2005 Fall Financial Aid Newsletter

BANNER SYSTEM & FINANCIAL AID
For the past two years, MCC has been in the process of converting to a new mainframe system called Banner.  During the next 6-9 months, this conversion process will become more apparent to students, as the Admissions, Student Records, and Financial Aid modules are implemented. 

For students who are applying for and receiving financial aid beginning with the 2006-07 academic year, there will be many changes in the way the Financial Aid Office processes financial aid and communicates with students and applicants. 

Under the new Banner system, students can expect the following:

1. Students will be assigned a Banner Student ID number to use in place of their Social Security Number.
2. Increased communication between the Financial Aid Office and students made via e-mail.
3. Automatic packaging of Federal Direct Student Loans and Federal Work-Study awards.
4. Online acceptance of financial aid awards.
5. Improved online access to student’s MCC Financial Aid information, such as:
1. Status of application.
2. Missing information.
3. Award information.

The MCC Financial Aid Office will provide more in depth information regarding these changes through the remainder of the current academic year.

REMINDERS FOR TRANSFER STUDENTS
Students who are transferring to MCC from another institution for the 2006 Spring semester and wish to receive financial aid, should do the following:

1. Add MCC’s Federal School Code (002872) to your FAFSA.  Students can do this online* at www.fafsa.ed.gov or by calling the federal processor at 1-800-433-3243.
2. Change the school code on their TAP Application to MCC (2180) for the 2006 Spring semester.  This can be done online at www.hesc.com.
3. Complete and submit an MCC Student Loan Request Form, if interested.
4. Complete the Loan Entrance Counseling.  This must be done even if you had completed a loan entrance counseling session at your prior institution.  Loan Entrance Counseling can be done online at www.monroecc.edu/depts/finaid.
5. Submit any and all documents requested by the MCC Financial Aid Office.

*Making corrections to your FAFSA online requires the use of a federal PIN.  PINs were sent to all aid applicants by the Department of Education.  If you lost or did not receive a PIN, you can request one online at www.pin.ed.gov.

TAP CHANGE FORM ON THE WEB
HESC ‘s latest enhancement to the student electronic TAP application process, the online Student Change Form and Request for Information (RFI), is now available. Students whose TAP applications were processed beginning in August will receive e-mail notifications advising them of this new online way to change and/or submit application data. Additionally, HESC anticipates the elimination of paper award notices as well as change forms and RFIs in the near future for students who have valid e-mail addresses.

The online Change Form and/or the RFI can be accessed on HESC’s Web site by selecting:
“Managing your Loan or Grant”, then “Your Account.”

Students can follow the instructions on the TAP Award Status page to view their award information. If they wish to proceed to the Change Form or RFI, they can use the link provided to continue.  They will then be asked to provide their HescPIN to be allowed to view their application data. If they do not have a valid HescPIN, they will be given the opportunity to create one at that time.

The Change Form allows students to change application data on file with HESC. However, changes which would create application errors will not be allowed. For example, students will be prevented from changing a college code for a certified term. Comprehensive help text for students explains usage of the pages and explains why a field may not be changed.

The RFI displays messages indicating which data must be corrected or supplied to complete the application process. Students will be instructed if additional documentation must be submitted to HESC.  In most cases, the data submitted within these pages will be processed within 24 hours.

For assistance with these new web pages, contact HESC’s Customer Communication Center at 1-888-NYS-HESC.

WITHDRAWALS, TUITION LIABILITY &, THE IMPACT ON YOUR FINANCIAL AID
Anytime a student does a course withdrawal, it could impact their financial aid in their current semester and in future semesters.  In some cases, withdrawals can result in students having liability to the college.  It is strongly recommended for students who are contemplating a course withdrawal to check with the MCC Financial Aid Office to evaluate its effect on their financial aid.

Complete withdrawals during a semester will have an impact on a student’s financial aid.  Students who do a complete withdrawal will have their financial aid adjusted according to the Federal Return of Title IV Refunds Policy.  This may result in a student owing a balance to MCC. 

In addition, the withdrawal from one or more courses during a semester or academic year, may impact a student’s eligibility for both Federal and State Aid program for future semesters if the student does not meet Satisfactory Academic Progress Guidelines, required by the Federal and State government.

For more information on Satisfactory Academic Progress Guidelines and Federal Return of Title IV Refunds Policy, students should refer to pages 31-34 of the 2005/2006 MCC Catalog & Student Handbook.

LOAN ENTRANCE COUNSELING
Students who are borrowing a student loan at MCC for the first time are required to complete a Loan Entrance Counseling Session.  To meet this requirement, students must complete the loan entrance counseling session online at www.monroecc.edu/depts/finaid. From there click on the “Loan Entrance Counseling” and begin the process.

Once the student completes the online Loan Entrance Counseling, they must print the confirmation form at the end and submit it to the MCC Financial Aid Office.  Students who do not complete the Loan Entrance Counseling, will not have their Direct Loans processed.

2005 Summer Financial Aid Newsletter

2005 Spring Financial Aid Newsletter

2005 Winter Financial Aid Newsletter

2004 Summer Financial Aid Newsletter

2004 Spring Financial Aid Newsletter

2004 Winter Financial Aid Newsletter

2003 Fall Financial Aid Newsletter

2003 Summer Financial Aid Newsletter

2003 Spring Financial Aid Newsletter

2003 Winter Financial Aid Newsletter