Frequently Asked Questions and Answers
Q: Do I have to apply for admission to the college to receive financial aid?
A: Yes. Due to our electronic packaging processes, students must apply for admission to the college before we can send them a financial aid package.
Q: Do I need to have my taxes completed before I apply for financial aid?
A: Applying early for financial aid is the key. If you do not have your taxes completed when you are ready to file for financial aid, you can file with estimated income information. Once you do file your income taxes, you can go online at fafsa.ed.gov and correct your information.
Q: Why do you need my income tax returns:
A: We are required by federal regulations to verify information that you reported on your FAFSA. This information includes both taxable and non-taxable information. i.e. child support, adjusted gross income, earned income credit, etc. You will need to provide signed copies of your federal and state income tax returns and verification of any type of untaxed income that you might have. State income tax copies are also needed to verify state residency for students who are eligible for state grants such as Michigan Tuition Grant, etc.
Q: Do you have other scholarships that I can apply for?
A: Yes, Cleary offers endowed scholarships that you can apply for. Additionally, you can also perform a nationwide scholarship search. Additional information and forms can be downloaded from our website.
Q: If I just want a loan, do I need to apply for aid?
A: Yes, a Subsidized or Unsubsidized Stafford loan is federal financial aid, and you need to file the FAFSA to determine your eligibility. The financial aid office staff will determine your eligibility for grants and loans based on your Expected Family Contribution, found on your electronic Student Aid Report.
Q: What are the loan interest rates?
A: Student loan interest rates are fixed and set by the Federal government. To compare various loans you can go to the SimpleTuition website at http://www.simpletuition.com/cleary/home
Q: Will my financial aid cover all my tuition?
A: It would be great if you could get all the financial aid that you needed to pay for your educational expenses, but often this isn't possible. Sometimes students need to seek additional funding elsewhere or consider taking a lighter credit load.
Q: Do I have to apply for financial aid every year?
A: Yes, your financial aid year begins on July 1st and ends on June 30th regardless of when you are taking classes. You will need to reapply for financial aid each year, but it gets easier the second year as some of your information will already be on your electronic FAFSA form.
Q: When will I receive my refund check?
A: All refunds are made by the business office after the drop/add period. Refunds will automatically be sent out to students at their home address. Students are allowed to hold credit balances on their account for future terms, but must contact the business office to do so. If you have questions about your refund, you can contact the business office at 1-800-589-1979 ext. 3332.