Financial Aid - FAQs

Frequently Asked Questions

What are my chances of receiving financial aid?

The only way to determine your eligibility for financial aid is to submit a Free Application for Federal Student Aid (FAFSA). The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate.

In order to receive financial aid do I have to apply every year?

Yes. In order to receive consideration for all programs you must file a Free Application for Federal Student Aid (FAFSA) each year.

What is the deadline to apply for financial aid?

To receive maximum consideration for aid, students apply using the FAFSA, which must be received by the processor, prior to May 1st of each year to determine the eligibility.

I missed the March 1 application deadline, can I still apply for financial aid?

Yes, students may still apply for a loan or a Pell Grant. There is no specific deadline for these two federal programs. Anyone who completes a Free Application for Federal Student Aid (FAFSA) before May 1st of the enrollment year will be considered for these two types of aid. You must be enrolled at the time funds are disbursed.

Will I be required to submit additional forms to AIMS Education other than the FAFSA?

Possibly, if you are selected for review in a process called verification we will contact you about what additional forms are necessary.

What happens after my freshman year? Will my aid stay the same?

The Financial Aid Office at AIMS Education is committed to meeting as much of our students' need as possible throughout their undergraduate years. However, an individual student's need may change from year to year. Educational costs may increase, and changes in family size, number in college, and gross income can increase or decrease parental contribution from year to year. If a family's circumstances remain the same, the parents calculated contribution should be relatively consistent.

Do I need to submit tax returns?

Only if your FAFSA application is selected for verification, our office sends a letter requesting that the forms be submitted as part of the verification process.

What does it take to be considered an independent student?

Step Three of the FAFSA is used to identify students as either dependent or independent. To be considered an independent student, you must answer 'Yes' to at lease one of the six questions listed in this step.

If my parents are separated or divorced, whose income is reported on the Free Application for Federal Student Aid (FAFSA)?

The parent you live with should complete the FAFSA. If the parent you live with has remarried, the income of that parent and their new spouse (step-parent) must be used.

Is the money I receive from financial assistance programs taxable?

Any scholarships, benefits, fellowships, or grants (gift aid) received from AIMS Education or any other source that, when combined exceed the cost of tuition, fees, books, and required equipment and supplies, are considered taxable income. Loans are not included. Since you are required to report taxable awards to the I.R.S. as income, you should keep a detailed record of all expenditures for tuition, fees, books, and required equipment and supplies. Housing and food are considered non-exempt, so money spent on these items is subject to income tax. For more detailed information, consult a personal tax advisor. Work study earnings are taxable and must be reported on tax returns.

Will the financial aid offered at one school transfer to another school?

No. Financial aid does not transfer from school to school. Students planning to transfer to another school should contact the Financial Aid Office at both schools to find out what is required.

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