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.
The award year begins in August and extends through July of the next year. Funding for the Federal Pell Grant and campus-based programs (ex. Federal Work Study and SEOG) is provided on the basis of the award year.
These programs are: Federal Supplemental Educational Opportunity Grant, and Federal Work Study. These two programs are administered directly by Fairmont State using federal guidelines.
The CPS is the Department's processing facility for the FAFSA application.
The student's cost of attendance includes tuition, fees, books, room and board, miscellaneous personal expenses, and transportation allowance. The cost of attendance is determined by the school using student surveys and guidelines established by federal law and regulation. A student's cost of attendance is compared to the expected family contribution to determine their need for aid.
Failure to repay a loan in accordance with the terms of the promissory note.
The determination of a Free Application for Federal Student Aid (FAFSA) applicant as dependent or independent.
A check that a student will receive if their financial aid exceeds their institutional charges. These funds can be used for books, transportation, and personal expenses. If the student is not living in a residence hall, the funds can also be used for room and board.
Costs charged by the institution for which students will receive a billing notification. These costs include tuition and fees, room and board if living in a residence hall and books if charged at the Fairmont State bookstore.
A federal student loan, made through the Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans are types of Direct Loans.
A loan made by the U.S. Department of Education to graduate or professional students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.
Payment of federal student aid funds to the student by the school. Students generally receive their federal student funds in two or more disbursements.
Abbreviation for the U.S. Department of Education
The EFC is determined by U.S. Department of Education using the information reported on your Free Application for Federal Student Aid (FAFSA). It is based on family income, assets, the number of family members in the household, and the number of members attending college. It does not represent the amount you owe the institution.
The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school.
Fairmont State's installment plan to assist students and parents in paying the remaining of their direct costs. The payment plan is by semester (fall and spring) and consists of up to six equal monthly payments per semester. Payments begin one month prior to the term beginning.
The federal aid application used to collect household and financial information from students that are used to determine the students need for campus based programs, need based programs, grants, and non-need based programs.
Financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund).
A period of time after borrowers graduate, leave school, or drop below half-time enrollment where they are not required to make payments on certain federal student loans. Some federal student loans will accrue interest during the grace period, and if the interest is unpaid, it will be added to the principal balance of the loan when the repayment period begins.
Undergraduate students are considered to be half-time as long as they are enrolled for at least 6 credit hours during any term for which they are requesting federal loans. Graduate students are considered to be half-time as long as they are enrolled for at least 5 credit hours during any term for which they are requesting federal loans.
Costs for which are not directly billed by the institution and for which the student will not receive a billing notification. Costs typically vary and range from personal expenses, transportation expenses, and books if not charged to the student's account.
A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.
The organization that made the loan initially; the lender could be the borrower's school; a bank, credit union, or other lending institution; or the U.S. Department of Education.
A legal document which a borrower must sign detailing the terms of a loan. By signing a note, the borrower promises to repay the loan, with interest, in specified installments. The promissory note includes information about the grace period, deferment or cancellation provisions, and the student's rights and responsibilities. Master promissory notes are signed electronically at studentloans.gov.
A nonfederal loan made by a lender such as a bank, credit union, state agency, or school.
Measure of a student's success with their overall GPA and completion rate as defined by the SAP policy.
Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
Fairmont State provides students with a one stop Student Services Center that enables students to check on financial aid, billing information, student records, disability services, work opportunities, veteran services, and international programs.
A loan based on financial need for which the federal government pays the interest that accrues while the borrower is in an in-school, grace, or deferment status.
A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.
A process whereby schools check the information the student reported on the financial aid application. Schools must verify information provided by students who are selected by the Federal Central Processing System. If your application is selected, you will receive notification requesting the completion of a verification form, parental tax transcripts (if necessary) and student transcripts from the previous year.
A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.
The Free Application for Federal Student Aid (FAFSA), developed by the U.S. Department of Education, should be completed and submitted after October 1st prior to the year in which you are applying for financial aid. This will assure receipt by the processing center before March 1 for first round consideration for federal and state grants, work-study and loans.
Be sure to use the IRS Data Retrieval Tool when providing requested tax information. If you cannot access your tax information through the IRS Data Retrieval Tool, be sure to have a copy of your completed taxes on hand in order to provide the requested tax information. Tax information requested will be from 2 years prior to the application year, for example, 2023-2024 FAFSA requires 2021 federal tax information.
In addition to the FAFSA, graduating West Virginia high school students must also complete the Common Application for consideration of the PROMISE Scholarship. For further information, go to:
Fairmont State University's School Code number is 003812.
Using the Department of Education’s FAFSA ON THE WEB worksheet will help to insure the FAFSA is completed with fewer or no errors. There is not cost to complete this application.
In order to electronically sign the FAFSA, you must have set up a FSA ID. If you are a dependent student according to the Department of Education, one of your parents must also set up a FSA ID. If you do not have a FSA ID, you (and your parent) can apply for one now by going to FSA ID.
