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FREQUENTLY
ASKED QUESTIONS
TABLE OF
CONTENTS
GENERAL
QUESTIONS
Q. Who do I
need to
contact to
get
information
concerning
financial
assistance
for
International
Students?
A.
International
Students who
are
interested
in obtaining
information
pertaining
to
scholarships
should
contact Ray
Tatum.
Q. Do I
have to file
for
need-based
aid every
year? When
are the
deadlines?
A. Yes!
Mercer's
priority
deadline is
April 1 for
the
following
academic
year. That
means you
should
submit the
FAFSA each
year by
mid-February.
We
must
receive
all of your
information
for the
following
academic
year in the
Office of
Student
Financial
Planning by
April 1 each
year.
Q. What
determines
whether or
not I will
receive
financial
aid?
A. The
primary
factor for
receiving
funds other
than merit
and athletic
aid is
financial
need.
Financial
need is
computed by
determining
the
educational
costs
(tuition and
fees; plus
estimates
for room and
board, books
and
supplies,
and
miscellaneous
expenses)
minus
"expected family
contribution"
(based on
federal aid
formula).
The
difference
between
these two
numbers is the
student's need for
financial
assistance.
Q. What
are some of
the mistakes
people make
regarding
financial
aid?
A. Four of
the most
common are:
-
Not
filing
early
enough
-
Not
following
the
instructions
carefully
-
Not
fully
completing
the
applications
-
Not
using
accurate
Social
Security
Numbers
Q. Does a
large family
or a family
with more
than one
student in
college at
the same
time have
increased
eligibility?
A. When
there is
more than
one child in
college
(undergraduate)
at the same
time, your
family
contribution
is divided
among the
college
students.
So, if there
were two
children in
college one
year and
only one the
following
year, 100
percent of
the family
contribution
would be
expected to
be available
for the
remaining
student. The
Office of
Student
Financial
Planning
verifies
attendance
with each
sibling's
college.
Q. Will
my award
change each
year?
A. At
Mercer,
eligibility
for
financial
aid is based
on Federal
estimates of
your
family's
ability to
contribute
to the cost
of
education. A
typical
financial
aid package
includes
grant, loan
and work.
Also,
consistent
with federal
guidelines,
students are
asked to
assume a
larger
portion of
their
expenses as
they move
closer to
graduation.
Keep in mind
that your
award is
likely to
change each
year for one
or more of
the
following
reasons:
-
The Cost
of
Education
will
increase.
-
Your
family's
income may
change.
-
Your
loan eligibility
may
increase
as you
continue
through
school.
-
The
number
of
children
in
college
may
change.
-
You may
forget
to
reapply
for
financial
aid and
miss the
priority
deadlines.
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Q: How do I
know my
application
was
processed?
How can I
verify that
Mercer will
receive the
results?
A: FAFSA:
About four
weeks after
submitting
the FAFSA,
we should
receive your FAFSA
results.
Check to
make sure
Mercer is
one of the
schools
listed in
Section H.
Questions
about FAFSA
processing
can be
directed to
the Federal
Student Aid
Information
Center
(1-800-433-3243).
Q: My SAR
isn't
accurate. Do
I need to
correct it?
A. Students
who want
corrections
sent to any
other
schools
(besides
Mercer)
which are
listed on
the SAR
should
process the
corrections
through the
Central
Processor.
Students who
are only
concerned
with Mercer
receiving
corrections
can submit
the
corrected
SAR directly
to us.
Q: Mercer
isn't listed
on my SAR,
but I called
the
processor
and they
said you
could
request my
record if I
gave you the
PIN number?
A: If
Mercer was
not listed,
contact the
Federal
Student Aid
Information
Center
(1-800-433-3243)
or call
Mercer's
Office of
Student
Financial
Planning at
(800)
342-0841
(inside GA)
or (800)
637-2378
(outside
GA).
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Q. What
is the
William D.
Ford Federal
Direct Loan?
A. This is a
Federal
loan, backed
by the
federal
government.
Interest
rates on
this loan
are variable
but will not
exceed 8.25
percent.
Q. What
is the
difference
between the
Subsidized
and
Unsubsidized
Direct Loan?
A. With a
Subsidized
Direct Loan,
the interest
is paid by
the
government
while you
are in
school. The
interest on
the
Unsubsidized
Direct Loan
is not paid
while you
are in
school. You
have the
option of
paying the
interest or
deferring it
until after
you graduate
at which
time it will
be added to
the
principle of
the loan.
Q. It's
likely I'll
have to
borrow every
year to pay
for my
college
expenses.
How much
should I
borrow so
that I know
I can afford
to pay it
back?
A. Planning
ahead is
essential to
managing
debt. If you
plan to
borrow each
year that
you are in
school,
estimate the
total amount
you will
borrow. Then
use a sample
loan
repayment
table to
calculate
how much you
will have to
pay each
month. To
decide how
much to
borrow, you
can use the
criteria
lenders use
when they
consider an
applicant's
ability to
repay: the
total
monthly
payment for
all debts
should not
exceed eight
percent of
your
anticipated
gross
monthly
salary.
