- When do I need to apply for financial aid? Are there any deadlines?
- What forms need to be completed in order to receive Financial Aid?
- Why am I selected for verification?
- What are the instructions for accepting financial aid awards?
- How do I complete the entrance counseling?
- How do I complete the master promissory note (MPN)?
- When is my financial aid disbursed to my account? When is a financial aid credit refunded to me?
- I am a dependent student. How can a parent apply for the parent PLUS loan?
- My parents took out a parent PLUS loan. Who is the credit refunded to?
- I am a graduate student. How do I apply for the graduate PLUS loan?
- What are the instructions for direct deposit (E-refund)?
- I changed my bank account; what do I do to change my direct deposit?
- Do I have to reapply for financial aid every semester?
- Do I have to complete the FAFSA to receive aid?
- How much aid will I be eligible for?
- Am I eligible for Pell Grant?
- Are there any scholarships available?
- What is the difference between subsidized and unsubsidized loans and who is eligible for each?
- What is the maximum loan eligibility for my degree?
- What is federal work study? Am I eligible?
- What are the minimum hours I have to be enrolled in to receive Financial Aid?
- Am I eligible for aid if I have filed bankruptcy? Defaulted on past loans?
- Why do I have to use my parent’s information if I live on my own and pay my own bills?
- I am a dependent student and my parents are divorced. Do I have to include a stepparent’s information?
- I need to drop classes; what happens to my financial aid?
- My income circumstances have changed; is there anything I can do to apply for additional financial aid?
- What is the satisfactory academic progress policy?
- Is there anything that would prevent me from being eligible for federal student loans?
- What is the interest rate on student loans?
- When do my loans go into repayment?
- How do I put my loans into deferment?
- Who do I make my loan payments to?
- What if I cannot make my loan payments?
- How do I consolidate my student loans?
- Are there other loans that I can apply for besides federal student loans?
- When does the academic year start/end?
- What does the cost of attendance figure mean?
- What is an EFC number? Is this what I have to pay?
- What is the difference between a Dependent and an Independent student status?
- How do I get a Federal Student Aid ID (FSA ID)?
- What is Friends University’s school code?
- I received a financial aid WARNING letter, what does that mean?
- Can I set up a payment plan and not use loans?
- What are some important websites that I should know about?
- How do I sign into FalconHub?
Financial aid process:
1. When do I need to apply for financial aid? Are there any deadlines?
You need to apply for Financial Aid each school year. Summer (Mid-May) starts our Financial Aid year followed by the fall and spring semesters.
Students in the College of Business, Arts, Sciences, and Education need to submit your application as early as possible, but no earlier than October 1. Some types of aid are limited and we award by the financial aid file completion date. Our priority deadline date is February 1 to complete your FAFSA.
Adult and Professional Studies students and Graduate students do not have deadlines for completing financial aid; however, it is recommended that you complete financial aid before the start of each academic year. The FAFSA is available on October 1 prior to the next academic year. For example, the 2023-2024 FAFSA was available as of October 1, 2022.
2. What forms need to be completed in order to receive Financial Aid?
The Free Application for Federal Student Aid (FAFSA) is necessary only if you are interested in obtaining federal, state and institutional grants and/or student loans. The application can be completed online at FAFSA.
3. Why am I selected for verification?
Verification is the way that the Department of Education (ED) keeps integrity and honesty in the FAFSA application process. The ED will randomly select applications from the submitted FAFSA’s for the process called verification. You will know that you have been selected if there is an asterisk (*) beside your EFC on the Student Aid Report.
The verification process requires the financial aid office to collect information from you that you used in completing the FAFSA form (tax return transcripts that can be obtained only by the IRS, untaxed income information and household information). If you used the IRS Data Retrieval Tool on the FAFSA website, which is preferred, you will not be required to submit a tax return transcript. When we have all of the information we need, we will verify that the answers on your FAFSA are correct. When discrepancies are found, we will fix the FAFSA so that it has the correct information. Getting selected for verification does mean that we will require you to submit additional information and the financial aid process will be slightly longer than normal.
