Money Matters Presented by Financial Aid Department July 2016

Agenda  Financial Aid Timeline  Financial Aid and the Bill  Financial Aid Self-Service  FERPA  E-consent  Next year  Questions

Financial Aid Timeline Apply for aid (file FAFSA) Receive a financial aid award letter Submit required documents (if requested) Accept or Decline loans/work- study Apply for other loans/report outside scholarships Aid is disbursed for fall You are here now

Different types of aid awarded Federal Grants McDaniel Grant State Grants Federal Student loans Federal PLUS loan Private loans McDaniel scholarships State scholarships Outside scholarships Work Study Tuition Remission VA Benefits DVR Other funding Scholarships GrantsLoans

Financial Aid Self-Service  Interactive online system for students to view aid 24/7  Available for students who file FAFSA  Financial Aid Checklist  Checklist must be checked often

Reminders for new students  Reminder to accept/decline loans  Reminder to complete missing loan paperwork  Reminder to sign an award letter

Financial Aid and Bill  Only accepted aid will show on the bill  Aid will begin to be paid in mid-August  If aid exceeded the charges, a financial aid refund will be generated  PLUS loan refunds

Award Revisions  Aid could be revised due to:  Changes to FAFSA  Changes to housing  Receipt of outside scholarships (Outside Resource Notification form)  Enrollment changes

Financial Aid Website/Portal  Financial Aid Website-  Apply for a federal PLUS loan  Download financial aid forms  Review financial aid policies  Review financial aid deadlines  Financial Aid Portal-available via myMcDaniel

FERPA waiver form  Student’s information is protected by FERPA law  Submit either an online FEPRA waiver or a FERPA waiver form  Mandatory if parents will contact FAO or Bursar’s offices

Direct Student Loan Application Process Accept Loan The student visits Self-Service to accept his/her loan (for students with final award letters only) Complete MPN The student completes a Master Promissory Note (a link available on FA Self-Service) Complete Entrance Counseling The student completes an Entrance Counseling (a link available on FA Self-Service)

Federal PLUS Loan Application Process The parent applies for a loan at Approved The parent completes a PLUS MPN The parent completes a McDaniel PLUS Loan request form Denied 1. A student will receive an additional Direct UNSUB loan 2. A parent appeals or adds an endorser

Electronic consent  Must be completed on FA Self-Service to continue to receive s  Must be completed before mid-August  One-time process

Financial Aid Contact Information  Location-Elderdice Hall  Hours-Monday-Friday 8:30 am-4:30 pm  Appointments recommended  Counselor on duty  Phone  Fax  (for questions, NOT for documents).

Satisfactory Academic Progress information  Financial Aid reviews grades annually  Policy is posted on the website  Appeal process

Financial Aid Process for next fall 2017  FAFSA will be available again on 10/1/2016  Report 2015 income again!  See us if 2017 income will be drastically reduced  See us with questions