ABOUT YOUR 2007-2008 FINANCIAL AID AWARD
WHAT IS MY AWARD LETTER?
Your Award Letter lists, for your period of enrollment:
- Your Allowable Cost of Education to attend MSU Great Falls College of Technology
- Your Estimated Family/Student Contribution (EFC) toward the cost of attendance
- Your Financial Aid Eligibility after the EFC is subtracted from the Allowable Cost of Education
- An estimate of the amount and types of financial aid for which you are eligible
The Allowable Cost of Education is an estimated amount of what you, the student, will incur in both educational costs AND living expenses for your enrollment period. THIS IS NOT THE AMOUNT YOU OWE THE COLLEGE. The Allowable Cost of Education is broken down into the following three components: Tuition/Fees, Books/Supplies and Living/Misc. Expenses. These amounts are determined by the following items that you reported to us on your Student Data Form:
- Residency Status ( Montana residency is assumed. If this is incorrect, contact the Financial Aid Office)
- Bachelor's Degree Status (i.e., whether you have earned a Bachelor's degree or not)
- Enrollment Status (i.e., 0, 1-5, 6-8, 9-11, 12+ credits for each term of enrollment)
The EFC is the amount determined by Federal calculations that your family can contribute toward your Allowable Cost of Education during the enrollment period. This amount is calculated through needs analysis using the information you submitted on your Free Application for Federal Student Aid (FAFSA). The Financial Aid Eligibility is the Allowable Cost of Education minus the EFC. This amount determines the types and amount of Federal financial aid for which you may be eligible.
The Federal financial aid you are awarded may consist of one or more of the following, depending on your eligibility and the funding available for each program: Federal Pell Grant, Federal SEOG Grant, Montana Higher Education Grant, Montana Baker Grant, Federal Work-Study, Montana Work-Study, Federal Subsidized Stafford Loan, and Federal Unsubsidized Stafford Loan.
Other types of resources that may be listed on your Award Letter are outside scholarships, outside agency funding such as Voc Rehab or WIA/JTPA, Veterans Benefits, Bureau of Indian Affairs, and Fee Waivers. These amounts are based on information you have provided and are only estimates.
WHAT SHOULD I DO WITH MY AWARD LETTER?
Carefully review the information in the letter concerning your enrollment status (number of credits and terms attending), residency and degree status. Accept or reject each type of aid you have been awarded on line. You have the opportunity to accept just a portion of the loans you have been offered. If you do not accept the full amount of the loans initially, you have the opportunity to request the remaining portion during the school year.
As changes occur to your financial aid award, revised award letters will be sent. Events that may result in a change include a revision of the terms attending or credits enrolled in, award of scholarships, receipt of outside funding, award of additional loans (at your request) or changes to your work study award. I
Award letters will be sent to you via the web. You will receive an email, at the address you provided, instructing you to check the communications link on Banner Web. You may check Banner Web at any time to review your award or financial aid status.
WHAT IF I HAVE QUESTIONS REGARDING MY FINANCIAL AID?
General information regarding Financial Aid at MSU Great Falls College of Technology. is available at our home page located at www.msugf.edu/finaid.
You may view specific information about your financial aid status and award on the web. Begin at MSU Great Falls College of Technology's home page at www.msugf.edu. Select Banner Web and then select Login to Secure Area. Enter your User ID (your social security number with no punctuations or your college ID number with the hyphen)and your PIN number and then click on the Login button. (If this is your first time in Banner Web, your PIN is your date of birth MMDDYY format). You will find a Financial Aid link once you click on the Student Services & Financial Aid button. Choose the menu which will give you information regarding your financial aid file. If you still have any questions after looking in either place, please contact the Financial Aid Office.
WHAT IF I AM AWARDED WORK-STUDY?
The Federal/State Work-Study Program allows you to obtain a Work-Study job, usually on campus. If you are awarded Work-Study and do not wish to accept this award, reject the award on the Award Letter. If you chose to accept your Work-Study award, a packet of information explaining your Work-Study award will be mailed to you. If you have any questions regarding Work-Study, contact the Financial Aid Office.
WHAT IF I AM INTERESTED IN WORK-STUDY AND IT IS NOT ON MY AWARD LETTER?
If you were not awarded Work-Study and are interested in receiving it, contact the Financial Aid Office. If you are eligible, complete and submit a Work Study Waiting List form and you will be placed on a waiting list for Work-Study funding. This list is reviewed on a first-come first-served basis after each semester (Fall/Spring) begins. You may obtain the Work Study Waiting List form from the Financial Aid Office, or from the forms link at our website.
WHAT IF INFORMATION ON MY AWARD LETTER IS INACCURATE?
If any information on your Award Letter is inaccurate, please contact the Financial Aid Office.
Pay special attention to:
- Your expected enrollment status for each term;
- Your residency status;
- Your credits earned;
- Your Bachelor's degree status;
- The types of outside resources you are receiving;
- Your lender name.
Your award is based on the above factors as indicated on the Student Data Form you completed. If this status changes, you must report this to the Financial Aid Office. If your enrollment status is inaccurate, your budget will be adjusted to accurately reflect your status at the end of the drop/add period for the term. This may result in an over award making you ineligible for part or all of the financial aid listed on your initial Award Letter.
WHAT IF MY FINANCIAL AID AWARD INCLUDES A STUDENT LOAN?
If your award includes a student loan, you must first decide if you want to accept this loan. If you decide not to borrow the student loan, indicate that you reject the loan.. If you decide to borrow the student loan, indicate that you accept the loan on your Award Letter acceptance.
Please review the enclosed information regarding the process necessary to complete your promissory note. If you fail to complete your promissory note, you will not receive any loan money!
If you are a first time borrower at MSU-COT, you will also be required to complete entrance counseling before funds can be released.
