|Steps in the Financial Aid Process:
1. Complete a FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov.
2. Complete a MPN and Entrance Loan Counseling at www.studentloans.gov if you wish to borrow a loan.
3. When we receive your completed FAFSA, you may be asked for additional verification documents. (Additional documents may consist of federal tax forms for the prior year, a verification worksheet, W-2’s, certain tax schedules, etc.) Verification documents are used to verify the accuracy of the FAFSA.
4. Once your FAFSA, MPN, Entrance Loan Counseling, and additional verification documents (if required) are received, you will receive an Official Award Letter.
5. You may accept or decline any or all aid on your Official Award Letter.
6. You will need to repeat these steps several times during your enrollment in EXCEL.
|Federal Award Availability:
||Awarded to the neediest students. Need is based on income, assets, family size, etc. Maximum of $2,775 per term ($5,550 per year).
Low-interest loan; Repayment begins 6 months after graduation or 6 months after no longer enrolled at least 2 time. 0.5% loan fee. Maximum of $2,750 per term ($5,500 per year). Assuming junior enrollment status. Interest is fixed and currently at 4.5%
Depending on the results of the FAFSA, the Stafford Loan will be one of the following two types:
Subsidized: Government takes care of the interest while the borrower is in school.
Unsubsidized: Borrower is responsible for the interest while in school. (If borrower doesn’t want to make interest payments while in school, these payments can be added to the end of the loan as well.)
|Additional Unsubsidized Stafford Loan
||Same as Stafford Loan above except:
Maximum of $2,500 per term ($5,000 per year). Assuming junior enrollment status.