An Iowa College in the Liberal Arts Tradition
Frequently Asked Questions
Please enter a word or phrase in the Search field to quickly get answers to some of the most frequently asked questions about financial aid.
- Can financial aid be used to pay for books?Financial aid can be used to pay for books once the student has a remaining credit...
- What financial aid forms am I missing and where do I find those forms?The Financial Aid Office will notify prospective students of needed forms via mail, e-mail or...
- Why are you requesting an IRS Tax Return Transcript instead of allowing us to provide signed copies of our tax returns?Federal regulations now require that we collect an IRS Tax Return Transcript from any applicant...
- How many hours of work study are allowed each week?Most work-study awards allow for a student to work an average of six to ten...
- How many months is the monthly payment plan?Families can choose to participate in a 4 or 5 month payment plan each semester. ...
- What is the IRS Data Retrieval Process and why should it be used?The FAFSA-IRS Data Retrieval Tool is a function that students can use while completing a FAFSA...
- My Student Aid Report says I don't qualify for a Federal Pell Grant. Does that mean I'm not eligible for financial aid?Usually not. The majority of Luther's students are not eligible for a Federal Pell Grant,...
- Does it cost anything to participate in the monthly payment plan?Our payment plan is administered in-house; therefore, there is no cost to participate in the...
- Can we use the monthly payment plan in combination with student loans?The monthly payment plan can be used in combination with both student and parent loans...
- Will my financial aid change in future years?The results of the FAFSA each year are one of the main factors that drive...
- My parents are divorced. Which parent's information should be reported on the FAFSA?Generally speaking, you will use the information of the parent you have lived with most...
- How does the federal government come up with my EFC?A standard formula is used to evaluate the Expected Family Contribution (EFC) of all students....
- Does Luther College have a priority filing date for financial aid?February 1st of each year is designated as Luther's priority filing date for incoming students. ...
- Can PLUS loans be put into deferment?Yes, PLUS loans can be deferred while the student is enrolled in college on at...
- How do I pay the interest that will accrue on my unsubsidized and private loans?You will need to contact your lender for specific instructions on making interest only payments...
- Why is the college encouraging me to sign up for direct deposit?Direct Deposit allows the recipient of funds quicker access to those funds without the hassle...
- How will a job loss of one of my parents affect my financial aid?Job losses of a parent should be discussed with a member of the financial aid...
- Why has my friend received his financial aid award but I have not?Prospective students must be admitted to the college in order to receive a financial aid...
- I don't want to work my first semester at Luther. Can I still get a job second semester?Many students choose not to work during their first semester at Luther. Students who do...
- When should I report outside scholarships to the Financial Aid Office?Outside scholarships are usually reported to the Financial Aid Office in the summer once a...
- If we don't accept the loans in the financial aid package now, can we utilize them later if needed?In most cases, loans declined now can be reinstated later in the academic year as...
- Why do I have to include my parents' information on the FAFSA when they don't claim me on their taxes?A series of thirteen questions on the FAFSA determine a student's dependency status. The U.S....
- Why was only half of my aid credited to my account?Most financial aid is credited to a student's account at the rate of one-half each...
- What lender should I use for my private loan?Each private loan lender's loan terms and conditions will vary. Therefore, what may be right...
- Does an outside scholarship check that is made out only to the student and sent to them at their home address need to be reported to the Financial Aid Office?All outside scholarships must be reported to the Financial Aid Office as federal regulations require...
- Will my academic scholarship change in future years?The value of academic scholarships remains constant for four academic years of full-time study. Each...
- Can I have more than one work-study job?A student can have multiple positions, but the total hours per week for all positions...
- Can I borrow my federal loans from a hometown bank?Since Luther College utilizes the Federal Direct Loan program; a student would borrow their federal...
- When do I find out where I will work?Work-study assignments for first-year students are given out during the Registration, Orientation and Advising Days...
- In what cases would a FAFSA applicant be ineligible to use the FAFSA-IRS Data Retrieval Tool?A student would be ineligible to use the FAFSA-IRS Data Retrieval Tool in the following...