Once you have submitted the FAFSA, the Department of Education processing center will calculate a figure that represents the expected family contribution (EFC) toward meeting your college expenses. You will receive an e-mail from the processing center when your FAFSA has been processed. Review the data carefully and if corrections are required, please make them accordingly at the FAFSA website or contact the Financial Aid Office for assistance.
To insure the majority of FAFSAs are completed correctly, some applications are selected by the Department of Education for a process called "verification." If selected, the Financial Aid Office is required to collect certain documentation to insure the information provided on the FAFSA is accurate. Students and/or parents can use the IRS DATA RETRIEVAL PROCESS to transfer tax data to the FAFSA which simplifies the completion of the FAFSA and also reduces paperwork to be submitted for verification. To verify the financial amounts submitted, the Financial Aid Office will request certain documentation including an IRS Tax Return Transcript if the IRS DATA Retreival process was not used, a completed verification worksheet, and other items as needed according to the requirements of the Departmen of Education. Make certain to sign and date all documentation, put your student ID or F number on each document and submit to the Financial Aid Office as soon as possible.
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 from the post mark date of the award letter may result in the aid package being cancelled and not reinstated.
The ‘Estimated Yearly Budget’ is an average cost that is calculated by the Financial Aid Office.
Your Estimated Yearly Budget consists of Direct Costs and Indirect Costs.
The ‘Expected Family Contribution’ (EFC) is an amount determined by the federal government based on the information you provided in the Free Application for Federal Student Aid (FAFSA). It is used to determine eligibility for federal, state, and institutional financial aid and does not represent your actual payment to the university.
‘Other Resources’ include expected private scholarships, employer financial assistance, vocational rehabilitation, etc. that will be paid toward your educational expenses on your behalf.
Your financial aid offer could include several types of aid.
You should periodically check for changes to your financial status at myFairmontState.edu. All future communications from the Financial Aid Office will be sent to your college email account. Be sure to check your college email account frequently.
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 award notification. Failure to respond to the offer could result in an aid package being cancelled. Due to some funding limitations, most awards cannot be reinstated after being cancelled or declined.
All students must accept or decline their award(s) online at myFairmontState.edu by following the necessary steps:
NOTE: Aid listed as estimated or pending cannot be accepted via FELiX.
NOTE: Failure to accept or decline all funds may cause a delay in timely disbursements being made to your student account and any refunds expected to cover additional college costs.
Financial aid is paid out in two disbursements, half for the fall semester and half for the spring semester.
All first time loan borrowers must complete Entrance Counseling and sign a Master Promissory Note (MPN) at studentloans.gov before the loans can be disbursed. Additional information can be found on our Loan page.
All federal, state and institutional awards are received by the institution and credited to the student's school account to pay tuition and fees, room and board, and other authorized charges. If the disbursement amount exceeds school charges, the remaining balance is issued as a refund and checks are mailed to students' mailing address if there is one on file, otherwise the check will be mailed to the student's permanent address. Students are not permitted to pick up refund checks in person. Mailing addresses can be updated by the student by logging into their FELiX account.
If you are expecting assistance from sources (e.g. Vocational Rehabilitation, Americorp, SMART 529, private scholarships) outside Fairmont State University, those funds may arrive at a later time. You will want to make contact with the agency providing the funds to assure that you have provided all necessary documents and information for them to process the payment to be sent to Fairmont State University.
It is the student’s responsibility to monitor their FELiX account for billing information, application of financial aid, and receipt of outside resources. If you need an additional payment option, check out FIPS.
The financial aid staff uses the Free Application for Federal Student Aid (FAFSA) to determine financial need and to distribute limited funds to those who have the fewest financial resources. To increase your chances of getting the maximum aid for which you are eligible, be sure to file by our priority deadline. Fairmont State University's FAFSA priority deadline is March 1.
The formula that defines a student's financial need is: Cost of Education - Expected Family Contribution = Financial Need
You'll find that your financial need may make you eligible for some programs and not for others. For instance, you may be eligible for a scholarship but not for the Federal Pell Grant. There are financial aid programs for which you can be considered for when you have no financial need; the Federal Direct Unsubsidized Loan and the Federal Direct Graduate PLUS Loan or Parent PLUS Loan. Please note that it is not always possible for Fairmont State University to cover every student's full financial need and that it is then up to the student's family either to provide personal resources or to secure additional loans to cover the difference between costs and aid awarded.
No. Income level does not automatically disqualify you for financial aid. Other variables are considered such as: family size, number of family members in college, age of older parent, savings, investments, and various allowances to income and assets.
Yes. In order to receive consideration for all programs you must file a Free Application for Federal Student Aid (FAFSA) each year. File the FAFSA in the month of January. If necessary, you may estimate your taxes to complete the form.
