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Home » Admission & Aid » Scholarships and Financial Aid » Financial Aid FAQ’s

Financial Aid FAQ’s

Do I need to reapply for financial aid every year? Expand

Yes. In order to receive a financial aid package, students will need to reapply each year by filing the Free Application for Federal Student Aid (FAFSA).  Students may file the FAFSA starting October 1.

Why should I file the FAFSA as soon as possible? Expand

Some financial aid funding sources are limited and are awarded on a first-come, first-served basis until funds are depleted. The earlier you file the FASFA, the better your chances of being considered for these types of financial aid funds.

I am finishing my freshman year and want to know when I will receive my financial aid package for the next academic year.  I received my aid package much earlier this past year. Expand

For returning students, we wait until spring grades are posted and housing/meal plans are updated for the next academic year. We will begin emailing the financial aid packages before the end of May.

Is the academic merit-based scholarship I was awarded when I was admitted to Austin College automatically renewed each academic year? Expand

Yes, as long as you meet Satisfactory Academic Progress.

Will the amount of the academic merit-based scholarship I was awarded when I was admitted to Austin College increase each academic year? Expand

No. The amount you were awarded when you were admitted to the College remains the same.

How many semesters will I receive the academic merit-based scholarship I was awarded? Expand

Merit-based scholarships are awarded for a maximum of eight (8) semesters.

I filed a FAFSA last year and did not receive any financial aid. Should I reapply? Expand

Yes. If the financial circumstances of your family have changed or if there will be another dependent child in your family attending college at least half time, it may be worth filing the FAFSA again to see if you have eligibility for any grant aid or loans.

My parents are separated/divorced. Which parent fills out the FAFSA? Expand

The parent you lived with most during the last 12 months. If you don’t live with either parent, or if you lived with each parent an equal number of days, use the parent who provided the most support to you in the most recent calendar year that you were actually supported by a parent.

My biological parents are divorced but the parent I live with has remarried. Do I have to report my step-parent’s income and assets on the FAFSA? Expand

Yes.  Your step-parent is part of your family unit so both your biological parent and your step-parent’s income and assets are reported on your FAFSA.  Read more information regarding parents and the FAFSA.

When is a student considered independent for financial aid purposes? Expand

View the FAFSA questions that determine dependency status.

My cash, savings and checking vary from day to day. What amount should I enter on the FAFSA? Expand

Use the actual balance in your savings and checking account on the day you complete the FAFSA.

My parent(s) lost their job and their income will be substantially different from the original amount reported on the FAFSA.  What should we do? Expand

Contact the Financial Aid Office and ask about filing an appeal based on a loss of income.  We will ask you to send us a written appeal describing your specific circumstances, the timeline and details of the loss of income and an estimate of your projected income. Documentation will also be required. The financial aid administrator may use professional judgment to determine if you could qualify for additional financial aid.

My financial aid award is not the same as last year. What happened? Expand

Financial aid eligibility is re-evaluated every year. Any changes in income/assets and/or number of family members in the household reported on the FAFSA and number of those family members in college will come into consideration when a student is awarded.  The availability of funds also varies from year to year.  Also, your choice of housing and meal plan options may impact your financial aid.  We highly recommend completing your FAFSA and submitting verification documents, if selected, as early as possible to help secure your awards.

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