College Student Loan News and Info

The federal financial aid award notification is basically for your records. You want to review your Award Notification and return it only for the following reasons:

1. the determining factors in section A are incorrect,
2. you will receive other financial aid not listed on the front of the Award Notification (complete Section E of the Award Notification),
3. you have reduced or declined any award(s). (Complete Section G of the award notification.) If you decline a college student loan, do not return the student loan promissory note to our office. (Declining financial aid for the current year will not affect your eligibility for financial aid in future years.),
4. you have been awarded for the academic year and will only enroll for one semester.

If the Determining Factors are not correct or if you have receive other financial aid or college student loans not listed on the front of your award notification, adjustments will need to be made to the financial aid that was awarded by the Office of Student Financial Aid. Most financial aid reductions are made in the following order: need based college student loans, Work Study, need based grants. However, need based grants and scholarships may be reduced first if a student has reduces registration hours.

If you have been awarded, but have not yet accepted the William D. Ford Federal Direct Student Loans (you have not yet completed the promissory note) and that student loan is reduced, you probably will not be notified that the loan has been reduced. If you receive other financial aid not listed on the front of your Award Notification and it has been more than three months since the master promissory notes were printed, the student loans may have been cancelled. If you accept the William D. Ford Federal Direct Student Loans (you have completed and returned the Master Promissory Note) and that college student loan as well as other aid will be reduced, you should receive a revised Award Notification and an explanation of why the financial aid was changed.

The Student Financial Aid Office will award the maximum college student loan amount that you are eligible to borrow and these maximum amount(s) will be listed on your Award Notification. It is encouraged to carefully review your expenses and resources and only borrow what you need. The cost of attendance will include personal and transportation expenses; therefore, you may not actually need to borrow the full amount listed.

If you decide you want to reduce or cancel the amount you have been awarded, you should complete the appropriate section on the backside of the Award Notification and submit it to the Student Financial Aid Office. If you are reducing a college student loan, include the completed promissory note. If you no longer have your Award Notification, you can obtain a copy through your financial aid office. If you cancel or reduce your college student loans now and you decide at a later date that you need the loans or want to reduced the amount of the student loan to be reinstated, contact the Student Financial Aid Office.

This entry was posted on Saturday, August 30th, 2008 at 10:39 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.