Financial Aid - FAQ's for Incoming Students

Please read this information carefully, and keep it for your records.

Q: The tuition on my award letter is based on 9 credits, but I’m taking 12 credits, what do I need to do?

A: If at any time you are doing more or less credits, all you need to do is let us know, via email at finaid@cooley.edu, and we will adjust your budget accordingly.

Q: I applied for $20,000 in my Grad PLUS/private loan, and you only certified $3,000, why?

A: Any and all combined aid cannot exceed your total budget. The amount was reduced because that was the eligibility remaining in your total budget. Please review your personal budget and expenses against what the school allows to ensure that you can live within your means.

Q: I just received a bill in the mail, and it says I owe the school by xx/xx/2007. I have received an award notice and/or a disclosure statement from my lender, my aid will not be in until after the tuition due date. How am I supposed to come up with all that money?

A: If you are going to be paying by cash, then you need to have your bill paid by that date. If you are receiving loans, and you owe a balance after your loans come in, then the balance is due by that date. If you are receiving loans, and it covers your balance, your tuition is automatically deferred until your aid comes in.

Q: When can I expect my refund check?

A: A new student can expect the proceeds from the loans in approximately week 2 or 3 of the term. The best way to avoid any unnecessary financial stress is to always have budgeted at least two month’s living expenses out of pocket.

Q: When can I expect my refund check my second term?

A: All second term student’s aid is held until grades are officially received from the Registrars Office. Proceeds can be expected in approximately week 6 of the term. The best way to avoid any unnecessary financial stress is to always have budgeted at least two month’s living expenses out of pocket.

Q: When can I expect my refund check my third term and beyond?

A: As long as you are in good academic standing and meet all other eligibility requirements, approximately the first week of classes.

Q: How will I know exactly when my loan money is here?

A: You will receive an e-mail to your Cooley student account when funds have arrived. This e-mail details how to receive your refund check if applicable to you.

Q: Where do I pick up my refund check or can my refund check be direct deposited?

A: Students obtain refunds/proceeds from the Business Office, NOT the Financial Aid Office. The Business Office is located next door to Financial Aid Office, on the 2nd floor of the Cooley Center.

A: To have your refund check direct deposited to your bank account, please contact the Business Office at businessoffice@cooley.edu to complete the necessary paperwork.

Q: Does Cooley offer book vouchers? How do I pay for my books?

A: We do not offer book vouchers. You will have to pay for your books out-of-pocket until your aid comes in and is made available to you. All classroom textbooks are available at the Cooley Library for use if you are unable to purchase your books.

Q: How do I defer my loans from another school?

A: The Registrar’s Office completes all in school deferments. Cooley reports to the ‘Clearing House’ all students’ status in week 3 of the term. The majority of loan agencies participate in the clearing house to obtain student’s enrollment status. If you have a deferment form to be completed, forward it to the Registrar’s Office. If your payment to your lender is due in week 1 or 2 of the term, you will need to make that payment, and your following payment should be deferred. Check with your lender to verify that your loans are deferred before you stop making payments.

Q: Anything else I should know?

A: Students can see all complete and missing financial aid documentation by checking the student portal and accessing their individual account. Specifically, the Financial Aid information is located under the 'Student Services' index. New students will receive their access information approximately two to three months before matriculation.

We are a borrower based school, which means that if you remain eligible, you may borrow federal aid for every term you are here. We process loans two terms/eight months at a time. You will then receive a new set of loans for the 3rd and 4th term, and it will continue to cycle every two terms/eight months. Keep in mind there are maximum federal loan limits per loan period and this in conjunction with your financial aid budget will determine your loan eligibility.

You must complete your FAFSA every calendar year to receive federal aid! The best way to remember is to complete the new FAFSA after you have filed that year's tax return. If you do not file taxes, please try and remember to have it done by the filing deadline, April 15. Please keep your PIN number in an accessible spot, so it is not forgotten, or change it to a number that you will not forget. In addition, we send out e-mail reminders when the next year’s FAFSA is available. The link that you will need to complete the FAFSA is www.fafsa.ed.gov and to request your PIN number is www.pin.ed.gov. If you need, want, or are eligible for private/grad plus loans, you will have to renew them every other term for the eight month period.

PLEASE READ ALL information (postal mail and from your Cooley e-mail account), that is sent to you from the Financial Aid Office. We do not send junk mail. If it is sent to you, it is important, and you need to be aware of it. In addition, keep the school up-to-date with your address/phone number (this is completed through the Registrar’s Office). When contacting the Financial Aid Office, be sure to leave additional information (Student number/SSN) along with your name and phone number so we can help serve you better.

Ultimately, it is your responsibility to make sure your financial aid is in order. If you should need assistance, feel free to contact us by email at finaid@cooley.edu.

Revised on 02/09/07