Frequently Asked Questions

What is Midway College’s school code number?
What is Financial Aid?
What is Financial Need?
I probably don’t qualify for aid. Should I apply anyway?
What forms do I need to apply for Financial Aid?
Will I be required to submit additional forms related to financial aid to Midway College other than the FAFSA?
My parents are not helping me pay for college expenses. Am I considered a dependent or independent student?
How will I learn if I am eligible for financial aid?
Do I need to be admitted to Midway College before I can apply for financial aid?
Is financial aid available for part-time students?
Do I have to apply every year in order to receive financial aid?
What is the deadline to apply for financial aid?
How is my financial aid disbursed to me?
Do I have to maintain eligibility requirements once I have received financial aid?
I have received an outside scholarship. Should I report it to the Financial Aid Office?
What is the difference between a grant, a scholarship, and a loan?
What is a Master Promissory Note (MPN)?
How can my parents apply for a PLUS loan?
It is the beginning of the term and my financial aid has not been applied to my account. Why?
How can I correct a problem that holds up my financial aid disbursement?
Will my amount of financial aid change if I move off campus?
I have a financial aid credit on my student account. When can I have the money? How do I receive the credit money?
If I withdraw from Midway College , do I have to pay back my financial aid?
Where can I get additional information about Federal student financial aid?


What is Midway College’s school code number?
001975

What is Financial Aid?
Financial aid refers to any funds available to students and/or their parents to offset the cost of higher education. Funds for financial aid comes from private, government, institutional, and community sources.

What is Financial Need?
Financial need is more appropriately referred to as financial aid eligibility. It is the difference between the contribution that you and/or your family are expected to make toward your college education, which is called the Expected Family Contribution (EFC), and the amount per academic year that Midway College estimates it will cost you to attend college. Students with an EFC less than Midway College’s costs have need-based financial aid eligibility. If the EFC exceeds the student’s college costs, the student is still eligible for financial aid that is not need based. Financial need is calculated with the following formula:

Cost of Education – EFC = Financial Aid Eligibility

I probably don’t qualify for aid. Should I apply anyway?
Yes. Any student who is looking for assistance with the cost of higher education should apply for financial aid. Most people have the misconception that income is the only factor in determining financial need. Other variables are also considered, such as family size, number of family members in college, age of older parent, savings, investments, and various allowances to income and assets. There are also a few sources of aid, such as unsubsidized Stafford and PLUS loans, that are available regardless of need.

What forms do I need to apply for Financial Aid?
The only way to determine your eligibility for financial aid is to submit a Free Application for Federal Student Aid (FAFSA) to the "Federal Processor", a government agency that follows federal rules to compute your EFC. The FAFSA form can be online at www.fafsa.ed.gov Be sure to include Midway College’s federal school code (001975) on your FAFSA.

Will I be required to submit additional forms related to financial aid to Midway College other than the FAFSA?
Possibly, If you are selected for review in a process called verification, the Financial Aid Office will contact you by mail regarding any additional documentation that may be required.

My parents are not helping me pay for college expenses. Am I considered a dependent or independent student?
Even if your parents do not contribute money toward your education, you are considered a dependent of your parents unless: you will be 24 years old prior to January 1 for the year for which you are applying, you are an orphan or were a ward of the court until age 18; you are a veteran; you are a graduate student; you are married; or you have a legal dependent other than a spouse. Other circumstances should be presented in writing to the college’s Financial Aid Director for consideration of a waiver by professional judgment.

How will I learn if I am eligible for financial aid?
The Federal Processor will provide its analysis to you on a form called a Student Aid Report (SAR), which will provide the results of your EFC calculation and advise you of your qualification for types of financial aid. Midway College will also receive the analysis (provided you entered its code on your FAFSA) in the form of an Institution Student Information Record (ISIR). When Midway College receives your ISIR, a financial aid officer will review it. If you are eligible, a financial aid award letter will be mailed to you.

Do I need to be admitted to Midway College before I can apply for financial aid?
No, you can apply for financial aid any time after January 1. To actually be awarded funds, however, you must be admitted and enrolled.

