FAQ - Financial Aid

  1. How do I check the status of my financial aid?

    You can check the status of your financial aid online at the College's portal, https://my.oldwestbury.edu . Look for the student services tab on the left side of the screen. There you can view: (1) the status of your financial aid; (2) any outstanding requirements needed to process your aid; (3) the amount of aid to be awarded; and (4) accept the award online.

  2. Why does financial aid show up in my account but the Bursar’s Office says it’s not there?

    Your aid may have been recently processed or is still being processed. Another reason may be that you have not completed all the financial aid requirements so your aid is not in an authorized status. Aid is considered to be in an authorized status when all financial aid requirements (ex. electronic acceptance of your award letter; a completed promissory note on file; copies of tax transcripts submitted if selected for verification; etc.) are met. Depending on the type of aid you have, this can take up to three to four weeks. Until your aid becomes authorized, the Bursar’s Office will not be able to see or credit any aid to your account.

  3. When is the College’s FASFA filing deadline?

    The College’s FAFSA deadline for the Fall and Spring semesters is April 15th. If the deadline falls on a Saturday or Sunday, then it will be pushed to the following Monday. You should also make sure that you have submitted all supporting documents for Fall/Spring financial aid by May 1st. If you are seeking financial aid (TAP, Pell & Direct Loans) for the Summer session, March 31st is the suggested deadline to file the FAFSA and April 1st is the deadline to submit all supporting documents for Summer financial aid.

  4. Do I have to file a FASFA every year to receive aid?

    Yes. The FAFSA must be completed each academic year you plan to attend college. The FAFSA determines eligibility for grants and loans and considers yearly changes in income which determine the amount of aid you receive. However, you do not have to file the FASFA if the you know that you are not eligible for PELL or TAP and do not want a federal student loan or grant.

  5. When and how will the College notify me if I will receive a financial aid award?

    Once Old Westbury receives your FASFA data, the Financial Aid Office will contact you about your potential award. Tracking letters will also be sent periodically reminding you of the status of the aid and requesting any documents that still need to be submitted. When all requirements are met, the Financial Aid Office will send you an electronic SmartTrack Award Letter indicating the type and amount of aid that is being offered to you. You can view, print and accept the Award Letter online via the College portal https://my.oldwestbury.edu or sign and return it to the Financial Aid Office.

  6. How do I find out if I am eligible for Federal Work-Study? How do I apply for a Work-Study job?

    If you indicated on your FAFSA application that you are interested in work-study and you meet all eligibility requirements, the work-study award will appear in the electronic SmartTrack Award Letter sent electronically to you. You can also get answers to questions regarding work-study opportunities by calling the Financial Aid Office and speaking with the College’s Work-Study Coordinator.

  7. Where can I find information on different scholarships, grants and loans?

    You can find Information on scholarships, grants and loans on the College website under the Financial Aid tab and under various governments and organizations programs. Websites such as http://www.finaid.org/ , http://www.fafsa.ed.gov/ , http://www.collegeboard.org/,, http://www.fastweb.com/ http://www.hesc.ny.gov/ and https://studentloans.gov/myDirectLoan/index.action, all contain a wealth of information on scholarships, grants and loans. You may also obtain information on institutional scholarships by contacting the College’s Office of Institutional Advancement, located on the 4th Floor of Campus Center, Room H-425.

  8. What should I do if my financial aid won't cover all my expenses?

    If you are short on financial aid funds you may consider obtaining a loan. If you are registered at least as a halftime student (6 credits for graduate students; 8 credits for undergraduate students), you can apply for Federal Student Loans, your parents can apply for a Parent Plus Loan, or you can apply for an Alternative/Private Loan through a bank or other financial institution. Another alternative may be to contact the Bursar’s Office to establish a payment plan.

  9. Do I have to be enrolled in school full-time to be eligible for financial aid? What is the minimum credit hour requirement to receive financial aid?

    No. You do not have to be enrolled full-time to be eligible for financial aid. If you qualify for a Federal Pell Grant, you may be eligible to receive it even if you are less than half-time. Federal Direct Student Loans (Subsidized and Unsubsidized) require you to be enrolled for at least 6 credits. To receive state aid (TAP) you must enroll for at least 12 credits. You may also apply for Aid for Part-Time Study (APTS) if you are taking 3 to 11 credits.

  10. Is there financial aid available for the summer?

    Yes. If you are enrolled for a minimum of 6 credits you may be eligible for federal loans and state TAP. You may also be eligible for a Pell grant if you have less than 6 credits depending on your Expected Family Contribution reported in your FAFSA. If you are seeking financial aid (TAP, Pell and Direct Loans) for the summer session, March 31st is the suggested deadline to file the FAFSA and April 1st is the deadline to submit all supporting documents for summer financial aid. If you plan to attend summer school you should meet with your Financial Aid Advisor to determine your eligibility for summer aid. You should be aware that Summer aid is part of the total aid you are entitled for the academic year and by accepting the Summer aid, you will have less aid for the Fall and Spring semesters.

  11. My FASFA application has been selected for verification, what does that mean?

    Verification means that the Financial Aid Office is required to confirm the accuracy of information reported on the FASFA. The federal government can randomly select FAFSA applicants for verification or you may be selected if you have provided conflicting information in the FASFA and in other financial aid records. If you have been selected for verification, the Financial Aid Office will request additional information and documents from you to determine your final eligibility for aid.

  12. What should I do if my family’s financial circumstances change after I receive my financial aid award?

    You should immediately notify your Financial Aid Advisor if your family’s financial circumstances change because the changes may impact your financial aid eligibility. The Financial Aid Advisor can determine if the change in circumstances is significant enough to warrant a financial aid professional judgment which can lead to an adjustment in the amount of your aid.

  13. When do I have to start repaying my loans?

    You must start repaying your loans from 6 to 9 months after you leave or graduate from College or 6 months after your enrollment status falls below half-time (less than six credit hours). If you attend graduate school, your repayment can be deferred. You will have a 6 month grace period for federal loans and a 9 month grace period for Perkins loans they have borrowed before repayment begins. There are no pre-payment penalties on student loans so you can make payments while still in College.

  14. I am expecting a refund of financial aid. When will I be issued a refund check?

    Refund checks are available if your aid has been applied to your account and it exceeds your total charges. Refund checks are processed weekly by the Bursar’s Office and you should contact that office if you have further questions.

If you have further questions please feel free to contact the Financial Aid Office at 516-876-3223/3224. Our Office is located in the Student Services Center, Room H-100A, Campus Center upper level of the Atrium.