Financial Aid FAQs

• Where do I begin the process of applying for and acquiring financial assistance?

  The first step for students who want to apply for financial assistance is to complete and sign the Free Application for Federal Student Aid, also known as FAFSA. Fill out the FAFSA at Studentaid.gov.

   Students will need to create a FSA ID in order to sign their FAFSA before they submit it for processing. For dependent students, one parent must create an FSA ID in order to sign their student’s FAFSA. Students and/or parents can create their FSA ID at fsaid.ed.gov.

• What documents are needed to complete the FAFSA?

  • Social security number – may need both student and parent.
  • Alien Registration Number (if you are not a U.S. citizen) .
  • Tax information for two years prior to the FAFSA (ex: for the 2022-2023 FAFSA
  • students and/or parents will need their 2020 tax information.)
  • Records of untaxed income (if applicable).
  • FSA ID to digitally sign the FAFSA.

• What is Grayson College’s school code?

  Grayson College’s school code is 003570

• Do I need to be a full time student to be eligible to receive a Pell Grant?

  Every student is different, some do not have to be full time to be eligible to receive the Pell Grant where others are only eligible if they are enrolled full-time. The Pell Grant award is prorated based upon enrollment status and the Students Expected Family Contribution (EFC) which is calculated by the Department of Education when they process your FAFSA.

• When will my eligibility be calculated?

  The first day of class, a student has enrolled for in a given semester is the official date Title IV eligibility is calculated. Students not enrolled or who have been reported by their instructor as "no show" by the census date will not have earned Title IV aid and will be responsible for institutional charges that may have been incurred or any Title IV aid that was disbursed.

• How do I apply for Title IV assistance if I am attending another institution?

  A student cannot receive Title IV at more than one institution at a time. The student must decide which institution will be considered their “home” institution and who will be disbursing their Title IV funds.

  If a student is attending Grayson College as well as a four-year institution they can possibly do a Consortium Agreement where the four-year institution will be the "home" school and the student will receive all of the aid there and Grayson will be considered the "host" school. Any student interested in a Consortium Agreement will need to contact their "home" school.

• How do I transfer my financial aid to another institution?

  The student is encouraged to contact the Office of Financial Aid at Grayson College, so that we can cancel future disbursements of funds. If the institution to which you are transferring is not listed on your FAFSA, you will need to log on to your FAFSA and add the new institution. This change can take 3-5 business days for the Department of Education to process.

• What will happen if I drop a class or withdraw from all of my classes during a semester while receiving financial aid?

  It would have no effect if you maintain the same enrollment status (i.e. full-time, half-time, three quarter time, less than half time) that you held prior to dropping the class. It will only change the amount of your tuition. If your credit load changes from full-time to three quarter time or less and you never attended, your aid will decrease to match your enrollment. This may cause a balance on your Billing Statement.

  If you drop all courses or you receive all F’s in a semester you may be subject to repay Title IV Financial Aid Funds which includes Federal Pell Grant and any Federal Student Loans.

  You will be subject to satisfactory academic progress standards that require you to complete a certain percentage of hours attempted. You may obtain a copy of these standards from the Financial Aid office or on our website in the Satisfactory Academic Progress Policy.

  If you have appealed for the current semester and were placed on an Academic Plan you will need to meet the conditions laid out in the letter you received from the Financial Aid Office.

• If I am not eligible for a Pell Grant is there other financial assistance?

  Yes, there are many forms of financial assistance that you may be eligible for: Texas Education Opportunity Grant, College Work-Study, Federal Student loans, or on campus and off campus scholarships.

• Are there priority dates within the Office of Financial Aid?

  Need-based financial aid applications will be processed on the basis of availability of funds. In order to be considered for all of the programs for which they may be eligible, applicants are urged to have a completed FAFSA on file before the priority deadline.

  The state priority deadline for the 2022-2023 FAFSA is January 15th, 2022.

