Financial Aid Process

How to Obtain Your PIN

Your U.S. Department of Education PIN is your electronic signature. It allows you to electronically sign your Free Application for Federal Student Aid (FAFSA), check its status online, and access your account information. Getting your PIN is the first necessary step to apply for financial aid.

Go to the Department of Education PIN Registration website and click "Apply for a PIN." Simply complete the application and submit it. You can choose to instantly view your PIN online, receive an email with your PIN, or have your PIN sent by mail within 7 to 10 days. Once you receive it, use it to sign your application and keep it in a secure place. Do not share your PIN with anyone.

The Free Application for Federal Student Aid (FAFSA) is used to apply for federal student financial aid, such as the Pell Grant, student loans, and federal work-study. Completing the FAFSA is essential to determining your financial aid eligibility.

Once you have your PIN, go to the FAFSA website to fill out your Free Application for Federal Student Aid (FAFSA). 

• For this current academic year, you will need to complete the 2013-2014 FAFSA.
• If you have previously completed your 2013-2014 FAFSA for another institution, all you will need to do is add the Kaplan University school code listed below.

Helpful tips to successfully complete your FAFSA 

• You will be asked, “Do you want to sign your application now by using your PIN?" Choose “yes” if you have already received your PIN or “no” if you have not requested a PIN or are waiting for it to arrive. (If you select "no," you can still complete a FAFSA and go back later, when you receive your PIN, and sign your FAFSA electronically.)
• You will be asked for a school code. Kaplan University’s school codes are as follows:
  • Online students use 004586 (Davenport, Iowa).
  • Augusta Location: 004586
  • Cedar Falls Campus: E00920 
  • Cedar Rapids Campus: 004220
  • Council Bluffs Campus: E01153
  • Davenport Campus: 004586
  • Des Moines Campus: E00925
  • Hagerstown Campus: 007946
  • Indianapolis Learning Center: 00458600
  • Lewiston Campus: E01190
  • Lincoln Campus: 004721
  • Mason City Campus: E00926
  • Milwaukee Learning Center: 00458600
  • Omaha Campus: 008491
  • Rockville Learning Center: 00458600
  • St. Louis Learning Center: 00458600
  • South Portland Campus: 009292
   
• After you submit your FAFSA, you will receive a submission confirmation page. We recommend you print this for your records. Very important: If you do not print/copy the submission page at this time, you will be unable to access it for 24 to 72 hours. If you have chosen to sign without a PIN, you will not be able to access this page until you have your PIN. 

Once you have completed the application:

• Use your PIN to electronically sign your FAFSA.
• Click on “Submit My FAFSA Now.” 
• Print your submission confirmation page and save it for your records.

After you submit your FAFSA 

Immediately after you submit your FAFSA, you will be presented with the Web Submission Confirmation page. Copy and paste your confirmation page into an email and send it to your Admissions Advisor. If you prefer, you can also print out this page and fax it to your Admissions Advisor. Based on your FAFSA results, the Financial Aid Office will then put together your estimated financial aid award or send you an email to complete the self-award.

How to correct errors in your FAFSA 

You should receive a Student Aid Report (SAR) via email in approximately 1 week. If you did not provide an email address, a paper (SAR) will be sent via regular mail to the address provided in the FAFSA. This could take up to 6 weeks. Your SAR will be ready to view on the FAFSA website 3 days after your FAFSA submission. This report will state your Expected Family Contribution (EFC), restate what you put on the FAFSA, and give you the opportunity to correct wrong information. If you make corrections to your application, the Financial Aid Office will then revise your financial aid award and send you a copy for your review. The revised award letter will tell you what financial aid you are eligible to receive after the changes have been made.

Why fill out a FAFSA? 

The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid process. It is used to apply for federal student financial aid, such as the Pell Grant, student loans, and federal work-study. Completing the FAFSA is essential to determining your financial aid.

Materials needed to fill out a FAFSA 

• Your driver’s license and Social Security card
• Income tax returns
• W-2 forms and other records of money earned
• Current bank statements
• Records and documentation of other untaxed income, such as welfare benefits, Social Security income, veteran’s benefits, AFDC, or military or clergy allowances
• Records of stocks, bonds, mutual funds, and other investments
• Business or farm records (if applicable)
• Your PIN

How to avoid errors when completing your FAFSA 

• Do not leave a field blank. 
• Use the 1040 federal income tax return form, not the W-2 form, for reporting income and taxes paid. 
• Do not use nicknames, use your legal name as it appears on your Social Security card. 
• Do not forget to sign your FAFSA. Your parents must also sign it if you are a dependent student. 

Loan Entrance Counseling Quiz

To be eligible for federal subsidized and unsubsidized loans, you must complete the Entrance Counseling tutorial and quiz. The U.S. Department of Education requires that all students wishing to borrow under the Federal Stafford Loan program participate in loan entrance counseling before receiving funds. To help you satisfy this requirement, visit the Direct Loans website. Please note, to complete this Entrance Counseling and Exam, you will need your FAFSA PIN to access your loan.

