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Frequently Asked Questions
do I know if it is going to be worth the hassle of applying for financial
aid? How do I know if I will qualify?
A. Hope College requires families to complete both the FAFSA and the Hope Supplemental Application for Financial Aid (SAF). Federal and state government regulations require us to collect income and family information such as tax returns, benefit statements, number of household members, number in college, and asset values for those applications that have been selected for verification by the federal processor, or to resolve any discrepancies in information reported on your applications.
A. There are priority filing dates for financial aid. Go to Priority Consideration Dates for more information. State of Michigan residents should file the FAFSA by March 1 to meet the State of Michigan Scholarship and Grants filing date.
A. No. As it is important that you meet published deadlines, you should file your applications using estimated tax information. You can then update your information after your tax forms have been filed. If you do estimate, make sure to be as accurate as possible.
A. It depends. Please go to the Self-Supporting Students section for more information.
A. You should apply for aid using the income figures of the parent (and his/her spouse if remarried) with whom you resided the most during the past 12 months. If you did not live with one parent more than the other, provide answers about the parent who offered you the most financial support during the last 12 months, or during the most recent year that you were supported by one of your parents.
A. If you are considering moving off-campus/commuting, please consult the Office of Financial Aid to determine the possible effects on your aid eligibility. If your housing arrangements change at any time during the award year, your aid eligibility will be reviewed and adjusted as needed.
A. It is rare that an outside scholarship will have a negative impact on your aid package. To the extent possible (following mandated federal and state regulations), we will either add the outside scholarship over and above your aid package or use it to reduce the less attractive components of your aid package (i.e., loans and awarded work). If you would like to find out more about applying for outside scholarships, go to our links page and pick one of the options for free scholarship searching.
A. If you file the FAFSA and demonstrate the need for a loan, you will be awarded the subsidized Federal Direct Loan and the federal government will pay the interest on the loan for you as long as you are enrolled in a post secondary school at least half-time. If you do not demonstrate financial need for a loan, you will be offered an unsubsidized Federal Direct Loan. In this case, the interest begins accruing at the time your loan is disbursed and you bear the responsibility of repaying all interest.
A. If you borrow through the Federal Direct Loan Program, your loan repayment period will begin six (6) months after the last date on which you are enrolled at least half-time (six or more hours.) If you borrow through the Federal Perkins Loan Program, your repayment period will begin nine (9) months after the last date on which you are enrolled at least half-time. This six- or nine-month period is referred to as your "grace period." For more Federal Perkins Loan information, please go to Federal Perkins Loan. For Federal Direct Loan information, please go to Federal Direct Loan.
A. The Federal Direct Loan does not appear as a credit on your bill until you have satisfied all requirements including signing an electronic Master Promissory Note if you are receiving the loan for the first time. You also must have provided all requested documents that the Hope Office of Financial Aid has requested, such as information requested for the federal verification process. Once we have reviewed and approved your loan eligibility, and you have electronically signed the promissory note, the loan will credit your account. Remember that the actual amount of the credit is 1.5% less than the approved amount because of loan origination fees. See Loan Information for more on the Master Promissory Note and loan repayment.
A. Yes. Please go to the Summer Financial Aid section for more information.
A. There are alternative financing options available. Go to Available Financing for more information.
A. If a substantial change occurs in the family's ability to pay your college expenses, contact the Office of Financial Aid to discuss the situation. You will usually need to provide documentation of the circumstances that caused the change. Examples might be loss of employment or other income, separation or divorce, death of a parent, etc.
A. The State sends monthly updates of student certifications. So, it could take up to a month for Hope to receive notice of your actual MPS award and make the change from pending to actual.
A. You can see your loans received at Hope on your KnowHope Plus account under the financial aid section titled Loan Application History. The National Student Loan Data System (NSLDS) is the federal aid record of the loans you have borrowed at Hope and other institutions.
A. You can call or email The Office of Financial Aid directly.