Financial Aid Recipients
If you have financial aid showing at the bottom of your statement in the pending column, the reason is provided. For example: You must be enrolled full-time to maintain eligibility for most scholarships and grants. In order to maintain eligibility for the Federal Direct Loan Programs, you must be enrolled for at least 6 credits. For Subsidized/Unsubsidized/PLUS or GPLUS loans, if at the bottom of your statement it shows them in the pending column with a reason, “Need Prom Note and/or Entrance Counseling, you must go to www.studentloans.gov to complete the loan application process. The amount shown on this statement for Loans reflects the net amount to be received after the required fee is deducted by the federal government. Once you complete the acceptance steps, your loans can be subtracted from your Balance Due.
If you are expecting funds from an outside/private scholarship agency, please notify the Financial Aid Office. You must follow up with the agency providing these funds to be certain they are sent in a timely manner to settle your account.
If you are expecting funds from an outside source, a private scholarship or receive a private loan your billing statement will not reflect those funds until after your classes have begun. To avoid receiving the same bill, please make a note on this bill and return it to the Student Account office. If not, you will continue to receive the same bill during our billing cycle.
If you were awarded Federal Work Study, it is not reflected on this statement, as it is not a deduction against tuition. You will receive a monthly paycheck from the Payroll office based on the hours you worked.
VA TAG funds cannot be credited to your account until the last day to add for the semester as required by the state. You must remain full-time through this date in order to receive the grant.
IMPORTANT SUMMER AWARD INFORMATION
- To be eligible for Summer Financial Aid you must enroll for and attend at least 6 credits that all count toward your degree. Please confirm with your Associate Dean that the credits will officially count toward your program if there is any question.
- Because of federal Department of Education rules, borrowing loans over the summer may affect a student’s eligibility to borrow for the fall 2018 semester. If you decide to borrow in the summer, keep in mind that your loan eligibility for the fall may/will be extremely limited.
- Eligibility for summer federal financial aid is contingent upon meeting the Satisfactory Academic Progress Standards required. Because your cumulative credit and GPA record must be evaluated, including spring 2018, the timing may require your summer award to be revoked in the event it is determined you do not meet the minimum academic standards required. This would cause an immediate balance due to Student Accounts for the summer and repayment of any refund received. Please refer to the MU webpage for these satisfactory academic requirements.
- NO access to any refund from excess loan funds will be provided until you are actually attending at least 6 credits hours. This means if some of your classes do not begin until later in the summer, you will not be eligible to receive any excess refund funds until after the date upon you are actually attending at least 6 credit hours. In addition, faculty will be taking attendance during the 1st week of class. You must be confirmed to be in attendance at least once during that time to be eligible to receive federal aid. Please plan accordingly for any external expenses you may have that you were counting on using excess summer loans. If you do not actually ever begin attendance in at least 6 credits for summer, you cannot receive any of your loan funds and will owe the Student Accounts Office.