Understanding the 2006-2007 Award Packet
When the Award Packet is received, it will include one or more of the following:
- Notice of Eligibility Letter:
- This letter outlines the student's cost of attendance, the expected family contribution, any Veteran's Benefits that may be received by the student, and the resulting financial need. This letter also reflects the financial aid types and amounts of eligibility for which is qualified. It is important that the student retain the Notice of Eligibility Letter for his/her records.
- The award notification indicates the most equitable offer based upon the information the student provided, the funds available to the University and timeliness of the application completion. The availability of funds from Federal and State programs are subject to Federal and State appropriations and to changes in Federal and State legislation and regulations.
- Financial Aid Response Form (34KB PDF):
- This form allows the student the opportunity to accept or decline any specific awards, all awards, or awards for one or two semesters. This form must be completed, and returned to Student Financial Services by the return date indicated.
- Federal Stafford Loan Acceptance Form (38KB PDF):
- Students who demonstrate eligibility for the Federal Subsidized Stafford Loan and/or the Federal Unsubsidized Stafford Loan programs will receive the Federal Stafford Loan Acceptance Form. On this form the student will indicate the number of credit hours for each semester, anticipated graduation date, grade classification, and the name, address and lender code number of the bank the student is choosing as the lender to process the student loan. The Federal Stafford Loan Acceptance Form must be completed, and returned to the Campus Hub. A Promissory Note will accompany the Federal Stafford Loan Acceptance Form. Students should complete and return the Promissory Note to the guarantor as instructions will indicate. Directions on how to complete the promissory note will also be included.
- Work-study Questionnaire:
- If federal or state work-study is part of the award, the student will also need to complete and return the work-study questionnaire. This questionnaire is designed to assist the financial aid staff in making work-study assignments. The staff tries to make assignments that most closely match a student's major, interest, skills, and abilities (subject to availability of positions). If all necessary forms are not returned by the due date, some aid may be canceled.
- What is Work Study 2006
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Adjustments to Financial Aid Awards
- Students must notify Student Financial Services of the receipt of any external funding, scholarships, graduate assistantships, JTPA, tuition waivers, resident assistanships, DRS/DVR, etc. that are not listed on the Notice of Eligibility Letter. Receipt of external funding will result in a review of the student's financial aid package to ensure that no over-awarding of federal or state funds has been made.
- An overaward is generally any amount of financial aid that exceeds the student's financial need and/or cost of attendance. Loan and work-study awards will, in most circumstances, be reduced before grant aid is affected. Therefore, if a student will be receiving external funding and is receiving financial aid, the financial aid award may be reduced. If an overaward occurs due to external funding after aid has been disbursed, the student may have to repay some of their aid.
- A student's financial aid is disbursed each semester based on the number of credits for which the student is liable at the time checks are processed. After disbursement, should a student drop credits and receive a refund for those credits, they may be required to repay a portion of their financial aid to the university or to their lender.
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Financial Aid Disbursement
- Disbursement takes place approximately 10 days after the first class day of each semester. Refer to the appropriate Semester Class Schedule for the actual date, time and location.
- Direct Deposit Information
- Disbursement procedures are subject to change. For more information regarding disbursement please contact the Campus Hub at (507) 389-1866.
- Students must be registered for classes to receive financial aid. Financial aid will be adjusted if the student is enrolled for less than full-time credits at the time of disbursement.
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