PLEASE NOTE: Returning students will begin to have their awards packaged after final spring semester grades have been posted.
SCHOLARSHIP SCAM NOTICE
It has come to our attention that several CMU students have recently received mailings from “The Student Financial Resource Center”. These mailings request that the student submit a “Student Aid Profile Form” along with a processing fee. Please note that this company is not affiliated with Central Michigan University or Federal Student Aid. The Office of Scholarships and Financial Aid advises students and parents to avoid any financial aid applications that require a fee. If you have questions about any financial aid information that you receive please contact the Office of Scholarships and Financial Aid at 1-888-392-0007 or cmuosfa@cmich.edu.
IMPORTANT INFORMATION REGARDING SEQUESTRATION
You may be hearing a variety of news reports regarding Sequestration and wondering how it will affect you. While we anticipate that Sequestration will affect student financial aid at CMU, we are still awaiting guidance from the Department of Education. Here's what we know so far for 2012-2013:
- Federal Pell Grant - no impact
- Federal Work-Study and SEOG - no impact
- Teach Grant - no new awards for 2012-2013 can be funded but students who received their first Teach Grant disbursement before March 1, 2013 will continue to receive funding for 12-13 as long as they continue to meet the program requirements.
- Direct Loans - Sequestration will increase loan fees for loans with first disbursement made after March 1, 2013. We anticipate the rate on Subsidized and Unsubsidized Direct Loans will increase to approximately 1.05 percent. With such an increase, the fee on a loan for $5,500 would increase from $55.00 to $57.75, an increase of $2.75. Loan fees for Direct PLUS Loans for both parent and graduate will increase from 4 per cent to approximately 4.20 percent. With such an increase, the fee on a $10,000 Direct PLUS loan would increase from $400.00 to $420.00, an increase of $20.00. Per guidance from the Department of Education, the CMU Office of Scholarships and Financial Aid will not take action to implement the effects of Sequestration on Direct Loans until further direction is provided by the Department of Federal Student Aid. All students affected by Sequestration will be notified by the Department of Federal Student Aid. Continue to monitor our website for updates on this important issue.
FINANCIAL AID FOR SUMMER ATTENDANCE
You must complete a CMU Summer Financial Aid Application or a Summer Study Abroad Application to apply for financial aid to cover your expenses associated with attending CMU, on-campus, summer school courses. Additional information regarding SUMMER may be found by clicking this sentence.
PREPARING FOR 2013-2014
Students and parents may begin the financial aid application process for 2013-2014 on January 1, 2013 by completing an online Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. CMU's Federal Title IV Code number is 002243. You must have your federal PIN number(s) to sign the FAFSA. Each student and parent of a dependent student must have an individual PIN. If you filed the FAFSA online last year, use the same PIN. If you have lost your PIN, or need to get one, you may do so online at www.pin.ed.gov today.
A tutorial titled "Seven Easy Steps to the FAFSA, A Student's Guide to the Free Application for Federal Student Aid." can be found on the University of California, Santa Barbra website at:
http://www.finaid.ucsb.edu/fafsasimplification/ or on YouTube by Clicking Here
They have also created a tutorial on how to update your FAFSA using the IRS Data Retrieval Tool which may be found at: http://www.finaid.ucsb.edu/media/videos/1314/english/IRSDRT2013.html
Tips for how to avoid common mistakes on the FAFSA is located at http://www.nasfaa.org/EntrancePDF.aspx?id=3783.
Download and review the PDF file to ensure that your application is processed smoothly!
NET PRICE CALCULATOR
Based on the information you provide, this calculator will estimate your total out of pocket expenses as well as provide you with resources to help finance your education. For the calculator - Click Here
FINANCIAL AID PROCESSING FOR 2013-2014
Original award notification and award adjustments regarding the 2013-2014 financial aid awards are sent to students via email to their CMU email account. For new students we will send award notifications before April 1st. Returning students will begin to have their awards packaged after final spring semester grades have been reported.
If you are receiving money from a private or a CMU source (e.g., dependent tuition benefit, department scholarship, etc.) that is not displayed on your award package, please notify the Office of Scholarships and Financial Aid early so we can fit it into your CMU aid package. You may report donor scholarships via letter or on the web via the Student Status Page.
ACTIVATING STUDENT LOANS
How to activate a Student Loan - A video tutorial may be found by clicking on the following link: http://podcast.cmich.edu:8171/2012-07-02/Loan+Activation+Vid.m4v
GRAND RAPIDS COMMUNITY FOUNDATION
Grand Rapids Community Foundation awards hundreds of scholarships annually primarily to Kent County students bound for or in college, or those pursuing a technical career. The online application is available between January 2 and April 1. For more information - Click Here: http://www.grfoundation.org/scholarships
CMU ENDOWED SCHOLARSHIPS
Privately funded endowments provide supplemental funding to students based on need, academic focus, career aspirations or other criteria. Scholarships are generally awarded in the spring and summer for the next academic year. Most scholarships require the student be a returning undergraduate student, enrolled full-time in a degree-granting program on campus. Preference may be given to juniors and seniors of high academic standing with a cumulative GPA of 3.0 or higher and demonstrating financial need. No application is required as recipients will be selected by the OSFA Scholarship Committee based on scholarship-specific criteria.
GRADUATE FEDERAL DIRECT LOANS SUBSIDY ELIMINATED EFFECTIVE FALL 2012
There has been an important change to the Federal Direct Loan program that will affect graduate students. This change is a result of the Budget Control Act of 2011 that was passed by Congress on August 2, 2011.
Beginning with the fall semester of 2012, graduate/doctoral students will only be eligible to borrow Unsubsidized Federal Direct Loans. This means that Subsidized Federal Direct Loans, which don't accrue interest while in a deferment status, will only be available to graduate/doctoral students through the summer 2012 semester.
Please note that this change will not affect the annual and aggregate borrowing limits. The maximum amount a student can borrow is the lesser of $20,500 per academic year or the annual cost of attendance. Keep in mind that you must be enrolled at least half-time (5 credits) in order to receive a Federal Direct Loan.
If you have any questions about this or other topics, campus students please contact the Office of Scholarships and Financial Aid at (989) 774-3674 or through email at cmuosfa@cmich.edu.