Financial Aid / FAFSA Frequently Asked Questions

Q. What is FAFSA?
A. FAFSA stands for Free Application for Federal Student Aid and is a federal government form used to calculate student's financial need.  The Department of Education (DOE) uses data provided on the FAFSA to calculate a student's Expected Family Contribution (EFC).

By subtracting the EFC from the cost of attendance, EIMB will determine the financial aid need. We recommend that students complete the FAFSA even if they don't think that they would qualify for financial aid.  Loans like the Unsubsidized Stafford Loan and PLUS Loan are not need-based, but they do require a FAFSA application.

Q. How do I apply for financial aid?
A. To be considered for federal student aid, a student must complete a Free Application for Federal Student Aid (FAFSA). The FAFSA collects financial information as well as other information such as citizenship status.  The Department of Education (DOE) uses the information to calculate the Expected Family Contributions (EFC) and to determine a student's eligibility through computer matches with other agencies.

You may apply by completing a paper-based FAFSA, but we recommend that you use the DOE's online process at www.fafsa.ed.gov.  The online application process is much faster than submitting a paper FAFSA. Also, the online method has a validation tool to ensure accuracy and online help is available.

To sign your electronic FAFSA, you will need a PIN, to get a PIN go to www.pin.ed.gov.  (Complete this process first if this is the first time completing the FAFSA online).  A new FAFSA must be completed for each academic year.

Q. Do I have to reapply for financial aid each year?
A. Yes. Since FAFSA is year specific, you must reapply for financial aid each academic year.  FAFSA is valid for one academic year -- from July 1st to June 30th of the following calendar year.  FAFSA RENEWALS CAN ONLY BE COMPLETED ONLINE.

Q. My parents are divorced, whose tax information will I need?
A. You should complete the FAFSA using the information from the parent that provided the majority of financial support during the past year.  This is typically the parent that you lived with during the past year.  NOTE: if the parent whose information you are reporting has remarried, you must include the income and asset information of the stepparent.

Q.  How and when will SOLEX Academy get the results?
A. While completing the FAFSA, you will be asked to supply the code(s) of the school(s) you want to receive your FAFSA results. SOLEX Medical Academy's code is 041175.  If you submitted the application online, SOLEX Medical Academy should receive your results within 1-2 weeks. If you submitted a paper FAFSA, it may take 4-6 weeks for SOLEX Medical Academy to receive the results.

Q. What type of information does the FAFSA require?
A. FAFSA requires general information as well as tax and asset information. If you are a dependent student you must provide your parents information as well.

Q. What are grants?
A. Grants are free money, that are not required to be paid back. Filling out a FAFSA form will automatically check if you're eligible for grants or not.