Financial Aid FAQs
Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov or call the Federal Student Aid Information Center at 1.800.4.FED.AID (1.800.433.3243). If you are hearing-impaired and have questions, please contact the TTY line at 1.800.730.8913.
Once your filed FAFSA is processed, you will receive a copy of your Student Aid Report (SAR). Please review and make necessary corrections and then mail any changes back to the processor.
Once the financial aid office received the SAR report, an award letter will be mailed to you stating your financial aid eligibility.
Contact the financial aid office at 516.323.4200, or stop by or office located in Wilbur Arts Center, second floor, Room 236.
Make any necessary corrections to your SAR report and mail them to the federal processor. Mailing address in provided by federal processor. Corrections can also be done online at www.fafsa.gov; you will need a federal PIN to make corrections.
To apply for a PIN, go to www.pin.ed.gov
Yes. You will need to apply for a federal PIN for at least one parent. Apply for a PIN at www.pin.ed.gov.
Molloy federal school code is 002775.
Verification is a process of review; this process allows schools to compare information from your FAFSA results and other financial documents like tax returns. This is a federal regulation and the school will provide you with the right forms to complete this process. For more information contact the financial aid office.
A large number of full and partial tuition scholarships are available to entering full-time students to Molloy College. Most scholarships are based entirely on academic record, without regard for need; others are awarded on the basis of the analysis received from the federal processor, together with the student's academic credentials. Contact the admissions office for additional information.
Molloy's state school code is 0500.
The actual TAP award will be posted to your student account to help you pay tuition. This transaction will be conducted by the student financial services office (bursar). For additional information contact them at 516.323.4100.
Yes, students must renew their financial aid paperwork each academic year. Renewal of aid is not automatic; students must file the FAFSA form by May 1.
The deadline to file for financial aid for the fall semester is May 1.
No, your family does not need to have filed tax returns to complete the FAFSA, you can utilize your family's W-2 forms to estimate the income to be reported. It is recommended that you do file taxes early to ensure a more accurate eligibility.
Subsidized loan is based on need, determined by the FAFSA form. Interest rate is paid by the federal aid while borrower attends school at least half-time and during grace period and deferment periods. Unsubsidized loans are not need based and borrower is responsible for the interest rate accrued during school and the lifetime of the loan.
Parents could apply by completing the Federal plus pre-approval form available at the financial aid office, or by contacting the lender directly. We recommend students to contact our office first.
The Master Promissory Note (MPN) can be used to receive multiple of loans in multiple years of borrowing. A student must complete an MPN in order to received Stafford loans.
Loan counseling is to help students better understand the rights and responsibilities when borrowing a loan. First-time borrowers must complete an entrance counseling interview in order for the school to receive any loan funds and to be able to post to students account.
Private loans are not needs-based and require credit approval. Interested students should contact the financial aid office for additional information.
Acceptance of awards does not guarantee a job; students are instructed to contact the financial aid office the first week of school of each semester for job availability and placement.
Students who are registered for six credits in the summer may qualify for TAP, a Pell grant, loans, etc. Alternative loans are offered to students taking less than six credits.
Aid recipients must maintain satisfactory academic progress in order to continue to receive financial aid. A student who fails to meet one or more of the satisfactory academic progress requirements is in financial aid probation for the subsequent semester. A student who fails to meet the academic progress requirements at the end of the probationary period will lose his/her financial aid eligibility.
Contact the bursar for additional information.