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Financing Your Education
A guide to applying for financial aid at Simpson University
Last updated Nov. 2010
First, File Your FAFSA
What is a FAFSA?
FAFSA stands for Free Application for Federal Student Aid
(you guessed it-it’s a f...
How Do I Pay For College?
Student Loans
Surveys show that more than 70% of college students rely on some type of financial...
How much aid will I need?
Budgeting for School
Important Information about Student Loans
•Use Loans Wisely! When determini...
View and Accept
Your Financial Aid Award
How do I view my Award?
To View and Accept Your Award:
•Deposit
•Contact your enrollment advisor and submit your $100 adva...
How do I Set Up My
Student Account?
•Gather Materials
•You will need the letter you received from SU that contains your We...
Type in your
Username and
Password
then Submit
Type in your
Username and
Password
then Submit
Choose
Students
(takes you t...
The financial aid
section is where you
can view your award
letter and request
your loan
The financial aid
section is where...
When you choose to
View your Award
Letter be sure to
select the correct
year
When you choose to
View your Award
Letter be ...
Using the numbers from your
budget worksheet – enter in the
total amount of subsidized and
unsubsidized loans that you nee...
Once your request has been
submitted, you will see a
confirmation.
Now, go to
https://studentloans.gov
and complete:
Entra...
Sign in using the
PIN you created to
sign your FAFSA
Sign in using the
PIN you created to
sign your FAFSA
13
First, click on
entrance counseling
and answer the
questions about
student loans and
loan repayment
First, click on
entran...
Next,
Click on “Sign Master
Promissory Note” and
fill out your loan
documents
Use your PIN to sign
your loan documents
ele...
What Happens Next?
 
 Loan Documents and Confirmation
•You will receive copies of your loan documents in the mail.  You wi...
Contact Information
 Have Questions about Your Financial Aid?
You Can:
Check our Website for information at 
http://www.si...
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Financial Aid at Simpson University - Fall-2010

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How to Apply for Financial Aid at Simpson University

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Transcript of "Financial Aid at Simpson University - Fall-2010"

