Financial aid is money to help pay for college and includes grants, work-study, loans,
and scholarships. Here at Terra State our goal is to help you navigate your way through
the regulations and help you find the best options for you to pay for your education.
What is Financial Aid?
Financial Aid is funding that is available exclusively to students taking classes
in higher education. This funding is to help a student meet his/her college expenses. The
amount of financial aid that a student receives is determined through federal, state
and institutional guidelines.
Grants are a form of gift aid that does not have to be repaid (unless, for example,
the student withdraws from school and owes a refund). There are several types of grants
including:
Scholarships are another form of gift aid and generally do not have to be repaid.
Scholarships from The Terra College Foundation have funding limitations and are awarded
through a selection process based on required award-specific criteria.
Loans are borrowed money for college that must be repaid. Federal Direct Student Loans
are for eligible students to help cover the cost of higher education.
You are required to create a FSA ID when completing the FAFSA. The FSA ID gives access
to Federal Student Aid’s online systems and will serve as your legal signature. If
you're a dependent student, your parent information will be required on the FAFSA
and your parent will create a FSA ID with a different email address and phone number.
Make sure you send FAFSA information to Terra State by including the Terra State School Code Number 008278.
For more details, refer to the Financial Aid Check List to guide you through the financial
aid process.
How long does it take to process?
This varies on the type of financial aid.
FAFSA: For an electronically filed FAFSA signed online with an FSA ID, you’ll receive a
link to your Student Aid Report (SAR) in as little as 3 to 5 days. However, paper
FAFSA applications can take up to 3 weeks. So, how long it takes really depends on
how you applied.
Loans: It may take up several weeks for you to receive the money from a federal student
loan. First, you must complete the FAFSA.
What else do I need to know?
The checklist below will help you get started in obtaining the funding you need to
finance your education.
Complete the Free Application for Federal Student Aid (FAFSA)
Apply for a Federal Student Aid (FSA) ID at https://studentaid.gov/h/apply-for-aid/fafsa and complete the FAFSA at https://studentaid.gov after October 1st of the year before you plan to attend. Priority is given to students
who apply before January 15. Be sure to list Terra State as the school to receive
your information using school code 008278.
Make note of deadlines and priority dates to ensure that your documents are submitted
with enough time for processing. Deadlines are posted under “Announcements” at my.terra.edu.
Apply for Scholarships
Visit Terra.edu/Scholarships to view all Terra State Scholarships. Click on the Terra College Foundation Scholarships
to complete our scholarship application.
Priority deadline is March 1st for the next academic year.
Award Letters
Evaluate your financial aid award offer in Banner Self-Service.
Notify the Cashier’s Office if you receive any additional scholarships from outside
sources.
Notify the Office of Student Financial Aid if you plan to attend less than full time
(12 credit hours). You do not have to be full time to receive financial aid.
You may decline or reduce any aid offered through Banner Self-Service.
Student Loans
If you are planning on using federal loans you must complete Entrance Counseling and
the Master Promissory Note (MPN) at www.studentloans.gov.
Students must complete a Loan Request Form to use federal student loans. Contact the
Office of Financial Aid for the form.
Complete Entrance Counseling.
Complete your Master Promissory Note.
Loans require that you take a minimum of six credit hours.
What happens if I don't go to class or withdraw?
Federal regulations mandate that all institutions return certain amounts of unearned
aid to the Department of Education. If a student never attends classes, stops attending
classes, or officially withdraws from all classes during the term, the College calculates
the amount of unearned aid and returns it to the appropriate program, i.e. Pell, Federal
Direct Subsidized Loan, Federal Direct Unsubsidized Loan, etc.