4. What are the instructions for accepting financial aid awards?
Sign into FalconHub (How do I sign into FalconHub). Once signed in:
- Login with username and password
- Select “Student Self Service“
- Select “Financial Aid”
- Select “Award Offer“
- Review your student loan offer, then click “Select“
- Select “Accept”, “Decline” or “Modify” (Selecting “Modify” gives you the option to accept less than the full-time loan amount)
- Select “Submit“
- If you choose to accept your federal student loans, please log onto studentaid.gov to complete the Master Promissory Note and Entrance Counseling.
5. How do I complete the entrance counseling?
- You can go to studentaid.gov. Then you will select “Loans and Grants” and then select “Loan Entrance Counseling”
- Login with your FSA User ID to complete Entrance Counseling
- Login with your FSA ID to complete Entrance Counseling as an “Undergraduate” or “Graduate” student.
- Undergraduate Student = Bachelor’s Degree
- Graduate Student = Master’s Degree.
- If you do not have an FSA User ID, you can create one by going to https://studentaid.gov/fsa-id.
- SUBMIT Entrance Counseling and allow 1-2 business days for the Entrance Counseling to be received and updated by the school
- Login with your FSA ID to complete Entrance Counseling as an “Undergraduate” or “Graduate” student.
6. How do I complete the master promissory note (MPN)?
Every student planning to use Federal Student loans to help finance their education will need to complete a Master Promissory Note. Please follow the steps below to complete the Master Promissory Note. If you have further questions please refer to our Direct Loan site, www.friends.edu/financial-aid-direct-loans.
You will need the following to complete this process:
- Federal Student Aid Identification (FSA ID)
- Driver’s License number
- Name, address and phone number of 2 references with different address.
Follow these steps to complete your new Direct Loan Master Promissory Note:
- Go to studentaid.gov. Then you will select “Loans and Grants” and then select “Master Promissory Note (MPN)”
- Login with your FSA ID to complete MPN
- Login with your FSA ID to complete MPN as an “Undergraduate” or “Graduate” student.
- Undergraduate Student = Bachelor’s degree
- Graduate Student = Master’s degree
- If you do not have an FSA User ID, you can create one by going to https://studentaid.gov/fsa-id.
- SUBMIT MPN and Allow 1-2 business days for the MPN to be received and updated by the school
- Login with your FSA ID to complete MPN as an “Undergraduate” or “Graduate” student.
7. When is my financial aid disbursed to my account? When is a financial aid credit refunded to me?
Financial aid is normally disbursed one week to two weeks after the start of a program. Any credit balance is then mailed or direct deposited to the student within 14 days following the disbursement date. If the student has not completed all required documents, this will delay the disbursement of funds. If you have not received your refund within 14 days of the disbursement date, please contact Student Account Services at SAS@friends.edu or (316) 295-5630.
8. I am a dependent student. How can a parent apply for the parent PLUS loan?
In order to apply for the federal Direct Parent PLUS loan, a parent must have their own Federal Student Aid ID (FSA ID) that they used to fill out the FAFSA. If mom/dad do not have an FSA ID, he/she can go to https://studentaid.gov/fsa-id and request one.
The next step is to go to: studentaid.gov, select “Loans and Grants”, select “PLUS Loan: Parent PLUS”, then select “Learn More” and then “Log in to Start” using the FSA ID. After mom/dad fills out the application, she/he will be notified if they are approved or denied.
If the parent is approved, she/he must then go back to studentaid.gov, select “Loans and Grants”, select “Master Promissory Note (MPN)”, select “I’m a Parent of an Undergraduate Student”, select “Log In to Start” and then complete the online promissory note.
To help us confirm the amount that the parent wanted to borrow, we request that the parent also complete the Direct PLUS Request Form and return to Friends University by email to financialaid@friends.edu or fax to 316-295-5703. The form can be found at www.friends.edu/online-forms.
9. My parents took out a parent PLUS loan. Who is the credit refunded to?
This depends on what creates the credit on your account. If the PLUS loan creates the credit on the account, then the refund will be made out to the parent. We make every attempt to ensure the PLUS loan is the last fund disbursed to the account, thus creating the credit.
