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FAQs About Financial Aid

Here you will find answers to many of your questions about financial aid and scholarships. To find specific information about financial aid on this website, use the Search tool in the upper right corner.

Find frequently asked questions about Direct Lending

Are scholarships or financial aid available?
Can I get financial aid?
When should I apply for financial aid?
What is Cincinnati State’s calendar?
What financial aid forms do I need to complete?
What is FAFSA?
How do I apply for financial aid using the federal form?
How do I fill out the FAFSA?
If I don’t submit the completed financial aid forms by the deadline, can I still get aid?
Do I have to reapply for financial aid?
What is Cincinnati State’s FASFA school code?
How can I get a loan to attend Cincinnati State?
Does Cincinnati State offer scholarships?
How can I apply for a scholarship?
How will I know what financial aid I have been awarded?
When do I get my financial aid money?
I have more questions about financial aid and scholarships. Who should I contact?
Where can I get more information?

Are scholarships or financial aid available?

Yes. Financial aid is based on need and scholarships can either be based on need and/or academic achievement or other criteria. Scholarships and financial aid information are available in the Office of Financial Aid, Room 155 Main Building. Some scholarship applications are available in the respective academic division office for students in specific technical programs. See a financial aid advisor and also check with the program chair for specific scholarships in your major area.

Can I get financial aid?

Financial aid is available for those who qualify. To find out if you qualify, first you must fill out and submit the FAFSA form. Be sure to include Cincinnati State school ID code 010345 on the FAFSA.
The Office of Financial Aid will then communicate with you via your Cincinnati State email account as to the status of your award, and the next steps to take to continue the financial aid process.

When should I apply for financial aid?

You should begin the process of applying for financial aid the same time you begin the application process, or beginning in January of the year you plan to start your studies.

What is Cincinnati State’s calendar?

The Cincinnati State academic year begins in September with the Early Fall term and runs through August of the following year for the Summer term. The award year begins with the Summer term and runs through the Spring term of the following year. The Office of Financial Aid uses the award year calendar for awarding financial aid.

What financial aid forms do I need to complete?

The first form you must complete to begin the financial aid process is the FAFSA, to determine your eligibility for aid. Be sure to include Cincinnati State school ID code 010345 on the FAFSA. The Office of Financial Aid will then communicate with you via your Cincinnati State email account as to the status of your award, and the next steps to take to continue the financial aid process. You can access all financial aid forms here.

What is FAFSA?

FAFSA is the free application for federal student aid. It can be accessed at http://www.fafsa.ed.gov/.

How do I apply for financial aid using the federal form?

To apply for financial aid using the federal form, go to http://www.pin.ed.gov/ (here the student can apply for a PIN number to electronically sign the FAFSA) and http://www.fafsa.ed.gov/.

How do I fill out the FAFSA?

Visit www.fafsa.ed.gov to fill out the FAFSA (free application for federal student aid). Do not go to www.fafsa.com, which charges a fee for this service; you should be able to complete the FAFSA free of charge.

If I don’t submit the completed financial aid forms by the deadline, can I still get aid?

Possibly; beyond the deadline, funds are disbursed on a first-come, first-eligible, first-served basis. Email the Office of Financial Aid for details or call (513) 569-1530.

Do I have to reapply for financial aid?

You must reapply for financial aid annually. Be sure to include Cincinnati State school ID code 010345 on the FAFSA.

What is Cincinnati State’s FASFA school code?

Our code is 010345.
Do I have to repay any financial aid I receive to attend Cincinnati State?
That depends on the type of award you receive. Most grants and scholarships do not have to be repaid. Loans do have to be repaid.

How can I get a loan to attend Cincinnati State?

You must apply for a loan to attend Cincinnati State. The College participates in several federally-sponsored loan programs, and students are also welcome to apply for private loans through a bank or other lender. Click here for more information.

Does Cincinnati State offer scholarships?

Yes. Cincinnati State offers institutional scholarships. Funds are raised by gifts from generous companies, foundations, and individuals. Scholarship applications are evaluated on the basis of academic merit, need, employment and volunteer/community service activities, and career goals. Eligibility requirements must be met by February 15. Click here for details.

How can I apply for a scholarship?

You must complete the application form and submit to the Office of Financial Aid by February 15 of each year. The application is available here.

How will I know what financial aid I have been awarded?

The Office of Financial Aid sends emails to students who have been awarded financial aid at their College email address. You will be able to access your award online. Go to www.cincinnatistate.edu and log in to MyCState. In the "MyServices" tab, click on "MyAward" under Financial Aid to see your award.

When do I get my financial aid money?

First- time borrowers must wait at least 30 days to have funds disbursed to their account (per federal regulations) Funds will not be disbursed until after No Show processing is complete.

I have more questions about financial aid and scholarships. Who should I contact?

If you email the Office of Financial Aid, a Financial Aid representative will respond via e-mail to your questions as quickly as possible (within normal business hours Monday through Friday). You can also call the Office of Financial Aid at (513) 569-1530.

