Award Guide 2009-2010

*Room &Board budget when living with your parents is $3,760 for the 2009-2010 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.

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 classes begin on Monday, August 24, 2009.  Payment for fall semester is due by Friday, August 28, 2009. If WSU receives a valid 2009-2010 FAFSA by August 28, 2009, fall classes are not automatically dropped.  Financial aid disbursement and direct deposit of student account credit balances, begins on Friday, September 4, 2009.  Spring semester classes begin on Monday, January 11, 2010.  Payment for spring semester is due by Friday, January 15, 2010.  If WSU receives a valid 2009-2010 FAFSA by Friday, January 15, 2010, spring classes are not automatically dropped.  Financial aid disbursement and direct deposit of student account balances, begins on Friday, January 22, 2010.  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: Billing and Payment Procedures

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 service 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 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, 507.457.5075.

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) web site where you may complete or update an MPN. GLHEC is the Minnesota designated guarantee agency.

To Accept Your Federal Stafford Loan:
• Click on "Federal Stafford Loan MPN"

*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 AN 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.