The Financial Aid Office assists students and their parents in completing the FAFSA and the financial aid process.  

Each student seeking financial assistance must complete the Free Application for Federal Student Aid (FAFSA) and include the Family of Faith College federal school code - 036763.  This number insures that our Financial Aid Office receives the Institutional Student Information Record (ISIR) so that potential sources for financial assistance can be identified.  Students and prospective students are encouraged to complete their tax forms and FAFSA early in the calendar year because some monies are only awarded early in the calendar year. The application can be accessed online at www.fafsa.ed.gov.

It is possible that additional documentation may be required to process a student's financial aid package, such as: income tax records, W2's, and Social Security documents to the Financial Aid Office before or during orientation week.  To receive and retain financial aid, students must meet all federal standards regarding documentation and Satisfactory Academic Progress.

The awarding of grants and scholarships depends upon a variety of factors, but primarily, the student’s demonstrated financial need. Some of the most common forms of grant assistance are the Federal Pell Grant, Academic Competitiveness Grant, and the Federal Stafford Loan Program.

Federal Pell Grant:

The Pell Grant is a grant from the federal government to the student. To apply the student must fill out the Free Application for Federal Student Aid (FAFSA) found at http://www.fafsa.ed.gov/. Financial aid is based on income and other factors such as the number of family dependents.

Federal Academic Competitiveness Grant:

The Federal Academic Competitiveness Grant (ACG) is categorized as “need- and merit-based.” Students must demonstrate financial need to qualify and meet additional criteria to those qualifying for a Pell Grant.

The ACG program is intended to encourage rigorous academic study in high school. Accordingly, the eligibility criteria relate to this goal.

Students who apply for aid via FAFSA on the Web or (with FAA help) FAA Access to CPS Online will be screened for potential eligibility and will have the option to provide ACG information. Paper FAFSA filers who are potentially eligible will receive a comment on their SAR directing them to provide information to the Federal Student Aid Information Center over the phone.

Federal Stafford Loan Program:

The Stafford loans are either subsidized or unsubsidized. The student can receive a subsidized loan and an unsubsidized loan for the same enrollment period.

A subsidized loan is awarded on the basis of financial need. The student will not be charged any interest before beginning repayment or during authorized periods of deferment. The Federal Government “subsidizes” or pays the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, it will be capitalized – that is, the interest will be added to the principle amount of the student’s loan and additional interest will be based upon the higher amount. These loans must be repaid by making payments beginning six months after a student graduates, leaves college, or drops below half-time enrollment.

_______________________________________________________________________

Students seeking more detailed information regarding requirements for eligibility for federal student aid are encouraged to contact the Financial Aid Office at Family of Faith College (email: ffc@familyoffaithcollege.edu; phone 1-405-273-5331).  We would be happy to assist you and answer any questions you may have.

Other resources to prospective students concerning federal financial aid are:

Completing the FAFSA:  http://studentaid.ed.gov/students/publications/completing_fafsa/index.html

FAFSA Forecaster and other Student and Parent Information:

http://www.federalstudentaid.ed.gov/

National Student Loan Data System (NSLDS - Student Access):

http://www.nslds.ed.gov/nslds_SA/

Private Student Loans: Understanding the Cost of Borrowing (OGSLP)

http://www.ogslp.org/Pubs_Forms/Publications/Private_Loans_2.pdf

Private Student Loans: A Guide to Responsible Borrowing

http://www.ogslp.org/Pubs_Forms/Publications/Private_Loans.pdf

Are You Looking for Money? (OGSLP)

http://www.ogslp.org/Pubs_Forms/Publications/AYLM_full_2009.pdf

Are You Looking for Grants and Scholarships? (OGSLP)

http://www.ogslp.org/Pubs_Forms/Publications/AYLGS_2009.pdf

Oklahoma Money Matters

http://www.oklahomamoneymatters.org/