Award Guide 2007-2008 

Financial Aid Award Informational Guide

• Cost of Attendance
• Financial Aid Disbursement
• Master Promissory Note (MPN)
• Which Lender Do I Choose?
• Entrance Counseling
• Direct Deposit

COST OF ATTENDANCE

The following section provides students with valuable information on how awards are calculated and

disbursed. It is best to read this section after you have filed the FAFSA and have received your award

letter.

5 Important Reminders

1. Please check the accuracy of all pre-printed information on your award letter and make any

necessary corrections.

2. All awards are subject to change based on the availability of funds. They may also change due

 to assistance you may receive from other sources such as private scholarships.

If you will be receiving funding from another source that is not shown in your

award letter, please email the Financial Aid Office at FinanicalAid@winona.edu,

fax us at (507) 457-5628 or send us a copy of the award notification you receive

from the source.

3. Awards are estimated and are based on the information available to us at the time of awarding.

Your awards may be adjusted at the time of disbursement, and you will be notified of any changes

on your online billing statement.

4. Students receiving financial aid must be in good academic standing and must maintain satisfactory

 progress (see Satisfactory Academic Progress).

5. Students should discuss with a financial aid counselor how their aid will be affected if you drop

classes or withdraw. Please notify the Financial Aid Office when you change the degree that you are

seeking

How Your Aid Package is Determined

Once we have determined your demonstrated financial need, we attempt to meet as much of that

need as possible from the need based aid programs available. (See Types of Financial Aid). First,

we consider any Federal Pell Grant and/or Minnesota State Grant, Federal SEOG, institutional or

other outside gift assistance you may be eligible for. We subtract your gift assistance from your

calculated need. If you have remaining need, we complete the package using one or more of the

following programs: Federal or State Work-Study, Federal Perkins Loan, or the Federal Stafford

Loan.

How Your Need is Determined

Your demonstrated financial need is determined by a financial analysis through the FAFSA (Free

Application for Federal Student Aid). Your need is simply the difference between the projected

student and/or parent contribution derived from an analysis of income, assets, household size,

number in college, etc. and the projected cost of education for the period for which you are applying

for aid . The budget we use in determining your financial need consists of tuition, fees, allowance

for room and board, laptop, books and supplies, transportation, personal expenses, and loan fees

for one academic year (9 months). Shown below are our estimated budgets for all students for

the 2007-2008 school year. Please check your billing statement for actual costs.

Undergraduate Budget

	MN Resident	Non-Resident	**WI Reciprocity
Tuition	$5,600	$10,080	$4,980
Fees	$720	$720	$720
*Room & Board (On/Off Campus)	$6,490	$6,490	$6,490
Laptop	$1,000	$1,000	$1,000
Total	$13,810	$18,290	$13,190

*Room &Board budget when living with your parents is $3,340 for the 2007-2008 school year.

Tuition is based on a full-time course load (12-18 credits per semester). Fees cover student activities, health services,

and student union programs. Room & board costs are based on the average cost of living on campus.

Additional Expenses

You should also plan on the following annual miscellaneous expenses that are not billed by WSU.

 

Books &Supplies	$1,120
Personal	$2,050
Transportation	$600
Loan Fees	$120

Graduate Budget   

	MN Resident	Non-Resident	**WI, ND, SD Reciprocity
Tuition	$5,120	$7,700	$4,900
Fees	$540	$540	$540
*Room & Board (On/Off Campus)	$6,490	$6,490	$6,490
Total	$12,150	$14,730	$11,930

Tuition is based on a full-time course load (9 credits per semester). Financial aid considers full-time

enrollment at 6 credits per semester.

Additional Expenses

You should also plan on the following annual miscellaneous expenses that are not billed by WSU.

Books &Supplies	$1,120
Personal	$2,050
Transportation	$600
Loan Fees	$120

 

Minnesota has “tuition reciprocity” arrangements with Wisconsin, North Dakota, and South Dakota.

If you are a resident of one of these states, you are eligible to pay tuition rates that compare with those

of a state school in your home state. The Midwest Student Exchange Program also qualifies students

from Kansas, Michigan, Missouri, and Nebraska for reduced tuition (approximately 30% off

out-of-state tuition rate).

Budget Variance

Student’s attending Rochester Center may see a difference in the cost of tuition and fees. Please

check your billing statement for actual costs.

Financial Aid Disbursement

   Fall Semester 2007

  Classes Begin                                      August 27, 2007

  Financial Aid Disbursement                  September 7, 2007

  Payment Due                                       August 31, 2007

   Spring Semester 2008

  Classes Begin.                                      January 14, 2008

  Financial Aid Disbursement                   January 25, 2008

  Payment Due                                        January 18, 2008

Fall Semester classes begin on Monday, August 27, 2007. 

Payment for fall semester is due by Friday, August 31, 2007.

If WSU receives a valid 2007-2008 FAFSA by Friday, August 31, 2007, fall classes are not automatically cancelled.

Financial aid disbursement to your WSU student bill and direct depois of student account credit balances begins on Friday, September 7, 2007.  It can take up to 3 business days for banks to deposit studnet account credit balances into your personal bank account.

Spring Semester classes begin on Monday, January 14, 2008.

Check for further information at: www.winona.edu/billing/PaymentProcedures.htm

You should be prepared to pay for books, supplies, and personal expenses from personal funds until

financial aid is disbursed each semester. Click here for information on the WSU book loan.

How your financial aid is disbursed to you.

