Summer Financial Aid
In order to participate in student aid programs, the student must be enrolled as a regular student in an eligible program for the purpose of obtaining a degree from Winona State University. Application for summer financial aid consists of a WSU Summer Financial Aid Application together with a complete 2011-2012 FAFSA and any other required supporting documents.†Complete this application prior to May 1 to assure timely processing of your summer award.
*Reminder: Financial Aid Satisfactory Academic Progress must be met after spring semester for financial aid to disburse for summer.
Registration Requirements for Financial Aid Disbursement
All planned summer credits are used to measure eligibility and determine an enrollment level for student aid. The number of credits you reported on your summer application must be on record at the Registrarís Office in order to receive a disbursement of student aid based upon these credits. If your plans for enrollment change, please inform our office so that necessary adjustments can be made for you.
The actual disbursement of summer student aid is based upon actual credits of enrollment. This is determined from the record of registration at the time of disbursement. Students must be enrolled or officially pre-registered for all summer credits in order for student aid to be disbursed. Aid cannot be disbursed without an official registration on record. 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).
Financial aid applicants are strongly encouraged to meet the registration deadlines so that timely disbursements can be arranged.
Summer Financial Disbursement Date to your WSU Bill Is June 4, 2012.
Financial aid, as it becomes available, is applied to your bill. Once your bill is paid, any aid remaining will be direct deposited to your personal bank account within 3 business days. If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount.
Since Federal Direct loan 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.
Summer Aid Programs
For additional information on these programs you can check out the Types of Financial Aid section.
Federal Pell Grant: For undergraduate students, first baccalaureate degree only, eligibility is based on financial need. The amount of the award ranges from $555 to $5,550 per year (fall-summer terms), subject to Congressional appropriations, and will be reduced for students who enroll less than full time. The amount of your summer Pell Grant will be calculated from your summer session enrollment and your EFC.
Minnesota State Grant: For undergraduate students that are residents of Minnesota, demonstrate financial need, attend a school in Minnesota and have not exceeded the equivalent of 8 full-time semesters of attendance. Winona State University calculates eligibility for enrollment levels ranging from 3 to 15+ credits. Visit the Minnesota Office of Higher Education's website for further information on the MN State Grant.
Subsidized and Unsubsidized Federal Direct Loan: All borrowers, including previous borrowers, need to let the Financial Aid Office know that you wish to borrow a Federal Direct loan. All borrowers need to complete the Direct Loan Authorization Form to let the Fianncial Aid Office know how much you want to borrow from your Direct Loan Master Promissory Note. All new borrowers need to complete and sign a Master Promissory Note (MPN), and†Direct Loan Entrance Counseling. Read and follow the directions.
Federal Parent Loan for Undergraduate Students (PLUS): Loans are made to credit-worthy natural or adoptive parents of eligible dependent undergraduate students. PLUS loans are not based on need and may be used to replace all or part of the expected family share. The interest rate is fixed at 7.9%. A 4% origination fee and insurance premium may be charged. You may choose to defer principal and/or interest payments while the student is enrolled as at least a half time student. The interest on the loan will capitalize if you do not make payments. To see if you qualify for a PLUS loan, click on Federal Parent PLUS loan.
Student Educational Loan Fund (SELF): Additional loan processing is required for this program. There is an online MN SELF Loan application. The Minnesota Office of Higher Education will notify you of your loan approval and the date(s) they will send the funds to Winona State University. Studentís will also be notified if there is a loan approval problem. Allow 4-6 weeks processing time. If you are a first time SELF loan borrower you must complete SELF Loan Entrance Counseling. Your funds cannot be disbursed until this is done.
Optional Alternative Private Student Loans: In addition to the application for financial aid private student loans require additional loan processing. Loan application must be certified by the WSU Financial Aid Office. Click on Private Educational Loans for additional information.
Work Study: If you are interested in having work study eligibility added to your summer award, please call the Warrior Hub at 457-5090 to set-up an appointment with a Financial Aid Counselor.
Direct Deposit: All students must have an accurate direct deposit authorization on record before any financial aid can be disbursed to your account. Financial aid loans, scholarships and grants first pay your student account and then any overage is direct deposited to your personal bank account. You must be sure to confirm that funds are in fact in your account before attempting to use them. WSU cannot assume responsibility for your bank charges under any circumstances. If you are a new student, you will need to have your network user name and password, which is given to you when you receive your laptop. If you are not required to have a laptop, contact the WSU Tech Support at 507.457.5240. If you have any questions while filling out this form please call the WSU Student Accounts Office at 507.457.5075 or 800.342.5978 (ext. 5075). WSU Direct Deposit Form