Admissions > Financial Aid > Frequently Asked Questions

Frequently Asked Questions

 

Q.  Do I have to be admitted to Holy Cross College before applying for financial aid? 

A.  Prospective students who apply for financial aid must also apply for admission and be accepted before any financial aid offer can be made.  However, you should not wait for formal acceptance to Holy Cross to apply for financial aid.  You should apply as early as possible for both admission and financial aid.

Q.  What percentage of Holy Cross College students receive financial assistance?

A.  Over 90% of our students receive some form of financial aid including grants, scholarships, loans or a combination of each form of aid.

Q.  Are there any financial aid deadlines that I should be aware of?

A.   Yes,  For priority processing of your financial aid application, you must submit the FAFSA by March 1, 2014.  You can still apply for financial aid after March 1, but some scholarships and grants may not be available after this date.  Also, if you are an Indiana resident, you must file the FAFSA by March 10, 2014 (receive-by date) in order to be considered for State of Indiana funded grants.

Q.  If I miss the March 1 priority processing deadline, can I still apply for financial aid?

A.  Yes.  Financial Aid applications can be submitted at any time during the academic year.  However, you are encouraged to file both the income tax returns for yourself (if you file) and your parents first. Give yourself at least a week after you've filed tax returns and before applying for FAFSA.

Q.  What if our 2013 Federal tax returns are delayed beyond the deadline? 

A.  You should still submit the FAFSA prior to the March 1, 2014 priority processing deadline.  You can provide estimates based on your 2012 Federal tax return which can be updated later when your 2013 Federal return is completed. However, you might lose some aid which has a FAFSA file deadline of March 10, 2014.

Q.  What is the maximum family income cutoff for financial aid eligibility?

A.  Since each family's financial situation is different, there is no specific cutoff.

Q.  Are financing options available to pay student account balances not covered by financial aid?

A.  Tuition, room, board and fee balances are due by the first day of classes each semester.  However, a monthly tuition option is available through Notre Dame Federal Credit Union or another financial institution.  Monthly payments will be determined after one half of the balance is paid to Holy Cross College by August 1st for the Fall Semester and January 1st for the Spring Semester. More information and an application may be obtained by going to www.NotreDameFCU.com/hctuition.

Q.   When will I receive my financial aid award letter for 2014-2015?

A.  We will notify you of your eligibility for financial aid via surface mail and e-mail as soon as your financial aid application is complete and all data submitted has been verified.  Notification will depend upon when you submit the FAFSA after January 1, 2014. The first award letters are expected to go out starting in March.

Q.  I've received my financial aid award letter.  What do I have to do now?

A.  Your award letter will contain a letter copy on which you must indicate that you are accepting or declining all or some of the awards offered.  You should return this letter copy to the Office of Financial Aid as soon as possible in order to officially accept or decline your financial aid awards.  

If you are offered Self-Help Aid (Federal Stafford Student Loans that you must repay), you must apply for these loans if you choose to accept them.  You must also complete an Entrance Counseling Session and sign a Master Promissory Note in order for your loan(s) to be disbursed to your student account.  Instructions on how to complete these steps will be included in your financial aid award letter.

If Work Study (on-campus employment) is offered, you must apply for any positions you are interested in obtaining and also submit a series of employment-related forms.

Q.  My Expected Family Contribute (EFC) is too high and I don't think we can afford it.  Is this the amount we will be billed for this year?

A.  No.  The EFC is a budgetary figure that we use to determine your financial need and eligibility for Federal, State and institutional funding.  It does not necessarily reflect the actual amount that you will be billed for the academic year.

Q.  I am not receiving any financial support from my parents.  How can I become an "independent" student?

A. You are considered an "independent" student only if you satisfy one of the following criteria:

For a more comprehensive list of criteria, go to http://www.studentaid.ed.gov/students/attachments/siteresources/DependentorIndependent.pdf

Q.  I attend (or will attend) Holy Cross during the Fall and Spring semesters and also plan to take summer classes there.  Can I receive financial aid for summer classes at Holy Cross?

A.  Yes.  However, the amount that you receive for the summer session is limited to Federal Stafford Loans and will be deducted from your Fall and Spring semester financial aid package.  In addition, you must enroll in at least six credit hours during the summer.

Q.  Do I need to reapply for financial aid each year? 

A.  Yes.  All continuing students returning are required to submit an updated FAFSA for the next school year.

Q.  Will I receive the same amounts and types of financial aid each year?

A.  Since financial need is reevaluated each year and is based on new information, your financial aid package may change.  Federal and State governments also occasionally change financial aid programs which can cause Federal and State aid amounts to fluctuate up or down.  Other factors can affect your financial aid eligibility including, but not limited to:

You may have more financial need, therefore, your aid package may increase.

You may have less financial need, therefore, your aid package may decrease.

Your financial aid package should be similar to the prior year

These are only guidelines.   Your actual financial aid award package each year will be based on new information that you submit and the availability of financial aid funds and programs.