CTU's Online University Accepts Financial Aid and FAFSA

Financial aid is the name used for federal, state and private resources that may help pay for college costs. Typically, financial aid consists of grants, scholarships, loans and student employment. Grants and scholarships usually do not have to be repaid. Loans must be repaid with payments usually beginning after the student is no longer enrolled at least half time. Student employment consists of opportunities for students to earn money to pay for educational expenses. Financial Aid is available for those who qualify.

Individuals required to enter their information on the FAFSA® are called “contributors”. Each required contributor needs to have their own FSA ID to log in to StudentAid.gov and complete their section of the FAFSA. Independent student contributors include yourself, and your spouse, when applicable. Dependent student contributors include yourself, a parent, and your parent’s spouse, when applicable. The contributor section must only be completed by the specified contributor. In order to complete the application in full, all contributors must provide consent to link their income and tax information from the IRS to the FAFSA. Studentaid.gov provides a helpful chart to determine whom you would need to include as a contributor.

Students and any contributors must provide consent to transfer federal tax information to the FAFSA form to help complete the Financials section, which is needed to fully complete the FAFSA form and calculate your eligibility for Federal Student Aid (FSA) funds. By not consenting on the FAFSA form, you remain ineligible for FSA grants and loans and any other potential student aid since the FAFSA cannot be completed without your or your contributor(s) consent and federal tax information. Consent from yourself and any contributors must be provided annually.

The Free Application for Federal Student Aid, more commonly known as the FAFSA, is the single application needed to apply for all sources of federal student aid. The FAFSA can be completed online at https://studentaid.gov/h/apply-for-aid/fafsa. You will need to create a StudentAid.gov account to access and complete the FAFSA. If you have contributors, such as a spouse or parent, they will also need to create their own StudentAid.gov account in order to complete their section, provide consent, and sign their section of the FAFSA form.

Students are considered dependent or independent for federal financial aid purposes based on criteria established by Congress, and must provide information from any necessary contributors, to determine aid eligibility. Dependent students are required to have their parents as contributors on the FAFSA. Independent students that are married may be required to have their spouse as a contributor on the FAFSA. Check with the financial aid office to determine your dependency status if you are unsure.

Students must reapply for federal and state aid every Award Year (July 1 – June 30). The application for the upcoming Award Year is available starting October 1. For each award year you are attending, you will need to complete a FAFSA. Depending on the dates of your enrollment, you may need to fill out multiple FAFSA forms. Please check with your financial aid office to determine when you should reapply.

A grant is free money and usually does not have to be repaid. Loans are borrowed money and must always be repaid regardless of whether you complete the program or are unsatisfied with your educational experience. Failure to repay your loans can result in serious consequences and negatively impact your ability to obtain credit in the future.

Repayment on most Direct loans will begin six months after the student is no longer enrolled at least half time. Some loans are Subsidized, which means that the Department of Education pays the interest while the student is enrolled. Interest may accrue on other loans even while the student is enrolled. Check with the financial aid office, they can help explain the differences in the types of loans you have. In all cases, loans must be repaid regardless of whether you complete the program or are satisfied with your educational experience. Failure to repay your loans can result in serious consequences and negatively impact your ability to obtain credit in the future. If at any point in the financial aid process you have questions or need more information, a CTU Financial Aid Advisor will be able to provide assistance. You can also learn about how to manage your federal loan repayment on the Federal Student Aid website.

Federal Parent PLUS loans are part of the Federal Student Aid Program. Parents who co-sign on a private loan are just as responsible for repaying the loan (usually at higher interest rates) as the student if the student fails to make payments. In other words, whether one is the borrower or co-borrower, both the Federal PLUS loan and the private loan appear on a credit report and the potential financial responsibility is the same.

