If you cannot find the answer to your questions here, we encourage you to contact one of our friendly Harrison Program Specialists who can help you.
Go directly to questions about:
Financial Aid Application Process
Types of Financial Aid
After Receiving Financial Aid
Financial Aid Application Process
How many Harrison students receive financial aid?
Most of them! In fact, a majority of Harrison students receive some form of aid. It’s up to you to take the steps to secure the aid that best fits your current budget and your anticipated budget for the future. Your Harrison financial aid analyst will help you devise a plan that could include grants, loans, scholarships, work study, employer tuition reimbursement or military benefits.
What is financial aid eligibility based on?
Eligibility for most federal student aid programs is based on financial and several other factors. Here are the basic eligibility requirements:
- demonstrate financial need
- be a U.S. citizen or eligible non-citizen with a valid Social Security number
- be working toward a degree or certificate in an eligible program
- have a high school diploma or GED or have passed an approved ability to benefit (ATB) test
- maintain satisfactory academic progress once in school
What the truth about college loans in the current economic crisis?
The truth is students can still receive loans for college, and Harrison College is making sure students have viable options. There are and will continue to be federally backed guaranteed loans that students will be able to receive when attending college. These loans have not been affected by the economic crisis. However, while credit markets have gotten tighter over the past few months, it may be more challenging to receive alternative loans, but that's where Harrison comes in. We have taken steps to ensure that students will be able to receive funding to attend college. We have created a Harrison Institutional Loan and to offer a loan that is not based on credit but based on potential earnings from your program of study. In other words, your future success is really what matters.
What is FAFSA and why do I care?
FAFSA is the free application for federal student aid. This form may be completed anytime throughout the year. Anyone who plans to attend college should fill it out, whether you think you qualify for needs-based aid or not. By completing this application you will see what federal aid you qualify for, such as grants, work-study or loans. In some cases you may even be eligible for state grants. In order to be considered for Indiana state grants, you must complete the FAFSA by March 10 of any given year.
What do I need to fill out the FAFSA?
To be most efficient when filling out your form, there are some things you should gather ahead of time:
- Your social security number and your parent/parents’ numbers if you are a dependent student
- Previous calendar year's W-2 forms and any other records of money earned, by you (your spouse) and/or your parents' if you are a dependent student
- Your previous calendar year's Federal Tax Return, your spouse’s if you are married, and your parents if you are dependent student
- Any foreign tax return or a tax return from Puerto Rico
- Your previous calendar year's untaxed income records (ex: Social Security benefits, welfare benefits such as Temporary Assistance to Needy Families (TANF) and veteran benefits)
- Your current bank statements, business and investment mortgage information, business and farm records and stock, bond and other investment records.
- Your alien registration number, if you are not a U.S. citizen
- The amount paid or received in the previous calendar year in Child Support
- Your federal Pin number if you have one (and parents’ if a dependent student)
How do I determine if I’m a dependent or not?
Your financial aid plan will be determined by whether you’re a dependent, meaning someone else is financially responsible for you, or if you’re independent. If independent you will complete the process using your and your spouse's, if married, income and asset information. If you’re dependent, you will complete the process using your and your parent's income and asset information. Answer the following six questions:
- Are you at least 24 years old?
- Will you be working on a degree beyond a bachelor's degree in the current school year?
- As of today, are you married? (Answer yes if you are separated, not divorced)
- Answer "Yes" if: (1) You have children who receive more than half of their support from you; OR (2) You have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and through June 30 of the previous calendar year.
- Are both parents deceased, or are you an orphan or ward of the court or were you a ward of the court until age 18?
- Are you a veteran of the U. S. Armed Forces?
If you answer "no" to every question above, you are a dependent student and will need to provide both your and your parent's income and asset information. If you answer "yes" to any question above, you are an independent student and will need to provide your and your spouse's, if married, income and asset information.
What is a federal PIN and how do I apply for it?
The federal PIN is an electronic access code that acts as a personal identifier and can be used each year to electronically sign/apply for the FAFSA. The PIN also can be used to make corrections to the FAFSA once submitted. You (and parents if dependent), can apply anytime at www.pin.ed.gov. This website will walk you through step by step.
What will I need to provide to get financial aid?
The information you need to bring varies, depending on your status. To make the process move as efficiently as possible, please gather the following items and bring them with you when you meet with your Harrison financial aid analyst.
Dependent students
- Current year federal taxes & W-2s for student
- Current year federal taxes & W-2s for a parent
- FAFSA completed by parent and student
- Amount of child support (for parent, if received or paid)
- Amount of Social Security (if received)
- Amount of AFDC (if received)
- References for a loan (if needed)
Independent students
- Current year taxes & W-2s for student and spouse, if married
- FAFSA completed by student
- Amount of child support (if received or paid)
- Amount of Social Security (if received)
- Amount of AFDC (if received)
- References for a loan (if needed)
Veterans
- Current year taxes & W-2s for student and spouse
- FAFSA completed by student
- Amount of child support (if received or paid)
- Amount of Social Security (if received)
- Amount of AFDC (if received)
- References for a loan (if needed)
- DD214
What if I’ve had credit problems in the past?
