Financial Aid Process

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Financial Aid Process

  1. In order to see if you qualify for Financial Aid you must first fill out a Free Application for Federal Student Aid (FAFSA). You will be filling out the 2016-2017 Application. To apply go online to www.fafsa.gov. Be sure to use our school code (042239), so we will automatically be sent a copy. If you do not have internet access you can set up an appointment to come in and fill it out at the school or talk to Randy for other options.
    When filling out your FAFSA for our school two commonly missed questions that students struggle with are listed below:

    Question: When you begin the 2016-2017 school year, what will be your grade level?

    You will choose one of the following options: Never attended college/first year OR 1 Attended college before/first year

    Question: When you begin the 2016-2017 school year, what degree or certificate will you be working on?

    You will choose: Certificate/diploma (occupational/technical/educational program of less than 2 years)

  2. Once submitted your FAFSA will be processed and your expected Family Contribution (EFC) will be determined based on the Dept. of ED’s Federal Need Analysis Methodology and information you provide on your application.
  3. Within 7-10 days, you will receive a copy of your Student Aid Report (SAR) that specifies your expected family contribution and lets you know that your FAFSA has been processed. We will also be notified of your FAFSA at this point.
  4. Once we have it, we will create an award package for you. Depending on the types and amount of financial aid for which you are eligible, your financial aid package may include a mixture of grants and/or loans and will be communicated to you in the form of a Financial Aid Award Letter.
  5. You will only receive a Financial Aid Award Letter once you have been enrolled at Mind Body Institute. The notice will include specific information on how to accept and/or apply for financial aid offered, along with next steps in the process.
  6. Once we have received your letter back, if you are taking out loans you will need to complete the Master Promissory Note and Entrance Counseling on the Studentloans.gov website, but we will provide your more information about that when it happens.

For questions or assistance, please set up an appointment with the Financial Aid Administrator, Randy Cotterell at mbicotterell@gmail.com or call 615-360-8554.


Frequently Asked Questions

How long does it take to fill out the FAFSA?

How long does it take to fill out the FAFSA?

It depends. According to the Department of Education (ED) FAFSA website, it generally takes 1-2 hours for individuals using their electronic filing services. When using the ED website, you and your parent(s) (for dependent students) will also have to apply for and wait for a Federal Student Aid Personal Identification Number (PIN) if you choose to electronically sign your application, which can add up to a few days onto the process.

What if I don't think I qualify for assistance?

Even if you think your family earns too much to qualify for aid, or too little for the aid to make much of a difference, students are encouraged to complete and submit a FAFSA. Regardless of income, most families are eligible for multiple types of aid, such as federal loans (Stafford and PLUS), and students are frequently surprised by the amount of aid for which they qualify. Filing is free, and unless you apply, you'll never know how much assistance you may be eligible to receive

How do I know if I am a “dependent” or “independent” student?

The Department of Education uses a very rigid set of criteria for determining whether a student is INDEPENDENT for financial aid consideration (which means that the custodial parents' income and asset information is not considered in determining a student's financial aid, and therefore not required on the FAFSA). Regardless of how much support you may actually receive from your parents or legal guardians, you are still likely to be considered a DEPENDENT student for financial aid purposes unless you meet certain criteria. Exceptions are granted rarely and only in extreme cases. However, if you have special circumstances that you feel warrant consideration, and for which you may be able to provide documentation, you may contact your school's financial aid office. Only your school's financial aid office may issue a “dependency override” on the FAFSA application.
IMPORTANT: If you are considered a DEPENDENT student and do not provide your parents' information on your FAFSA, your application WILL BE REJECTED.

What if the Financial Aid Package isn’t enough?

Given rising college costs, it is not uncommon for students and families to find themselves in need of additional assistance to help cover the total cost of their higher education expenses. Fortunately, there are options available, including private education loans that can help. With a credit-based private education loan, you can finance up to 100% of your COA, including related educational expenses such as computers, housing, transportation, etc.

For more FAQ’s feel free to visit fafsa.gov