expect to receive my Student Aid Report (SAR)?
If you sent in your FAFSA over four weeks ago and still have not received a SAR, call the Federal processor at (319) 337-5665.

My parents did not claim me on their tax returns this year and I am 18. Can I file my FAFSA as an independent student?
Probably not. To determine if the student is independent or dependent, review the FAFSA. If the student can answer yes to any question in Section D the student is considered independent for financial aid purposes. If the student cannot answer yes to any of those questions, the student is considered dependent for financial purposes. If the student still feels that he or she is an independent student, contact the campus financial aid office to discuss the student's circumstances.

Should I use a scholarship search company to help me find money.
In general, avoid, scholarship searches that charge a fee. Many times, students are only paying for a list of possible scholarships, some of which may be either obsolete or impossible to locate. A list of free scholarship searches is available in the Paying for College section of HELP On-Line.

Is the money I receive from financial aid taxable?
HELP On-Line cannot give tax advice. We strongly suggest contacting a tax preparer, accountant or the IRS at 1-800-829-1040.

What if something happens that changes my family's application information based on the most recent tax year, or my family has had unusual expenses in this last year?
Sometimes, due to special circumstances such as a family tragedy, divorce or separation, or loss of employment, the FAFSA does not reflect a family's real ability to contribute toward the student's educational expenses. If this is the case, contact the financial aid office and speak with a financial aid adviser.

What is the difference between an unsubsidized Stafford and subsidized Stafford loan?
With a subsidized loan, the federal government is paying the interest on the loan, while the student is in college. If you receive an unsubsidized loan the federal government does NOT pay the interest while the student is in college.

With an unsubsidized loan the student has two choices, either pay the interest or permit the loan to capitalize. Capitalization means the interest on the loan accrues while the student is in school and is added to the loan principle. If possible it is always best to pay the interest while in school rather than letting it capitalize. Using a capitalization calculator may give the student an idea what it will really cost to capitalize the loan.






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