Introduction to Financial Aid - FAQs
|
|
|
1.What is financial aid?
Financial aid is money available to assist students with the costs of attending college. Financial aid comes from the federal government, state government, the institution, and from private sources in the form of scholarships.
|
2. What does the Financial Aid Office do?
- Assists students in applying for financial aid from the federal or state government, and the institution;
- Provides students with general advisement regarding the application process;
- Provides applications for scholarships from the university or the private sector;
- Assists students in securing on-campus employment;
- Conducts orientation sessions about financial assistance; and
- Provides assistance and guidance about money management and sensible borrowing.
|
3. What determines whether or not I will receive financial aid?
The primary factor is financial need. Financial need is computed by determining your educational costs (tuition and fees, room and board, books and supplies, and a personal allowance) minus your family contribution (based on federal and institutional formulas). The difference between these is the need for financial assistance.
|
4. Is financial aid available only to low income people?
While many loans and grants are based on financial need, many are available regardless of need. Financial aid is available to everyone. Financial aid is intended to remove those financial obstacles for families who cannot afford the cost of an education beyond high school and to fill in the gaps for those families who can afford only part of the cost. Remember paying for an education is a family's responsibility.
|
5. Do I have to attend full-time to qualify for financial aid?
No! You may enroll on a part-time basis. However, any financial aid you may qualify for will be adjusted according to the number of hours you are enrolled.
|
6. Does coming from a large family or having more than one student in college at the same time increase the amount of financial aid?
When there is more than one undergraduate family member in college at the same time, your family contribution is divided among the college students. So, if there were two children in college one year and only one the following year, 100% of the family contribution would be expected to be available for the remaining student.
|
7. Why does my award change each year?
At UT-Pan American, eligibility for financial aid is based on federal and institutional estimates of your family's ability to contribute to the cost of education. A typical award includes grant, loan and work study.
Keep in mind that your award is likely to change each year for one or more of the following reasons:
- the cost of education may rise
- your family's income will change
- your loan amount may increase as you change classifications
- the number of family members in college may change
- you forget to reapply for financial aid and miss the priority deadlines.
|
8. How do I access my financial aid information at UTPA?
Students may take care of all of their financial aid business at the Financial Aid Office. Refer to contact, for information regarding campus location, telephone numbers, fax numbers, etc.
|
9. Why can't you discuss my financial aid status with my spouse, parents, and outside agencies?
The Family Educational Rights and Privacy Act of 1974 (also known as the Buckley Amendment) limits access to educational records without express written consent. Outside agencies will have their own forms which you may sign when they wish to access information about you.
|
10. Who processes my financial aid awards?
The Student Financial Services Office is responsible for determining your award eligibility, posting the funds to your student account, processing student loans, work-study awarding and orientations. If your question pertains to any of these categories, you may call, make an appointment, or email the Student Financial Services office at finaid@panam.edu for any financial aid questions. We are located at the Student Services Bldg. Rm. 186 and our phone number is (956) 381-2501.
|
11. What are the enrollment requirements to receive financial aid for the Summer term?
The enrollment requirements for Summer financial aid are the same as those for Fall and Spring term.
- If you are an undergraduate student, you must enroll for at least 12 credit hours to be considered "full-time", 9 to 11 credit hours to be considered "three-quarter time", and 6 to 8 credit hours to be considered "half-time".
- If you are a graduate student, you must enroll for at least 9 credit hours to be considered "full-time" and 6 to 8 credit hours to be considered "half-time".
- Most financial aid programs require at least "half-time" attendance.
- The Summer term has two sessions (I & II). Your enrollment for the summer is determined by adding together your enrollment for these two sessions.
- If you drop a course during the drop/add period for any Summer session, your enrollment status for the Summer term will change. This could cause you to be ineligible for funds that may have already been disbursed to you. If this happens, you may be required to repay these funds.
|