Q. What
if my
educational
or career
plans
change, or
something
happens
after I'm
out of
school and
working?
A. A change
in career
goals, the
loss of a
job, or
other
unexpected
changes in
your
situation
could make
repaying
your loan
more
difficult
than you
expected. In
some cases,
and at the
lender's
option, you
may be
permitted to
temporarily
stop making
your
payments, or
your lender
may accept
a smaller
payment than
was scheduled.
This is
called a
forbearance.
In addition,
for some
loans, you
may defer
repayments
temporarily
which may
help. The
promissory
note for
each loan
you borrow
outlines the
specific
terms under
which you
may be
granted a
deferment.
Q. What
happens if I
don't pay
back my
loan?
A. Not
paying back
your student
loan can
have serious
consequences.
If you go
into default,
your lender
can require
you to repay
the entire
amount
immediately,
including
all interest,
plus
collection
and late
payment
charges. The
lender can
sue you and
can ask the
federal
government
for help in
collecting
from you.
The Internal
Revenue
Service may
withhold
your income
tax refund
and apply it
toward your
loan. You
cannot get
any
additional
federal
student aid
until you
make
satisfactory
arrangements
to repay
your loan.
Also, the
lender may
notify
credit
bureaus of
your
default.
This will
affect your
credit
rating and make it
difficult to
obtain
credit cards
and/or car
loans in the
future.
Q. If I
borrow from
more than
one loan
program, I
may have to
pay several
different
lenders at
the same
time. May I
consolidate
my payments?
A. If you've
borrowed
from more
than one
type of loan
program, you
may be able
to
consolidate
some of the
loans and
use one
payment plan
to repay the
loans. In
general,
federal
loans may be
consolidated
into one new
loan at an
interest
rate of the
weighted
average of
the original
interest
rates of the
loans being
consolidated.
The length
of the
extension
depends on
the total
amount of
the loans
consolidated.
PLUS and
Mercer
University
Loans are
not eligible
for
consolidation.
Q. How
can I find
out about my
credit
history?
A. Since
approval of
some
non-need-based
student
loans and
most parent
loans is
based upon
credit
history, you
may want to
order a
credit
report if
you will
need these
loans to
finance part
of your
family
share. Check
the report
closely for
accuracy and
resolve any
erroneous
information
prior to
applying for
educational
loans. The
following
agencies can
provide you
with a
credit
report:
Equifax
Credit
Information
Services,
1-800-685-1111;
TRW Consumer
Assistance,
1-800-682-7654;
Trans Union
Corporation,
(601)
933-1200.
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Q.
Who should I
contact if I
have
additional
questions
regarding
student
employment?
A.
If you
have questions
about
the Student
Employment Program at
Mercer
University,
please
contact the
Office of
Student
Employment
at (478)
301-5104 or
email
Brandi Davis.
Q. Can I
have two
Federal
Work-Study
jobs at the
same time?
A.
Typically,
students at
Mercer are
assigned to
one Federal
Work-Study
position,
but it is
possible to
have two
assignments
Q. How
many hours
may I work
per week?
A. Twenty
(20) hours
per week is
the maximum
recommended
for academic
reasons as
well as tax
reasons. If
you work
more than 20
hours per
week (among
all your
campus jobs)
FICA (Social
Security)
will be
deducted
from your
wages.
Q. Can I
change
Federal
Work-Study
jobs?
A. Yes, at
any point
during the
academic
year, you
may change
federal
work-study
jobs.
However, it
is
recommended
that you
give your
employer at
least two
weeks notice
to process
all
necessary
paperwork.
If you wish
to change
jobs, visit
the Office
of Student
Employment's Success
Track
web site to
determine if
there are
additional
job
openings.
Q. Isn't
Federal
Work-Study
money
nontaxable?
A.
Work-study
earnings are
taxable
income. If
taxes were
withheld
from your
paycheck, you
probably are
eligible for
a refund
depending on
your total
annual
earnings. It
is in your
best
interest
to
file a tax
return with
the Internal
Revenue by
April 15.
Q. Can my
fall/spring
Federal
Work-Study
award be
used in the
summer?
A. No,
Federal
Work-Study
funds are
typically
not
available in
the summer.
Students
must apply
separately
for any
summer
funds.
Q. What
happens when
I reach my
award
maximum?
A. Your
department
should
notify you
when you
reach your
Federal
Work-Study
award
maximum. The
Office of
Student
Financial
Planning
also
monitors
your
earnings.
Once you
have earned
your total
Work-Study
award, the
department
has the
option of
either
continuing
your
assignment
and paying
you 100
percent from
their
departmental
budget or
ending your
assignment
altogether.
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