Frequently Asked Questions
Financial Aid Frequently Asked Questions
Is financial aid available only to people with a very low income?
No! Do not make assumptions regarding your eligibility. The only way to determine your eligibility is to apply by completing the FAFSA www.fafsa.ed.gov. Everyone is eligible for Federal Stafford Loans.
By completing the FAFSA, what types of aid programs am I actually applying for?
The FAFSA will apply you for all federal programs. RPCC participates in the following federal programs:
Federal Pell Grant, and
Federal Direct Loans (Subsidized Stafford and Unsubsidized Stafford).
When and how will I hear about my financial aid eligibility?
All information regarding your financial aid process can be found on the Financial aid section of the student’s LoLA account. To accept any award listed on your Award Offer, simply accept, decline or change your award on the Accept Award Offer section.
Do I have to apply for financial aid each year?
Yes, the federal government requires that you re-apply each year. Renewal applications may be completed online at (www.fafsa.ed.gov). You must also maintain Satisfactory Academic Progress in order to be eligible to receive aid each year.
How do I maintain my eligibility for financial aid?
Satisfactory academic progress (SAP) will be reviewed at the end of each semester to determine continued eligibility for all financial aid programs. SAP has three requirements: a cumulative grade point average of at least a 2.0, a load requirement requiring a student to earn at least 67% of all hours attempted, and a requirement that states a student may not attempt in excess of 150% of the hours needed for completion of the student’s chosen course of study. A student who becomes ineligible for aid because he or she failed to meet the standards for satisfactory progress will continue to be ineligible until such time as the student re-establishes eligibility.
Do I have to accept all of my loans?
No, you may accept any amount up to the amount that is offered.
What is entrance counseling?
Entrance counseling is mandatory for first-time student loan borrowers. It consists of a short questionnaire concerning the responsibilities of your student loan. Exit counseling is required when you are not longer enrolled at RPCC at least half-time.
What is the Master Promissory Note (MPN)?
The MPN is your legal contract with your lender. The contract confirms that you understand the loan terms and the repayment responsibilities. The MPN is an electronic document that may be electronically signed and it covers multiple years. However, prior to your first loan, this document must be completed before your money can be disbursed from your lender.
What happens if my family’s financial circumstances change during the year?
You should contact the Office of Financial Aid.