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Frequently Asked Questions (FAQs)

Financial Aid TV

 


Q. How can I check my financial aid status?

We encourage students to check their status on AP Onestop. Check out our Readiness Checklist on the Financial Aid/ Veterans Tab.

Q. Do I have to apply for Financial Aid every year?

The Free Application for Federal Student Aid (FAFSA) must be completed each year.

Q. When should I apply for Financial Aid?

The FAFSA should be completed after January 1st each year, as soon as your tax information is available. Our priority deadline date is March 1st of each year.

Q. How do I apply for Financial Aid?

  • Apply free online at www.fafsa.gov. This is the fastest way to apply for Financial Aid.
  • Free Renewal FAFSA, which may be submitted on paper or on the web at www.fafsa.gov
  • Completing & mailing a free paper FAFSA to the U.S. Department of Education. Applications are available with high school guidance counselors and college/university financial aid offices.
  • Print and mail in a signature page, or
  • Electronically sign with Personal Identification Number (PIN). You may request a PIN at www.pin.ed.gov.

You need to complete the Free Application for Federal Student Aid (FAFSA).

There are several ways to submit your FAFSA:

If you submit your FAFSA online, you must:

Your application will not be processed until the U.S. Department of Education receives your signature(s).

For free help completing the FAFSA, please visit the U.S. Department of Education’s online guide at www.studentaid.ed.gov/completefafsa.

For additional details please visit APPLY FOR FINANCIAL AID PROCESS

Q. My parent’s (or my) information is going to change. What do I need to do on the FAFSA?

As of the date you complete the FAFSA, enter all information that is correct.

After you receive notification from the US Department of Education and there has been a change in your FAFSA information, you should notify our office by completing one of the following: Correction Form, Special Consideration and Dependency Override. These forms are available at: www.apsu.edu/financialaid/forms/forms.htm.

Q. What happens after I submit my FAFSA?

Your FAFSA is processed by the US Department of Education. As long as there are no errors or problems, your FAFSA information is electronically transmitted to the school(s) listed on your application. If there are problems or errors, the U.S. Department of Education will notify you.

Q. How will I be notified of my financial aid award?

Award notifications will be sent via AP Mail. Awards may also be viewed on AP One Stop. Please follow instructions for accepting awards.

Q. My parents are divorced. Which parent should complete the FAFSA?

The custodial parent is responsible for filling out the Free Application for Federal Student Aid (FAFSA). The custodial parent is the parent with whom you lived with the most during the past 12 months.

Q. How can I transfer my Financial Aid information from another university to Austin Peay State University?

You can call and update this information over the phone by calling 1-800-4-FED-AID and providing your Data Release Number (DRN). The DRN is located on the 1st page of your Student Aid Report (SAR).

You may also make this change online at www.fafsa.gov. You must have your Personal Identification Number (PIN).

Q. How long does it take to process a dependency override and a special considerations form?

You will normally receive a response from our office within 14 working days of the request. Due to the high volume of work in August and January, a decision may take up to 30 days.

Q. If I skip a semester in college, how will that affect my financial aid?

You will not receive any financial aid.

For Example: If you had loans, you will begin using your authorized grace period. Repayment of the loan could begin depending on the number of months you remain less than half time.

Q. What is the difference between a subsidized and unsubsidized Stafford Loan?

The Federal government pays the interest on subsidized loans while the student is enrolled in school for at least half-time.

With an unsubsidized loan, the interest payments are the responsibility of the student. Students can elect to pay the interest on the unsubsidized loan while in school or can choose to let the interest accrue. Arrangements for payment should be made through the student’s lender, not the school.

Q. What is Federal Work Study and how do I qualify?

Federal Work Study is an employment program sponsored by the Federal Government.

You must complete the Free Application for Federal Student Aid (FAFSA) each year, and meet the priority published deadline dates as well as the federal eligibility requirements. For additional information, please visit: www.apsu.edu/financialaid/fws.htm/

Q. What is Federal Supplemental Education Opportunity Grant (FSEOG)?

FSEOG is a campus-based grant funded by the federal government for undergraduate, degree-seeking students with exceptional financial need. You must meet the priority published deadline dates as well as the federal eligibility requirements. In order to apply, you must complete the FAFSA.

Q. How do I apply for the Lottery Scholarship?

You need to complete the Free Application for Federal Student Aid (FAFSA) by May 1st of each year. For additional information, please visit: http://www.collegepaystn.com/mon_college/lottery_scholars.htm.

Q. I want to apply for scholarships only. Do I have to fill out the FAFSA?

Only if you are applying for the Tennessee Education Lottery Scholarship. Please refer to http://www.apsu.edu/Scholarships/ for additional scholarships & information.

Q. How is financial “need” determined?

Please visit: www.apsu.edu/financialaid/coa.htm.

Q. How long does it take for my loan application to be processed?

Applications are processed in the date order of which they are received. The processing time for the loans, up to the actual receipt of funds, can take approximately 4-6 weeks.

Q. Once I have returned my Master Promissory Note to the lender, how long will it take to get the funds?

Normally if your lender electronically transmits your funds to the school, it should be received within 5 – 7 business days. If your lender mails a paper check, it will take approximately 2 weeks.

Q. Who is eligible to receive financial aid?

Please refer to the list of eligibility requirements at: www.apsu.edu/financialaid/eligibility.htm.

Q. I am confused with the financial aid process, with whom would I speak?

Please refer to the list of counselors on: http://www.apsu.edu/financialaid/office-directory.

Q. Where is the Financial Aid Office located at Austin Peay State University?

Ellington Student Service Building, 2nd floor, Room 216.