Financial Aid Office Hours (located in Founders Hall, 1 st floor) Regular Hours Monday through Friday 8:00am - 4:30pm Orientation Financial Aid Office 8:00am – 6:00pm Advisors in Registration Lines 8:00am – 9:00am Advisor Appointments 10:00am – 5:40pm
1. MVNU Financial Aid Application Part of the Application for Admissions in first year Determines eligibility for State Choice Grants Communicates intent to file FAFSA Must be completed each year to be considered for non-need & need- based aid 2. Free Application for Federal Student Aid (FAFSA) Federal form completed online at www.fafsa.ed.gov Determines eligibility for need-based funds 1 in 3 applicants are selected for verification (requires income tax returns and W-2s) Must be completed each year to be considered for need-based aid How Do You Apply For Financial Aid?
Grants & Scholarships Gift aid; does not have to be repaid Federal, state, institutional, & outside sources Merit versus need-based Work-Study/Campus Employment Work-study is employment awarded based on need Other employment opportunities available Loans Must be repaid with interest Favorable repayment terms and interest rates Wh at Types of Financial Aid are available?
How is Financial Aid Communicated? Financial Aid Award Notification Mailed after student is accepted by Admissions and FAFSA is completed (if filing) Communicated to students online in future years Includes financial aid awards and instructions Scholarships, employment, loans Estimated direct and indirect costs Enables student to calculate an estimated balance due prior to Student Account Invoice notification in July Total Direct Charges less Total Financial Aid Award equals approximate balance
Federal, state, institutional, & outside sources MVNU will include all known scholarships from federal, state, and institutional sources Merit aid awarded first, then need-based aid Merit - academic, athletic, church, etc. Need - cost of attendance less EFC (FAFSA) Combination - both merit and need required Outside sources: www.gotomvnu.com/preparing/private.asp Grants & Scholarships
Employment Federal Work-Study Students awarded Federal Work-Study (need-based employment) will have the following in their orientation packet: Student Employment Application Federal & state withholding forms I-9 Employment Eligibility Verification* Forms must be completed and returned to Financial Aid Office by Aug15* to guarantee employment * The documents required to establish employment eligibility (listed on the back of the I-9 Form) may be provided now through move-in weekend
Employment Students will be notified of job placement within first two weeks of the beginning of school; some students will receive notification prior to beginning of school Some work-study is off-campus (America Reads program ) Students will choose from the following options to receive payment: direct deposit to student account direct deposit to bank account* check* * payments not applied to student’s account should be subtracted from financial aid when calculating estimated balance due Federal Work-Study (continued)
Student Loans Subsidized (need) or unsubsidized (no need) Subsidized means government pays interest while student is in school at least half-time, during six-month grace period after leaving school, and any period of deferment (a postponement of payments) Unsubsidized means student is responsible for interest from the time the loan is disbursed Fixed interest rate is 6.0% subsidized; 6.80% unsubsidized Receive 99.5% of loan amount (2.0% fee less 1.5% rebate) Payments begin 6 months after graduation, leaving school, or dropping below half-time status Federal Stafford Loan
Subsidized or Total Unsubsidized Unsubsidized Freshman (0-25 hrs) $5,500 $3,500 $2,000 Sophomore ( 26-55 hrs) $6,500 $4,500 $2,000 Junior/Senior (56+ hrs) $7,500 $5,500 $2,000 Dependent students whose parents are unable to obtain a PLUS Loan are eligible for an additional $4,000 unsubsidized Stafford Loan as a freshman or sophomore. As a junior or senior, the additional amount increases to $5,000. Maximum Annual Eligibility Dependent Student Federal Stafford Loan (continued) Student Loans
Subsidized or Total Unsubsidized Unsubsidized Freshman (0-25 hrs) $ 9,500 $3,500 $6,000 Sophomore ( 26-55 hrs) $10,500 $4,500 $6,000 Junior/Senior (56+ hrs) $12,500 $5,500 $7,000 Independent students do not have undergraduate PLUS loan eligibility Student Loans Federal Stafford Loan (continued) Maximum Annual Eligibility Independent Student
Student Loans Federal Stafford Loan (continued) Steps to Obtain Stafford Loan Accept, decline, or revise Stafford Loan on returned copy of student’s Financial Aid Award Notification Go online to: www.gotomvnu.com/preparing/stafford.aspwww.gotomvnu.com/preparing/stafford.asp Complete entrance counseling (loan counseling) Complete and sign Master Promissory Note (MPN) electronically with federal PIN (MPN valid for 10 years) MVNU will disburse funds after classes begin
