Steps to Financial Aid Success
1. You will begin the process by completing a Free Application for Federal Student Aid (FAFSA). This may be done in several ways. The fastest and most accurate method of completing your FAFSA is via the internet at www.fafsa.ed.gov. Or, you may send your completed FASFA to the processing agent at the address on the envelope that is enclosed with your FAFSA form. The FAFSA application requires information from the following documents: income tax returns, W-2 forms, records of untaxed income, current statements from your bank, mortgage information, investment records, your driver's license and your social security card.
2. Within three to six weeks you will receive a Student Aid Report (SAR) from the Department of Education. If all of the information is correct, turn your SAR in to the financial aid office at your college or university. If you submitted your FAFSA online your SAR will be submitted electronically to all schools listed on your FAFSA. If any corrections need to be made, return your SAR to the processing agent.
3. The financial aid office will use the information provided in your SAR to determine your eligibility. If you are eligible to receive aid, the financial aid office will send you an Award Letter along with a Master Promissory Note (MPN) or instructions for completing your Loans By Web.
(Master Promissory Notes-what they are and what they mean to you-A Master Promissory Note, commonly referred to as an MPN, has replaced the traditional promissory note. The new MPN allows borrowers the flexibility of obtaining multiple loans over multiple loan periods as long as the borrower remains with the original lender chosen when the MPN is signed. In other words, once you have signed a valid MPN , you may not need to complete a new MPN each year. A valid MPN may be used for up to ten years. The school you attend determines whether or not multiple loans may be taken out using one MPN.)
4. You must respond to the Award Letter by the specified deadline and return your completed MPN(s) or complete your Loans by Web process as soon as possible.
5. The financial aid office will process your loan application and advise you of the funding process.
Please make sure you, as a student, have filled out the FAFSA, applied for scholarships at your school of choice, and exhausted all Federal Aid options before applying for a Private Education Loan.