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FINANCIAL AID APPLICATION PROCESS

FINANCIAL AID APPLICATION PROCESS. COST OF ATTENDANCE. BUDGETS and FUNDING. COST OF ATTENDANCE. COA is your annual budget for: Educational Expenses, including: Books and supplies Travel and Rotations Health, Disability and other fees

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FINANCIAL AID APPLICATION PROCESS

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  1. FINANCIAL AID APPLICATION PROCESS

  2. COST OF ATTENDANCE BUDGETS and FUNDING

  3. COST OF ATTENDANCE • COA is your annual budget for: • Educational Expenses, including: • Books and supplies • Travel and Rotations • Health, Disability and other fees • Living Expenses (applicable to student only): • Rent • Utilities • Food, Personal, etc

  4. FUNDING YOUR COST OF ATTENDANCE • Scholarships • Military, WICHE, Institutional, Other Sources • Federal Work-Study • Federal Loans • Stafford loan (subsidized and unsubsidized) • Graduate PLUS loan • Perkins Loan

  5. STAFFORD LIMITATIONS $40,500 1st-year Stafford maximum (Example only, differs per program and length) FORMULA: $55,641 On-campus COA budget - 40,500 Stafford Maximum - 1,000 FWS if applicable -other aid Scholarship/Perkins/etc. $14,141 COA minus Stafford minus all other aid equals Graduate PLUS request $14,141

  6. FINANCIAL AID APPLICATION ELECTRONIC ACCESS and INSTRUCTIONS

  7. FINANCIAL AID APPLICATION • NEW students must complete Steps 1 through 4 in order to receive financial aid • Step 5is required for students who want the maximum funding • CONTINUING students thereafter must complete a new Institutional Application (Step 2) and a new FAFSA (Step 3) eachyear to receive financial aid continuously • FAFSA must always be completed by the April 1st priority deadline date for consideration of Perkins and some scholarships 7

  8. FINANCIAL AID APPLICATION Access MWUNET: https://online.midwestern.edu using your login and password. At the “Financial Services” tab choose “Apply for Aid” • Complete Financial Aid Steps as early as January 1st • Classes starting in: • June: Complete no later than May 15th • Early August: Complete no later than July 15th • Late August: Complete no later than August 1st 8

  9. STEP #1 ENTRANCE COUNSELING • Federal Regulations require completion just one time for new borrowers at MWU • Reviews Rights & Responsibilities of all borrowers concerning Federal loans • Save Confirmation for verification of completion • We cannot originate loans until we’ve received the automated electronic notification that your Entrance Counseling is complete 9

  10. STEP #2 INSTITUTIONAL APPLICATION • Must be completed once each year to receive financial aid • Data used by financial aid office to properly fund students based on: • On- or off-campus housing status • Requested loan amounts • All other aid received for educational purposes • Complete before priority deadline as indicated on our website 10

  11. STEP #3 FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID • Apply for FAFSA PIN www.pin.ed.gov • Use our website or www.fafsa.ed.gov • Complete FAFSA as soon as taxes are filed • No later than April 1st priority deadline date • Use Federal Tax information for income figures • Estimate taxes only if necessary. May be required to refile FAFSA • FAFSA data determines eligibility and need level for federal aid 11

  12. STEP #4 FEDERAL STAFFORD MPN STAFFORD LOAN MASTER PROMISSORY NOTE (Subsidized and Unsubsidized loans) • Access: https://studentloans.gov • “Sign in” using your FAFSA PIN 12

  13. FEDERAL STAFFORD MPN • Choose “Complete Master Promissory Note” 13

  14. FEDERAL STAFFORD MPN • Choose “Subsidized/Unsubsidized” for loan type • Verify the name on your MPN matches your SS card, then electronically sign and you’re finished! 14

  15. STEP #5 FEDERAL GRADUATE PLUS MPN GRADUATE PLUS LOAN MASTER PROMISSORY NOTE: (Covers remainder of your budget minus all other aid) Refer to Stafford Loan screenshots a, b, and c to get to the PLUS MPN • Access: https://studentloans.gov • “Sign in” using your FAFSA PIN • Choose “Complete Master Promissory Note” 15

