2. Financial Aid Office Hours (located in Founders Hall, 1 st floor) Regular Hours Monday through Friday 8:00am - 4:30pm Orientation Financial Aid Office 8:00am – 6:00pm Advisors in Registration Lines 8:00am – 9:00am Advisor Appointments 10:00am – 5:40pm

3. How Do You Apply For Financial Aid? 1. MVNU Financial Aid Application Part of the Application for Admissions in first year (online in subsequent years) Determines eligibility for some state and institutional grants Communicates intent to file FAFSA Completed each year to be considered for non-need & need- based aid 2. Free Application for Federal Student Aid (FAFSA) Federal form completed online at www.fafsa.ed.gov Determines eligibility for need-based funds 1 in 3 applicants are selected for verification (need income tax returns and W-2s) Priority awarding deadline is March 15 Completed each year to be considered for need-based aid & Stafford/PLUS loans

4. Wh at Types of Financial Aid are available? Grants & Scholarships Gift aid; does not have to be repaid Federal, state, institutional, & outside sources Merit versus need-based Work-Study/Campus Employment Work-study is employment awarded based on need Other employment opportunities available (not based on need) Loans Must be repaid with interest Favorable repayment terms and interest rates

5. How is Financial Aid Communicated? Financial Aid Award Notification Mailed after student is accepted by Admissions and FAFSA is completed (if filing) Communicated to students online in future years Includes financial aid awards and instructions Student signs and returns one copy to accept, decline, or adjust aid Enables student to calculate an estimated balance due prior to Student Account Invoice notification in July Total Direct Charges less Total Financial Aid Award equals approximate balance

6. Grants & Scholarships Federal, state, institutional, & outside sources MVNU will include all known scholarships from federal, state, and institutional sources Inform MVNU of outside scholarships Merit aid awarded first, then need-based Merit - academic, athletic, etc. Need - cost of attendance less EFC (from FAFSA) Outside sources: www.gotomvnu.com/preparing/private.asp

7. Employment Federal Work-Study Need-based students awarded Federal Work-Study (employment) will have the following in their orientation packet: Instructions from Human Resources on how to apply for jobs Authorization to Credit Student Account/Direct Deposit form Federal & state withholding forms I-9 Employment Eligibility Verification form* Employment forms must be completed and returned prior to beginning employment * Don’t forget the documents required to establish employment eligibility (listed on the back of the I-9 Form)

8. Employment Federal Work-Study (continued) Jobs will be posted for application (on website) the first week of school; interviews will take place shortly thereafter Some work-study is off-campus (America Reads program) Work study must be earned. It is not a grant. Students choose from the following options to receive payment: direct deposit to student account and/or direct deposit to bank account* Work study payments not applied to student’s account should be considered when calculating estimated balance due.

9. Student Loans Federal Stafford Loan Subsidized (need) or unsubsidized (no need) Subsidized means government pays interest while student is in school at least half-time, during six-month grace period after leaving school, and any period of deferment (a postponement of payments) Unsubsidized means student is responsible for interest from the time the loan is disbursed The Cost of Attendance, Expected Family Contribution from the FAFSA, and other financial aid received determines whether a portion of the loan may be subsidized. The financial aid office will include subsidized loans whenever allowable under federal regulations.

10. Student Loans Federal Stafford Loan Fixed interest rate: 5.6% subsidized for 2009-10; 6.8% unsubsidized No credit check Payments begin 6 months after graduation, leaving school, or dropping below half-time status Instructions on award letter if you filed a FAFSA www.gotomvnu.com/preparing/stafford/asp Complete entrance (loan) counseling Complete & electronically sign Master Promissory Note (MPN) using federal PIN (MPN valid for 10 years) MVNU will disburse funds after classes begin

11. Federal Stafford Loan (continued) Maximum Annual Eligibility Dependent Student Subsidized or Total Unsubsidized Unsubsidized Freshman (0-25 hrs) $5,500 $3,500 $2,000 Sophomore (26-55 hrs) $6,500 $4,500 $2,000 Junior/Senior (56+ hrs) $7,500 $5,500 $2,000 Dependent students whose parents are unable to obtain a PLUS Loan are eligible for an additional $4,000 unsubsidized Stafford Loan as a freshman or sophomore. As a junior or senior, the additional amount increases to $5,000. Student Loans

