Financial Aid FAQs

Financial Aid Sites

www.heab.wi.govFinancial aid information/programs, administered by Wisconsin
studentaid.ed.govFederal Department of Education financial aid information
www.pin.ed.govU.S. Department of Education PIN site
www.fafsa.ed.govFederal government FAFSA information
www.gibill.va.govEducation benefits for U.S. military veterans and members of the National Guard or Reserves.
dma.wi.govWisconsin Department of Military Affairs

How do I apply for financial aid?

You must complete a Free Application for Federal Student Aid (FAFSA). Maranatha recommends completing the form online. Be sure to include Maranatha’s school code, 016394.

When do I need to apply for financial aid?

You should apply as soon as possible after January 1st of the year you plan to attend. Note that you will need your current tax information and possibly your parents’ tax information if you are a dependent student.

What is a PIN and where do I get one?

A PIN is a personal identification number that you and your parents will need to electronically sign your FAFSA. PINs can be requested online.

Do I need to file my taxes before I complete the FAFSA?

No, it is not a requirement; however, Maranatha recommends doing so. You may complete the FAFSA by using estimated income information. When you file your taxes, you should review the income information originally reported and make any necessary changes.

What if my parents make too much money?

Many other factors besides income level play a role in determining how much financial aid a student may receive. The FAFSA is free and usually does not take much time to complete.

My parents will not help me pay for school, so can I file as an independent?

No. Federal regulations govern whether a student is considered to be dependent or independent.

What is verification and why was I selected?

Verification is a process by which Maranatha verifies the accuracy of the FAFSA information that a student has submitted. FAFSAs can be chosen for verification by the Federal Processor or by Maranatha. You will need to complete a verification worksheet and submit signed copies of your and your parents’ federal tax forms. If you are chosen for verification, you should respond promptly to requests for information to prevent delays in processing.

Do I qualify for financial aid if I am attending part-time?

If you are enrolled for six credits hours (half-time status) or more, you will probably qualify for some form of financial aid. To be eligible to receive the aid you must complete a FAFSA.

How will I receive my financial aid money?

For most financial aid programs, the money is paid directly to Maranatha. Maranatha then credits your account for the amount of aid received. Loans, grants, and scholarships that are for the entire academic year often will be paid in two disbursements, half for each semester.

What is an entrance interview, and how do I complete one?

First-time Stafford loan borrowers are required to complete an entrance interview. The interview covers the borrower’s rights and responsibilities concerning his or her Stafford loan. Entrance Interviews may be completed online.

Why haven’t I gotten any financial aid?

You must complete a Free Application for Federal Student Aid (FAFSA) from the United States Government before you can receive any aid.

How much money can I borrow under the Stafford Loan program?

Loan limits are set by the Department of Education, and you may not borrow more than the cost of attendance minus any other financial aid you receive. If you are a dependent undergraduate student, each year you can borrow up to the following amounts if your period of study for that year is at least an academic year in length:

$2,625 for a freshman
$3,500 for a sophomore
$5,500 for a junior or senior

Where can I get financial aid?

You must start by filling out a FAFSA form.

What scholarships are available?

Take a look at the variety of memorial scholarships available from Maranatha. To apply for scholarships and financial aid from other sources, search the Internet or visit your local library for listings of available aid.

How do I get Stafford loans and Pell grants?

You are eligible for these loans and grants only after you have completed your FAFSA form.

How can I apply for Maranatha’s institutional scholarships?

Contact the Financial Aid Office for more information.