Frequently Asked Questions
While the process of applying for financial aid and paying for college may be daunting, we're here to help. We've compiled answers to some of the most frequently asked questions below, but don't hesitate to contact us.
Financial aid helps students and families/supporters pay for college. It may consist of grants, scholarships, work study and even loans. The first step is to complete the Free Application for Federal Student Aid (FAFSA).
The FAFSA (Free Application for Federal Student Aid) opens every October 1, and we recommend completing it as soon as possible. If you are a PA State resident, the deadline for the PA State Grant is May 1. Please include BU’s Federal School Code 003315 when filing.
YES! Eligibility for federal student aid does not carry over from one award year to the next. You will need to complete the FAFSA for each award year for which you plan to be a student, including summer. Keep in mind that financial circumstances change from year to year and we get that. If something substantial changes please contact us at 570-389-4297 or via email.
If at any time during the year your family has a major change in their/your financial or family circumstances, be sure to contact us! We can’t always increase your aid but we’re happy to consider new information if things have significantly changed.
This process is mandated by the U.S. Department of Education to confirm the accuracy of the information reported on the FAFSA. It does not mean that you did anything wrong but is simply a data check that our office must conduct. We will send emails to your Husky email address and a To Do List item will be generated in your MyHusky account. Generally, you'll be required to upload supporting documentation to our secure portal such as federal taxes, household size, number of students from your family in college, etc. Financial aid cannot be paid until the verification requirements have been completed. If you don't submit the items requested, it will result in failure of funds being released.
Remember, loans are considered financial aid and must be paid back!
Step 1: Complete the FAFSA.
Step 2: Accept your loans on your MyHusky account.
Step 3: Complete Entrance Counseling (Log in using your FSA ID. If you haven't already, create your FSA ID).
Step 4: Complete the loan agreement Master Promissory Note (MPN).
Students are always awarded with their maximum eligibility based on their qualification from the FAFSA. However, based on federal loan limits, you may not have enough funds to cover all of your educational costs. If you need additional funding beyond the aid you were awarded, you may consider a tuition payment plan, Parent PLUS loan or a private/alternative educational student loan. We do not recommend who to use for private loan borrowing.
Parent PLUS is a federal loan available to parents to borrow for their dependent, undergraduate student to help pay for educational expenses. It is based on a credit check with the interest rate predetermined by the federal government. It is important to note; the parent is the borrower of the loan and is responsible for repayment of the loan.
In most cases, you are not required to pay your student loans while you are in school as long as you are enrolled at least half-time (Undergraduate students - 6 credits / Graduate students - 5 credits). There are no prepayment penalties for paying your student loans. You can always make interest-only payments or pay on any portion of your loans while attending school if you choose.
The COA is basically your budget here at BU. It is the total average amount it will cost you to attend in an academic year and includes things like tuition, fees, room, board, books/supplies, transportation and personal expenses. The COA does not equal your actual tuition bill and varies from student to student.
In order to continue receiving federal student aid, you need to make Satisfactory Academic Progress (SAP). Essentially, you need to maintain a certain grade point average and complete enough classes in order to successfully complete your degree/certificate in the required time frame established here at BU. Federal student aid includes: grants, loans, and work-study. To learn more, read our SAP policy.