What is Financial Aid?
When should I fill out a FAFSA?
How do I know if I will be eligible for Financial Aid?
Does MNU offer scholarship/grant money?
How do I apply for an MNU scholarship or grant?
Do I need to be admitted before I apply for Financial Aid?
Why can't I submit my FAFSA before January 1?
What is a PIN?
What is an EFC?
What is the difference between a subsidized and an unsubsidized loan?
How much money can I borrow in federal direct loans?
Are any other direct loans available?
Financial aid is federal or state assistance that comes in the form of (1) grants, which do not have to be repaid (2) work studya part-time job on campus, or (3) student loans, which are required to be paid back starting six months after you leave school.
FAFSA applications are available at www.FAFSA.ed.gov after January 1 of each year for the upcoming school year. There is no set deadline for filing; however you are encouraged to apply before March 1st for priority status.
Don't worry, you are likely eligible. But you will not know which types of aid you will be eligible for until you apply to MNU! When you complete the FAFSA you will be considered for federal and state grants, loans and work study.
Yes. MNU has a generous scholarships/grant program. These awards are based upon your performance on the ACT/SAT and high school grade point average. MNU awards need not be repaid and are renewed for each year of your full-time enrollment provided you meet GPA renewal requirements. These awards are available for 8 semesters of study. Contact the Office of Admissions, 913-971-3380 to learn about your eligibility to receive one of these awards!
Your Application for Admission serves as your academic scholarship or grant application. Simply complete the Application and we will contact you regarding your award eligibility.
No. You can apply for financial aid any time after January 1. But to actually receive funds, you must be admitted to MNU.
The process for financial aid uses the family's income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the base year ends December 31, you cannot submit a financial aid application until January 1. If you submit the financial aid application before January 1, it will be rejected.
The PIN serves as your electronic signature for the FAFSA. In addition your PIN allows you to check the status of your financial aid application online as well as make corrections to your application online. If you choose to take a student loan, the PIN can also be used as your electronic signature on that agreement. In order to obtain your PIN you will need to go to www.pin.ed.gov. You will need your social security number and date of birth to apply. If your parent is required to sign the FAFSA one parent must also apply for a PIN. You can apply for your PIN before you file your FAFSA.
The EFC [Estimated Family Contribution] is a measure of your familys financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets and benefits, such as unemployment or Social Security, are all considered in the formula. Also considered is your family size and the number of family members who will attend college or career school during the year. The information you report on your FAFSA or your FAFSA4caster is used to calculate your EFC. Schools use the EFC to determine your federal student aid eligibility and financial aid award.
A subsidized loan is need-based, based upon the information provided on the FAFSA, and the government pays the interest while you are in school.
An unsubsidized loan is not based on need and you will be charged interest from the time the loan is disbursed until the time it is paid in full. You have two options for repayment. You may choose to pay the interest as it accumulates or may allow the interest to accumulate and it will be capitalized. The interest will be added to your loan and additional interest will be based upon the higher amount. This will increase the amount you have to pay.
The Department of Education has established maximum levels for student borrowing. These limits are based upon the total number of credits that you have completed toward graduation in your program of study. If you are a dependent study, your loan limits follow:
| Annual Loan Limits 2012-2013 | ||||
|---|---|---|---|---|
| Grade Level | Subsidized | Unsubsidized | Combined | Fixed Interest Rates |
| Freshman | $3,500 | $2,000 | $5,500 | 3.4% subsidized |
| Sophomore | $4,500 | $2,000 | $6,500 | 6.8% unsubsidized |
| Junior & Senior | $5,500 | $2,000 | $7,500 | |
Yes. The Direct Loan Program offers the following types of loans:
- Subsidized: For students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: For students, not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS*: Unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan. Student borrowers are not required to begin making payments until after they drop below half-time attendance.
* Please Note: PLUS loan borrowers cannot have an adverse credit history. A credit check will be done.
Will all of my aid transfer from my old school to MNU?
How will beginning my studies at MNU in January impact my Financial Aid?
Are there other factors that impact the amount of federal or state aid I might receive?
Why should I list MNU as the primary institution on my FAFSA?
Does MNU offer scholarship/grant money to transfer students?
How much money can I borrow using the Federal Direct student loan program?
Are other Direct Loans available?
Certain types of government aid are portable, while campus-based aid such as the Federal Perkins loan, SEOG loan and Federal Work-Study are not. In addition, any money awarded by your previous college from its own funds will not transfer. If you have received an Alternative Loan or Direct Loan, you must contact your lender and reapply for a new loan to be sent to MNU.
A number of students choose to begin their MNU enrollment in January. If you are transferring in the middle of the academic year, the amount of federal student aid for which you are eligible will be reduced by the amount of federal student aid you received and earned at the previous college.
Yes. There are cost of attendance caps on the amount of federal student aid you can receive. If MNU is much less expensive than your previous college, the amount of financial aid you can receive might be reduced.
The online FAFSA has space for you to list up to ten colleges. To send your FAFSA information to MNU, list us the primary institution. It will take a week or two for the new college to receive the data from your FAFSA. You will receive a new Student Aid Report (SAR) when we have received the data from your FAFSA
Yes! MNU has a generous academic scholarship/grant program available to transfer students. Award amounts are based upon your cumulative college transfer GPA and the institution you have previously attended. Contact the Office of Admission at 913-971-3380 or email us at admissions@mnu.edu to learn more
| Transfer and International Student Scholarship Awards | |
|---|---|
| GPA | Award Amount |
| 4.00-3.5 | $8,000 |
| 3.49-3.00 | $7,000 |
| 2.99-2.50 | $5,000 |
| 2.49-2.00 | $4,000 |
The Department of Education has established maximum levels for student borrowing. These limits are based upon the total number of credits that you have completed toward graduation in your program of study. If you are a dependent study, your Direct loan limits follow:
| Annual Loan Limits 2012-2013 | ||||
|---|---|---|---|---|
| Grade Level | Subsidized | Unsubsidized | Combined | Fixed Interest Rates |
| Freshman | $3,500 | $2,000 | $5,500 | 3.4% subsidized |
| Sophomore | $4,500 | $2,000 | $6,500 | 6.8% unsubsidized |
| Junior & Senior | $5,500 | $2,000 | $7,500 | |
Yes. The Direct Loan Program offers the following types of loans:
- Subsidized: For students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: For students, not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS*: Unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan. Student borrowers are not required to begin making payments until after they drop below half-time attendance.
* Please Note: PLUS loan borrowers cannot have an adverse credit history. A credit check will be done.
No comments:
Post a Comment