Our federal school code is: 003812.
Your myFairmontState account should always be the first thing you check. If you are selected for verification, you will be able to access the documents you will need to submit. When verification is being requested, you will receive a letter notification directing you to the forms necessary for completing your file. All forms are available online. Make sure all documents are received by the Financial Aid Office as soon as possible in order to be considered for maximum financial aid. The federal FAFSA processor does not review verification documentation; therefore, please do not submit actual tax documents to the processor.
If the financial circumstances in your family have changed substantially, you may have your financial aid eligibility reviewed. Such changes may involve you or members of your immediate family. They include but are not limited to:
Please contact the Financial Aid Office and speak with a financial aid counselor regarding your circumstances. Keep in mind that a review of your current circumstances does not guarantee any changes to your financial aid package. In some cases, a change in your circumstances may be processed but may not result in any additional aid.
A grant is a gift. It does not have to be repaid and it is based on the student's financial need.
A scholarship is an achievement award which is usually based on academic grades, abilities, skills, test scores, class rank, etc.
Loans are funds borrowed by the student and/or parent. In most cases, loans must be repaid with an interest charge and a specified repayment period.
We do not recommend the use of these companies. Many are misleading or even fraudulent. Don't be fooled by the money back guarantee promised by many of these companies. It is virtually impossible to get your money back. The Fina ncial Aid Information Page provides information regarding Scholarship Scam Alerts. The services provided by these companies can be accomplished on your own by researching scholarship publications at the library, or by using a number of free scholarship searches available on the Internet.
You will receive an award notification from Student Financial Aid if you are admitted to Fairmont State University and your Financial Aid file is complete. You will not receive an award notification if any of the following pertain to you:
Incoming freshman will receive a paper award notification beginning mid-March. Upperclass students will be notified by e-mail to check their award status on their myFairmontState account by mid-April. Be sure to check your myFairmontState email regularly for notifications from Financial Aid and other offices on campus. Follow instructions on Student Self Service for any applicable acceptance of aid and necessary paperwork.
No. You need only file the Free Application for Federal Student Aid (FAFSA).
Your parents will complete an on-line application directly with the Department of Education by logging into studentloans.gov and following the prompts for the application. The application is not complete until your parents receive a credit acceptance or denial.
Students must file a FAFSA before March 1 and have financial need to receive Work Study. However, other jobs may still be available on campus through non need based employment. Students can visit the Work Programs website for additional information.
When you apply for federal student aid, your answers to questions on the FAFSA determine whether you are considered a dependent or independent student. To be considered an independent student, you must meet the criteria to answer 'Yes' to at least one of the questions listed in that part of the FAFSA. You can view those questions at the FAFSA website.
Also, the Financial Aid Office can override a student's dependent status but to do so requires some very unusual family situations. These situations require documented evidence from third-party witnesses (police reports, clergy, counselors, etc.). To determine if your situation would meet the criteria for an override, contact the Financial Aid Office and speak to a financial aid counselor.
For Federal Direct loans such as the Subsidized, Unsubsidized, Parent PLUS and Grad PLUS Loans as well as the Federal Perkins Loans, the interest rate information can be found online.
If the disbursement amount exceeds school charges, the remaining balance is issued as a refund and checks are mailed to students' local mailing address. Students are no longer permitted to pick up refund checks in person. Students should update their local mailing address by logging into their FELiX account to assure their local address is current; therefore, avoiding any delays in receiving the refund check.
There could be many reasons why your financial aid has not been posted to your student account. Some of the most common items are listed below:
For summer sessions, students may only receive remaining federal aid eligibility not used during Fall & Spring terms (Federal Pell Grant and/or Direct Loans for students). Funding may or may not be available for a full- or part-time job through the Federal Work Study program. The majority of students attending Summer term, will need to seek a private loan or have a parent qualify for the Federal Direct Parent PLUS Loan. Graduate or Professional students can seek a Federal Direct Graduate PLUS Loan.
All undergraduate and graduate students are monitored for Satisfactory Academic Progress (SAP).
Our goal is to have students notified of the appeal decision prior to the term beginning for which they are appealing. Please refer to the deadline dates on the Satisfactory Academic Progress Policy page. The student will be sent an email notice of the appeal outcome.
Fairmont State is pleased to provide the student aid calculator to assist you in estimating your costs to attend. Results are based on 2023-2024 Estimated Cost of Attendance figures and student aid eligibility requirements which are subject to change. These results should assist you in determining an estimate of your out-of-pocket expense to attend Fairmont State.
Office of Financial Aid Services
Turley Student Services Center
Room 303
Phone: (800) 641-5678, Opt. 2
(304) 367-4141
Fax: (304) 367-4789
FinancialAid@FairmontState.edu
Monday-Thursday: 7:45 am - 4:30 pm
Friday: 7:45 am - 12:15 pm
School Code: 003812
