Financial Aid FAQs
Financial Aid FAQs
Yes. The FAFSA covers July 1st of one year through June 30th of the next. After your first year, you will use the FAFSA Renewal Application which contains pre-populated information from the previous year’s FAFSA. You will then be asked to supply current financial information
Since approval of some non-need-based education loans is based on your credit history, you may want to order a credit report in advance to see if everything is accurate. You are allowed to receive one free credit report each year from each of the three main agencies (Equifax, Experian, and TransUnion) at www.annualcreditreport.com. Check the report closely and resolve any erroneous information prior to applying for education loans. We recommend that you order a new report every four months to ensure that no fraudulent activities have occurred on any of your accounts. For example: in January, order your first report from Equifax; in May, order the second from Experian; the third from TransUnion in September; repeat. In order to receive your credit score, you will have to pay about $15. Each of the agencies uses a slightly different formula to arrive at your credit score, but they are usually only off by a few points from each other. If you pay for a credit score from only one agency, the others should be close and you won’t need to pay for all three.
Once your file is complete, we will package your awards and create an award letter. If you are a first-time AUSB student, your first award letter will be mailed to you. After that, you can log in to your myAntioch account and access your award letter. You will receive notification to your Antioch University email account when your new (or revised) award letter is ready to download. If you have any questions regarding your award, we will be happy to answer them
Your FAFSA may be selected for “verification” and we may need for you to submit a tax return transcript. A tax return transcript can be obtained in three ways:
- Apply online at www.irs.gov
- Call (800) 908-9946
- Mail or fax Form 4506T-EZ, which can be found at the IRS website
A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loans more difficult than you expected. If you meet the eligibility criteria, you could qualify for a deferment or forbearance:
- Enrolled at least half-time at a postsecondary school
- Unable to find full-time employment
- Experiencing economic hardship
- On active military duty
Contact your loan servicer to discuss your options. You can retrieve your loan information at www.nslds.ed.gov. This is a federal website and you can login using your FAFSA PIN.
Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment calculator (like the one found here) to determine how much you will have to pay each month. Keeping your debt load to a minimum will make it more likely that you will have success in repayment. For tools to assess possible wages for certain jobs, visit the Bureau of Labor Statistics Resources for Students and Teachers page.
Not quite. We may still need additional documentation from you. If so, the Financial Aid Office will send an email to your Antioch University email address requesting the necessary documents. This is why it is so important for you to keep checking your Antioch University email account (if you are a new student without an Antioch email address, we will use your own email address until you are enrolled). Please respond to any requests right away to avoid any delays in the processing of your financial aid.
Yes! Many students mistakenly think they don’t qualify for financial aid and prevent themselves from receiving any by simply failing to apply for it. In addition, there are a few sources of aid (i.e., Federal Unsubsidized Direct Stafford loans and Federal PLUS loans) that are available regardless of financial need. It’s free to apply for Federal Student Aid (FAFSA). Go to www.fafsa.ed.gov. You will need a PIN which you can apply for at www.pin.ed.gov.
Yes. You must report the scholarship to the Financial Aid Office.
Not necessarily. Federal Direct Stafford loans have a grace period of six months from your last date of attendance before the student must begin repaying the loan. (The Federal Perkins loan has a grace period of nine months.) When you take a leave of absence, you will not have to repay your loan until the entire grace period is used up. If you use up the grace period, however, you will have to begin repaying your loan immediately when you graduate, withdraw, or fall below half-time enrollment. For students in quarterly programs, it would take two consecutive terms (three months each term) to use up the grace period. For semester programs, one term (six months per term) on LOA will use up the grace period.
Four of the most common mistakes are:
- Not applying early enough
- Not reading the instructions
- Not fully completing the applications
- Not using the correct Social Security number
The interest on the Subsidized loan is paid by the government while you are in school. The interest on the Unsubsidized loan is not paid by the government while you are in school, and you have the option of paying the interest during enrollment or having it deferred until after you graduate, at which time it will be added to the principal of the loan in a process called capitalization. Keep in mind that as of July 1st, 2012, only undergraduate students will be eligible for Subsidized loans.
Once you have submitted your FAFSA, you should receive an email confirmation. This is verification that you submitted your FAFSA and that it is being processed. Within the next 72 hours, AUSB will receive it if you have us listed as one of the schools in Section H. Questions about FAFSA processing can be directed to the Federal Student Aid Information Center at (800) 433-3243.
There are a number of factors that can impact your financial aid from year to year. Your awards may change significantly if any of the following has occurred:
- Your (or your family’s) financial circumstances change from one year to the next
- You have a different number of family members in your household or in college
- The total cost of attendance for the year has increased
Can I enroll in courses at another institution while attending Antioch University Santa Barbara and still receive financial aid?
In the Bachelor of Arts program, students may be dually enrolled at Antioch University Santa Barbara and another approved institution. Students wishing to be dually enrolled must submit a complete Consortium Agreement Form to the Financial Aid Office. Please note that (1) BA students must be registered for a total of 6.0 units to be eligible for financial aid and (2) students may receive financial aid from one institution only during a given term.