Financial Aid -- Check List

Step 1 :

Complete and mail the "Free Application for Federal Student Aid" for the applicable award year to the federal processor.

Step 2 :

The federal processor will analyze the data and determine the estimated family contribution that will be returned to the student as a Student Aid Report.

Step 3 :

When the SAR is received, the student must verify the information and make any corrections. If corrections are made, the corrected SAR should be mailed back to the federal processor. If no corrections are necessary, mail the SAR to the Office of Financial Aid and Scholarship.

Step 4 :

The Office of Financial Aid and Scholarship receives the SAR, which is used to determine eligibility for the Federal Pell Grant, Federal Campus Aid Programs, Federal Stafford Loans and other sources of aid.

Key to Table Below

LEVEL OF STUDY	UG = Undergraduate; BOTH = Undergraduate and Graduate
NEED	IS IT NEED BASED?
PART	IS IT AVAILABLE FOR PART-TIME STUDENTS?
FORM	DOES IT REQUIRE THE COMPLETION OF A FORM?

SUMMARY of FEDERAL PROGRAMS

PROGRAM	LEVEL OF STUDY	NEED	PART	FORM
PELL GRANT	UG	YES	YES	YES
STAFFORD LOAN	BOTH	YES	NO	YES
PLUS LOANS	UG	NO	NO	NO
DIRECT STAFFORD LOAN	BOTH	YES	NO	YES
DIRECT PLUS LOAN	UG	NO	NO	NO
UNSUBSIDIZED STAFFORD LOAN	BOTH	NO	NO	YES
SEOG	UG	YES	YES	YES
CW-S	BOTH	YES	YES	YES
PERKINS LOANS	BOTH	YES	YES	YES

SUMMARY DESCRIPTION of FEDERAL PROGRAMS

PROGRAM	DESCRIPTION	ANNUAL AMOUNT	REPAYMENT
PELL GRANT	Monetary gifts to qualified undergraduate students. ( Eligibility based on financial need.)	Up to in excess of $2,000.	None
STAFFORD LOAN	8.25 % maximum. Subsidized Stafford based on financial need Unsubsidized is for independent and dependent. Not based on financial need.	FT Dependent UG. up to $3,500. FT Independent UG: same as subsidized plus up to $5,000. Graduates: Up to $8500 subsidized Stafford plus up to $10,000 unsubsidized Stafford.	Repayment up to 10 years. Repayment deffered up to six months after graduation or when enrollment drops below half-time Loan principal for the unsubsidized may be deferred but interest builds.
PLUS LOANS	Annually adjusted variable rate interest with 9% maximum, available to parents. Eligibility determined by school, but not based on financial need.	May borrow up to the difference between school costs minus estimated financial assistance.	Repayment begins within 60 days after receiving the loan.
SEOG	A monetary gift awarded to undergraduate students. ( Eligibility based on financial need, first preference given to Pell eligible applicants.)	Up to $4,000, may exceed $4,000 for study abroad program	None.
CW-S	Allows students to work part-time to ear money for college expenses. The school coordinates the job. (Eligibility based on financial need.)	Earnings are at least minimum wage but may be more.	None.
PERKINS LOANS	5% fixed interest loan where the school acts as the lender. Principal and interest deferred while enrolled- at least half-time enrollment. (Eligibility based on financial need.)	Up to $3,000 annually for undergraduates, $5,000 for graduates.	Repayment begins nine months after the student graduates, falls below half-time enrollment or leaves schoo. Repayment may run up to 10 years.

Step 5 :
The Office of Financial Aid and Scholarship will send the student an award letter detailing the federal and campus-based programs for which the student is eligible.
Step 6 :
The student must respond to the award letter by accepting, declining or seeking clarification of the financial aid package. Accepting an award is usually as simple as signing the award letter. To decline an award, the student must write a letter to the institution explaining that its offer or some part of it is being refused. Students who desire clarification should contact the financial aid office to schedule an appointment with a counselor. Students can apply for financial aid for the upcoming academic year after January 1. The fact that the student is applying for financial aid will not affect the decision on the student's admission. However, it is important to understand that financial aid is only offered after the student has been admitted.

Financial Aid Transcripts (FAT) are required of all transfer students. This applies whether the student has received financial aid or not.

Priority Filing Deadline

It is important to apply as early as possible. The priority filing deadlines indicated below are the deadlines students should meet in order to receive award packages that include grants and scholarships.

PRIORITY FILING DATES

 FALL SEMESTER 			MARCH 1
SPRING  SEMESTER		NOVEMBER 1
SUMMER SESSION			APRIL 1

Students who decide to apply for aid after these dates should complete the application process as soon as possible. There is no guarantee that funds will be available.

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