Student Finance - Frequently Asked Questions

1. Why am I not considered an independent student for financial aid purposes?

The government sets the guidelines that determine the dependency of a student. In order to be independent, you must meet at least one of the following criteria, listed on the Financial Aid Form. You must:

a. Be 24 years old and/or
b. Be a veteran of the armed services of active duty (not Reserves OR National Guard) and/or
c. Be married and/or
d. Be an orphan or ward of the court and/or
e. Be pursuing a post graduate degree and/or
f. Have a child and provide at least 51% of his/her support and/or
g. Have other dependents (other than children or spouse) who live with you and receive more than half of their support from you.

2. When should I fill out the Financial Aid Form (FAFSA)?

Financial Aid Applications for the new financial award year (July through June) are available every January on the web at http://www.fafsa.ed.gov. DeVry's deadline for each school year is April for continuing students.

3. What do I do if I have not filed my tax return before the deadline to turn in the Financial Aid Form?

Do not panic!! You may estimate the income information. There is a place on the Financial Aid Form to indicate that you are estimating the figures. When you have filed your tax return, send a copy to the Student Finance Office so that the figures can be verified and corrected if necessary.

4. What do I do if neither my parents, nor myself have a copy of our taxes and the Student Finance Office is requesting a signed copy?

Please contact the IRS for a tax transcript. You can do this by calling 1-800-TAX-1040 (1-800-829-1040).

5. Must I fill out the Free Application For Federal Student Aid (FAFSA) to receive student loans?

Yes! Loans are a form of Federal Financial Aid and the FAFSA must be completed to obtain this aid.

6. When do I have to start paying back my student loans?

For the Federal Stafford Student Loan, you begin repayment six months after you graduate, leave school, or drop to below half-time status (six credit hours). For the Perkins loan, repayment begins nine months after you graduate, leave school, or drop below half-time status.

7. How is my Educard payment determined?

The Educard payment is determined by calculating the cost of tuition, fees and books minus any financial aid the student may be receiving. The remaining balance is then divided into four payments that are rounded up to the nearest $25 increment. If the student is not using financial aid, the Educard will be determined on a payout system (full cost of tuition, fees and books divided by 4 payments and rounded up to the nearest $25 increment). All students are set up on Educard payments that reflect the use or non-use of financial aid unless they are paying full cash up front at registration. The lowest payment level is $25 and students are required to make monthly payments until their balance is 0.

*Students starting a Session B accelerated class will have their payment determined by dividing remaining balances into 2 payments as they only have half a semester (two months) to complete payment of tuition and book charges.

DeVry's FAFSA School Code is 010727