How can I get more information?

You can get answers to many of your questions about financial aid by accessing the helpful phone numbers and websites below.

Central Processing (FAFSA)
(800) 4-FED-AID

FREE Application for Federal Student Aid (FAFSA)
www.fafsa.ed.gov

Department of Education (ED)
www.ed.gov

Sallie Mae
(888) 2-SALLIE
www.salliemae.com

Ohio Board of Regents (OBR)
www.regents.state.cc.oh.us
(614) 466-7420 or
(888) 833-1133 for grants
(800) 537-5420 for loans

Bureau of Citizenship and Immigration (BCIS)
(800) 375-5283

Selective Service Administration (SSS)
www.sss.gov
(847) 688-2576

Social Security Administration (SSA)
www.ssa.gov
(800) 772-1213

Internal Revenue Service (IRS)
(800) 829-1040
To request a free tax transcript from a touchtone phone:
Press “2”
Press “2”
Enter your Social Security Number
Press “4”
Follow the instructions to verify your address
and order a transcript for the appropriate tax year.

Americorps
www.americorp.org
(800) 942-2677

ROTC
http://studentaid.ed.gov/students/attachments/siteresources/Informedconsumer.pdf
800) USA-ROTC

State Student Assistant Commission of Indiana
www.in.gov/ssaci
(317) 232-2350 or
(888) 528-4719
150 W. Market St. Suite 500
Indianapolis, IN 46204

USA Funds
www.usafunds.org
(800) 824-7044

National Guard
www.ohionationalguard.com
(614) 336-7000
2825 West Dublin Granville Road
Columbus, Ohio 43235-2789

Federal Student Aid Programs
(Student Aid Report (SAR) Center Information)
www.studentaid.ed.gov
(800) 433-3243
(800) 537-5420 (hearing impaired)
P.O.Box 4015
Mt Vernon, IL 62864-8615

Financial Aid Information Page
www.finaid.org

Fast Web
(FREE Online Scholarship Search)
www.fastweb.com

The College Board
www.collegeboard.com

America Goes Back to School
http://www.ed.gov/Family/agbts/index.html

Loan Payment Estimator
http://www.usafunds.org/tools/calculators/repayment/index.html

Loan Consolidation Calculator
http://www.usafunds.org/tools/calculators/consolidation/index.html

Consumer Credit Counseling Services
http://www.nfcc.org/
http://www.debtadvice.org/
http://www.aiccca.org/
http://www.ftc.gov/bcp/conline/pubs/credit/fiscal.htm

Funding Your Education Publication
http://studentaid.ed.gov/students/publications/FYE/index.html

Myths about Financial Aid
http://studentaid.ed.gov/students/attachments/siteresources/Myths.pdf

Why Go To College?
http://studentaid.ed.gov/students/attachments/siteresources/GotoCollege.pdf

Choose a Career
http://studentaid.ed.gov/students/attachments/siteresources/ChooseCareer.pdf

Choose a School Carefully
http://studentaid.ed.gov/students/attachments/siteresources/ChooseSchool.pdf

Need Training for a Job
http://studentaid.ed.gov/students/attachments/siteresources/Needtraining.pdf

Don’t Get Scammed on Your Way to College
http://studentaid.ed.gov/students/attachments/siteresources/Scammed.pdf

Be an Informed Consumer
http://studentaid.ed.gov/students/attachments/siteresources/Informedconsumer.pdf

What is Federal Student Aid?
http://studentaid.ed.gov/students/attachments/siteresources/At_a_Glance.pdf

Stafford Loan Forgiveness for Teachers
http://studentaid.ed.gov/students/attachments/siteresources/stafloan.pdf

Identity Theft
http://studentaid.ed.gov/PORTALSWebApp/students/english/idtheft.jsp

 

Frequently asked questions about Direct Lending

How will this affect my 2009-2010 aid year federal loans?
Does this change impact me?
What are the benefits in the direct lending program?
Why did Cincinnati State choose to move to the Direct loan program?
Will I be able to continue borrowing through the same lender as last year?
Are there any differences in interest rates and fees between the two programs?
What happens to the Stafford loans I borrowed in previous years? Will they still be deferred now that Cincinnati State is changing its loan process?
How will repayment work if I have FFEL and Direct loans?
Will there be any additional requirements in order to receive my aid from Direct?
How can I receive Direct Loans?
Where can I find information about who services my other federal loans?
Will I still be able to borrow private loans through an outside lender?
How can I consolidate my loans with Direct Lending?
Do I have to sign a new Master Promissory Note (MPN)?
What is Public Loan Forgiveness?
What are the five repayment options?


How will this affect my 2009-2010 aid year federal loans?

This change will not affect your 2009-2010 aid year federal loans.

Does this change impact me?

If you are a new or continuing student borrower who plans to borrow federal loans in the 2010-2011 aid year, this change will impact you. As of Summer 2010 all Federal Stafford will be processed through the Direct Loan program.

