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<%
Function GetHeadline()
GetHeadline="Award Guide 2007-2008"
End Function
%>
Award Guide 2007-2008 Financial Aid Award Informational Guide
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
*Room &Board budget when living with your parents is $3,480 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.
Graduate Budget
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.
**Reduced Tuition 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.
Fall Semester 2007 Classes Begin August 27, 2007 Financial Aid Disbursement September 6, 2007 Payment Due August 31, 2007 Spring Semester 2008 Classes Begin. January 14, 2008 Financial Aid Disbursement January 24, 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 August 31, 2007, fall classes are not automatically cancelled. Financial aid disbursemesnt and direct deposit of student account credit balances, begins on Friday, September 7, 2007. Spring semester classes begin on Monday, January 14, 2008. Payment for spring semester is due by Friday, January 18, 2008. If WSU receives a valid 2007-2008 FAFSA by Friday, January 18, 2008, spring classes are not automatically cancelled. Financial aid disbursemesnt and direct deposit of student account balances, begins on Friday, January 25, 2008. It can take up to 3 business days for banks to deposit student account credit balances into your personal bank account. Check for further information at: http://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.
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
If this will be your first Stafford Loan borrowing at WSU, you may need to WHAT INFORMATION DO I NEED TO COMPLETE THE MPN?
CAN I SIGN MY MPN ELECTRONICALLY? YES! You will need your Department of Education PIN number in order to sign your MPN
CAN I SIGN A PAPER MPN? YES! You may sign a paper MPN either by printing it out yourself or by requesting that Great
WSU does not endorse specific lenders. Each lender markets their own repayment options Financial Aid Office.
*If you have chosen a lender that uses a guaranty agency other than Great Lakes, you need to apply for your Stafford loan through that guaranty agency. Please call the Financial Aid Office before you apply for your loan through EAC or Sallie Mae.
FOR FIRST TIME LOAN BORROWERS • WHAT? You must complete entrance counseling if you are a first-time borrower and have been awarded a • WHY? Federal and State regulations require us to counsel you regarding your rights and responsibilities as a • WHERE? You can complete this entrance-counseling requirement at home, in the library or in the residence hall • HOW? • Please do entrance counseling for each loan you borrow. If you are borrowing • Read the directions and click on each relevant loan. • Read each page of information and answer all questions. • After finishing the test, you will receive an online form to complete. Please provide all of the requested If you have any questions, please call or stop by the Winona State Financial Aid Office. (507) 457-5090 or 1-800-DIAL-WSU.
Self Loan (Entrance Counseling) Perkins Loans (Entrance Counseling)
All students must have an accurate direct deposit authorization on record before any financial aid
Last Modified: Wednesday, April 18, 2007 10:28 by Mari Livingston | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||