12. Federal Stafford Loan (continued) Subsidized or Total Unsubsidized Unsubsidized Freshman (0-25 hrs) $ 9,500 $3,500 $6,000 Sophomore (26-55 hrs) $10,500 $4,500 $6,000 Junior/Senior (56+ hrs) $12,500 $5,500 $7,000 Independent students do not have undergraduate PLUS loan eligibility Maximum Annual Eligibility Independent Student

13. Student Loans Federal Perkins Loan Need-based $2,000 subsidized loan processed through MVNU to our earliest incoming student applicants; generally first year only No credit check Fixed interest rate of 5% Payments begin 9 months after graduation, leaving school, or dropping below half-time status Instructions on award letter if you received a Perkins Loan www.gotomvnu.com/preparing/perkins/asp Complete loan counseling and interview Complete & electronically sign MPN with federal PIN Accept Truth-in-Lending/Loan Indebtedness disclosure

14. Parent Loan Parent PLUS Loan Federal Parent Loan for Undergraduate Students (PLUS) Borrowed in the parent’s name Fixed interest rate of 7.90% Receive 97.5% of loan amount (4.0% fee less 1.5% rebate) Federally insured against death & disability Parent – death & disability Student – death Payments begin in Spring after 2nd half of loan is disbursed Deferment option available

15. Parent PLUS Loan (continued) Parent Loan Credit check involved; looking for adverse credit history If denied, student eligible for additional $4,000 unsubsidized Stafford PLUS on award notification up to approximate direct costs Direct costs = known items to be billed (tuition, general fee, room, meal plan, health care fee for residential students) Parent may borrow up to the cost of attendance minus student’s financial aid Cost of education includes direct costs billed through MVNU and “budgeted” costs for books, travel, and miscellaneous expenses

16. Steps to Obtain PLUS Loan Parent Loan Accept, decline, or revise PLUS Loan on returned copy of student’s Financial Aid Award Notification Determine amount to borrow Go online to: www.gotomvnu.com/preparing/plus.aspwww.gotomvnu.com/preparing/plus.asp Print and return completed PLUS Loan Request Form to MVNU Financial Aid Office Complete and sign Master Promissory Note (MPN) electronically with federal PIN (MPN valid for 10 years) Parent PLUS Loan (continued)

17. I don’t want the Parent Loan (PLUS). Are there other loan options? Private/Alternative Loan Borrowed in the student’s name Usually requires a co-signer (equally liable for the loan) Variable interest rate changes monthly or quarterly Not federally insured against death and disability Payments usually deferred with at least half-time enrollment View some helpful information online at: www.gotomvnu.com/preparing/alternative_loans.asp www.gotomvnu.com/preparing/alternative_loans.asp www.simpletuition.comwww.simpletuition.com has some lender options

18. Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 26,380 Financial Aid Grants & Scholarships 8,880 Federal Work Study (Employment) 2,000 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 16,380 *Parent (PLUS) Loan included in financial aid award* 10,000 Financial Aid Award Notification 26,380 *Parent (PLUS) Loan is packaged to approximate costs, but it is up to parent to determine actual amount to borrow Can accept, decline, or revise amount Can increase to indirect costs (books, travel, miscellaneous) Origination fee 4.0% less 1.5% interest rebate equals 2.5% deduction

19. Financial Aid Grants & Scholarships 8,880 Federal Work Study (Employment) 2,000 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 16,380 Parent (PLUS) Loan included on financial aid award 10,000 Financial Aid Award Notification 26,380 Other items to consider: class fees may be added depending on schedule employment taxes (approx. 10%) and amounts not applied to account Stafford Loan origination fee less interest rebate equals 0.5% deduction Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 26,380

20. Financial Aid Office Contact Information Phone 740-397-9000 ext. 4520 Toll-free 866-686-8243 option 2 Fax 740-393-0511 Email finaid@mvnu.edufinaid@mvnu.edu Website www.gotomvnu.com/preparing