Important Financial Aid Changes at SMSU
Megan Ganott
Issue date: 4/29/09 Section: News
Can you believe it? Spring semester is almost over! Another year is done.
As you plan and prepare for your Summer Session courses and the 2009-2010 academic year, the Southwest Minnesota State University Financial Aid Office would like to pass along some important information.
1) The Financial Aid Office is "Going Green." Award letters will no longer be mailed to continuing student aid applicants. Watch your SMSU email for award notification and then view your financial aid package via E-services.
2) To apply for Summer Session Financial Aid, students must complete a 2008-2009 FAFSA application (if that was not done for the academic year) and complete an SMSU Summer Session Financial Aid Application. Summer Financial Aid awards are being processed on a daily basis with email notification.
3) You must complete your FAFSA and SMSU Financial Aid Application for 2009-2010 as soon as possible, if you haven't already. Award notifications for the 2009-2010 academic year will begin the end of May or beginning of June. Tuition rates for 2009-2010 will not be set until that time. In June, be watching for your email notification (at your new SMSU email address) and access your financial aid package via E-services.
4) Attention Loan Borrowers - Federal Subsidized and Unsubsidized Stafford Loans previously processed for SMSU students were through the Federal Family Education Loan Program. This program required students to select a lender and guarantee agency. Those agencies worked together to guarantee and transfer loan funds to SMSU. For terms that start after May 10, 2009, all Stafford Loans will now be processed through the Federal Direct Loan Program.
What is the Federal Direct Loan Program? The Department of Education acts as the lender, providing funds for Stafford Loans for the same amounts as the Stafford Loans processed through the Federal Family Education Loan Program. The Department of Education will now be guaranteeing all Stafford Loans and transferring funds to SMSU.
All student borrowers will be required to complete a new Master Promissory Note with the Federal Direct Loan Program. The website address for this link is www.dlenote.ed.gov . This step can be completed at any time and is available now.
If you have any questions, please do not hesitate to contact the Financial Aid Office at 507-537-6281, 1-800-642-0684 or stop by to see us in IL 145.
Have a great summer!
As you plan and prepare for your Summer Session courses and the 2009-2010 academic year, the Southwest Minnesota State University Financial Aid Office would like to pass along some important information.
1) The Financial Aid Office is "Going Green." Award letters will no longer be mailed to continuing student aid applicants. Watch your SMSU email for award notification and then view your financial aid package via E-services.
2) To apply for Summer Session Financial Aid, students must complete a 2008-2009 FAFSA application (if that was not done for the academic year) and complete an SMSU Summer Session Financial Aid Application. Summer Financial Aid awards are being processed on a daily basis with email notification.
3) You must complete your FAFSA and SMSU Financial Aid Application for 2009-2010 as soon as possible, if you haven't already. Award notifications for the 2009-2010 academic year will begin the end of May or beginning of June. Tuition rates for 2009-2010 will not be set until that time. In June, be watching for your email notification (at your new SMSU email address) and access your financial aid package via E-services.
4) Attention Loan Borrowers - Federal Subsidized and Unsubsidized Stafford Loans previously processed for SMSU students were through the Federal Family Education Loan Program. This program required students to select a lender and guarantee agency. Those agencies worked together to guarantee and transfer loan funds to SMSU. For terms that start after May 10, 2009, all Stafford Loans will now be processed through the Federal Direct Loan Program.
What is the Federal Direct Loan Program? The Department of Education acts as the lender, providing funds for Stafford Loans for the same amounts as the Stafford Loans processed through the Federal Family Education Loan Program. The Department of Education will now be guaranteeing all Stafford Loans and transferring funds to SMSU.
All student borrowers will be required to complete a new Master Promissory Note with the Federal Direct Loan Program. The website address for this link is www.dlenote.ed.gov . This step can be completed at any time and is available now.
If you have any questions, please do not hesitate to contact the Financial Aid Office at 507-537-6281, 1-800-642-0684 or stop by to see us in IL 145.
Have a great summer!
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