Although your financial aid package is personalized and based on your personal circumstances, the following general questions about financial aid awards are often asked.

Will I Have to Pay It Back?
Your personalized financial aid package has its own rules for repayment. Generally, grants and scholarships do not need to be repaid unless your enrollment status changes, while some awards have specific employment or community service requirements. Your aid package can drastically vary--some loans come with grace periods, interest rates are often different, and penalties vary if the loan goes into default. Make sure you know the repayment rules specific to each of your financial aid awards.

How Will My Aid Be Disbursed?
Financial aid awards are disbursed in different ways and you might be anticipating a check when your aid has already been credited to your account. Be prepared if your financial aid disbursement arrives at a different time than you originally anticipated. For example, if your award check does not arrive until September or even later and your online program begins in August, you may need to have extra cash ready ahead of time. Generally, when you receive your financial aid package, disbursement information will be included. If you have more questions about aid disbursements, contact your financial aid office.

What if my Circumstances Change?
If anything changes about your student status or income, be sure to notify the financial aid office. Knowing details about your aid package can help you understand how changes will affect your aid and will make it easier to understand the explanation provided by your financial aid office. Your financial aid package is customized based on information you have submitted to the financial aid office. If any of that information changes--financial information or if you will take more or fewer classes--it could affect the amount of aid you receive. If you're a dependant student and you receive a loan based on your parents' income, any change in their financial status could also affect your aid. From your loan's interest rates to payment plans to deadlines, a number of elements could change your aid package. Let your school's financial aid office know as soon as possible if your financial or employment situation changes.

Who Should I Contact With Questions?
Check the FAFSA Web site if you have general questions about Federal student aid. If you don't understand the general information or if you have specific questions about your financial aid package, your first resource should always be your school's financial aid office. If you have a loan with a private lender, contact that lender with questions or problems.