Financial Aid FAQs
What is Clarke’s school code for FAFSA?
Clarke’s school code is 001852.
AM I ELIGIBLE TO RECEIVE FINANCIAL AID?
Degree-seeking undergraduate and graduate students are eligible to receive financial aid as long as they meet the enrollment requirements for the funding program for which they are participating:
- Federal and state grants require at least 1 credit hour of enrollment
- Most student loans, including federal Direct student loans, require Half Time enrollment
- Half Time for Undergraduate students is 6 credit hours
- Half Time for Graduate students is 4.5 credit hours
- Institutional Scholarships require full-time enrollment (12 credits or more for undergraduate students). Note: There are no institutional scholarships for graduate students; however, Clarke offers endowed scholarships to both undergraduate and graduate students.
- Enrollment eligibility for endowed scholarships may vary
WHAT TYPES OF FINANCIAL AID ARE AVAILABLE?
The following aid is available for both graduate and undergraduate students:
The following aid is available for undergraduate students:
ARE THERE SCHOLARSHIPS AVAILABLE FOR CLARKE GRADUATE STUDENTS?
Yes, there are scholarships and other funding opportunities available to Clarke graduate students. Please click here for more details.
ARE THERE GRADUATE ASSISTANTSHIPS AVAILABLE TO CLARKE GRADUATE STUDENTS?
Yes, there are limited graduate assistantships available for graduate students in the MSW program. Please contact the MSW department for details.
I GOT A REFUND CHECK IN THE MAIL. WHAT DO I DO WITH IT?
You may receive a refund check in the mail after classes begin if your loan amounts exceed your total charges for the semester. If you do not need the full amount of the loan, please bring or mail the refund check to Clarke’s Student Accounts office or pay it back to the lending to avoid accruing interest on the extra loan amount.
CAN I GET FINANCIAL AID DURING THE SUMMER?
Federal loans may be available if you are enrolled at least half-time (6 credits for undergraduate and 4.5 credits for graduate). Please note that federal loans have an annual maximum limit that applies to the academic year. The amount that you use during the summer will count toward your annual maximum for the academic year preceding the summer term. There is no institutional aid for summer sessions.
WHAT IF MY TAX RETURN WILL NOT BE READY WHEN WE NEED TO FILE THE FAFSA?
It is best to use your final tax return to complete the FAFSA. This assures that the information is accurate. However, if this is not possible, the FAFSA does allow you to estimate your tax information. If, later, you are selected for verification, you will be required to complete the IRS data retrieval or submit your IRS tax return transcripts in order for you to receive financial aid.
I WAS SELECTED FOR VERIFICATION. WHAT DOES THIS MEAN?
The Department of Education selects students for verification randomly. You simply need to make sure you have used the IRS Data retrieval system available on the FAFSA or submit IRS tax return transcript(s). We also require completion of a Verification Worksheet. These are mailed to students if needed. The Financial Aid Office will compare these documents with the FAFSA you completed. You will be notified if changes in verification affect your financial aid award.
WHAT SHOULD I DO IF I FILED A TAX EXTENSION?
For students who have been granted a tax extension, please provide the following:
- A copy of your IRS Form 4868
- A copy of all W2 forms
- If self-employed please provide a signed statement with the amount of your Adjusted Gross Income and U.S. income taxes paid.
- Once your tax returns are complete, please utilize the IRS Data Retrieval Tool or submit a copy of your federal tax transcript to the Office of Financial Aid.
WHAT SHOULD I DO IF I AMENDED MY TAX RETURN?
Students who file an amended return cannot use the IRS Data Retrieval Tool. Instead, you will need to provide the following documents:
- A signed copy of the IRS Form 1040X that was filed.
- A signed copy of the original tax return that was filed.
IF I AM NOT ELIGIBLE FOR NEED-BASED AID, ARE THERE OTHER TYPES OF AID AVAILABLE?
Clarke offers academic scholarships and talent/merit awards. In addition, there are non-need based federal loan programs available.
CAN I EXPECT MY AWARD TO CHANGE AFTER THE FIRST YEAR?
A FAFSA is filed each year to determine eligibility for federal and state need-based aid. Scholarships, most often, are renewed subject to renewal criteria. Some have specific conditions so be sure to check out award conditions for more information.
IS THERE A PAYMENT PLAN AVAILABLE?
Yes, Student Accounts at Clarke administers several payment plans. There are also Federal Parent Loans available to assist you with financing your education.
WHAT IS A FEDERAL SUBSIDIZED DIRECT LOAN?
The Subsidized Direct Loan is a need-based loan awarded to eligible undergraduate students. The federal government pays the interest on Subsidized Stafford Loans while the student is enrolled at least half time (six credits). Interest accrual and repayment begin when the student graduates, withdraws or drops below half-time status.
WHAT IS A FEDERAL UNSUBSIDIZED DIRECT LOAN?
The Unsubsidized Direct Loan is a non-need-based loan that begins accruing interest at the time of disbursement. The borrower may make interest payments or allow interest to accrue during the in-school period. Repayment begins when the student graduates, withdraws or drops below half-time status (six credits for undergraduate students or 4.5 credits for graduate students).
DO I NEED TO COMPLETE THE MASTER PROMISSORY NOTE AND ENTRANCE COUNSELING?
First-time borrowers of Federal Direct Loans are required to complete the steps online in order for these loans to be applied to the student bill.
WHAT IS A PRIVATE LOAN?
A private loan is an option available to students who wish to secure additional funding. Eligibility for a private loan is based on the credit-worthiness of the student and/or co-signer and ability to repay.
WHERE CAN I KEEP TRACK OF THE FEDERAL LOANS I HAVE BORROWED?
You can access your federal student loan borrowing information on the National Student Loan Data System. This information will not include private loans you may have borrowed. To obtain those balances you will log on to the individual lender site.
WHAT IS A GRADUATE PLUS LOAN?
Students enrolled at least half time (4.5 credit hours) in a graduate program of study are eligible to borrow a Federal Graduate PLUS loan. The Graduate PLUS loan is a great alternative to private loan borrowing, offering graduate students some loan benefits that private loans may not offer. To apply for a Graduate PLUS loan, go to https://studentloans.gov. Please click here for more information.