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The College of Idaho strongly encourages all students and families to file the Free Application for Federal Student Aid (FAFSA). The FAFSA must be filed each year in order to determine a student’s eligibility for any type of federal aid, including loans, grants and work-study; need-based institutional aid; and select other scholarships or awards.
To speed up FAFSA processing, our Title IV school code is 001617.
If you don’t fill out the FAFSA you could be missing out on a lot of financial aid! We’ve heard a number of reasons students think they shouldn’t or don’t need to complete the FAFSA. Here are a few of the most common:
If you think any of these statements apply to you then you should read a few Myths About Financial Aid. The reality is that everyone should fill out the FAFSA every year.
To apply for any type of federal student aid you need to complete the Free Application for Federal Student Aid (FAFSA). Completing and submitting the FAFSA is free and quick, and it gives you access to the largest source of financial aid to pay for college. Even if you don't think you qualify for federal aid or don't plan to apply for it at all, the College still requests you to fill out the FAFSA. We use its information to determine your eligibility for state and school aid, and some private financial aid providers use it in their determination as well.
After you complete the FAFSA it will be processed and return an Expected Family Contribution (EFC). The College, the government and private lenders use this figure to determine your eligibility for aid. The EFC is not how much you are expected to pay for college nor is it how much college will cost.
All students manage their accounts through Self Service. Once your financial aid award package is created you'll receive a letter or email providing your awards or a link to Self Service to review your awards, as well as any special terms and directions on how to accept, reject or modify the awarded amount. Some federal loans are automatically listed in your award, but you do not have to accept them. The fewer loans you need to pay for college the better, so use loans wisely.
If you accept a student loan as part of your award package and then change your mind, you can cancel all or part of your loan within 14 days after your student account is credited with your loan funds.
If you choose to accept federal student loans you will need to complete and sign a Master Promissory Note (MPN). The MPN is a legal document where the borrower, usually you or your parent, signs a contract to repay the loan in full and on time. Private loans will have a similar promissory note, but the MPN is for all federal loans and only needs to be signed once for up to ten years of loans. You don't need a new MPN each year if you receive additional federal loan funds.
The Master Promissory Note is available on the Federal Student Loans website. You'll need your FSA ID to login and sign the note. Once completed, you should download or print a copy of the note for your records. You do not need to submit the note to the College because we'll be electronically notified that it's done.
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The FAFSA website – https://studentaid.gov/ – includes links to information and videos all about the FAFSA, how it works, what’s it’s for, and what you need to do. If you’re not sure where to go next, start here. If you still need help, please contact us, and we’ll do our best to answer your questions.
Most of the awards that appear on the Financial Aid Award Notification are automatically applied to student accounts upon acceptance in Self Service. Certain types of financial aid are applied at different times after the money is received or earned.
Under the Higher Education Amendments of 1998, if a student withdraws on or before the 60% point in time of the semester, calculated using calendar days, a portion of awarded Title IV federal aid funds must be returned. Work-study funds are not included in this regulation. The student will receive a copy of the return calculation and an itemized assignment of the refund amount to the various fund accounts. The amounts returned to the federal programs must be applied in the following order. No refund will exceed the amount the student received from a given fund. Students considering withdrawing, or who have recently withdrawn, should read the College's full Return of Title IV Funds Policy available in the Undergraduate Catalog.
All first-time federal direct loan borrowers are required to complete entrance counseling. The entrance counseling session provides you with information about your rights and responsibilities as a borrower. After reviewing the information, you will be quizzed on your knowledge. You only need to complete entrance counseling once, so if you already completed it with us or another college you don't need to do it again. You will not receive any disbursements of your federal direct loan until we receive confirmation that you completed entrance counseling or have completed it in the past for previous loans.
Entrance counseling is available on the Federal Student Loans website. You'll need your FSA ID to login and complete the session. We'll be automatically notified when you're done so there's nothing you need to send to us.
Loans are generally divided evenly over Fall and Spring semesters. If you accepted your awards, signed a promissory note, and completed entrance counseling then your loan funds will be automatically applied to your student account at the beginning of each semester.
When you leave the College, whether because you graduated, transferred, or took a leave of absence, you must complete loan exit counseling if you have borrowed through any federal direct loans. Exit counseling provides information about your rights and responsibilities as a borrower, tips for managing loans and payments, and options for monitoring your loans and getting help if you have a dispute. Loans cannot be canceled because you didn’t like the education you received, didn’t get a job in your field of study, or because you’re having financial difficulty. Loans are legal obligations that you must repay.
Exit counseling is available on the Federal Student Loans website. You'll need your FSA ID to login and complete the session.
With competitive tuition rates and a variety of funding options, the cost of The College of Idaho’s graduate degrees reflects our commitment to making a high-quality education accessible. Start your journey toward professional growth and leadership — apply today.
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