The FAFSA is the most important document to complete when applying for financial aid. In addition, there are a few other things that you need to have on hand before you start. If you are a U.S. citizen, you are required to have a social security number. The U.S. Department of Education will match your social security number to your name, so be sure that you enter your full name as it appears on your social security card. If you are not a U.S. citizen but are an eligible non-citizen, have your alien registration number ready. You will also need your own mobile phone number and/or email address. In order to complete the FAFSA, your income and tax information is required. This information can be automatically transferred from the IRS to your FAFSA, but only with your consent. If you or your contributor(s) do not consent to linking your FAFSA with the IRS, you will not be eligible for Federal Student Aid.

You will also need your federal tax returns and other asset information. Examples of assets include checking and savings accounts, child support received, stocks, bonds, certificates of deposits, mutual funds, real estate (other than the family home), businesses and farms. If you have contributors on your FAFSA, they will also need to provide the same information.

A Federal Student Aid (FSA) ID is a user-selected username and password that will authenticate your identity and allow you to access your federal student aid information. This login process will be used to access the StudentAid.gov website. The FSA ID is a single sign-on process that makes applying for aid quick and easy. Remember, your FSA ID is private and should never be shared with anyone.

There is a Congressionally determined set of formulas used for assessing financial need for the Federal Student Aid programs. The process starts with the FAFSA.

Once your FAFSA is submitted, a formula called the Student Aid Index (SAI) calculates your financial aid need, and determines your eligibility, based on your completed FAFSA data. Once the SAI is established, the amount will be subtracted from the Cost of Attendance and other financial assistance used in your enrolled program, and determines your need-based financial aid. These calculations vary each award year, based on the information you or your contributions provide on each FAFSA.

Regardless of how much money you or your parents make, you should still complete the FAFSA. Some sources of aid are not need-based, and are available to those who qualify.

Determining your dependency status is an important step in the financial aid application process. The definition for dependent or independent student for the purposes of federal student aid may be very different from what you might consider for yourself. It also is different from the IRS definition of dependency. This is not a status that CTU assigns to you but rather a determination made from your answers to several questions on the FAFSA. Some of the more common criteria that lead to an independent status are:

• You are at least 24 years of age prior to January 1 of the current award year.
• You are married as of the day you sign your FAFSA.
• You will be working on a master’s or doctoral program.
• You are an individual with dependents for whom you provide more than half of their financial support.
• You are a veteran of the U.S. Armed Forces.
• You are currently serving on active duty in the U.S. Armed Forces for purposes other than training.

A Federal Direct loan is a federal loan available for those who qualify to help students pay for their education. Federal Direct Subsidized and Unsubsidized educational loans have lower interest rates and require no credit check. A private loan is an unsecured loan made by a lender which may have higher interest rates and usually requires a credit check.

You can research options using a variety of scholarship search websites. Researching and applying can be time consuming, but your effort may be worth your time if you find extra funding. A word of caution: do not use agencies that charge fees to find scholarships. You can do this search on your own and free of charge.

Campus / School	School Code
CTU Colorado Springs	010148
CTU Online	010148

A Student Accounts Specialist is available to speak with you regarding any account balances with the University. If you have any questions about your student account, you may contact us through the methods listed below. Account information is available at any time in the Student Accounts link on the CTU student portal. If you are having difficulty paying the balance due on your student account, please contact us to discuss options available to you. We aim to find reasonable payment options that work for both the student and the University.

If you contact us in writing, please include your name, student ID number (if known), a phone number and e-mail where you can be contacted, and a description of your request for assistance. We will respond to you as quickly as possible, typically within 24-48 hours of receiving the request.

These accounts do not charge interest or fees and the University does not require a cosigner. You may request a payoff statement for your account at any time by contacting us through a method listed above. Be advised that the payoff amount will be equal to your current account balance listed in the student portal.

CTU collects payment from students who have account balances directly with University. This is different than the government or private lending sources referenced in other FAQs and has rules and policies that are different from those programs. Our Student Accounts Specialists work on behalf of the University and are part of an affiliated company (CEC Employee Group, LLC or CEC Educational Services, LLC).

Oregon SLS License # 2161929

Note: In certain instances, your account may be serviced by TFC Tuition (License Number: 1708442) on our behalf. If applicable, you will be contacted by TFC Tuition with their contact information included.

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