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Financial Aid News Bulletin

Summer 2009

 

June 2009

 

Highlights:

  • Last Day for Summer 2009 Financial Aid Applications – Monday, June 15th

  • Important Reminders about Summer Financial Aid

    • Aid Eligibility

    • Remaining Eligibility Direct Loans

    • Federal Graduate PLUS Loan

    • Federal Parent PLUS Loan

    • Alternative Loans

  • Direct Loan Annual Limits

  • Veterans Benefits for Summer Session

  • Reporting Other Summer Resources

  • Automatic Payment Plan

  • Avoiding Refund and Deferment Delays

  • Purchasing Textbooks – REMINDER

  • Off-Campus Scholarships 2009-2010

  • Fall/Spring 2009-2010
     

1)

 

 Last Day for Summer 2009 Financial Aid Applications – Monday, June 15th

  • The last day we will accept Summer financial aid applications is Monday, June 15 – Applications will not be accepted after this date.

  • The FAFSA must also be filed by June 15 in order to assure processing for Summer financial aid and students must be registered minimum half-time for aid to disburse.

  • Summer applications will be available on the Off-Campus Programs Web site at www.cel.cmich.edu/finances until June 15.
2)

 

 Important Reminders About Summer Financial Aid

  • Aid eligibility is based on the 2008-2009 FAFSA – Summer aid applicants who have not previously filed the 08-09 FAFSA must do so by June 15 to be considered for Summer 2009 financial aid – refer to the Financial Aid Checklist at www.cel.cmich.edu/financial-aid/application.html for details.

  • Students who have used their annual eligibility for 08-09 in Fall/Spring (refer to Direct Loan Limits below) will not have direct loan eligibility for summer.

  • Graduate students can apply for the Federal Graduate PLUS for assistance, www.cel.cmich.edu/financial-aid/Grad-PLUS-App.pdf (this application must accompany the Summer 2009 Financial Aid Application).

    This program is for students in graduate level programs only. You must be enrolled at least half-time to receive the loan. This loan is a non-need-based loan for students with good credit histories. Applicants may borrow up to the cost of attendance minus other financial assistance. A FAFSA is required. A master promissory note and entrance counseling are required. Refer to the application for details.

  • Parents of Undergraduate "Dependent" students can apply for a Federal Parent PLUS loan, www.cel.cmich.edu/financial-aid/PLUS-App.pdf (this application must accompany the Summer 2009 Financial Aid Application).

    These loans are non-need-based loans for parents with good credit histories who choose to borrow for their dependent students. A master promissory note and entrance counseling are required. Refer to the application for details.

  • Alternative Loans are an option for undergraduates or graduate students – refer to http://financialaid.cmich.edu/loans.shtml#ALTL for additional information and application instructions. You must apply online through the lender of your choice for an alternative loan.

    Only alternative loans that are approved by the lender are sent to CMU for school certification/approval. Please notify OCP FA Office at celfa@cmich.edu if you apply for AND are approved for an alternative loan so we can monitor for certification.

  • REMEMBER that the Federal Graduate PLUS loan, Federal Parent PLUS loan and alternative loans are non-need-based student loans meaning they are based on credit approval from the lender. Direct Loans will notify the student by mail if the loan is denied.
3)

 

 Direct Loan Annual Limits – these are the ANNUAL limits for student loans.

Transfer students – remember that you must consider any loan funds you received from your previous college from Fall 2008 and/or Spring 2009 to determine if you've used your annual limit.

If you are an Undergraduate student who has moved up a grade level between freshman, sophomore, and junior you must use the 2008-2009 Federal Loan Adjustment Form to request a review of their eligibility.

Maximum Subsidized and/or Unsubsidized Loan Amount
for a Full Academic Year

Credit Hours Earned

Dependent Student

Independent Student
  Subsidized/Unsubsidized/Total

Subsidized/Unsubsidized/Total

Freshman (0-25)

$3,500 + $2,000 = $5,500

$3,500 + $6,000   =  $9,500

Sophomore (26-55)

$4,500 + $2,000 = $6,500

$4,500 + $6,000   =  $10,500

Junior (56-85)

$5,500 + $2,000 = $7,500

$5,500 + $7,000   =  $12,500

Senior (86 +)

$5,500 + $2,000 = $7,500

$5,500 + $7,000   =  $12,500

Graduate/Professional

N/A

$8,500 + $12,000 =  $20,500
NOTE: Loan limit cannot exceed cost of attendance minus other financial aid received (scholarships, tuition assistance, VA benefits, etc.).

 
4) Veterans Benefits – if you are going to receive veteran's benefits at ANY time during the academic year, including summer, you must complete the V.A. Enrollment/Registration Form. Students must also indicate VA benefits and the amount expected on the "Certification Section" of the Summer Application.
5) Reporting Other Summer Resources – other resources that must be reported on the Summer Application include, but are not limited to, any outside resources received for educational costs such as Employer Tuition Assistance, outside scholarships, other military benefits, tuition waivers, alternative loans, etc.
 
6) Automatic Payment Plan Information – OCP Financial Services is introducing the new Automatic Payment Plan beginning Summer 2009. This is ONLY available to those students admitted to Off-Campus Programs, not for campus (Mount Pleasant) admits taking summer classes at off-campus sites or online. Although the "PLAN" is still available to students, there are only two payment periods remaining to complete the agreement.
 
7) Avoiding Refund and Deferment Delays (what happens if you are below half-time) – be sure you register for the entire semester at the first available registration period. There are many avoidable problems that center on students registered below half-time. Remember:

  • Financial aid will not disburse and prior loan deferment will not take place until minimum half-time status is established –
     
    Undergraduate half-time minimum is 6 credit hours – per semester
    Graduate half-time minimum is 5 credit hours – per semester

  • Eligibility for federal student loans requires minimum half-time enrollment per semester! If you are only registered for 3 credit hours your loans will not release to your student account.

  • Expecting to defer prior federal student loans? CMU electronically transmits to the National Student Loan Clearinghouse each month. If you are registered for 3 credit hours only at the time the enrollment information is transmitted, any loans that require an In-School Deferment will not qualify for deferment until minimum half-time enrollment is reported.

  • If you add a class AFTER your refund is generated you will be responsible for paying for that added class or classes from the refund. To AVOID this problem, register for the full semester.
8) Purchasing Textbooks – BE PREPARED TO PAY FOR YOUR BOOKS OUT-OF-POCKET. We get many calls and e-mails from students asking about vouchers or refunds to use for the purchase of textbooks prior to the start of classes. Please note:

  • Although MBS has a book voucher program that is part of the textbook payment options available for students, CMU Off-Campus Programs does not participate in this program.

  • BE PREPARED TO PAY FOR YOUR BOOKS OUT-OF-POCKET.

  • It is unlikely your refund will be available for book purchases before the start of the first class in the semester since many variables are involved before a refund is released.

  • Plan for this initial cost out-of-pocket then once a refund is received you can reimburse yourself, but do not forget to plan accordingly for upcoming semesters.
9) Off-Campus Scholarships 2009-2010 – the application deadline for the 2009-2010 Academic Year Scholarships was June 5, so the Scholarship Committee is preparing for the process of reviewing each application for fall and/or fall/spring awarding. Announcements will be made no later than July 17, 2009.
 
10) Fall/Spring 2009-2010 – packaging for graduate students began the week of May 18 and undergraduate students can expect to see award notifications after July 1. Web updates, including 2009-2010 forms, will be ready the week of June 15. Further information will be forthcoming in the Financial Aid News Bulletin FALL 2009 Update scheduled for June 29/30.
 

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