Financial Aid FAQ's
General Questions about Eligibility and Applying
1. I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good reason for not applying.
2. Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the college.
3. Why can't I submit my financial aid application before October 1?
You cannot submit the form before this date because the need analysis process uses your financial information from the prior tax year when calculating eligibility for the upcoming award year.
4. Do I have to reapply for financial aid every year?
Yes. Financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. You are able to complete a renewal FAFSA directly at www.fafsa.gov. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
5. How do I apply for a Pell Grant and other types of need-based aid?
Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not increase the amount of grants you receive. If you are a NY resident, please apply for NYS aid as well www.hesc.ny.gov for details.
6. Are my parents responsible for my educational loans?
No. No for student loans. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for your educational loans if they co-sign your loan. In general, you and you alone are responsible for repaying your educational loans. You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the 'defense of infancy' does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void. There is an explicit exemption to this principle in the Higher Education Act with regard to federal student loans.) However, lenders may require a cosigner on private student loans.
7. If I withdraw from a class how may that affect my aid?
Financial aid, just like tuition, is based on your enrollment status. If you are enrolled as a full-time student, you will be eligible for more financial aid than if you are a part-time student. If you drop classes and fall below full-time or half-time status, some of your aid could be affected. If you withdraw completely from the college and your aid has already been disbursed, you may need to pay back some of the aid you received. Keep in mind, you are required to take classes that are going towards your major or your minor, if they are not required for either, your aid could be affected.
8. Do I have to maintain good grades to keep financial aid?
There is a level of academic progress that must be maintained in order to keep financial aid. See our catalog for further information or go to Federal and State Progress Requirements.
9. If I take a leave of absence, do I have to start repaying my loans?
Not immediately. The subsidized direct loan has a grace period of 6 months before the student must begin repaying the loan. When you take a leave of absence, you will not have to repay your loan until the grace period is ends. If you use up the grace period, however, when you graduate you will have to begin repaying your loan immediately. It is possible to request an extension to the grace period, but this must be done before the grace period is ends. If your grace period has run out in the middle of your leave of absence, you will have to start making payments on your student loans.
10. I got an outside scholarship. Should I report it to the financial aid office?
Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the financial aid office.
11. Where can I get information about Federal student financial aid?
Call the Federal Student Aid Information Center at 1-800-4-FED-AID (1.800.433.3243) or 1.800.730.8913 (if hearing impaired) or go to www.studentaid.ed.gov for updated information.
12. Are work-study earnings taxable?
The money you earn from Federal Work-Study is generally subject to federal and state income tax, but exempt from FICA taxes (provided you are enrolled full time and work less than half time). Federal Work-Study earnings during the calendar year should be included in the totals for AGI and Worksheet C on the FAFSA. Work-study earnings should only be included in Worksheet C when they represent financial aid to the student, since the answer to this question is used as an exclusion from taxed income. The student should also be careful to report amounts based on the calendar year, not the school year.
1. Am I eligible to complete the FAFSA?
You must be a US citizen or an eligible non-citizen. Visit link for details https://studentaid.ed.gov/sa/eligibility. If you do not meet eligibility requirements, you can still receive academic/merit scholarships determined by the Admissions office. If you are a NY state resident, you can review www.hesc.ny.gov/dream for available options for state programs.
2. When should I apply for FAFSA?
Any time after October 1st is the release date for FAFSA. We establish March 1st as a priority deadline for our continuing students.
3. Am I able to get a copy of my FAFSA information?
You can log into www.fafsa.gov at any time after FAFSA has processed and download a copy of your Student Aid Report (SAR) into a pdf file.
4. How long does the FAFSA take to process and how will I be notified?
The FAFSA takes about 3-5 days to process, you will receive an instance email from the Department of Education letting you know the FAFSA has been received and is now processing. As long as Molloy is listed on the FAFSA, our office receives the data electronically and begins awarding in February for our incoming freshman class, and March for our continuing students. Our freshman class are notified in writing, they will receive a hard copy award letter via regular US mail. Our continuing students will received notification via the Lion's den portal.
5. Am I able to make corrections on the FAFSA?
Certainly, if you have noticed an error was made. Log into www.fafsa.gov and you are able to correct any part of the FAFSA. Make sure to submit the correction. The correction may take up to a week to be received by our office.
6. Can I file the FAFSA as an Independent student?
The FAFSA has clear guidelines on rules of independence. See this link for detailed information https://studentaid.ed.gov/sa/1920/help/need-parent-info. If you are over 24, married or have children that you support, the FAFSA determines that you are independent. If you do not meet any of those requirements, you would need to include parent's information on the FAFSA. If you feel your circumstance is unique, you are welcome to speak with a counselor in the office to get guidance on how to proceed. Keep in mind, parent's unwillingness to provide financial information are NOT grounds for independence.
7. Can I appeal my financial aid award?
Once you have received your financial aid award, there is a process to appeal the decision. You must reach out to the financial aid office and schedule an appointment to meet with a counselor and discuss the reasons for the appeal. You may be asked to provide additional documentation.