What are the benefits in the direct lending program?

The Direct Loan Program offers:

  • A guaranteed source of funding for students loans
  • A single point of service for students during repayment
  • Additional repayment options for students and interest rate reductions for on time
  • The Public Service Loan Forgiveness Program

Why did Cincinnati State choose to move to the Direct loan program?

In addition to the benefits listed above, the Direct Loan program will offer our students a more stable, streamlined, and predictable borrowing experience.

Will I be able to continue borrowing through the same lender as last year?

No. As of Summer 2010 all Federal Stafford and PLUS loans will be processed exclusively through the Direct Loan Program. You will be borrowing directly from the Department of Education.

Are there any differences in interest rates and fees between the two programs?

The interest rate for Direct Subsidized and Unsubsidized loans is the same as that of the FFEL program, 6.8%.

What happens to the Stafford loans I borrowed in previous years? Will they still be deferred now that Cincinnati State is changing its loan process?

Your Stafford loans from previous years should remain in deferment as long as you are enrolled above half-time for your program. You are responsible for notifying your lender if your enrollment status changes.

How will repayment work if I have FFEL and Direct loans?

You will have to make separate payments to each lender. You can also opt to consolidate with the Direct Loan program if you would like to make only one monthly payment.

Will there be any additional requirements in order to receive my aid from Direct?

The application process for Direct Loans is the same as previous years. Students must complete the FAFSA. All students, even returning student borrowers, will need to complete entrance counseling and a new Direct Loan Master Promissory Note (MPN).

How can I receive Direct Loans?

The application process for Direct Loans is the same as previous years. US Citizens or permanent residents can apply for Direct Loans by completing the FAFSA application. The Office of Financial Aid will process your application and send you notification when your financial aid is available. Once you have completed a new Direct Loan MPN, your loans should be set to arrive in a timely manner. However, you are encouraged to check your financial aid information regularly, and read all e-mail you receive from the Office of Financial Aid.

Where can I find information about who services my other federal loans?

You can find information about the servicers of your other federal loans at www.nslds.ed.gov. You will need your pin number from the FAFSA to access this information.

Will I still be able to apply for private loans through an outside lender?

Yes, if you meet the qualifications you will still be able to apply for private loans through any lender.

How can I consolidate my loans with Direct Lending?

You can click here for information about loan consolidation. You are not able to consolidate while in school.

Do I have to sign a new Master Promissory Note (MPN)?

Yes, all new and returning students will need to complete a new Master Promissory Note (MPN). You will need your FAFSA pin number to do this.

What is Public Loan Forgiveness?

Public Loan Forgiveness is a new loan forgiveness program for public service employees. Under this program, the amount forgiven is the remaining outstanding balance of principal and accrued interest on an eligible Direct Loan for a borrower who is not in default and who makes 120 monthly payments on the loan after October 1, 2007. The borrower must be employed full-time in a public service job during the same period in which the qualifying payments are made and at the time that the cancellation is granted. Students can click here for more information about Public Loan Forgiveness.

What are the five repayment options?

The five repayment options are:

Standard Repayment
With the standard plan, you'll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you'll have up to 10 years to repay your loans.

Extended Repayment
To be eligible for the extended plan, you must have more than $30,000 in Direct Loan debt, but you have 25 years to repay it.

Under the extended plan you have two options: fixed or graduated payments. Fixed payments are the same amount each month you are in repayment, as with the standard plan, while graduated payments start low and increase every two years, like the graduated plan described below.

Graduated Repayment
With this plan, payments start out low and increase every two years. The length of your repayment period will be up to ten years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments. Although your monthly payment will gradually increase, no single payment under this plan will be more than three times greater than any other payment.

Income Contingent Repayment
This plan gives you the flexibility to meet your Direct Loan obligations without causing undue financial hardship. Each year, your monthly payments will be calculated on the basis of your Adjusted Gross Income (AGI, plus your spouse's income if you're married), family size, and the total amount of your Direct Loans.

Under the ICR plan you will pay each month:

  1. The amount you would pay if you repaid your loan in 12 years multiplied by an income percentage factor that varies with your annual income, or
  2. 20% of your monthly discretionary income.

If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized. The maximum repayment period is 25 years. If you haven't fully repaid your loans after 25 years (time spent in deferment or forbearance does not count) under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.

Income-based Repayment (Effective July 1, 2010)
Under this plan, the required monthly payment is based on your income during any period when you have a partial financial hardship. Your monthly payment may be adjusted annually. The maximum repayment period under this plan may exceed 10 years. If you meet certain requirements over a specified period of time, you may qualify for cancellation of any outstanding balance of your loans.

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Location & Hours

Office of Financial Aid
Room 155 Main Building
(513) 569-1530 phone
(513) 569-1469 fax
Email

Hours
8 am – 6:30 pm M–Th
8 am – 5 pm F

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