Frequently Asked Questions

????????

How do I apply for financial aid?

After January 1 of any given year apply online with the federal government. You need to complete the form after having read the instructions thoroughly, and submit it to the government by April 15. This early submission will insure that we get your data in time for early awarding.

Once I file for aid, when will I receive a response?

The University will begin to package aid at the end of April. Awarding will continue throughout the Spring and Summer. We encourage early application so that we can settle your financial situation prior to May registration.

What does a financial aid package include?

A financial aid package may consist of a combination of grants, loans, and/or work study. The receipt of these awards is dependent upon the level of funds available, and your eligibility as determined by the Free Application for Federal Student Aid (FAFSA).

What about institutional scholarship funds?

Wilmington University offers a limited number of institutional scholarship awards to new students who have demonstrated exemplary academic performance. Students may request scholarship applications from the Financial Aid office after January 1. Applications for the following year are due in April.

Am I likely to get a grant in my aid package?

The federal government determines grant eligibility by information supplied in the Free Application for Federal Student Aid (FAFSA). This determination includes factors, such as income, to award grants.

When should I apply for the Federal Stafford Loan?

We begin to process Federal Stafford Student Loans for the coming academic year in Spring. We advise you to apply as early as possible. You must be aware that it takes several weeks for the entire process to be completed. To ensure that your award is processed in time for fall registration, complete applications and supply all requested documents to the financial aid office by June 30th.

What is this verification process I hear about?

If you are selected for verification, we will ask you and your parents for all the tax information reported for the previous year. Those in private business are required to submit all tax forms reported to the Federal government (such as partnership and/or S-Corporation returns), as well as individual income tax information. The review of tax information may take some time and may delay the finalization of financial aid which has been suggested to you.

If there are great discrepancies between the information you submitted on the SAR and that which comes through subsequent data which you provide us, the aid award may be withdrawn, reduced, or adjusted in some way. You can help us and yourself by first being as accurate as possible with the information you indicate on the SAR, and second by responding rapidly and completely to requests for subsidiary information which might be involved in the verification process.

When am I considered a self-supporting student
(independent of my parents)?

To be considered a self supporting (independent) student you must be: 24 years of age, an orphan or ward of the court, a veteran of 180 active consecutive days of military service, a graduate student, married, or have legal dependents other than a spouse. If none of the previously mentioned circumstances apply, then the student is required to supply their parent’s income information.

How long will it take to process my financial aid?

After the FAFSA is received by Wilmington University, it may take 4 to 12 weeks for financial aid to be awarded. Students can delay the process even longer by not properly submitting the required documents.

Why can one student’s financial aid take longer to process than others?

No two financial aid packages are the same. The application might be chosen by the Feds for verification, in which case, the student is required to submit income tax information and other documents to verify the information on the FAFSA. Financial aid cannot be processed until all this information is submitted. When paperwork is received from a student, it is filed in date order. Because of the substantial volume of verification documents turned it, it could take several weeks after documents are turned in before they are physically reviewed by an officer. At that point, additional information/documentation might be required. For example, if a student turns in an unsigned 1040, the form must be returned to the student for that required signature. Other situations that would hold up processing are required forms that are not filled out properly or instances of conflicting data. An example of this would be the following situation: A student’s parent claimed only three exemptions on their 1040 and the student claims there are now 7 household members being supported. This student will be required to provide documentation proving there are additional household members.

All discrepancies must be resolved before a student’s financial aid can be processed. The student must be admitted into a Wilmington University degree program (all transcripts from previous schools received and evaluated) before financial aid can be processed. If a student is receiving loans (and most students need loans to cover costs completely) he must also complete the entrance counseling and apply for a Stafford loan with one of our servicers.

What could cause my student loan to not be processed?

The student refuses to turn in the necessary paperwork; 2) the student has attended another school during the same term and already used all or most of the loan limit for the term; 3) the student has been accepting maximum loans while attending part-time causing them to use up the aggregate loan limit provided by the government for their current degree program; 4) the student is not making satisfactory academic progress [determined by both GPA and completion rate of attempted credits]; 5) the student is not properly enrolled in courses (the student must be already enrolled in six credits and must have declared a major).

After I submit the FAFSA and Wilmington University receives the results, what is my next step?

Students will receive a document tracking letter telling them what they need to do next. Again, each case is unique. Returning students may not need to do anything else provided their FAFSA was not selected for verification, they have an Authorization to Charge form on file, and they have done the entrance counseling and Master Promissory Note (MPN) for a previous year. If chosen for verification, they will have to turn in additional documents. A new student will need to complete the entrance counseling, MPN and the Authorization to Charge form.

How long is my Master Promissory Note (MPN) good for?

Generally the MPN is good for 10 years, with the exceptions of a name change, (such as in the case of changing a name from maiden to married), and a lender change, (when a lender is no longer in the program). When a lender decides to no longer be a part of the program, Wilmington University will send you a letter stating that you must apply for a new MPN. Any previous loans acquired by the student under that original lender is still valid until that loan is repaid.

How do I apply for a new Master Promissory Note (MPN)?

The student should sign on to either Sallie Mae at www.salliemae.com or AES at www.aessuccess.org to create a new loan application. The student must sign either electronically (recommended) or manually by printing, signing and sending it through the mail. To sign electronically, Sallie Mae can be done with your login; for AES, your FAFSA pin number is needed.

Can I be denied a student loan if I have bad credit?

The Federal Stafford Loans for students are not based on credit ratings. However, Parent Plus loans and alternative loans are credit-based. Additionally, a student who has previously defaulted on a federal student loan will not qualify for a new Stafford loan until the default is cleared with the lender. Written documentation from the lender must be submitted to Student Financial Services. Sometimes this situation can be resolved by the student submitting an In-School Loan Deferment Request through the UIC. Other times the student might be required to contact a previously attended school or the lender directly in order to clear up a loan in default.

Are Financial Aid awards listed on WebCampus?

Students will see their award on WebCampus only after the money has actually been disbursed into their account. This should occur within a week after the drop/add deadline if financial aid was processed prior to the semester and the student is enrolled in a minimum of 6 credits. If financial aid was awarded after drop/add and the student is enrolled in 6 credits, the student should see the funds a week after their award letter was mailed.

How many times per year are refund checks issued?

This is an ongoing process each week (checks usually are mailed out every Friday) because students are continuously applying for financial aid, and parts of their financial aid may be posted to their accounts at different times. When the student’s disbursement is posted to their account, the university has two weeks to verify enrollment. Each student’s account must be reviewed closely to ensure that the student is enrolled in at least 6 credits that apply towards his degree. This is time-consuming and students should not be told to expect their refunds earlier than two weeks after excess funds have been posted to their account (though they may actually receive it earlier). If additional funds come in the following week and nothing more is owed to the university, they will receive another refund check within a two-week time frame.