10. I am a graduate student. How do I apply for the graduate PLUS loan?
You can apply for the graduate PLUS loan by logging into studentaid.gov. Select “Loans and Grants”, select “PLUS Loan: Grad PLUS”, then select “Log in to Start”. You will need your Federal Student Aid ID to log into this site.
You will also need to complete the master promissory note for the graduate plus loan. You can complete the graduate PLUS master promissory note at the same website, studentaid.gov and select, “Loans and Grants”, select “Master Promissory Note (MPN)”, go to I’m a Graduate/Professional Student and then “Log in to Start” and Log in with your FSA ID and password.
11. What are the instructions for direct deposit (E-refund)?
To set-up direct deposit of your excess financial aid, you will need to sign into Self-Service Banner (How to sign into FalconHub).
Once you have signed into FalconHub, complete the following steps;
- Step 1: Select “View Balance and Pay“
- Step 2: At the top left side in the black area click on “My Account“
- Step 3: Click on DIRECT DEPOSIT REFUNDS – Sign Up
- Step 4: Scroll down and check mark the “I agree to these terms box” and then click continue
- Step 5: Input your bank account information
- Step 6: Select “Friends eRefund“
- Step 7: Click “Continue” and “Save“
12. I changed my bank account; what do I do to change my direct deposit?
To change your direct deposit banking information, you will need to sign into FalconHub (How to sign into FalconHub).
Once you have signed into FalconHub, complete the following steps:
- Select “View Balance and Pay“
- At the top left side in the black area click on “My Account“
- Click on DIRECT DEPOSIT REFUNDS – Sign Up
- Scroll down and check mark the “I agree to these terms box” and then click continue
- Add a “New Bank Account“
- You can now enter your bank routing # and your bank account information
- Click “Continue” and “Save“
13. Do I have to reapply for financial aid every semester?
You do not need to apply for financial aid every semester. The FAFSA is completed one time per year. In order to qualify for the maximum financial aid possible, traditional undergraduate students are strongly advised to complete the FAFSA as early as possible. We advise that you complete the FAFSA as soon as it is available on October 1 and no later than February 1.
If you change programs in the middle of an academic year, you should contact the financial aid office so we can update your information and make any necessary changes to your financial aid package.
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14. Do I have to complete the FAFSA to receive aid?
A FAFSA must be completed every academic year in order to receive federal student aid. You may complete your FAFSA at studentaid.gov.
15. How much aid will I be eligible for?
The loan amount a student is eligible for is determined by the number of college hours earned and whether the student is a Dependent or Independent student.
Direct Loan Levels
| Credit Hours Completed | Dependent Student Loan Amount/YEAR |
Independent Student Additional Unsubsidized Loan Amount/YEAR [also for Dependent students with a PLUS Loan denial] |
|
| [Subsidized or Unsubsidized Loan] | Additional Unsubsidized Loan | ||
| 0-27 | 3,500 | 2,000 | 4,000 |
| 28-57 | 4,500 | 2,000 | 4,000 |
| 58+ | 5,500* | 2,000* | 5,000* |
* Loan Amount can be reduced or prorated based on enrollment hours and enrollment terms as determined by the Financial Aid Office.
16. Am I eligible for Pell Grant?
Pell eligibility is a need-based program. It is determined by the EFC number once a FAFSA has been completed. The Pell Grant is only available for undergraduate students that have not received their first bachelor’s degree.
17. Are there any scholarships available?
Friends University offers a variety of competitive, performance, and special scholarships to full-time student enrolled in the College of Business, Arts, Sciences and Education. See our Institutional Scholarship page for more information on the scholarships offered.
For the most part, the University does not offer scholarships to students enrolled in the College of Adult and Professional Studies or the Graduate School; students in these colleges are eligible to receive outside scholarships. There are many outside scholarship searches available on the web.
18. What is the difference between subsidized and unsubsidized loans and who is eligible for each?
Your eligibility for Direct Subsidized and Unsubsidized Loans is based on the information reported on the FAFSA. Generally, no interest is charged on subsidized loans while the student is enrolled at least half-time. Interest is charged on unsubsidized loans during all periods.
