VIEWS: 11 PAGES: 25 POSTED ON: 2/2/2010
Applying for financial aid at Mountain State University What is Financial Aid? Glossary of Terms Cost of Attendance Expected Family Contribution Types of Financial Aid The Financial Aid Process FAFSA Online Interview Master Promissory Note Verification Follow Up Financial aid is funds provided to students and families to help pay for postsecondary educational expenses. FAFSA: Free Application for Federal Student Aid PIN: Personal Identification Number EFC: Expected Family Contribution SAR: Student Aid Report ISIR: Institutional Student Information Record Verification VFAO: Virtual Financial Aid Office MPN: Master Promissory Note Direct Costs Indirect Costs Direct and indirect costs combined into cost of attendance Vary widely by institution Stays the same regardless of institution Calculated using FAFSA data and a federal formula Calculation made by the Federal Government Two components Parent contribution Student contribution Scholarships Does not have to be paid back Based on merit, skill, or a unique characteristic www.educationplanner.org Grants Does not have to be paid back Usually awarded on the basis of financial need Loans Students/Parents borrow to help pay educational expenses Repayment after graduation ONLY BORROW WHAT IS NEEDED! Federal Pell Grant Federal Supplemental Opportunity Grant Stafford Loans Subsidized Unsubsidized PLUS Loans Parent Graduate FAFSA completed by March 1, 2008 Complete a Common Application online (www.wvapply.com). Application must be postmarked by March 1, 2008 High School Senior must have a 3.0 GPA ACT score: 22 or better or a combined 1020 on SAT College Students must maintain a 3.0 GPA Core Academic Classes: English: 4 crds Math: 3 crds Social Sciences: 4 crds Natural Sciencs: 3 crds Students must complete 30 credit hours per academic year PROMISE is renewable for up to eight semesters, as long as student meets the minimum eligibility requirements. Must be a WV Resident Qualifying EFC: 6,000 or less FAFSA complete by March 1, 2008 Students must maintain 12 credit hours Must have a 2.0 GPA by the end of Spring term of previous year to be re-awarded Summer hours do not count More information: http://wvhepcnew.wvnet.edu Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early Research what is available in community To what organizations and churches does student and family belong? Application process usually Spring of senior year Small scholarships add up! Companies may have scholarships available to the children of employees Companies may have education benefits for their employees FAFSA Online Interview MPN Verification Follow Up Yearly Application Must be completed online Apply for PIN at www.pin.ed.gov Must use previous year’s taxes Dependent students must have parents sign with parent’s PIN Dependents students are under 24, no children, unmarried, whether or not they live with parents Used to calculate EFC Determines Pell eligibility and other grants MSU’s Virtual Financial Aid Office processes the financial aid packages for all campuses Interviews have to be complete for every semester Must register on the site, using the password to sign the interview Must request an amount in loans if loans are needed. Phone number to virtual office: 1-877-906-1723 If needing loans, request amount here! Sign at the end of your online interview Only have to sign once If borrowing a PLUS loan, a separate MPN must be signed Must sign to receive loans Electronically online with FAFSA PIN Paper signature sent to AES Click Here to Sign MPN! Random selection by the Department of Education Notified by email by the VFAO The documents needed to be turned in can be found on your account on the VFAO site Turn these in ASAP If required to supply taxes, a hand-written signature must be on the document All balances must be paid in full by the end of each semester to register for the next semester. When selected for verification, the tax information is always for the previous year Write all passwords/usernames and PIN down in a safe place The sooner forms are turned in for verification, the sooner we can process your aid Follow up on your VFAO account often Move slowly through the online interview so important questions aren’t unanswered FAFSA help: 1-800-4-FED-AID (1-800-433-3243) VFAO: 1-877-906-1723 MSU Information Center: 1-866-497-4111 Niki Kelly: 304-929-1517, firstname.lastname@example.org General Financial Aid information: email@example.com
"Financial Aid Helper"