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Financial Aid News Bulletin

Fall/Spring 2008-2009

 

Highlights:

  • New Loan Limits for Undergraduates
     

  • Packaging and awarding Fall/Spring 2008/09 aid
     

  • Update on access to "Check my Financial Aid Status" page


2008-2009 Loan Limits Change for Undergraduates

 

MAXIMUM LOAN AMOUNT FOR A FULL ACADEMIC YEAR

Credit Hours Earned

Dependent Student

Independent Student

Freshman (0-25)

$5,500

$5,000 + $4,000   =  $9,500

Sophomore (26-55)

$6,500

$6,500 + $4,000   =  $10,500

Junior (56-85)

$7,500

$7,500 + $5,000   =  $12,500

Senior (86 +)

$7,500

$7,500 + $5,000   =  $12,500

Graduate/Professional

N/A

$8,500 + $12,000 =  $20,500

NOTE: Your loan limit cannot exceed your cost of attendance minus other financial aid you receive.


Look for this update in the Off-Campus Programs Financial Aid Manual soon!

 

Packaging 2008-2009

 

Award notifications for new and returning students
will be sent to student cmich e-mail accounts.


Graduate Students

  • Graduate students with FAFSA applications received through June 17th will be packaged next week with award letters expected to go out Friday, July 11th.
     

  • After receiving the award letter reductions or additions (e.g. other outside assistance) can be made via the student portal at https://portal.cmich.edu, select "Finances" then select "Check my Financial Aid Status" to immediately reduce your loan or you can use the 2008-2009 Federal Loan Adjustment Form at www.cel.cmich.edu/forms/122.pdf  or
     

  • Once funds are disbursed to your account you need to use the 2008-2009 Return of Disbursed Federal Funds Form found at www.cel.cmich.edu/forms/121.pdf.
     

  • Students receiving the maximum annual Direct Loan of $20,500 at the graduate level will not have Direct Loan eligibility remaining for Summer 2009 unless a loan reduction is requested.
     

  • Loan options outside of Direct Loans for graduates include the Federal Graduate Plus program or an alternative loan. Federal Graduate Plus loans and alternative loans are credit based loans not guaranteed; separate application is required for approval. Additional information on both of these loans can be found in the OCP FA Manual at www.cel.cmich.edu/financial-aid/FinancialAidManual.pdf.
     

  • Packaging and awarding for graduate students with FAFSA applications received after June 17th will take place between July 15th - 22nd, thereafter award letters will continually process as FAFSA information arrives in a 7 to 10 day processing cycle.
     

  • Once aid is awarded you can check your Financial Aid Status at https://portal.cmich.edu, select "Finances" then select "Check my Financial Aid Status".
     

  • Adjustments in your aid package will take place for tuition assistance, scholarships or any other type of educational assistance reported after packaging, less than half-time enrollment, and verification updates that change eligibility.
     

  • Minimum enrollment requirement for financial aid as a graduate student is five credit hours per semester.
     

  • Students will receive an initial award letter, however, if your file is selected for verification, and required documentation is not provided, the awarded aid will not disburse to your student account.
     

  • Please review the access update in this bulletin regarding the Financial Aid Status page.

Undergraduate Students

 

Our original intent was to begin packaging and awarding all students at the same time, however, changes in the annual loan limits for undergraduates and the way grade level activates in the auto packaging program has resulted in the following changes to the undergraduate packaging/awarding process:

  • Assessment of eligibility will begin once undergraduates begin registering July 14th - 25th.
     

  • A more accurate grade level is established after registration for the initial award.
     

  • Undergraduate students can expect award letters after August 1st.
     

  • Undergraduates taking less than 12 credits can expect reductions in aid if they are receiving Pell Grant or they are enrolled in learning package courses.
     

  • Other adjustments to your aid package will take place for tuition assistance scholarships or any other type of educational assistance reported after packaging, less than half-time enrollment, and verification updates that change eligibility.
     

  • Minimum enrollment required for financial aid as an undergraduate student is six credit hours per semester.
     

  • Students will receive an initial award letter, however, if your file is selected for verification and required documentation is not provided, funds awarded will not disburse to your student account.
     

  • Undergraduates using their annual Direct Loan eligibility based on the maximum loan limits in the table above will not have Direct Loan eligibility for summer. Alternative loans are the only loan source available at this grade level. Details on alternative loans can be found in the OCP FA Manual at www.cel.cmich.edu/financial-aid/FinancialAidManual.pdf.
     

  • Further information on Undergraduate packaging and awards will be available in a late July Financial Aid Bulletin.

Student access to "Check my Financial Aid Status" Page

 

Student access to the financial aid status page is not available until the award letter is generated, so the good news is graduate students will begin to have access very soon. Undergraduate students will have access once awarding begins in early August.

 

Program Administrators do have administrative access to aid information under 2008-2009, so your Program Center can be a good source of information regarding receipt of an MPN for students new to CMU for Fall 2008, or a document required for verification purposes.

 


CMU is an AA/EO institution (see www.cmich.edu/aaeo).  24390   7/08