  1. 1. Financing Your Education A guide to applying for financial aid at Simpson University Last updated Nov. 2010
  2. 2. First, File Your FAFSA What is a FAFSA? FAFSA stands for Free Application for Federal Student Aid (you guessed it-it’s a free application for federal student aid). Why must I File a FAFSA? All financial aid, federal, state and institutional, is awarded based on what you file. When should I file? It is recommended that you file every year before March 2 (this because there are deadlines associated with certain awards). Do I have to file every year? YES! Financial aid is awarded annually according to the academic year. Where do I file? Glad you asked! Go to this website: http://www.fafsa.ed.gov/
  3. 3. How Do I Pay For College? Student Loans Surveys show that more than 70% of college students rely on some type of financial aid, with the majority focusing on federal loans. Federal Stafford Loans - the most popular type of student loans, Stafford loans are federally-guaranteed, allow students to borrow directly from the federal government. It’s simple to qualify (loans are not based on income or credit score). These loans are also appealing to students because repayment interest rates are low, there are many types of repayment plans and borrowers are given a six-month grace period to begin repayment from the time school ends. •Subsidized: the government pays the interest that accrues when a student is in school (4.5% fixed) •Unsubsidized: the student pays the interest that accrues (6.8% fixed) •6 month grace period once you complete or withdraw from school Amounts are available for up to $20,500 per academic year for graduate students (MA Counseling Psychology bridges 2 academic years) To learn more about financial aid, student loans or loan repayment options and to use convenient loan calculators check out this website: www.finaid.org
  4. 4. How much aid will I need? Budgeting for School Important Information about Student Loans •Use Loans Wisely! When determining how much of your loan to take, you should consider your actual cost of attendance (tuition and fees + books + other educational expenses) as well as the amount that you can contribute to your education. •Look at the whole picture and only borrow what you need to be successful in school. •While there are student loans available to you, you are not required to take out the full amount. •The loan amount you request will be divided in equal amounts over the academic year and disbursed accordingly. The academic year is Summer / Fall / Spring •You must maintain enrollment at least half time or your loans will enter repayment. “Your education is a worthy investment that will increase in value over time”
  5. 5. View and Accept Your Financial Aid Award
  6. 6. How do I view my Award? To View and Accept Your Award: •Deposit •Contact your enrollment advisor and submit your $100 advanced tuition deposit. Within 7 business days after your deposit is processed we’ll mail you a letter with your student account and email information. •Set up Your Student Account •Once you receive your account information you’ll be able to log into your student account and set up your Simpson email. Once you have been awarded, you can review your award online in your student WebAdvisor account and accept your loans there. Use the budget you created to accept loans for the entire year. Remember – the amount requested will be equally divided over the academic year. •Complete Entrance Counseling and Your Master Promissory Note •You will need to complete student loan entrance counseling and sign a master promissory note online at https://studentloans.gov. To do this your will need your PIN that you used to e-sign your FAFSA. There are two steps. Make sure to do them both!
  7. 7. How do I Set Up My Student Account? •Gather Materials •You will need the letter you received from SU that contains your WebAdvisor username and password. If you have ever been a student at SU, you may need to contact the IT help desk at 226-4940 to retrieve your password information. •Login Online •Visit our website at https://webadvisor.simpsonu.edu To set up your Student Account click “Login” on the upper right of the screen To set up your Student Account click “Login” on the upper right of the screen
  8. 8. Type in your Username and Password then Submit Type in your Username and Password then Submit Choose Students (takes you to your account options) Choose Students (takes you to your account options) 8
  9. 9. The financial aid section is where you can view your award letter and request your loan The financial aid section is where you can view your award letter and request your loan 9
  10. 10. When you choose to View your Award Letter be sure to select the correct year When you choose to View your Award Letter be sure to select the correct year If you have completed your budget worksheet and know how much you need in loans then click on the Stafford Loan Request link If you have completed your budget worksheet and know how much you need in loans then click on the Stafford Loan Request link If you have been awarded financial aid a screen will appear that shows your award You will see the total amount for the academic year as well as the break down of how those funds will apply each semester If you have been awarded financial aid a screen will appear that shows your award You will see the total amount for the academic year as well as the break down of how those funds will apply each semester 10MMOE 2010
  11. 11. Using the numbers from your budget worksheet – enter in the total amount of subsidized and unsubsidized loans that you need for the academic year You can refer back to your award letter for amounts Using the numbers from your budget worksheet – enter in the total amount of subsidized and unsubsidized loans that you need for the academic year You can refer back to your award letter for amounts Facts about Stafford Loans: •Subsidized: the government pays the interest that accrues when a student is in school (4.5% fixed) •Unsubsidized: the student pays the interest that accrues (6.8% fixed) •6 month grace period once you complete or withdraw from school 11
  12. 12. Once your request has been submitted, you will see a confirmation. Now, go to https://studentloans.gov and complete: Entrance Counseling and a Master Promissory Note Once your request has been submitted, you will see a confirmation. Now, go to https://studentloans.gov and complete: Entrance Counseling and a Master Promissory Note 12
  13. 13. Sign in using the PIN you created to sign your FAFSA Sign in using the PIN you created to sign your FAFSA 13
  14. 14. First, click on entrance counseling and answer the questions about student loans and loan repayment First, click on entrance counseling and answer the questions about student loans and loan repayment Once you have completed entrance counseling you will need to return to this home page Once you have completed entrance counseling you will need to return to this home page 14
  15. 15. Next, Click on “Sign Master Promissory Note” and fill out your loan documents Use your PIN to sign your loan documents electronically Next, Click on “Sign Master Promissory Note” and fill out your loan documents Use your PIN to sign your loan documents electronically Once you’ve completed your master promissory note you are DONE! (Congratulations!) You have completed the steps necessary to secure your financial aid for this academic year Once you’ve completed your master promissory note you are DONE! (Congratulations!) You have completed the steps necessary to secure your financial aid for this academic year 15
  16. 16. What Happens Next?    Loan Documents and Confirmation •You will receive copies of your loan documents in the mail.  You will also receive notice when your funds are  dispersed to the school. Funds Disbursement •Your financial aid will automatically be sent to Simpson University Student Financial Services and be applied to your  account. •If you have requested aid that exceeds the cost of tuition and fees for the semester and there is a credit on your  account you will receive a check from us about 2-3 weeks after the start of the semester.   •Checks can ONLY be issued when all financial aid has arrived at the university – pending financial aid cannot be  disbursed. **Financial aid credit disbursements in the summer semester will be delayed until middle or late summer due to federal and state budget cycles. Please make sure you make note of this and plan accordingly.   Using Financial Aid to Buy Your Books •If you have requested financial aid that exceeds the cost of tuition and fees and there is a credit pending on your  student account, you can visit the Student Financial Services office the week before class and request a credit  voucher. This voucher can be used to purchase books in the Simpson University bookstore.  The amount you spend  in the bookstore will be charged to your student account and deducted from any credit on your account prior to  disbursement.
  17. 17. Contact Information  Have Questions about Your Financial Aid? You Can: Check our Website for information at  http://www.simpsonu.edu/Pages/About/Financial/FinancialAid.htm  Or contact  the office of student financial services at (530) 226-4621 financialaid@simpsonu.edu Please note - If you call – please leave a message! Our counselors are on the  phone serving other students throughout the day and will return all phone calls  within 48 hours. Thank you!
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