  Each individual scholarship has its own deadline. Late applicants should be prepared to meet initial expenses (tuition, fees and books) from their own resources. No notification or award will be made until all required documents have been received. You may review your MyViking for missing documents that are still required to complete the process of your file.

• Do I need to complete the FAFSA before applying for a student Loan?

  Yes, it is mandatory for students to complete the FAFSA before applying for a student loan because the FAFSA allows the Office of Financial Aid to determine your general eligibility for a student loan.

  The subsidized loan awarded is based upon need. The need is determined by the results of the FAFSA. Additional information regarding the types of loan available to our students may be located in the financial aid office or the institutions website.

• Is there a separate application to apply for a student loan?

  Students who are interested in applying for Federal Direct Student Loans must fill out the loan request form located on our website under Financial Aid Forms. Students are required to fill out their Master Promissory Note (MPN) and Entrance Counseling at studentloans.gov. We advise that all borrowers complete our in-house loan advising as well.

  Students can also take out an alternative loan with the loan provider of their choice and must fill out the Intent to Apply form located on our website under Financial Aid Forms.

  Students who parents want to take out a loan to pay for their student's education can apply for a parent PLUS loan by filling out the PLUS application located on our website under Financial Aid Forms.

  We strongly suggest any student who takes out a loan of any kind complete our in-house loan advising for up to date information on their loans.

• How many hours must I be enrolled in to be eligible for and receive a Student Loan?

  You must be enrolled in no less than 6 hours and making Satisfactory Academic Progress or on an Academic Plan.

• Will my credit history affect my student loan?

  No; although Parent PLUS loan applicants are subject to a credit check.

• How long does it take to process my student loan?

  Federal Direct Loans can take 2-3 weeks to be processed by the Financial Aid Office. Once the loan request form is processed students are responsible to accept the loans on the Financial Aid tab on their MyViking.

• Is there a separate application for Federal Work Study?

  Yes, students interested in working on campus must complete and return the Work Study Application that can be downloaded from the institution’s website or picked up at the Financial Aid Office. These positions have an hourly wage of $11.00 an hour. All students must give consent to a background check.

• Is there someone available to assist students completing the FAFSA?

  Yes. The Office of Financial Aid has computers/personnel available to assist students in filling out the FAFSA. Students/Parents are encouraged to bring copies of their tax returns, W-2’s and FSA ID(s) with them in order to complete the FAFSA.

• What is MyViking?

  Students can access their MyViking by going to myviking.grayson.edu. Once the login page comes up students will need to claim your account by following the steps laid out for you. MyViking is where all of your information from the documents students need to submit to their financial aid is located. They can also view their financial aid there as well.

• Is there a separate application for applying for Grayson College Scholarships?

  Yes, view the scholarship application here. The priority deadline for the 2022-2023 is March 30, 2022. The application is completely electronic and can be submitted as such. The final deadline is August 30, 2022. 

• Are there any guidelines that must be followed to apply for and receive a GC Scholarship?

  Yes. Please note the following:

  Complete the scholarship application each academic award year through Award Spring.

  • Scholarship funds may be used for tuition/fees/books or supplies in the semester awarded.
  • Scholarships may be reduced or rescinded if aid exceeds cost of attendance.
  • Scholarships may be reduced or rescinded if institutional maximum scholarship award is exceeded.
  • Institutional Scholarships are non-transferable, and must be used in the semester awarded.
  • Additional documentation required and/or an audition may be required for various departmental scholarships.

• Can financial aid pay for a minimester or fast-track classes?

  Minimester terms may qualify for financial aid. Students are encouraged to contact the Office of Financial aid to determine if they have eligibility before enrolling in a minimester.

• How do I remain eligible for Financial Aid?

  • Maintain a cumulative Grade Point Average or GPA of at least a 2.0.
  • Have a completion rate pace of 67% or higher for all courses attempted.
  • Complete their degree within a timeframe of 150% 

Last Updated: 9/13/2022