When should I fill out the FAFSA?We encourage you to apply for the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 by estimating your tax information using your previous year’s taxes. Once you have completed your taxes for the year, you will need to log back in to make the corrections on your FAFSA. Olivet’s priority deadline is February 1. Who receives financial aid?In order for a student to receive federal financial aid and/or institutional need-based financial aid, the student must be eligible to apply and complete the FAFSA. All students who are eligible and demonstrate financial need are eligible to receive aid. Financial aid is determined through a complex analysis of each family's income, assets, family size and other variables.How is financial need determined? When you complete the Free Application for Federal Student Aid (FAFSA), the federal government sends your FAFSA information to the Financial Aid Office. Our financial aid staff uses this information and the information that you provide to assess your need. Each family is expected to contribute a portion of the parents' income and assets and a portion of the student's earnings and assets.What is included in a financial award?Three types of need based aid that may be awarded: grants both federal and state, student loans, and money earned through work-study. Olivet also offers several merit based scholarships and grants. There are outside scholarships, such as private scholarships and loans that are not based on financial need. Do I have to accept all of of the loan funds that I am offered? You can choose to reduce the amount of the loan, or refuse it all, and still keep the grant portion of your package. All students who file the FAFSA will eligible for some government loan assistance through the application of the FAFSA.Can I pay in installments? Your bill is due in full each semester. The student and parents are responsible to pay for whatever is not covered by financial aid. The Office of Student Accounts has an installment program available to help your family budget their payment. For more information, contact the Student Accounts office at 815-939-5245.Are loans available to parents?There are Federal PLUS loans available to help parents finance their portion of the family contribution. Parents can borrow up to the amount of the full cost of attendance, less all financial aid the student is receiving.Will I apply for aid each year?Your aid eligibility will be evaluated each year, based on the information that you provide on the current year FAFSA and financial aid application. Students are eligible to apply for financial aid for at least eight full-time semesters. If students require more financial aid for more than eight semesters to complete degree requirements, they may apply for fifth year eligibility. Will my financial aid change if my circumstances change?If your family experiences an unforeseen change in financial circumstances, or if you feel you have special circumstances that should be taken into account, please notify our office. We will review your situation for additional consideration. Where can I get more information? Email your counselor with any general questions regarding your awards and financial aid process.