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Financial Aid FAQs

Q       If I receive a scholarship from Mitchell College may I also receive need-based financial aid?
A       Yes. Receipt of a scholarship does not preclude receipt of financial assistance. However, the scholarship(s) will be considered as a resource in determining eligibility for need-based aid.
Q     I originally reported $2,000 in savings on my FAFSA. I have since purchased a car with the savings. Can I correct this?
A     No. You cannot correct a response that was correct as of the date you signed the original FAFSA.
Q     If I am not eligible for Pell Grant, does that mean I am not eligible for any need-based financial aid? 
A     No. A large number of undergraduate students, who are ineligible for a Pell Grant, receive other need-based financial aid.
Q     I do not live with my parents and they do not claim me as a tax exemption. Do I have to provide their income and asset information on the FAFSA?
A     A student's dependent/independent status is determined by the answers to the dependency questions on the FAFSA. If you cannot answer "yes" to any of those questions then, yes, you will have to put your parental information on the form, even if you are not receiving any financial help from them. 
Q     Will my financial aid be adjusted downward if I drop a class during the first week of each semester?
A     The College must follow a refund calculation policy established by the U.S. Department of Education to determine whether or not a refund is due to you. Depending upon when you withdraw and from how many credits, you may be required to pay back a portion of the financial aid disbursed to you.
Q     What is verification?
A     Verification is a process initiated by the school or the U.S. Department of Education requiring you to submit copies of Tax Return Transcripts (It can be requested from the IRS at and a verification worksheet provided by the Financial Aid Office. If chosen for verification, you will not be eligible to receive any financial assistance until the process is completed. About 30% of all financial aid applicants are selected at random each year for verification when the FAFSA is processed.
Q     Do I have to reapply for financial aid every year? 
A     Yes. It is best to start the process during January or February preceding the upcoming academic year.
Q     Why does my financial aid award seem to vary from year to year? 
A     Eligibility for financial aid is based on an analysis of the FAFSA. The calculation determines the family's ability (if dependent) or your ability (if independent) to contribute to your cost of education. As this standard Federal calculation process varies from year to year, so does your eligibility for financial aid. Your award can also change for the following reasons:
      • The cost of education may increase.
• Your income or your family's income may change.
• Your student loan eligibility increases as you progress through college.
• The number of children in college may change.
• You do not apply for financial aid in a timely manner.
• The amount of available funding changes.