2005 Summer Financial Aid Newsletter
FOLLOWING UP ON YOUR FINANCIAL AID
It is important for students to know that the financial aid application process is a lengthy one and the filing the Free Application for Federal Student Aid (FAFSA) is only the first step in this process. Students are strongly encouraged to follow up on their financial aid application after they have filed their FAFSA, as many students are often required to submit additional forms and documents to complete the application process.
Every applicant’s FAFSA is matched against various federal databases (Social Security, Selective Service, Dept. of Veteran Affairs, etc…) to make sure they meet the basic eligibility requirements for federal financial aid. If it cannot be determined that a student meets the basic eligibility requirements, they may be asked to submit items such as a Copy of their Social Security Card, Proof of U.S. citizenship, Selective Service registration confirmation, Copy of your alien registration card, or Proof of being a veteran of the armed forces, just to name a few.
One third of all federal aid applicants are randomly selected for a process called “verification”, which means that the MCC Financial Aid Office is required to verify specific income and family information that was reported on the student’s FAFSA. This will require the student to submit copies of their tax documents and complete of a verification worksheet.
In addition, some students will lose their eligibility for Federal and/or State aid programs at the end of this semester due to their failure to meet the Satisfactory Academic Progress requirements for each program, as outlined in pages 31-34 of the 2004-05 MCC College Catalog & Student Handbook.
For students in any of the above situations it is important for them to respond to any requests for additional information or ask any questions they may have as quickly as possible to insure that their financial aid can be processed in a timely fashion. Students who delay in providing necessary information or addressing issues regarding their eligibility run the risk of being de-scheduled from their courses, not having a bookstore credit, or not being able to register for courses for the next semester.
DOWNLOAD FINANCIAL AID FORMS
Do you need a verification worksheet or a Direct Loan Request Form? If so, you no longer need to go to the MCC Financial Aid Office to pick those forms up. Students can now download many of the MCC financial aid forms right from the MCC Financial Aid Web Page.
All a student needs to do is go to the MCC Financial Aid Web Page at monroecc.edu/depts/finaid/ , and then click on “Forms” on the navigation bar, and from there a student can download any of the forms that they might be required to submit to the MCC Financial Aid Office.
CHECK OUT THE FINANCIAL AID WEB PAGE
If you haven’t visited the MCC Financial Aid web page recently, we would encourage you do so.
On the MCC Financial Aid web page, you can find:
- Guidelines on the Financial Aid Application process.
- Information on Federal, State, and institutional aid programs.
- Scholarship information and links to scholarship searches.\
- Downloadable forms.
- Direct links for:
- Loan Entrance Counseling
- Master Promissory Note signing
- Loan Exit Counseling
- Links to Federal, State, and community Financial Aid web sites.
NEW INTEREST RATES FOR THE FEDERAL
DIRECT STUDENT LOAN PROGRAM
As of July 1st, 2005, interest rates for Federal Direct Stafford Loans and Parent Loans for Undergraduate Students (PLUS) will be increasing to rates of 4.7% and 6.1%, respectively. Stafford loan rates for students within the six-month grace period or in deferment will increase to 4.7% from last year's 2.77%.
The rates for Federal Direct Stafford and PLUS loans are based on the yield for the 91-day Treasury bill that was set on May 28, plus a fixed margin. Treasury bills, or T-bills, are marketable securities the U.S. government sells in order to pay off maturing debt and raise the cash needed to run the federal government.
Interest rates for the 2005-2006 academic year for loans disbursed after July 1, 1998 are as follows:
- Direct Subsidized & Unsubsidized Loans for in school, grace, and deferment periods = 4.7% (91 day T-bill + 1.7).
- Direct Subsidized & Unsubsidized Loans during repayment or
forbearance = 5.3% (91 day T-bill + 2.3).
- Federal Direct PLUS Loans = 6.1% (91 day T-bill + 3.1).
The interest rates for loans disbursed prior to July 1, 1998 will vary according to when the loan was disbursed. Interest rates for Subsidized & Unsubsidized Loans are capped at 8.25% and PLUS Loans are capped at 9.00%.
FALL 2005 FINANCIAL AID REMINDERS
Student’s who still need to file their 2005-2006 Free Application for Federal Student Aid (FAFSA) can do so in the financial aid lab. Student must bring their completed FAFSA and their 2004 income information. Contact the MCC Financial Aid Office or check the MCC Financial Aid web page for dates & times for when the FAFSA filing workshops are scheduled.
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 monroecc.edu/depts/finaid. From there, click on the “Loan Entrance Counseling” link on the navigation bar.
2005-2006 APTS Applications:
The 2005-06 Aid for Part-Time Study Applications are now available in the MCC Financial Aid Office. If you are enrolled as a part-time student (3-11 Credit Hours), you may be eligible to receive financial aid through this program. The APTS application may also be downloaded from the MCC Financial Aid web page.
Bookstore Credit:
Bookstore credit will be available to students for the 2005 Fall semester who have completed the financial aid application process and will be eligible to receive financial aid in excess of their tuition & fees for the semester. This credit can be used by students to purchase books and other necessary supplies for their courses. Student can use their bookstore credit from August 22nd through the end of September.
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
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