Financial Aid FAQs
Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good excuse for not applying.
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid.
No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the university.
You will need the following documents:
Your 2015 Federal Tax Return and all 2015 W-2 Forms
Your spouse's 2015 Federal Tax Return and all 2015 W-2 Forms (if applicable)
Your parents' 2015 Federal Tax Return and all 2015 W-2 Forms (if you are dependent)
Bank statements for checking, savings, and investment accounts
If your parents are divorced or separated, answer the questions about the parent you lived with more during the past 12 months. If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months or during the most recent year that you actually received support from a parent. If this parent is remarried as of today, answer the questions about that parent and the person to whom your parent is married (your stepparent).
Yes. A parent’s unwillingness to help does not make a student independent. Dependency, according to federal financial aid law, is determined by your answers to the questions in “Step Three” of the FAFSA. If you can answer “yes” to any of these items, then you are considered independent for financial aid purposes, and can complete the FAFSA without parental data. A student who is classified as independent for federal tax filing purposes may or may not also be classified as independent for financial aid filing purposes.
Please refer to this link and the section concerning the tax return.
Contact the Financial Aid Office at Chowan University and explain your situation to a staff person. Additional documentation will be required.
No, the reported assets provide a "snapshot" of your financial situation on the day that you filed the FAFSA.
No. There is not a separate application to complete for endowed scholarships. Endowed scholarships are used to fund institutional scholarships that are awarded by Chowan University such as Merit, Leadership, Athletic, and Music.
Award letters will be mailed to your address on file. The award packet will include general information about Chowan University, tuition and fees, and Financial Aid. Your award will be listed on a letter inside the award packet. Additionally, instructions will be printed on a separate piece of paper that walk you through step-by-step how to accept or decline all or portions of your award.
Your file is not complete. You can look at your My CU account or contact our office at 1-888-4-CHOWAN to find out what forms you still need to submit to complete your financial aid file.
Students may contact the Business Office at 1-888-4-CHOWAN.
A student’s award package may be revised if their housing status changes from on-campus to off-campus. Off-campus students are billed by Chowan University only for tuition and fees and may receive some of their financial aid as an excess aid refund.
University policy requires all full-time students to live in campus housing unless they meet one of the following conditions:
Married
Live in the community with their parents or grandparents
Over 23 years of age
A veteran of the United States military
To apply to live off-campus, please complete the commuter application at http://www.chowan.edu/documents/students/CommuterApplicationForm.pdf
A "Summer School Financial Aid" email will be sent to students around the end of February. The student will use this form to apply for Summer School Financial Aid. Enrollment in summer classes must be confirmed, and Satisfactory Academic Progress must be met before financial aid can be disbursed. Any change in your status may alter your financial aid offer. Federal Direct Loans that are offered to a student as a TERM Loan are required to be disbursed in two separate installments. It is a federal requirement that the second installment occur after the midpoint of the semester.
All degree-seeking students must meet three SAP standards in order to maintain eligibility for continued enrollment and financial aid. The standards include cumulative grade point, completion rate, and maximum timeframe for completion of a degree. The standards of SAP are monitored and enforced at the end of the academic year.
| Dependent Student Classification | Base Amount | Unsub + Plus Loan Denial (or Independent) | Total Yearly Amount |
| Freshman | $3,500 | $2,000 + $4,000 | $9,500 |
| Sophomore | $4,500 | $2,000 + $4,000 | $10,500 |
| Junior/Senior | $5,500 | $2,000 + $5,000 | $12,500 |
| Graduate | $8,500 | $2,000 + $10,00 | $20,500 |
Yes. A dependent student loan limits would be the same as an independent student if their parent is denied a PLUS loan. The Independent student may also borrow an additional $4,000 Unsubsidized Stafford Loan as a freshman and sophomore. This amount can increase to $5,000 additional loan eligibility at junior and senior standing.
No. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for your educational loans if they co-sign your loan. In general you and you alone are responsible for repaying your educational loans.
