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Why is FAFSA asking me to Pay for my application?
If you are being asked to pay to submit your FAFSA, you are not on the Federal FAFSA site. FAFSA stands for FREE application for Federal Student aid. The site is www.fafsa.ed.gov NOT www.fafsa.com. www.fafsa.com is a for profit company that helps students complete the FAFSA for a fee.
What kind of aid does NESCom offer?
NESCom participates in the Federal PELL Grant program, Federal Family Education Loan Program, Maine Student Incentive Scholarship Program, Massachusetts State Grant, and Vermont Student Assistance programs.
What is Opportunity Maine?
Nescom also participates in the Opportunity Maine Program. Opportunity Maine is a new program that will offer tax credits for college graduates that live in Maine after graduation. Beginning in January 2008,any loans that a student borrows may make him/her eligible to claim a tax credit after graduation. Businesses are also eligible for the tax credit if they agree to pay a students' loan. To be eligible, graduates must work and pay taxes in Maine after they finish school. Loans taken before 2008 are not eligible for the tax credit.
For more info go to www.opportunitymaine.org. You will need to print a contract, sign, date and return to the NESCom office in order to be eligible. Signing this contract does not mean that you HAVE to stay in Maine. It just will make you eligible for the tax credit IF you stay in Maine after graduation. NESCom will hold the contract for you in your file and will submit it for you when you graduate.
What if my financial situation changes in the middle of the year?
Special circumstances, such as changes in your (or another family member's) employment, loss of a benefit or other type of income, or even unusual costs can affect a family's ability to pay for school. Such circumstances should be brought to our attention throughout the academic year to review your circumstances. Address your concerns in writing to the Financial Aid Office.
Why do I have to pay more than what my Expect Family Contribution says I have to pay?
The Expected Family contribution (EFC) from the FAFSA is NOT a dollar amount. The FAFSA uses a 35 page formula to calculate where the student falls in relation to all other students applying for aid. The EFC is the number that defines how much aid a student can receive, NOT how much the student is responsible for paying.
Why was I selected for Verification?
Verification is a process in which several documents are collected from the student in order to verify that the information on the FAFSA was reported correctly. Selection for verification is done by FAFSA and is done at random. The process can take several weeks to complete so it is VERY important that you complete and return your paperwork as soon as possible in order to ensure that the process is completed in time for classes. If you are selected for verification, you will be notified when you receive your Award Letter.
If you are selected for verification you could get multiple award letters. Each time a change is made to the FAFSA it potentially changes what the student is eligible for. Sometimes this works in favor of the student and sometimes is works against the student. Until verification is completed, any aid that is estimated and could change. Once the final EFC has been issued, the final and official Award Letter with the official award package will be sent to the student.
Does NESCom offer a payment Plan?
The payment plan that NESCom has in place has no fees or interest, divides your balance for the semester by 3 and requires a monthly payment for 3 months until the balance is paid. For example, if after all of your fall financial aid has been applied and you still owe $900 dollars then your payment plan would be $300 due on August 15th, September 15th, and October15th.
Which Lender should I choose?
The choice in lenders is completely up to you. NESCom will work with any lender that you choose. The most important things to look at when trying to decide are interest rates, borrower benefits and restrictions, and customer service. NESCom does offer a comparison tool with several lenders that have been popular with our students in the past: ELM SELECT
Do I have to complete my taxes before I fill out the FAFSA?
It is a good idea but not mandatory. The FAFSA can be completed with the prior year's information but you are required to update the FAFSA when the current year's taxes are filed.
Why do I need my Parent's information?
FAFSA requires parental information from a dependent student because it is the philosophy of the program that students AND their families are responsible for their secondary education. However, supplying information on the FAFSA does NOT make the parent responsible for the student's bill or enter them into any agreements.
Independent students are exempt from having parental information on their FAFSA. Being classified as an independent student is DIFFERENT from being an independent on a tax return. Only students who are 24, married, a veteran, a ward of the court, or have dependents that receive more than half of their support from the student are considered independent. If you have an extenuating circumstance that you would like to discuss please call the financial aid office as we are happy to discuss concerns with you.
Does my aid change if I am a commuter vs a resident?
It is unlikely that your aid will change depending on your residency status but it is possible. If you are looking to change living situations please notify the financial aid office and we will tell you if and why your aid is changing.
My Award Letter is based on Full Time Status but what if I am a part- time Student?
If you are a part-time student (taking less than 12 credits) your aid will change. Most grants and scholarships have stipulations that part-time students receive lesser amounts of aid than full-time students. If you are planning to change your status please notify the financial aid office and we can tell you how your aid will change as all circumstances are different.
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