Don’t worry. Many education loans are not based on your past or current credit. Even if you have declared bankruptcy, you may still qualify for education loans, grants or scholarships. Your Harrison financial aid analyst will help you determine your best bet for securing assistance.
What if someone tries to charge me for help with scholarships?
Just say no! There should never be a fee for applying for scholarships or looking for them. If a company tries to charge you a fee—either an upfront fee or a percentage of your scholarship—do not accept their help.
What is the Tuition Freeze Program?
Harrison's Tuition Freeze Program guarantees that your tuition will not increase as long as you are continuously enrolled as a degree-seeking student. Even if you complete one degree and move right into another program, your tuition will not go up. You do not have to take any extra steps to sign up for the Tuition Freeze Program when you enroll.
Types of Financial Aid
What’s the difference between a grant and a loan?
Basically a grant is free money given for your educational expenses. A loan, on the other hand, must be repaid with interest. Interest is a fee added on to the original loaned amount. More specifically, there are three types of Federal grants Harrison College students could be eligible to receive: a Pell Grant, Supplemental Educational Opportunity Grant (SEOG), and Academic Competitiveness Grant (ACG). Indiana Business College also accepts/participates in the Indiana State Grant programs, Frank O’Bannon Grant (FOBG) and 21st Century Scholar. See the next questions for more detail.
What is a Federal Pell Grant?
Pell grants are generally awarded only to undergraduate students who have not earned a bachelor’s degree and show financial need. Amounts can change yearly; currently, the maximum award to the 2008-09 award year is $4,731. (The amount awarded is based on EFC, which is calculated by completing the FAFSA and the number of credit hours you are taking.)
What is SEOG?
SEOG is the Supplemental Educational Opportunity Grant. This is awarded to students with an extremely high financial need (this is calculated by completing the FAFSA).
What is ACG?
ACG stands for Academic Competitiveness Grant. This program began in the 2006-07 award year for full-time and part-time (beginning in the 2008-09 award year) undergraduate students. The maximum award for a first academic year eligible student is $750; the maximum award for a second academic year student is $1,300. In order to be eligible you must meet the following requirements:
- Receive a Federal Pell Grant during the same award year
- Be a U.S. Citizen
- Be a first- or second-year undergraduate student in a degree or certificate program at a two- or four-year degree-granting institution
- Have completed a rigorous secondary school program of study
- If a first year student, have completed secondary school after January 1, 2006 or
- If a second year student, have completed secondary school after January 1, 2005 and have at least a 3.0 grade point average as of the end of the first academic year of undergraduate study.
What is the Federal Work Study (FWS) program?
Under the FWS program, you can work part-time to earn money for your education while enrolled in school. It is available to full- or part-time students, where financial need is displayed. (Contact your financial aid office at the campus you are attending to see if you qualify.) Within the FWS program there are several different types of jobs. In order to find out what is offered at the campus you are attending, you should contact your Career Services Department.
What types of student loan programs are there?
The different programs are as follows: Stafford loans (subsidized and unsubsidized) and Plus loans. See the next questions for details.
What is a Stafford loan?
The Stafford loan is a program that allows undergraduate and graduate students to borrow money to assist in the payment of educational costs. This is a non-credit based loan that requires completion of the FAFSA, completion of a Master Promissory Note and that you’re not currently in default on past student loans. Also dependent students have a maximum amount they are allowed to borrow during an award year based on Plus loan results.
What do Subsidized and Unsubsidized mean?
Subsidized means the U.S. Department of Education will pay the interest that accrues during certain periods. This type of loan is available to students who demonstrate need based on the cost of attendance. Unsubsidized means the U.S. Department of Education will not pay the interest on this type of loan. If you have questions about other financial aid terms or phrases, visit our Financial Aid Glossary.
What is a Plus Loan?
The Plus loan is a loan that parents can obtain to help fund the cost of their dependent students’ education. This is a credit-based loan. If a parent is not approved for this loan, a dependent student is allowed to borrow more in Stafford loans. A parent is also required to complete a master promissory note if deemed credit-worthy.
What is a Master Promissory Note?
A Master Promissory Note (MPN) is your agreement to repay the loan/loans that you have borrowed according to the terms of the note.
After Receiving Financial Aid
What if I can’t make my loan payments?
With education loans, many of them do not have to be paid back until after you’ve completed school and are working in your new job. At that time you will need to carefully budget your monthly expenses, being certain to include that loan payment in your list of expenses. Your Harrison financial aid analyst will be able to provide help to you in planning for repayment.