Initial Process for Financial Aid
1. Apply for Admissions as a Degree-Seeking Student
Returning MU Students who have not attended for at least one semester or have withdrawn in the current semester must apply for admission and be re-accepted to Methodist University (MU) as a degree seeking student.
2. Fill out the Free Application for Federal Student Aid (FAFSA)
Complete the FAFSA online at studentaid.gov. Methodist University’s Federal School Code is 002946. THE PRIORITY DEADLINE FOR COMPLETING THE FAFSA (FREE APPLICATION FOR FEDERAL STUDENT AID) AT METHODIST UNIVERSITY IS JUNE 1. Contact the Department of Education at (800) 474-7268 if the student/ parent has technical difficulties in completing the FAFSA. Once the FAFSA is completed online, Methodist University will receive an Institutional Student Information Record (ISIR) form for each student that lists Methodist University on the FAFSA within 3 to 5 business days.
Methodist University offers financial aid on a first come first served basis and funds are limited. If a student drops below full time status, Methodist University reserves the right to rescind part or all the financial aid offered. Financial Aid is offered accordingly:
- Students enrolled as an undergraduate full-time (12 semester hours or more in one of the on-campus programs and are charged the regular/standard undergraduate on-campus fulltime rate) degree-seeking students are eligible for institutional scholarships, federal and state grants, student employment, and student loans.
- Undergraduate students enrolling in the evening program are NOT eligible for any institutional scholarships; however, they may be eligible for the Federal Pell Grant, North Carolina Need-Based Scholarship Program, and student loans.
- Students that already have a four year bachelor’s degree and enroll in another undergraduate program, may be eligible for limited institutional scholarships and student loans.
- Graduates students enrolled in one of the graduate programs are primarily eligible for Federal Direct Loans.
Financial Aid offers 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 combining gift or grant aid, scholarships, self-help student employment programs, and loans.
Students are required to complete the FAFSA 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 all requested/required documentation to Methodist University not the Department of Education. View all requested / required documents through your Methodist MY MU Portal. If you must obtain a Tax Return Transcript from the IRS, request a transcript at irs.gov, or the IRS automated system at 1-800-908-9946, or contacting the IRS at (800) 829-1040. Your financial aid offer will be delayed until all verification documents requested have been received. In completing the federal requirements for verification, MU must follow the procedures established by federal regulation (CFR Title 34, Part 668).
Verification documents should be submitted as soon as possible, in order for applicants to be considered for maximum gift funds and receive timely financial aid offers. 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 Direct 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 offered to the student. Sometimes, when corrections are submitted to Federal Student Aid Programs for processing, an application not originally selected will be selected for verification. If an financial aid offer has already been made, and requested verification documents are not provided, then the undisbursed funds 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 academic year; any funds already disbursed must be repaid to the U.S. Department of Education.
For campus-based and Federal Direct 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 cannot (a) disburse additional FSEOG O(b) continue the student’s employment in an FWS job (c) certify a Federal Direct Loan application or (d) deliver Federal Direct 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, FSEOG, or Federal Direct Loan 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 a financial aid offer or denial notification. 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 Offer of Financial Aid
Once all documentation has been received and reviewed, an offer of financial aid will be made to the student.
NEW Students will receive their financial aid offer by U.S. Mail. The offer will also be available in the student’s myMU Portal. The student can view and sign their offer of financial aid offer via their myMU Portal. Students can accept or decline any portion of the financial aid offered. NO Federal loans will be processed at Methodist University without a student’s signature.
RETURNING Student will receive the financial aid offer notification by email. The student can view and sign their offer of financial aid via their myMU Portal. Students can accept or decline any portion of the financial aid offered. NO Federal loans will be processed at Methodist University without a student’s signature.