19. What is the maximum loan eligibility for my degree?
The maximum amount a dependent undergraduate student may borrow is $31,000 and an independent undergraduate student may borrow is $57,500.
The maximum amount a student may borrow as a graduate student is $138,500 which includes all previous undergraduate loans.
20. What is federal work study (FWS)? Am I eligible?
Federal work study is a job that is based on financial need. Students must complete the FAFSA to see if they qualify for FWS. Students who are not eligible for federal work study may still work on campus as an institutional work study student.
21. What are the minimum hours I have to be enrolled in to receive Financial Aid?
A student must be enrolled half-time in at least 6 credit hours per semester to receive Federal Direct Loans as an undergraduate student. Graduate students must be enrolled half-time in at least 3 credit hours per semester in order to received Federal Direct Loans. Depending on a student’s eligibility and their EFC on the FAFSA, a partial Pell Grant could be paid to students taking at least 3 hours.
22. Am I eligible for aid if I have filed bankruptcy? Defaulted on past loans?
A student is eligible for federal financial aid during an active bankruptcy as long as there are no federal student loans in default.
If a federal student loan is in default, then the student is not eligible for additional federal financial aid until the default has been cleared. The student must provide proof that the default is cleared through a letter from the servicer or the Department of Education.
23. Why do I have to use my parent’s information if I live on my own and pay my own bills?
The free application for federal student aid (FAFSA) outlines what determines if a student is dependent or independent. A student is independent if they can answer yes to any questions numbered 42 through 54 on the FAFSA. If all questions are answered no, then the student is dependent and FAFSA requires the student to use parental information. In certain cases, a dependency override is warranted. These cases usually include complete abandonment by the parents or an abusive or dangerous family environment.
24. I am a dependent student and my parents are divorced. Do I have to include a step-parent’s information?
If the parent listed on the FAFSA is remarried then that step-parent’s information must be included on the FAFSA. The information includes income, asset and family size data.
25. I need to drop classes; what happens to my financial aid?
There are many different scenarios that come about from withdraws. For this question, it is best to contact the financial aid office by email or phone to discuss your specific situation. The phone number 316-295-5100 or email us at financialaid@friends.edu.
26. My income circumstances have changed; is there anything I can do to apply for additional financial aid?
The financial aid office has the ability to take a look at your current situation to determine if making a change to your FAFSA is warranted. This is called a professional judgment. It is best to contact the financial aid office to discuss your specific situation. You can call us at 316-295-5100 or email us at financialaid@friends.edu.
27. What is the Satisfactory Academic Progress (SAP) policy?
To be eligible for federal financial aid, a student must make satisfactory academic progress (SAP) for both the semester and cumulatively. In order to make progress, a student must be maintaining minimum requirements for the term (semester) and cumulative grade point average and percentage of classes completed versus attempted. Progress is checked at the end every semester once final grades are posted. A student is allowed one financial aid warning semester which is referred to as Financial Aid Warning Status. Once a student loses eligibility, there is an appeal process. Click the link to access our satisfactory academic progress policy:
Satisfactory Academic Progress Policy
28. Is there anything that would prevent me from being eligible for federal student loans?
The following are general requirements for being eligible for federal financial aid:
- Must be a citizen of the United States or an eligible non-citizen
- Must have a high school diploma or GED certificate
- Must be seeking a degree in an eligible program
The following reasons may prevent someone from being eligible for federal financial aid:
- Currently defaulted on a prior student loan
- A student who has borrowed their maximum aggregate limits is no longer eligible for Federal Direct student loans; an independent student may borrow up to $57,500 for an undergraduate degree and dependent students may borrow up to $31,000 for an undergraduate degree
- If a student has attempted too many credit hours, they may not be eligible; an undergraduate student can attempt up to 186 credit hours and still be eligible for federal financial aid
- The student has an unresolved over payment on a federal student aid grant
- A student may lose eligibility if they do not make satisfactory academic progress
29. What is the interest rate on student loans?
For the 2022-2023 Academic Year, the interest rate is as follows:
- Undergraduate Subsidized and Unsubsidized Federal Direct Loan: 4.99% Fixed
- Graduate Unsubsidized Federal Direct Loan: 6.54% Fixed
- Parent/Grad PLUS Loan: 7.54% Fixed
30. When do my loans go into repayment?
Student loans are given a six-month grace period that begins once you withdraw from school or otherwise drop below half-time (6 credit hours for undergraduates and 3 credit hours for graduates). Repayment begins after that 6 month grace period expires.