The purpose of this entrance counseling session is to review the types of loans that may be available to you, to make sure you understand the terms of each loan type, and to inform you of your responsibility for repaying the loans. If you have any questions along the way, please ask your Financial Aid Officer.

Here is an overview of the questions we will answer during this session:

• What loans are available and what are your responsibilities?
• What is a Master Promissory Note and how does it affect you?
• What should you do if you withdraw from school?
• How can you review information about your total loan debt?
• What is a typical monthly loan payment for students who receive federal financial aid?
• Who can you contact if you have questions about your loan or your rights and responsibilities as a student borrower?

Once you are finished with this counseling session, you will review the information and take a short quiz. 

Note: The Entrance Counseling tutorial and quiz are required by the federal government. They must be completed for you to be eligible for loans.

Master Promissory Note

Now you are ready to obtain and sign the Master Promissory Note (MPN). All financial aid-seeking students must complete an MPN. You must do this before you can receive your loan. The MPN should be completed electronically via www.studentloans.gov. 

The MPN is a binding contract between you and your lender. The document states your obligation to repay your financial aid loans. The MPN can be used for both subsidized and unsubsidized loans and for one or more academic years (up to 10 years).

To receive your loans without delay, your MPN must be completed as soon as possible. This MPN will be used for all of your loans over multiple academic years. More information on how to complete your MPN can be found on the student loans page of this site.

What is the FAFSA verification process?
Verification is a process used to ensure accuracy of the information supplied on the FAFSA. Approximately 30 percent of the students who complete the FAFSA are randomly selected for verification by the U.S. Department of Education.

How to find out if your application is selected for verification
To find out if you are selected for verification, read the comments on the first page of your Student Aid Report (SAR) sent to you by the Department of Education. If you have not received your SAR, you can check it online. Go to www.fafsa.ed.gov and open your financial aid application or contact your Financial Aid Advisor as soon as possible.

What to do if your FAFSA is selected for verification
If you receive notification that you have been selected for verification, contact your Financial Aid Advisor if you have any questions. Next, you should collect copies of documents that the Financial Aid Office requests. There are a few common documents that will always be required to complete verification. In some cases, these documents will be enough; in other cases, your Financial Aid Advisor will contact you for additional information.

Common Required Forms 

• Dependent or Independent Verification Worksheet
• Copy of your official federal tax return transcript.
• You can obtain you federal tax return transcript online or through phone/fax.
• To receive your tax return transcript via phone/fax you will need access to a fax machine with an open line. From another line, call 800.829.0922 (toll free). Do not press any prompts including language prompts. Tell the representative that you need last year’s tax records faxed to you. Note: You might get an office that does not have fax capabilities. Try calling again until you reach an office that does.

Learn About "C" Codes

When the U.S. Department of Education processes a FAFSA, the processor may place a "C" code on the applicant's Student Aid Report (SAR), This code acts as an alert for the student and the Financial Aid Office indicating that the student cannot receive aid until a given issue is resolved.

Common “C” Codes

Default
If you are notified that you are not entitled to Title IV student loans because your application for financial aid states that you are in default, usually, if you make six consecutive payments on your defaulted student loan debt, the lender will provide you with a default clearance letter. You can then forward it to the Kaplan University Financial Aid Office. After our review and approval, you will regain eligibility to receive Title IV funds.

You can check the status of your file and the history of your student loans by visiting the National Student Loan Data System. (NSLDS)

If you have already paid your loans but your status still shows you are in default, contact your lender or the Department of Education at 800-433-3243 (Toll Free) and ask them to provide you with your default clearance letter.

Overpayment
An overpayment means that you received grant funds in excess of your eligibility. When the NSLDS indicates that you have received at least one overpayment of federal student aid funds, you are required to repay the excess. You are not eligible to receive any federal student aid until your overpayment is resolved.

To resolve a Pell overpayment issue, call the Department of Education at 800-621-3115 (Toll Free). They will provide you with options to clear this issue. Once your overpayment is cleared, the Department of Education will provide you with an overpayment clearance letter that you can submit to the Kaplan University Financial Aid Office. After our review and approval, you will be again entitled to receive Title IV funds.

Loan Limits
According to your school level ( graduate or undergraduate), there is an established amount of funds you can borrow during a lifetime. If you are close to reaching the limit or have exceeded it, you might not be able to borrow more to help you cover the cost of your tuition.

You can check the status of your file and the history of your student loans by visiting the National Student Loan Data System (NSLDS). If you have exceeded your loan limit, we have other options available to help you cover the cost of your tuition. Ask your Financial Aid Advisor about alternative loan options to fund your education.

Permanently Discharged Student Loans
Students who in the past had their loans discharged for medical conditions are not entitled to receive Title IV aid unless an official doctor’s certification is submitted, which states that the student has the ability to engage in substantial gainful activity, along with a signed personal statement, which states that as a student, you are aware that the new FSA loan cannot be discharged later for any present impairment unless it deteriorates so that you are again totally or permanently disabled.