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| > > Winona State University > Student Life > Financial Aid > Award Guide 2008-2009 > | |
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Award Guide 2008-2009 Financial Aid Award Informational Guide
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 2008-2009 school year. Please check your billing statement for actual costs.
Undergraduate Budget
*Room &Board budget when living with your parents is $3,620 for the 2008-2009 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.
Financial Aid Disbursement Fall Semester 2008 Classes Begin August 25, 2008 Financial Aid Disbursement September 5, 2008 Payment Due August 29, 2008 Spring Semester 2009 Classes Begin. January 12, 2009 Financial Aid Disbursement January 23, 2009 Payment Due January 16, 2009
Fall semester classes begin on Monday, August 25, 2008. Payment for fall semester is due by Friday, August 29, 2008. If WSU receives a valid 2008-2009 FAFSA by August 29, 2008, fall classes are not automatically dropped. Financial aid disbursement and direct deposit of student account credit balances, begins on Friday, September 5, 2008. Spring semester classes begin on Monday, January 12, 2009. Payment for spring semester is due by Friday, January 16, 2009. If WSU receives a valid 2008-2009 FAFSA by Friday, January 16, 2009, spring classes are not automatically dropped. Financial aid disbursement and direct deposit of student account balances, begins on Friday, January 23, 2009. 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, ACG Grant, Smart 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.
You have the right to cancel all or a portion of a student loan any time within 14 days from the date of the disbursement. You may return any funds you do not wish to accept by returning that portion to the loan servicer directly or you may request that Winona State University cancel some or all of the loan and return the funds on your behalf.
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 Depoit 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 accept your loan on-line. 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.
To Accept Your Federal Stafford Loan:
For Step by Step Directions on How to Accept Your Federal Stafford Loan:
To Compare Lender Options: *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.
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 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? You must complete entrance counseling if you are directed to do so when you accept your Federal Stafford Subsidized/Unsubsidized Loan online, or if you are a first time Stafford, Federal Perkins Loan or a Minnesota SELF Loan borrower. If this is the first time that you have borrowed a Federal Perkins loan from WSU you must complete entrance counseling for the Perkins Loan regardless if you have borrowed a Perkins loan at another school. Your funds cannot be disbursed until this is done. • 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 from the Stafford, Perkins, and SELF loans you must complete three separate entrance counseling’s before aid can be disbursed. Entrance Counseling is different for each of these three loans. • 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
Self Loan (Entrance Counseling)
All students must have an accurate direct deposit authorization on record before any financial aid
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