Is financial aid available for part-time students?
Yes. Some types of financial aid are only for full-time students; however, a minimum of six (6) credit hours is required to qualify for Federal Student Loans. In addition, if you qualify for a Federal Pell Grant, you may take as few as three (3) credit hours and still qualify for assistance.

Do I have to apply every year in order to receive financial aid?
Yes. You will need to file a FAFSA for each academic year after January 1. Each year’s award will be based on the availability of federal, state, and institutional funds as well as your individual financial situation.

What is the deadline to apply for financial aid?
To receive maximum consideration for federal aid, you should apply as early as possible with the FAFSA after January 1, the priority deadline for Kentucky is March 15. You may still file after that date; however, you will not be given priority consideration for certain types of federal, state, or institutional aid.

How is my financial aid disbursed to me?
All federal financial aid and scholarships awarded through Midway College are applied directly to your student billing at the beginning of each semester. After current charges have been paid, any excess financial aid is disbursed to the student in the form of a check, which is processed by the Business Office.

Do I have to maintain eligibility requirements once I have received financial aid?
Students receiving aid are required to maintain satisfactory academic progress. A full-time student must satisfactorily complete a minimum of 12 credits a term. Individual scholarships may have a GPA or other requirement.

I have received an outside scholarship. Should I report it to the Financial Aid Office?
Yes. If you are receiving any kind of financial aid from college or government sources, you must report the scholarship to the Midway College Financial Aid Office.

What is the difference between a grant, a scholarship, and a loan?
A grant is a gift that is based on a student’s financial need and does not have to be repaid. A scholarship is an achievement award which is usually based on academic grades, abilities; skills test scores, class rank, etc. Loans are funds borrowed by the student and/or parent. In most cases, loans must be repaid with an interest charge and have a specified repayment period

What is a Master Promissory Note (MPN)?
An MPN is a legally binding contract you sign, agreeing to repay loan money you have borrowed. The MPN describes your rights and responsibilities as a student loan borrower. By signing the MPN, you agree to repay the money borrowed, and agree to all terms and conditions included in the MPN. Once your MPN is signed, a new MPN is not required for any new loans, provided you stay with the same lender. You can sign the MPN electronically by using the PIN given to you by the Federal Processor when you filed your FAFSA.

How can my parents apply for a PLUS loan?
To receive a Federal Direct PLUS Loan, your parent will need to do the following:
1. Complete the Midway College PLUS Loan Application Form and submit to the Financial Aid Office by mail or fax.

2. Complete the Federal Direct PLUS Loan application process and Master Promissory Note (MPN) at www.studentloans.gov.

It is the beginning of the term and my financial aid has not been applied to my account. Why?
There could be several reasons your financial aid has not passed to your billing account: you did not register for enough credit hours; you did not complete enough credit hours the previous term; you have not completed some, or all, paperwork required for the aid to be disbursed; and/or funds have not been received from the issuing agency.

How can I correct a problem that holds up my financial aid disbursement?
Immediately contact a representative of the Financial Aid Office. At that time, a determination will be made as to the reason for the disbursement delay and you will be advised of action that is necessary.

Will my amount of financial aid change if I move off campus?
Possibly, you should contact the Financial Aid Office to determine how your aid may be affected by your move.

I have a financial aid credit on my student account. When can I have the money? How do I receive the credit money?
Any overpayment on your account will be issued in the form of a refund check within fourteen days after the credit occurred on your account. The check will be mailed to you the following business day. Direct deposit of refund checks is not available.

If I withdraw from Midway College, do I have to pay back my financial aid?
Students who withdraw from school may be expected to repay a portion of their financial aid. According to a formula prescribed by state and federal regulations, any refundable amount used to pay tuition and fees or for college housing is returned to the appropriate financial aid sources.

Where can I get additional information about Federal student financial aid?
Call the Federal Student Aid Information Center (FSAIC) at 800-4-FED-AID (800-433-3243) or 800-730-8913 (if hearing impaired) and ask for a free copy of The Student Guide: Financial Aid from the US Department of Education. This toll free hot line is run by the U.S. Department of Education and can answer questions about federal and state student aid programs and applications. You can also write to:

Federal Student Aid Information Center
Post Office Box 84
Washington , DC 2004

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