Student Loans Federal Perkins Loan Need-based subsidized loan processed through MVNU Interest rate is fixed at 5% Payments begin 9 months after graduation, leaving school, or dropping below half-time status Complete all steps online at: www.gotomvnu.com/preparing/perkins.asp www.gotomvnu.com/preparing/perkins.asp Complete loan counseling and interview Complete and electronically sign MPN with federal PIN Accept Truth-in-Lending/Loan Indebtedness Disclosure
Parent Loan Federal Parent Loan for Undergraduate Students (PLUS) Borrowed in the parent’s name Fixed interest rate of 7.90% Receive 97.5% of loan amount (4.0% fee less 1.5% rebate) Federally insured against death & disability Parent – death & disability Student – death Payments begin in Spring after 2nd half of loan is disbursed Deferment option available July 1 Parent PLUS Loan
Federal Parent Loan for Undergraduate Students (PLUS) Credit check involved; looking for adverse credit history If denied, student eligible for additional $4,000 unsubsidized Stafford PLUS on award notification up to approximate direct costs Direct costs = known items to be billed (tuition, general fee, room, meal plan, health care fee for residential students) Parent may borrow up to the cost of attendance minus student’s financial aid Cost of education includes direct costs billed through MVNU and “budgeted” costs for books, travel, and miscellaneous expenses Parent PLUS Loan (continued)
Parent Loan Parent PLUS Loan (continued) Steps to Obtain PLUS Loan Accept, decline, or revise PLUS Loan on returned copy of student’s Financial Aid Award Notification Determine amount to borrow Go online to: www.gotomvnu.com/preparing/plus.aspwww.gotomvnu.com/preparing/plus.asp Print and return completed PLUS Loan Request Form to MVNU Financial Aid Office Complete and sign Master Promissory Note (MPN) electronically with federal PIN (MPN valid for 10 years)
Private/Alternative Loan I don’t want the Parent Loan (PLUS). Are there other loan options? Borrowed in the student’s name Usually requires a co-signer (equally liable for the loan) Variable interest rate changes monthly or quarterly Not federally insured against death and disability Payments usually deferred with at least half-time enrollment View some options online at: www.gotomvnu.com/preparing/alternative_loans.asp www.gotomvnu.com/preparing/alternative_loans.asp www.simpletuition.comwww.simpletuition.com has additional options Contact Financial Aid Office for more information
Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 25,040 Financial Aid Grants & Scholarships 7,740 Federal Work Study (Employment) 1,800 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 15,040 *Parent (PLUS) Loan included in financial aid award* 10,000 Financial Aid Award Notification 25,040 *Parent (PLUS) Loan is packaged to approximate costs, but it is up to parent to determine actual amount to borrow Can accept, decline, or revise amount Can increase to indirect costs (books, travel, miscellaneous) Origination fee 4.0% less 1.5% interest rebate equals 2.5% deduction
Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 25,040 Financial Aid Grants & Scholarships 7,740 Federal Work Study (Employment) 1,800 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 15,040 Parent (PLUS) Loan included on financial aid award 10,000 Financial Aid Award Notification 25,040 Other items to consider: class fees may be added depending on schedule employment taxes (approx. 10%) and amounts not applied to account Stafford Loan origination fee less interest rebate equals 0.5% deduction
Financial Aid Office Contact Information Phone 740-397-9000 ext. 4520 Toll-free 866-686-8243 option 2 Fax 740-393-0511 Email email@example.com@mvnu.edu Website www.gotomvnu.com/preparing
Payment PlanDef PytInterestNon-MVNU Fee(s) Full PaymentNo None TuitionPayNo $75/year 50/25/25$45/termNoNone MVNU Monthly$45/term1%/monNone PLUS/PrivateNo 2.5% orig fee on PLUS TuitionPay/LoanNo $75/yr + 2.5% on PLUS Payment Plan Options – page 69
Private/Parent PLUS Loan must be confirmed, not just pre-approved, for student to be confirmed. If not, a down payment of 20% of fall balance will be required. Payment Plan Options – cont’d
TuitionPay Monthly Payment Plan should not include book expenses. TuitionPay contract must be paid current for student to be confirmed. Confirmation deadline is August 15. Late fees apply. Payment Plan Options – cont’d
Pay your bill, including CLEP and AP recording fees Transfer student account credit to bookstore account Cash personal checks up to $50 If over $50, balance is deposited into savings account Cash MVNU paychecks up to $100 ( with savings option) Withdraw from savings account (up to $50 per day) Purchase Road Bucks for any dollar amount 13.6% of amount purchased is added to account Come to Student Accounts to…
Your consent to our cookies if you continue to use this website.