Frequently Asked Questions
When will I receive my financial aid award?
Once all of your documents have been received and reviewed, you will be awarded. Typically, students will be awarded within two weeks of Fisher receiving the FAFSA and any other documents requested.
What if I withdraw from a class?
Students must notify the financial aid office when they withdraw from a term. If a student is completely withdrawn from any term, financial aid will be cancelled for any subsequent terms. It is the student's responsibility to notify the financial aid office if you are going to re-enroll for a subsequent term. You will need to request in writing that your aid be reinstated if you re-enroll for a later term. Students who are enrolled full time and drop down to half time during the term may be subject to a decrease in aid.
Any time a student withdraws from all courses for a particular term, a return to title IV calculation will be completed. If a student has not completed 60% of the term aid may be returned. Students should be aware that the returning of funds may cause an outstanding balance owed to Fisher.
When will I get my refund?
Refunds are completed the 6th week of the term for each term in an academic year. Students should be aware that it is highly recommended that students leave credit balances on their accounts until the end of the year. Fisher College is not responsible for any amount owed to the college because of a refund taken.
Do I need to be accepted to receive Financial Aid?
Students DO need to be officially accepted before the Financial Aid Office will review or process Financial Aid.
If I am not enrolled for a term do I have to start repaying my loans?
Not immediately. The subsidized Stafford loan has a grace period of 6 months before the student must begin repaying the loan. When you take a leave of absence you will not have to repay your loan until the grace period is used up. If you use up the grace period, however, when you graduate you will have to begin repaying your loan immediately. It is possible to request an extension to the grace period, but this must be done before the grace period is used up.
If your grace period has run out in the middle of your leave of absence, you will have to start making payments on your student loans.
Where can I get a book voucher?
Students can get a book voucher if the student has a credit on their account. If a student receives a refund and then does not have a credit on their account they will not be eligible for a book voucher. Students can request a voucher at their home campus. Financial Aid does not issue book vouchers.
Why did I receive a bill from the Bursar's Office? I have financial aid.
Financial aid is not applied to your charges until approximately the fourth week of classes. Charges will be adjusted to reflect the financial aid payment after the fourth week of classes. Please check your "MyFisher" account after the fourth week of class to see your revised statement. You may also want to check with the Financial Aid Office to make sure that all necessary documents have been received.
Am I allowed to receive financial aid from more than one institution at the same time?
No. If you are enrolled at more than one college or university at the same time, you may receive financial aid from one of the institutions, not both.
Do I have to be a full-time student to receive financial aid? Should I bother to apply for financial aid if I am enrolled less than half time?
Students with exceptionally high need may be eligible for a Pell Grant as a less-than-half-time student. Complete the FAFSA and your eligibility will be determined based on the results of the FAFSA and based on your enrollment level of full time (12 or more credits), three-quarter time (9-11 credits), half time (6-8 credits) or less than half time (1-5 credits). The Financial Aid Office will automatically consider you for the Pell Grant and any other type of financial aid that you may be eligible for and will notify you in an award letter. Students must be enrolled at least 6 credits or more to be considered for state grants, and Stafford Student Loans.
What is Satisfactory Academic Progress?
Federal regulations require the College to establish and apply reasonable standards of satisfactory progress for the purpose of the receipt of financial assistance under the programs authorized by Title IV of the Higher Education Act. The law requires institutions to develop policies regarding satisfactory academic progress (SAP). Fisher College students who wish to be considered for financial aid must maintain satisfactory academic progress in their selected course of study as set forth in this policy. Please note that satisfactory academic progress for financial aid purposes is distinct from the College's Academic Progress Guidelines.
The Financial Aid Office monitors that students are maintaining a 2.0 Cumulative Grade Point Average and completed 67% of classes attempted. The Financial Aid Office is also required to monitor that students are not receiving aid past 150% of the published time frame of the program.