Your aid will be available each semester according to the schedule shown above. Aid such as

Federal Pell Grant, Minnesota State Grant, FSEOG and Federal Perkins Loan will be applied to

your bill. Once your bill (charges for tuition, fees, and residence hall) is paid, any aid remaining will

be direct deposited to your bank account. If aid is applied to your bill and there is still an amount

owed, you should be prepared to pay that amount with a personal check or other funds. Federal

Stafford and SELF loan funds are sent by the lender to WSU for delivery to the borrower. Any

amount owed to WSU will be deducted. Because Stafford funds can only be held for 3 days, you

must notify the Financial Aid Office if you will be late registering so that your loan funds are not returned

and your loan cancelled. The Federal PLUS loan is electronically sent by the lender to WSU for delivery

to the student’s account. Any amount owed to WSU will be deducted, and any remaining money will

be direct deposited to the student’s bank account. You must be at least half time to receive Federal

or MN state loans and work study (6 credits for undergraduate students and 3 graduate credits for

students admitted to a graduate program). Students who have Federal and State work study positions

receive their bi-weekly pay checks through direct deposit to their personal bank account.

Entrance interviews are required of all first time borrowers. These requirements affect

student loan disbursement. Please read about Entrance Counseling requirements.

Before any financial aid can be disbursed onto your account, all students must

fill out a Direct Deposit Form.

Third party Billing/Tuition Payment Procedures

If you are receiving financial assistance form a third party agency (Department of Vocational

Rehabilitation, Job Service, Private Industry Council, etc.) you need to provide the Accounts

Receivable Office with an authorization to bill your agency for tuition, fees, books, etc. Billing

to your agency does not occur until approximately three weeks into the semester and actual

payment may not be received until three to four weeks after your agency is billed. Any other

financial aid such as loans, grants, or scholarships will be applied to your account at their

scheduled time. When your agency’s payment is received your account will be adjusted if your

financial aid and third party billing exceeds what you owe WSU. WSU will then direct deposit

the difference into your bank account. Questions regarding this process should be directed to

(507) 457-5075.

Reminder: Third party funding could affect your other financial aid. Please

notify the Financial Aid Office at FinancialAid@winona.edu , fax us at

(507) 457-5628 or send us a copy of the award notification you receive

from the outside source.

Fee statement, tuition refunds, late payment, etc.

Information on WSU policies related to payment is provided in each semester class schedule.

Questions should be directed to Accounts Receivable, Somsen Hall, Room 104, (507) 457-5075.

MASTER PROMISSORY NOTE (MPN)

NEW AND RETURNING STUDENTS

All borrowers, including previous borrowers, need to accept Federal Stafford Loan(s) on-line,

in order to let the Financial Aid Office know that you wish to borrow a Stafford loan. New

borrowers need to complete and sign a Master Promissory Note (MPN). Previous borrowers

need to update their previous MPN. The Financial Aid Office assumes that you do not want a

Stafford loan unless you do this. By clicking on “Federal Stafford Loan MPN” you enter the

Great Lakes Educational Loan Services, Inc. (GLHEC) website where you may complete or

update an MPN. GLHEC is the Minnesota designated guarantee agency.

•  Click on "Federal Stafford Loan MPN”

•  Read the directions and fill out the application.

FIRST TIME LOAN BORROWERS

Read the information below to find out about the Master Promissory Note (MPN).

WHAT IS A MPN?

An MPN is a legally binding contract you sign, agreeing to repay the Stafford Loan money
you have borrowed. The MPN describes your rights and responsibilities as a student loan
borrower.  It is extremely important to read everything included on your MPN. By signing
the MPN, you not only agree to repay the money you borrow, but you also agree to all
terms and conditions included in the MPN. Once your MPN is signed, a new MPN is
not required for any new loans, provided you stay with the same lender.

If you want to sign a new MPN each year you may do so. If, after taking out a loan, you
wish to choose a different lender you will need to complete a new MPN. Keep in mind
that having multiple lenders may mean having to make multiple payments to multiple locations
once you are out of school and in repayment.

Your MPN will automatically expire ten years after the date it is signed or received by your
lender.  However, there are other circumstances that would cause the cancellation of your
MPN before the ten-year expiration. These include:

• There have been no disbursements made within 12 months of the date you signed the MPN.
• You choose not to make any more loans with that lender. If you choose to do this, it is your
  responsibility to notify your lender.
• You file for bankruptcy.

If this will be your first Stafford Loan borrowing at WSU, you may need to
complete the MPN and Entrance Counseling for first-time borrowers.

WHAT INFORMATION DO I NEED TO COMPLETE THE MPN?

•   Social Security Number
•   Drivers License if applicable
•   Email address if applicable. If you want to receive a confirmation email, an address must
  be supplied.
•   Your complete address including street or post office box, city, state, zip code and phone
  number.
•   Two separate references with different U.S. addresses. The first reference should be a
  parent or legal guardian. You will need their name, address, city, state, zip code and phone
  number

CAN I SIGN MY MPN ELECTRONICALLY?

YES! You will need your Department of Education PIN number in order to sign your MPN
electronically.  If you cannot find your PIN number you can request a duplicate copy at

http://www.pin.ed.gov .

CAN I SIGN A PAPER MPN?

YES! You may sign a paper MPN either by printing it out yourself or by requesting that Great
Lakes Higher Education Guaranty Corporation mail you a copy for your signature. If you
request a copy be sent to you, it will take a minimum of 10 business days for your request to
be processed. Please return your paper MPN to the Winona State University
Financial Aid Office so we can certify your loan.