2008 SUMMER FINANCIAL AID

Summer Financial Aid Application

*REMINDER - SATISFACTORY PROGRESS STANDARDS MUST BE MET AFTER SPRING SEMESTER FOR FINANCIAL AID TO DISBURSE FOR SUMMER.

Once you complete the Summer Session Financial Aid Application and receive your Summer Financial Aid Award Letter the following links can be used to complete your summer loan processing.

Quick Links

• Federal Stafford Loan MPN  (accept your summer Federal Stafford Loan)
• SELF Loan Pre Approval (for the online loan application)
• Optional Alternative Loan (provides a list of lenders that you may compare and choose from)
• PLUS Pre-Approval and Application (for your parents to accept their summer PLUS loan)
• Stafford Entrance Counseling (For first time Federal Stafford loan borrowers)
• SELF Entrance Counseling (For first time SELF loan borrowers)

SUMMER FINANCIAL AID INFORMATION

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 2007-08 FAFSA and any other required supporting documents.

Complete this application prior to May 5, if possible, to assure timely processing of your summer award.

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 Registrar’s 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 Aid Disbursement Date To Your WSU Bill Is June 6, 2008. 

Disbursement overages are direct deposited to personal accounts within 3 days.

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 bank account within 3 days.  If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount.

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.

Summer Student Aid Programs:

For additional information on these programs you can check out the “Types of Financial Aid” section.

Federal Pell Grant:  Students may have remaining eligibility for 2007-08 Pell Grant if they have attended college less than full time in the 2007-08 academic year.  Students must be enrolled for 12 credits or more for a full-time award, 9,10 or 11 credits for a three-quarter time award, 6,7,or 8 credits for a half-time award, and 1-5 credits for a less than half-time award.

Federal Stafford Loan and Unsubsidized Federal Stafford Loan:  All borrowers, including previous borrowers, need to let the Financial Aid Office know that you wish to borrow a Federal Stafford loan.  New borrowers need to complete and sign a Master Promissory Note (MPN).  Previous borrowers need to update their previous MPN.  By clicking on Federal Stafford Loan MPN you enter the Great Lakes Higher Education Loan Services, Inc. (GLHEC) website where you may accept your MPN. GLHEC is the Minnesota designated guarantee agency.  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 8.5%.  A 4% origination fee and insurance premium may be charged. Most lenders will allow borrowers 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.  You must contact your lender to set this up.  If you do not wish to defer your payments, you must begin repaying principal and interest within 60 days of disbursement.

PLUS Pre-Approval and Application:  To see if you qualify for a PLUS loan, or to update your current PLUS loan click on PLUS Pre-Approval and Application.   If you are eligible, you must complete the PLUS loan application for the loan to process.  

Student Educational Loan Fund (SELF): Additional Loan Processing is required for this program.  There is an online SELF loan pre-approval process.  Once you have been pre-approved you can either print out the promissory note or have MOHE send you the promissory note to sign.  This note must be signed by the borrower and signed and notarized by the student’s credit worthy co-signer and returned to MOHE.  MOHE will notify the students of loan approval and the date(s) they will send the funds to Winona State University for crediting to the student’s account.  Students 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 entrance counseling.  Your funds cannot be disbursed until this is done.  Click on “SELF Loan Counseling,” read and follow the instructions.

Optional Alternative Private Student Loans (US Bank No Fee and Gap Loan, Wells Fargo Collegiate Loan, First Federal A+ Loan, Citibank Citiassist Loan, Educaid Select Loan, M&I Student Loan...):  In addition to the application for financial aid each of these programs requires additional loan processing.  Loan applications must be certified by the WSU Financial Aid Office.  Click on Optional Alternaive Loan for additional information.

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.  See the Minneosta Office of Higher Education, MOHE home page for further information on the state grant.

Work Study:  lf you have been awarded work study in your award letter, you are eligible to work on campus or in certain nonprofit organizations or public agencies to earn the amount shown. Students must be enrolled for a minimum of six credits for work study.  Students who are awarded work study need to pick up a Student Employee Authorization Form in the Financial Aid Office before beginning work.  Since there are limited positions, work study eligibility does not guarantee employment. When you find work study employment your working schedule will be arranged around your class schedule. Work study earnings are not credited to student accounts; students receive a pay check by direct deposit to their personal bank account for hours worked.

Students are paid according to the payroll schedule distributed to each work study recipient.  Work study hours are only available through August 8, 2008, while classes are in session.

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 Accounts Receivable Office at (507) 457-5075 or 1-800-342-5978 (ext. 5075). 

WSU Direct Deposit Form.

Last Modified: Monday, May 05, 2008 11:22 by Mari Livingston