Getting Started with Financial Aid

 Understanding Financial Aid Lingo

Terms to Know!  Learn the Lingo.

You may come across some unfamiliar terms as you start looking into and applying for financial aid. Let this glossary help you make sense of it all.

Timeline

  Important dates that you need to know.

Applying for Financial Aid

The Free Application for Federal Student Aid (FAFSA), developed by the U.S. Department of Education, should be completed and submitted between January 1 and mid February. This will assure receipt by the processing center before March 1 for priority consideration for federal, state, and institutional aid.  

 Understanding your Financial Aid Package

An award package is designed to help with the cost of your education.  Please review the financial aid package thoroughly.  Failure to respond to an award package offer within 30 days of the post mark date of the notification may result in the aid package being cancelled and not reinstated. 

 Accepting your Financial Aid Package

Once you have carefully reviewed the award package information, you must respond to the award package within 30 days from the post mark date of the notification.  Failure to respond to the offer could result in an aid package being cancelled. Due to some funding limitations, many awards cannot be reinstated after being cancelled or declined.

 Disbursement of Funds

Fairmont State begins disbursing awards 10 days prior to the first day of the semester. 

Financial aid is paid out in two disbursements, half for the fall semester and half for the spring semester. If you are borrowing loan money for one semester the loan will still be made in two disbursements.

 Frequently Asked Questions

Do you feel like there are questions you have not asked?  How do you know what to ask when you may not be familiar with the financial aid process, federal regulations, and institutional policies.  Check out the most commonly asked questions to find these answers and more.