Seminary FAFSA and Loans - Clarks Summit University

FAFSA and Loans

Complete the Free Application for Federal Student Aid (FAFSA) as soon as possible. This is your key to financial aid at almost any institution. It is required for all forms of federal and state aid as well as Clarks Summit University institutional scholarships.

The FAFSA is available in October for the following Fall. FAFSA uses prior-prior year tax information; for example, if you are applying for aid for the 2018-2019 academic year, you will need information from your 2016 income tax forms. Completing the “FAFSA on the Web” shortens processing time and reduces errors.

Use the IRS Data Retrieval Tool to upload your tax information directly into the FAFSA.  You can review instructions on how to use the IRS Data Retrieval Tool in the FAFSA online.

Remember to enter Clarks Summit University, code 002670. After completing this application, you will receive a Student Aid Report detailing the results of the FAFSA.

FAFSA Verification Policy

Each year the Department of Education selects student FAFSAs (Free Application for Federal Student Aid) at random to be reviewed in a process called “Verification.” To complete this process, Financial Aid will request pertinent information from the student (if independent) as well as requesting information from the parents of the student (if dependent). If selected for verification, federal law requires that the institution obtain this information from the student before awarding any federal aid. Clarks Summit University must review the requested information under the HEA Financial Aid Program Rules (34 CFR, Part 668).

Verification Procedure

A letter along with a verification worksheet will be sent to the student’s home address if he/she has been selected for FAFSA Verification. In order to simplify the process, the student will need to do one of the following:

1) If the student utilized the IRS Data Retrieval Tool (DRT) when completing the FAFSA and the IRS tax information was successfully transmitted, the following documents will need to be submitted to Financial Aid:

  • FAFSA Verification Worksheet for academic year
  • Other documents may be required based upon varying circumstances

2) If the student did not utilize the IRS Data Retrieval Tool (DRT) when completing the FAFSA, then, the following documents will need to be submitted to the Financial Aid Office:

  • FAFSA Verification Worksheet for academic year
  • Tax Return Transcript (not a Tax Account Transcript) which can be requested by calling 800-908-9946 or going to www.irs.govDo not send federal income tax returns as they will be destroyed. Tax Return Transcript is based on prior-prior year taxes, e.g., 2017-18 FAFSA is based on 2015 taxes.
  • Other documents may be required based upon varying circumstances

Review important forms and other resources.

As part of the verification process, the Department of Education has moved towards a more customized approach, in that certain students will be randomly selected to submit specific documents to the Financial Aid Office at Clarks Summit University. Along with students using the IRS Data Retrieval Tool (DRT) or submitting a Tax Return Transcript, students may also need to submit proof of high school completion, or submit proof of identity and statement of educational purpose.

The deadline for submitting the above mentioned paperwork is 45 days after the student is notified that he/she has been selected for FAFSA Verification. If proper documentation cannot be submitted within 45 days, the student must contact Financial Aid to make alternative arrangements.

Financial Aid will not disburse Title IV Aid until verification is completed. Federal financial aid may be forfeited if Verification documents are not completed and returned. If a financial aid award changes due to a “finding” during the Verification process, the student will be notified by a letter sent to the student’s home address, or by email to the student’s email address on file.

Clarks Summit University Financial Aid Office verifies all of the FAFSAs selected by the Department of Education and undergraduate online students. They may also select a FAFSA for verification based on information received from the FAFSA. Students who desire to have their FAFSA considered for “Special Circumstances” will also undergo the Verification process.

Special Circumstances

During an academic year, a number of adverse situations could occur in the life of a student and in the life of his/her family that are beyond the student’s control. Examples of these situations could include:

  • Loss of income from work
  • Loss of income from child support, social security, worker’s compensation or alimony
  • Legal separation or divorce
  • Death of a parent or spouse
  • Excessive medical/dental expenses not covered by insurance
  • One-time lump sum payment received within the tax year
  • Parent of student working on a degree higher than present degree—enrollment must be at least half-time.
  • Marriage of students

If any of these situations has occurred in a student’s life or in the life of a student’s family since the completion of the current academic year FAFSA, the student may be eligible for “Special Circumstances.” By providing Financial Aid with necessary documentation, we are able to make changes to your FAFSA information that will accurately reflect what your financial situation is at the present moment rather than when you filed the FAFSA.

In order to have their FAFSA considered for Special Circumstances, a student will need to submit the following documents:

Federal law requires that the student’s FAFSA undergo “Verification” prior to consideration for Special Circumstances or Tuition Validation.

Financial aid award amounts typically increase due to the changes made to the student’s FAFSA. Students will be notified of any changes to the FAFSA by a letter sent to the student’s home address, or by email to the student’s email address on file.

Contact us.

Student Loans

A student loan is an award of financial aid for which the lender will have to be paid back. Some loans are subsidized, meaning the federal government pays the interest that accrues on the loan from the date of disbursement until the loan enters repayment status. Other loans are unsubsidized, meaning you will be responsible to pay all interest that accrues on the loan from the date of disbursement until it is paid in full. You can choose to pay the interest while you are in school or defer it until after you graduate. You may need to carefully consider taking out a loan to help pay the costs of your education. View the Clarks Summit University Lending Code of Conduct here. As of July 1, 2010, Clarks Summit University began participating in the William D. Ford Direct Loan Program. As a result, we process all Direct Subsidized, Direct Unsubsidized and Direct PLUS Loans through the Department of Education. All loans processed through the Direct Loan Program are assigned to a servicer by the Department of Education.

What Does A Student Need To Do To Obtain A Federal Direct Stafford Loan?

Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Graduate or Professional Students Annual Loan Limit Not Applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit $31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
PLUS LoanDependent StudentsIndependent Students 
PLUS Loan (Parent for Dependent or Independent Undergraduate)Up to Cost of AttendanceN/A 
PLUS Loan (Graduate)N/AUp to Cost of Attendance 
Interest Rates for Direct Loans First Disbursed on or After July 1, 2017   
Loan TypeBorrower TypeLoans first disbursed on or after 7/1/17 and before 7/1/18 
Direct Subsidized LoansUndergraduate4.45% 
Direct Unsubsidized LoansUndergraduate4.45% 
Direct Unsubsidized LoansGraduate or Professional6.00% 
Direct PLUS LoansParents and Graduate or Professional Students7.00% 
Loan TypeFirst Disbursement DateLoan Fee
Direct Unsubsidized Loans and Direct Unsubsidized LoansOn or after 10/1/16 and before 10/1/171.069%
Direct Unsubsidized Loans and Direct Unsubsidized LoansOn or after 10/1/17 and before 10/1/181.066%
Direct PLUS LoansOn or after 10/1/16 and before 10/1/174.276%
Direct PLUS LoansOn or after 10/1/17 and before 10/1/184.264%

NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.A student Direct Loan borrower who is graduating, leaving school or dropping below half-time enrollment is required to complete exit counseling at  www.studentloans.gov.

Alternative Loans

Alternative loans are private loans (not part of the federal government programs) that are obtained through a lending institution. Though Clarks Summit University makes every effort to ensure lenders on our list provide the least expensive loans and best service possible, students and parents have the right and ability to select the lender of their choice, regardless of our suggested lender list. You may compare and apply for an alternative loan online.

Clarks Summit University follows the Standard Academic Year definition of borrowing. Your maximum loan eligibility covers the entire year: fall, spring and summer. If you need loan funds for each semester, plan and borrow wisely so that you do not exhaust your eligibility before the end of the academic year. For example: If you use your entire loan eligibility in the fall and spring semesters, you will not have any loan funds available for the summer.

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