HOW WILL I RECEIVE MY FINANCIAL AID FUNDS?
Your financial aid funds will be automatically deposited into your student account at MSU-Great Falls COT and credited to your outstanding fees, including bookstore charges. Any credit balance remaining after the add/drop period will be available to you on the dates listed on the next page. Work-Study funds will NOT be paid directly to your student account. Work-Study funds will be paid to you in a paycheck every other Friday as you document hours worked to earn these funds.
WHAT WILL MY BILL BE?
Your bill to MSU Great Falls College of Technology will depend on the number of credits for which you enroll, the types of classes in which you enroll, and whether or not you charge books. You will receive a bill each term based on that particular term's charges. Questions about your bill should be referred to the Business Office at 771-4315.
WHAT IF MY FINANCIAL AID DOES NOT COVER MY BILL?
Any tuition, fees or book charges not covered by your financial aid must be paid by you by the payment deadline. Payment arrangements can be made with the Business Office for tuition and fees not covered. Any books not covered by financial aid must be paid for at the time of purchase. Additional loans may be available to you. If you are a dependent student, your parent may be eligible for a PLUS loan. If you are an independent student, you may be eligible for an additional Unsubsidized loan. Inquire at the Financial Aid Office for more information.
WHAT IF MY FINANCIAL AID IS MORE THAN MY BILL?
If your financial aid is more than your costs for tuition, fees, and books, you will receive these funds to help with living expenses. If you have a Federal Pell Grant, Federal SEOG Grant, Montana Higher Education Grant, Montana Baker Grant, Federal Subsidized Loan, or Federal Unsubsidized Loan, institutional charges will be automatically applied. If there are any funds remaining after the institutional charges are applied, a refund will be available to you at the Business Office as of the dates below.
Grants and loans refunds will be available after the drop/add period each term. Remember to bring a current picture ID with you. [Refund Dates]
WHAT IS SATISFACTORY ACADEMIC PROGRESS?
Satisfactory Academic Progress (SAP) is the minimum standards you must maintain to continue receiving financial aid funding. SAP takes into consideration your credit completion ratio (number of credits completed versus number attempted), cumulative grade point average, and time frame/credit limit. A complete copy of this policy is available at the Financial Aid Office. You are responsible for reading and understanding this policy.
WHAT IF I DROP A CLASS?
Dropping a class may affect the amount and type of funding for which you will be eligible. The effect will depend on the date you drop the class, the aid you've received, and the number of credits you drop. Dropping a class may also prevent you from maintaining compliance with SAP requirements. Before dropping any class, consult the Financial Aid Office.
WHAT IF I WITHDRAW FROM ALL OF MY CLASSES?
Completely withdrawing from all of your classes can have many different effects on your financial aid, depending on the date of withdrawal. The Office of Financial Aid may have to calculate a return of funds calculation to determine how much of your financial aid you have earned. You may be required to repay all or part of your financial aid, you may be ineligible to receive any future financial aid funds, and you may be placed on Financial Aid Suspension for failure to maintain compliance with SAP requirements. Before completely withdrawing from MSU Great Falls College of Technology, consult the Financial Aid Office.
WHAT IF I STOP ATTENDING ALL MY CLASSES?
If you fail all of your classes in one term because you stop attending, the effect on your financial aid will depend on your last date of documentable attendance or the 50% point, whichever is later. These effects include having to repay all or part of the financial aid that has been disbursed to you, inability to receive future financial aid until repayment is made, and being placed on Financial Aid Suspension for failure to maintain compliance with SAP requirements. If you are in danger of failing a class or classes or wish to withdraw from the College, contact Student Services for academic counseling and consult the Financial Aid Office to determine the effect it will have on your financial aid.
WHAT IF I FAIL A CLASS/CLASSES?
A failed class may affect your ability to comply with SAP requirements. You may be placed on Financial Aid Suspension which may affect your ability to receive financial aid in future terms. If you are in danger of failing a class or classes, contact Student Services for academic counseling and consult the Financial Aid Office to determine the effect it will have on your financial aid.
WHAT IF I RECEIVE AN INCOMPLETE GRADE?
An incomplete is treated the same as other non-completion grades such as "W" or "F". This can negatively affect your compliance with SAP requirements. If you plan to take an incomplete, consult the Financial Aid Office.
IS CLASS ATTENDANCE REQUIRED?
Yes. In order to receive your financial aid at MSU Great Falls College of Technology, class attendance is required.
HOW MANY TERMS CAN I RECEIVE FINANCIAL AID?
Federal regulations limit the amount of time you may be eligible to receive Federal financial aid. This limit is based on the number of credits required for your program of study. You may receive financial aid for up to 150% of those required credits. All attendance at MSU Great Falls College of Technology is included in your maximum time frame whether aid is received or not, including transfer credits. Regardless of this time frame, you must comply with all other SAP requirements.
WHAT IF MY FINANCIAL SITUATION CHANGES DRAMATICALLY DURING THE YEAR?
If your financial situation changes dramatically during the academic year, such as losing your job, you may be eligible for special condition consideration. Contact the Financial Aid Office for a Special Condition Form if you feel you may qualify for a special condition.
WHAT IF I RECEIVE RESOURCES FROM AN OUTSIDE SOURCE AFTER I AM AWARDED
AND IT IS NOT LISTED ON THE AWARD LETTER?
Any outside educational funding must be reported to the Financial Aid Office as soon as possible. Prompt reporting of additional funding could prevent having to repay a portion of your Federal financial aid.
WILL MY AWARD EVER CHANGE?
Your award may be affected by many factors, including changes in Federal, State, or institutional regulations, or the number of credits for which you enroll. The Financial Aid Office will notify you of any changes to your award by issuing revised award letter.
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