  16. FEDERAL GRADUATE PLUS MPN GRADUATE PLUS LOAN MASTER PROMISSORY NOTE: (Covers remainder of your budget minus all other aid) • Select loan type “Graduate PLUS” • Verify the name on your MPN matches your SS card! Review and electronically sign 16

  17. Verify name on your Social Security (SS) card is exactly the same as FAFSA PIN, MPNs and Admissions Records Name changes must be documented with the SSA and reflected on SS card before using a new name on any documentation Never change or exchange initials or middle name – use exactly as written on SS card VERIFY PERSONAL INFORMATION

  18. Any name written differently than Social Security card will cause rejects and delays: If FAFSA PIN doesn’t match Social Security Card: FAFSA will reject; loan origination is delayed Master Promissory Note (MPN) will reject; refund check will be delayed Funding will not post to your student account if name on school records doesn’t match FAFSA PIN PERSONAL INFORMATION DISCREPANCIES

  19. Update the Social Security Administration with new name: Submit application and supporting documentation of name change to: SOCIAL SECURITY OFFICE (59th Ave/Bell) 5907 W KINGS AVE GLENDALE, AZ 85306 800-772-1213 AFTER SSA UPDATES YOUR NEW NAME: Deactivate old PIN (answer challenge question wrong 3 times) Reapply for new PIN Wait 3 days, then update FAFSA with new name Complete new MPN applications with new name exactly as indicated on SS card LEGAL NAME CHANGES

  20. Online Payments Most efficient Immediate posting to Student Account Paper Checks Least efficient Takes four business days to process Account “hold” stays in place until paper check has been processed ONLINE PAYMENTS

  21. Return of Excess Funding (new process) Student requests a loan return Student must bring in a check for full amount of return request On 2nd request, student must set appointment to speak with FAA to work a budget FAA processes check back to lender STUDENT LOAN RETURNS

  22. Access www.midwestern.edu Type “Financial Aid” in search engine Scroll down to menu box for display choices: Cost of Attendance Budgets Loans Scholarships Type “Accounts Receivable” in search engine Refund Dates – Glendale Tuition Due Dates Frequently Asked Questions MWU WEBSITE INFORMATION RESOURCES 22

  23. Only one MPN is required for Stafford Loans Only one MPN is required for PLUS Loans EXCEPTION: A new MPN is required each year for cosigned loans. Never use nicknames on legal documents Always use name exactly as written on SS card Track and monitor your loans at our Alumni website www.midwestern.edu/x749.xml IMPORTANT REMINDERS 23

  24. CONTACTS 24

  25. STUDENT FINANCIAL SERVICES Financial Aid Tom Billard Director 572-3321 Karen Owens Assistant Director 572-3228 FA AdvisorsStudent’s Last Name Lesa Stanford FA Advisor A thru E 572-3322 Lisa Veliz FA Advisor F thru K 572-3879 Tammy Schmidt FA Advisor L thru P 572-3461 Stacia McBride FA Advisor Q thru Z 572-3246 SFS Administrative Assistant Carol Davy SFS Administrative Assistant 572-3321

  26. STUDENT FINANCIAL SERVICES Accounts Receivable Tom Billard Director 572-3321 Karen Owens Assistant Director 572-3228 Accounts Receivable Staff Terri Pauletich Accounts Receivable Senior Coordinator 572-3267 Craig Lang Accounts Receivable Representative 572-3324 JoAnna Svoboda Accounts Receivable Representative 572-3782 SFS Administrative Assistant Carol Davy SFS Administrative Assistant 572-3321

  27. STUDENT FINANCIAL SERVICES Financial Aid and Accounts Receivable • Location: Barrel III Student Center • Office Hours: (8:00 a.m. - 4:30 p.m., M-F) • Phone: (623) 572-3321 Fax: (623) 572-3283 • Financial Aid: azfinaid@midwestern.edu • Accounts Receivable: azar@midwestern.edu

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