Financial Aid Timeline

Transcription

1 Financial Aid Timeline Complete FAFSA May 1 state deadline Financial Aid Verifications Selected Return within 30 days Forward Scholarship Notifications to Financial Aid Office Receive Financial Aid Award Letters Late March/Early April Complete Direct Loan Requirements June

2 Student Name and Mailing Address 2. Student ID# 3. Financial Aid Award Types 4. Fall Award Amounts 5. Spring Award Amounts 6. Semester Award Totals

3 Student Billing Timeline Receive Student Bill July Apply for Additional Loans if needed Takes 3-4 weeks to process Semester Begins Balance Due August 28 Confirm Financial Aid, Loans, and Scholarships on student bill July Confirm student bill and payments through myhaven August

4 1. Send Payments to 2. Please Read Information 3. Charges 4. Previous Balance 5. Due Date 6. Financial Aid Awarded 7. Financial Aid Applied 8. Balance Due 9. Cash Payments or TMS Credits

5 Types of Financial Aid Federal Student Aid Grants - Financial aid that does not have to be repaid Federal Pell Grant Pennsylvania State Grant (PHEAA State Grant) Federal Supplemental Educational Opportunity Grant (SEOG) TEACH Grant Other State Grants Loans - Borrowed money for college that must be repaid with interest Federal Direct Stafford Loan Federal Perkins Loan Work-Study - Work program where student earns money to help pay for school

6 Types of Financial Aid Scholarships / Tuition Waivers Awards in form of money for college vary in size Do not need to be repaid Private Alternative Loans & Private, Non-Federal Loans Students are the borrower responsible for repayment Federal Direct PLUS Loan for Parents Parents are the borrower responsible for repayment Cost of Attendance minus other financial aid Repayment begins 60 days after disbursement Can elect to defer payment Interest will continue to accrue may make interest payments

7 Student Accounts (Billing) Financial Aid gets applied to the Student s Account Payment Plans are an available option Tuition Management System (TMS) Financial Holds and Late fees are applied to past due accounts Student Account Refunds are processed through outside vender Blackboard issues each student a Haven Card

8 Frequently Misunderstood Items Student Account Refunds Used for educational purposes books, residence, meal plans Processed through Student Accounts Billing Financial Aid Verification Used to prove financial information Aid will not be released until complete 30% of our students are selected Authorization for Release of Information Must be completed by student in order for you to monitor and maintain your student s information

9 Frequently Misunderstood Items Financial aid funds will be equally divided and disbursed between fall and spring semesters Student must be enrolled full-time (12+ credits) or part-time (6-11 credits) Student must be meeting Satisfactory Academic Progress (SAP) Students must be meeting ALL requirements and conditions of the financial aid awards Outside scholarship information must be submitted to the LHU Financial Aid office in order to be included Students who are obtaining Direct Stafford Loans must complete entrance counseling and a Master Promissory Note

10 Frequently Misunderstood Items Federal Satisfactory Academic Progress (SAP) Title IV Federal Student Aid (FSA) recipients SAP is evaluated at the end of each enrollment term Must maintain satisfactory rate of progress toward completion of degree (pace) Must earn 67 % of credits attempted (pace = total credits earned / credits attempted) Must maintain cumulative GPA of 2.0 Must complete degree within maximum time frame Bachelor degree programs are limited to 180 attempted credits Note - Bachelor degrees consist of 120 credits

11 Contact Information Financial Aid Office 223 Ulmer Student Accounts Office 224 Ulmer All correspondence will be with the student through their LHU account.