Frequently Asked Questions

Q. Will I lose other financial aid if I receive a scholarship?

A. Yes. All financial aid is based upon your financial need. Since a scholarship reduces your need, you will require less financial aid to meet your educational expenses. You must notify the Financial Aid Office if you receive any scholarships, loans or grants from any source so that your need may be reappraised.

Q. I do not want to borrow the full amount of Federal Stafford Loan. Can I ask for less?

A. Yes. When you receive your Federal Stafford Loan Acceptance Agreement, request only the amount you will need for the academic year. Please contact the Financial Aid Office if you have already received your loan and wish to return a portion of the funds.

Q. Is my financial aid taxable?

A. Financial aid for fees, tuition, books, supplies and required equipment is not taxable. Financial aid for living expenses, room, board and transportation is taxable. We suggest you consult the IRS, the income tax instruction booklet, the FAFSA instructions or a professional tax advisor. If you report financial aid on your tax return, be sure to list the same amount on your FAFSA - Question #42, and Worksheet C.

Q. What happens to my financial aid if I withdrawfrom school?

A. The law requires that, when you withdraw during a period of enrollment, or semester, the amount of financial aid that you have "earned" up to that point is determined by a specific formula. If you received less assistance than the amount that you earned, you will be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned to the various federal programs. You must contact the Financial Aid Office if you withdraw from school.

Q. Will I lose my financial aid if I have bad grades?

A. Yes. Students are required to maintain satisfactory academic progress which means they must maintain a minimum GPA and accumulate a minimum number of credits in a maximum time frame according to the standards of the various divisions of the school. Students on academic probation for two semesters are ineligible for federal financial aid.

Q. Will I be eligible for financial aid if I attend an exchange or study abroad program?

A. If the exchange or study abroad program is approved for credit, you will be eligible for financial aid.

Q. Can I file my financial aid application independent of my parents?

A. If you can answer "yes" to any of the following questions, you are considered independent for financial aid purposes:

• Were you born before January 1, 1985?
• Are you a veteran of the U.S. Armed Forces?
• Will you be enrolled in a graduate or professional program beyond a bachelor's degree?
• Are you married?
• Are you an orphan or ward of the court, or were you a ward of the court until age 18?
• Do you have legal dependents, other than a spouse, who fit the definition in the FAFSA instructions.
• Do you have children who receive more than half their support from you?

If you cannot answer "yes" to one of the above questions, you a re considered dependent and must include your parents' financial information when you file your FAFSA. If you are independent under the above guidelines, The Cooper Union reserves the right to request your parents' tax return.

Q. I plan to get married during the academic year. Can I file my FAFSA as "married" now, since I will be married in a few months?

A. No. You must indicate your marital status as of the date you complete your FAFSA.

Q. What can I do if I have a dispute with my lender or guarantor regarding my Federal Stafford Loan?

A. The SFA Ombudsman has been established to assist student loan borrowers in resolving any loan disputes or problems. You can contact the SFA Ombudsman Office at:1-877-557-2575 or www.sfahelp.ed.gov.

Q. What is Verification?

A. Your application may be selected for a review called "Verification". In this process, the Financial Aid Office will compare information from your application with signed copies of your parents' prior year Federal tax forms, W2 forms or other financial documents. If there are differences between your application information and your financial documents, you will be required to make corrections to your FAFSA. You must also submit a form called the Verification Worksheet to the Financial Aid Office. Verification should be completed as close to the June 1st deadline as possible but before the last day of classes. A Pell Grant applicant selected for verification must complete the verification process no later than 120 days after the last day of class.

Q. How do I know if I am eligible for a deferment of my Federal Stafford Loan?

A. Borrowers in repayment of a Federal Strafford Loan may be eligible for a deferment during specific situations:

Deferments are NOT automatic. You must request a deferment and provide all the information that your lender requires. Additional information is available at the following web site or through your lender: http://www.nchelp.org/elibrary/index.cfm?parent=30.

Please feel free to contact the Financial Aid Office if you have other questions.