31. How do I put my loans into deferment?
Generally, your loans will be placed into deferment once a school reports your enrollment to the Student Loan Clearinghouse, but you should also notify your loan servicer that you will be back in school. Keep in mind that Friends University cannot report that you are enrolled until you start school and you must be enrolled at least half-time in at least 6 credit hours as an undergraduate and 3 credit hours as a graduate student as a degree seeking student. You must must meet these requirements to be eligible for deferment.
32. Who do I make my loan payments to?
If you are not sure who is servicing your loan, you can visit studentaid.gov. You will then log-in with your Federal Student Aid ID.
33. What if I cannot make my loan payments?
Contact your loan servicer(s) to make appropriate arrangements. You could be eligible for Forbearance for up to 3 years. Above all else, keep in contact with them as they will do everything in their power to keep you from defaulting.
34. How do I consolidate my student loans?
Visit https://studentaid.gov/app/launchConsolidation.action.
35. Are there other loans that I can apply for besides federal student loans?
Yes, there are several private loans available at www.friends.edu/private-loans.
36. When does the academic year start/end?
Summer starts the beginning of the academic year and it goes through the end of the Spring semester.
37. What does the cost of attendance figure mean?
The cost of attendance formula includes tuition and fees, books, room and board, transportation, loan fees and miscellaneous. The total amount of financial aid received cannot exceed the cost of attendance for your program.
38. What is an EFC number? Is this what I have to pay?
EFC stands for Expected Family Contribution. This number is used to determine a student’s eligibility for federal, state and institutional student aid and it is not necessarily an amount that you will have to pay.
39. What is the difference between a Dependent and an Independent student status?
A dependent student is required to provide the parents information. The free application for federal student aid (FAFSA) outlines what determines if a student is dependent or independent. A student is independent if they can answer yes to any questions numbered 42 through 54 on the FAFSA. If all questions are answered no, then the student is dependent and FAFSA requires the student to use parental information. In certain cases, a dependency override is warranted. These cases usually include complete abandonment by the parents or an abusive or dangerous family environment.
40. How do I get a Federal Student Aid ID (FSA ID)?
To obtain the FSA ID, go to https://studentaid.gov/fsa-id/create-account/launch?continueTo=fafsa and follow the instructions.
41. What is Friends University’s school code?
Our School Code is 001918.
42. I received a financial aid WARNING letter, what does that mean?
It means you have not made academic progress or your GPA is too low. The Department of Education requires students to complete 67% of courses attempted and maintain the required GPA. You can receive Financial Aid for one semester while on WARNING status. Your progress will be reviewed at the completion of the semester to determine if you are still eligible for aid.
43. Can I set up a payment plan and not use loans?
Yes. To set up a payment plan, contact Student Account Services at SAS@friends.edu, 1-800-794-6945 ext. 5630 or locally (316) 295-5630.
44. What are some important websites that I should know about?
studentaid.gov – to complete the FAFSA, to complete the Master Promissory Note and Entrance Counseling, to create an FSA ID
www.fastweb.com – scholarship search
nces.ed.gov – to access “Student Right-to-Know” data
ope.ed.gov – to access “Equity in Athletics” data
45. How do I sign into FalconHub?
- Students will need their Friends University login information, which is the same information that they use to log in to Moodle. If they do not know this information, they will need tocontact the Help Desk at helpdesk@friends.edu or (316) 295-5767.
- Go to Friends University home page at www.friends.edu
- Hover mouse over “Students“
- Select “FalconHub“
- Sign in with your username and password