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Top 15 Financial Aid Questions

To be a Tiger or not to be? If you’re a high school student considering Doane College, money is one piece of that decision. Here are the top 15 most asked financial aid questions by prospective Tigers and their families!
  1. How am I going to pay for this?  »
    • After financial aid is applied to a student’s account, there are 5 ways families can pay the balance:
      1. Pay your account in full at the beginning of each semester.
      2. Set up a payment plan at wa.doane.edu. Payments run from June to May for an annual fee of $45.
      3. Borrow a Parent PLUS Loan. This loan can be borrowed by a parent from the Department of Education. Pre-approval and a Master Promissory Note is required at www.studentloans.gov (available after May 1).
      4. Private student loans. A loan in the student’s name borrowed from a private lender that requires a co-signer. Interest rates and repayment vary by lender. The Financial Aid Office cannot recommend lenders.
      5. 529 College Savings Plan. Contact Student Accounts at studentaccounts@doane.edu or 402.826.8250 to discuss billing options.
  2. When and how do I apply for my loans? What are the current interest rates?  »
    • Students can complete their Stafford Loan requirements any time at www.studentloans.gov (login with your student PIN). Parents can apply for the PLUS Loan after May 1 at www.studentloans.gov (log in with your parent PIN). Current interest rates on Stafford Loans are 4.66%; Perkins Loans are 5.0% and PLUS Loans are 7.21%.
  3. When do I have to have my account paid by?  »
    • Payment is due for students’ accounts by the first day of classes each semester.
  4. How many hours per week do I need to work in order to receive my full work study or campus employment stipend?  »
    • Students may work an average of 7 to 8 hours per week in order to receive their full stipend.
  5. Do my scholarships go up every year? Can I get more money if my college GPA is better than my high school GPA?  »
    • Your original scholarship amounts do not increase beyond what you receive your first year, even if you achieve better grades in college than you did in high school. However, you may be eligible for the $500 Faculty Distinction Award with 60 completed credits and a 3.60 GPA. If you have an academic scholarship, you must maintain the GPA renewal requirement to retain it each year.
  6. Why did I receive a different amount from Doane in state grant and/or Perkins Loans compared to another school I'm looking at?  »
    • Every school receives different amounts of these funds. At Doane, we award these on a first-come, first-serve basis.
  7. Where do I find more scholarships? If I receive an outside scholarship, how do I coordinate that with Doane?  »
    • The best place to find outside scholarships is the Doane website on the Outside Scholarships page. If you receive an outside scholarship, we’ll have you fill out an Outside Assistance Form when you are on campus in the summer for Enrollment Day. Remember it’s up to you to make sure the outside scholarship source knows you’ll be attending Doane. Some checks are sent directly to Doane, while others may be sent directly to you, but will still be counted as part of your overall financial aid award.
  8. What if I change my mind and don't want to participate in a sport or special ability activity like theatre or music? Will my scholarship change?  »
    • Students are expected to participate in the program for which the award is given. It’s up to the student to work with the coach/director in the event they no longer want to participate in a certain program.
  9. I play a sport and I don't want to do work study. If I decline now, do I lose it forever?  »
    • No, your eligibility is determined yearly based on the FAFSA with the Financial Aid Office making the final determination. Even if you don’t do work study right away, you can always start working when you are ready and when there is a job available. Work study is paid as you earn it, not given all at once like a scholarship. You can have your earnings turned over to your student account or direct deposited into your bank account.
  10. How do I do the IRS Data Retrieval? What do I need to do for FAFSA verification?  »
    • This link provides a tutorial on how to do the IRS Data Retrieval: www.doane.edu/irs-data-retrieval-system. If your FAFSA was selected for verification, it doesn’t mean you did anything wrong, it just means we need more information before we can finalize your federal aid. We will need:
      • Doane verification worksheet.
      • Parent and student tax return information. This can come either from the FAFSA by using the IRS Data Retrieval Tool (link above) or by ordering a tax return transcript from the IRS, call 800.908.9946 or visit www.irs.gov/Individuals/Get-Transcript .
      • W-2s if you worked in 2013 but didn’t file taxes.
      • Any other information requested by our office.
  11. My parent has a different income now than last year and it isn't reflected on the FAFSA. What can I do?  »
    • You may request a review of your financial aid eligibility due to certain changes in circumstances not addressed on your original FAFSA. Contact the Financial Aid Office at faoffice@doane.edu or by calling 402.826.8260.
  12. What happens if my parents are not eligible for a Parent PLUS loan?  »
    • If a Parent PLUS Loan is denied, you can request an additional $4,000 unsubsidized Stafford Loan by contacting the Financial Aid Office at faoffice@doane.edu or by calling 402.826.8260.
  13. Why are my loan amounts $3,500 and $2,000?  »
    • The Federal Government caps the amount of Stafford Loans that first-year students can borrow at $5,500 and $3,500 for subsidized loans. Your loan eligibility is determined by your FAFSA, and no interest is accumulated on this loan while you are in school. Not everyone qualifies for a subsidized loan. The remaining loan is unsubsidized, which means interest accrues on the loan while you are in school. The current interest rate is 4.66%. You don’t have to pay the interest until you graduate, but you can choose to make yearly interest payments while in school to keep your payment amount lower after you graduate.
  14. I want to take out some loan money, but not the whole amount. What do I do?  »
    • Just let the Financial Aid Office know how much you want to borrow and we will adjust it for you.
  15. When do I have to start paying my loans back?  »
    • Stafford Loan repayment begins 6 months after you are no longer in school (i.e. when you graduate or drop below half-time status). PLUS Loans can be deferred until you graduate or parents can make payments while the student is still in school. Private loans generally follow the same timeline as Stafford Loans, but it’s best to ask for certain. Perkins Loans begin 9 months after leaving school.