Financial Aid FAQ

How do I get started applying for Financial Aid?

To be considered for any type of aid, you will need to have 1) an accepted admissions application to Naropa University on file, and 2) a complete Free Application for Federal Student Aid (FAFSA) or International Student Financial Aid Application.

Both the FAFSA and International Student Financial Aid application require the prior year’s tax return information in order to be complete. In other words, if you are seeking aid for the 2010–11 year, you will need your 2009 tax return information, if you are required to file taxes for the year.

Complete FAFSA online at www.fafsa.ed.gov. Download the International Student Financial Aid Application.

For US citizens: When submitting your Admissions application, we strongly encourage you to include your Social Security Number in the form. It is optional on the Admissions Application, but the Financial Aid Office needs it in order to receive your FAFSA information. Not having the Social Security Number could greatly delay your aid.

When do I have to apply for Financial Aid?

The priority deadline for FAFSA or Financial Aid Application is March 1 (for the following fall semester)
or October 1 (for the spring semester).

Even if you have not yet been notified about your admissions status, please still complete the appropriate aid application. That way we will be able to determine your eligibility as soon as you have been accepted to Naropa University.

What is a “priority deadline?”

By filing for aid by these dates, you will be considered for the greatest amount of available financial aid. You may complete the FAFSA after the priority deadline, but the later you submit your application, the fewer options for aid you may have.

Should I apply for financial aid before I know if I have been accepted to Naropa?

We recommend that you complete your FAFSA or Financial Aid Application by the priority deadline, even if you have not yet been notified about acceptance.

What does “selected for verification” mean?

The federal government selects approximately 30% of all aid applications for verification. This means that Naropa's Financial Aid Office must verify the information on your FAFSA by collecting tax returns and other documents.

If you have been selected for verification, you will be notified by the Financial Aid Office to send in the appropriate documents. You should submit all requested materials promptly to avoid delays in processing your financial aid application and ensure you are fully considered for all forms of aid.

Why did I receive a request for my tax return and/or my parents’ tax return?

If you or your parent(s) used estimated tax information on the FAFSA, the Financial Aid Office will request a copy of your signed tax return. If you are required to file a tax return, we strongly recommend that you complete the return before you submit FAFSA. If you fill out FAFSA using estimated tax information, the FAFSA will not be considered complete and you will be required to submit your completed return to the financial aid office.

Please provide requested materials as soon as possible to avoid delays in processing your application for financial aid.

What is Selective Service, and why did my FAFSA get rejected because of it?

Selective Service provides manpower to the armed forces in an emergency; and runs an Alternative Service Program for men classified as conscientious objectors during a draft. Males ages 18 through 25 and living in the U.S. must register with Selective Service.

If you are unsure whether you registered with Selective Service, you can check your status at www.sss.gov.

What if I have special circumstances that were not addressed on the FAFSA?

There is an appeals process. Contact the financial aid office to see if this will apply to your situation.

My FAFSA or International Student Financial Aid Application is complete… what’s next?

You may experience a lull between when you complete your Admissions and Financial Aid applications, and when you are notified of your acceptance status. Please take this time to ensure that all of your materials are submitted. This may be an opportunity for you to research other funding options, such as Outside Scholarships.

How do I apply for scholarships?

Most Naropa scholarships are award based on your admissions application and FAFSA/International Student Financial Aid Application. There are a few, however, that require additional materials. See more information on Naropa Scholarships. The deadline to apply for most institutional scholarships is April 1.

There are also a variety of Outside Scholarships which require separate applications. Each scholarship requires specific information. Get started looking for scholarships outside of Naropa. Here you will find some suggested scholarships, and some search engines to help you look for more.

How is my eligibility for need-based aid determined?

Your financial aid will be determined by subtracting your family's ability to pay for your educational expenses for the year (as determined by the FAFSA or Financial Aid Application) from your estimated total costs for the year.

Cost of Attendance–Expected Family Contribution = Financial Need

What is an “aid package?”

When you submit the FAFSA, you will automatically be considered for all types of need-based aid offered by Naropa and the federal government. Aid may be in the form of loans, grants, scholarships and/or work-study. Your aid package will consist of one or more of these funds. When combined, all sources of aid must not exceed your cost of attendance or financial need.

You will receive a notification letter of your financial aid eligibility, which will list the types of aid you have been “packaged” with.

Do I have to pay my confirmation deposit before I get my Financial Aid Eligibility Letter?

The Admissions office will give you a deadline to pay the confirmation deposit. If you have not yet received an aid letter, contact the financial aid office to ensure that we have all of the information we need. Also, contact the Office of Admission to ask for an extension of the confirmation deposit deadline. 

How do I read my aid letter?

After you have been accepted to Naropa University, and once your financial aid application is complete, we will send you a notification of financial aid eligibility letter, which will have a lot of information for you.

How to Read Your Aid Letter [pdf]

What is the difference between the Stafford Subsidized and Unsubsidized loans?

A Subsidized Stafford Loan is a federal loan awarded to students who demonstrate financial need through the FAFSA. The government pays the interest on the Subsidized Stafford loan while the student is in school and during the six-month grace period. The Unsubsidized Stafford loan accumlulates interest until it is paid in full.

Students who are not eligible for the Subsidized Stafford Loan based on need, will still qualify for Unsubsidized Stafford Loans.  

The student has the choice to either make interest payments while enrolled (this is the better choice), or defer the interest and have it added onto the principle loan amount when the loan enters repayment.

Must I accept everything on my award letter?

You may accept or reject all or part of your financial
aid award.

I have received my aid letter, I know what
I want to accept and/or decline. What do I
do now?

Sign and return a copy of your aid letter to the Financial Aid Office. The aid letter should have come with additional information about the types of aid you will see on your letter, and any additional steps you may need to complete to ensure your aid is ready for when you start school.

I received a scholarship after I had already been packaged with aid. How will this affect my aid package?

If you receive an outside or institutional scholarship, those funds must be included in your total aid package. Depending on the amount of the scholarship you receive, it is possible that other components of your financial aid package may have to be reduced.

How and when will my aid be disbursed to me?

Any aid you are awarded is first used to offset any charges you owe for the semester, and any amount you receive in excess of your charges will be refunded to you. New students expecting a refund may receive it at the end of the first week of classes, with the following exceptions.

I have loans from a previous university.
Do I have to start repaying those?

If you have federal loans borrowed while attending another university, you will be able to put them into In-School Deferment. We will not verify your enrollment (eligibility for this deferment) until after the Drop/Add period at the beginning of the semester.

For more information on loan repayment and options available to you, visit our site Loan Status, Deferment & Repayment.

When do I have to start repaying my loans?

You are responsible for repaying your federal Stafford Loans after your six-month grace period. Your grace period begins after you graduate, start a leave of absence, withdraw or drop below half-time (6 credits per semester).

If you have borrowed a Federal PLUS loan (Parent, or for Grad Student), repayment begins sixty (60) days after the last date of disbursement. You may request an in-school deferment for PLUS loans; in which case, your repayment will begin immediately following graduation or dropping below half-time (6 credits/semester) status.

To learn more about loan repayment, please go to Loan Status, Deferment & Repayment.

Can I use my financial aid award to pay my confirmation deposit?

No. You will need to pay your confirmation deposit with the Admissions office before you will be able to register for classes. You will not receive your aid until after you are enrolled at Naropa.