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Initial Process for Financial Aid

1. New students and Returning Students who have not attended for at least one semester.
Apply for admission and be accepted to Methodist University as a degree seeking student.

2. Fill out the FAFSA
The student is encouraged to contact the Office of Financial Aid at Methodist University if he/she has difficulty in completing the application and local assistance is not available. The Department of Education strongly encourages the completion of the FAFSA online. Methodist University should be listed as one of the schools to receive the FAFSA results. Methodist University’s Title IV code is: 002946. Once the FAFSA is completed, online, no additional action is required until the student receives a Student Aid Report (SAR) from the processor. Methodist University will receive an Institutional Student Information Record (ISIR) from the processing center for each student that lists Methodist University on the FAFSA. Once the student receives the SAR, he/she should contact the Office of Financial Aid for further instructions.

The student can refer to the FAFSA website for the Federal deadline to apply for financial aid. As for an institutional deadline, Methodist University does not have a deadline per se, however, Methodist University awards financial aid on a first come first served basis and funds are limited. Financial aid is awarded to undergraduate students registering as full-time day (12 semester hours or more). If a student drops below full-time day status, Methodist University reserves the right to rescind any or all of the financial aid the student was awarded. Undergraduate students enrolling in the evening program are not eligible for any institutional scholarships except for the NCLTG, the Federal Pell Grant and loans. Methodist University is a four year undergraduate University with three master’s programs (Master’s of Medical Science in Physician Assistant Studies, Master of Justice Administration, and The Professional Master of Business Administration). Therefore, students that already have a four year bachelor’s degree and enroll in another undergraduate program, are eligible for limited institutional scholarships and loans only.

Awards are made until all available funds are exhausted. Most students with an established financial aid need can expect to receive an offer of financial aid through an award letter which will consist of a “package” combining gift or grant aid, scholarships, self-help work/study programs and loans. Students are required to reapply for financial aid each academic year to continue to be considered for all financial aid.

3. Complete Verification (if selected)
All applicants selected for “Verification” by either the U.S. Department of Education (as indicated on the Student Aid Report (SAR)), or by Methodist University must submit additional documentation to Methodist University. Students must submit official signed copies of their and their parents’ (if dependent) federal tax returns, W-2 forms and 1099 forms (if applicable) for the tax year prior to the academic year for which funds are requested. The U.S. Department of Education requires all types of federal tax returns (including TeleFile) be signed and dated, even though the IRS does not require signatures on certain types of tax returns. In addition to the federal taxes and W-2 forms, documentation of family size, number in college, and untaxed income is also required. The completion and timely submission to Methodist University of a U.S. Department of Education form entitled “Verification Worksheet” is generally sufficient documentation. In completing the federal requirements for verification, Methodist University must follow the procedures established by federal regulation (CFR Title 34, Part 668). In addition, an applicant may correct any FAFSA information that is in error by submitting to the Office of Financial Aid a signed statement (including a parent’s signature, if a dependent student) describing both the error and the correct data.

Verification documents should be submitted as soon as possible, in order for applicants to be considered for maximum gift funds and receive timely award information. A Federal Pell Grant applicant selected for verification must complete the process by a deadline published annually in the Federal Register, which is generally no later than 90 days after the last day of enrollment during the academic year of August 31, whichever is earlier. Campus-based and Federal Stafford Loan applicants must complete verification by the last day of enrollment during the academic year. Incomplete applications will be cancelled, and no funds will be awarded. Sometimes, when corrections are submitted to Federal Student Aid Programs for processing, an application not originally selected will be selected for verification. If an award has already been made, and requested verification documents are not provided, then the undisbursed award will be cancelled. No additional federal funds will be disbursed until verification has been completed.

For the Federal Pell Grant Program, the student has completed verification when he or she has corrected the data or has shown, as required, that the application data are correct. In addition to all verifying documentation, Methodist University must also have on file the final and valid federal output document, showing the official expected family contribution (EFC). Under the Federal Pell Grant Program, if a student does not complete verification by the deadline, he or she forfeits the Pell Grant for the award year; any funds already disbursed must be repaid to the U.S. Department of Education.

For campus-based and Federal Stafford Loan programs, the student has completed verification when he or she has submitted all requested documentation to the school. The school must also have on file an output document that shows the student’s application data was processed through the central processing system (CPS) at least once. Methodist university can not (a) disburse additional FSEOG or Federal Perkins Loan funds (b) continue the student’s employment in an FWS job (c) certify a Federal Stafford Loan application or (d) deliver Federal Stafford Loan proceeds to any student who fails to provide the required documentation by the deadline.

If a student’s failure to complete verification, or another error of the student, is responsible for an overpayment of federal aid, the student is responsible for repaying the overpayment. In such a case, Methodist University sends a written notice requesting repayment in full to the student, and reports to the U.S. Department of Education (through the on-line National Student Loan Data System) that the student has received an overpayment. If Methodist University cannot recover a Federal Pell or FSEOG overpayment for which a student is liable, Methodist University must then refer the overpayment to the U.S. Department of Education’s Debt Collection Service.

Applicants will know that verification has been completed, when they receive an award letter or a denial letter. Methodist University will make the adjustment, if possible, if an initial disbursement of federal aid must be lowered due to subsequent selection for and completion of verification. If it is beyond the time frame for making the adjustment, Methodist University will notify both the student and the U.S. Department of Education of the overpayment as described above.

4. Receiving an Award Letter
Once all financial aid has been applied for and awarded to a student, the student will receive an Award Letter. The Office of Financial Aid mails two copies of an Award Letter to each student that receives any financial aid (federal, state, or institutional). The Award Letter lists whether the student is residential (on campus), commuter (off campus) or evening. The student must sign and mail one copy to the Office of Financial Aid. Upon receipt of the Award Letter, the Office of Financial Aid will delete any aid the student has declined and make official the aid the student has accepted. Once the aid is accepted on the computer, the Business Office receives this information the next business day and credits the students account accordingly with the exception of aid where funds have not yet been received (i.e. outside scholarships), loans and/or student employment. Loans would have to be applied for and approved by the lender.

The Office of Financial Aid

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