Summer Financial Aid Information
and Application
Read through the following information to help answer questions regarding your application for summer financial aid.
What steps do I need to complete in order to apply for Summer Financial Aid?
Results of a FAFSA (Free Application for Federal Student Aid) for 2014-15 and 2015-16 The Truman Application for Summer 2015 Financial Aid
Loan Request from Truman (see Direct Loan Request to determine if additional paperwork is needed) Complete the online acceptance for 2015-16 as soon as you receive your award letter
How much can I borrow through the Direct Loan program for the summer term?
It is very important when borrowing to determine only the amount that is necessary to pay summer school expenses. You may borrow up to your annual class loan limit; however, this could affect the amount you may borrow during the next academic year. It is recommended that you do not borrow more than half of your annual class loan limit:
Freshman - $1,750 base subsidized/unsubsidized + $1,000 additional unsubsidized = $2,750 total Sophomore - $2,250 base subsidized/unsubsidized + $1,000 additional unsubsidized = $3,250 total Junior/Senior - $2,750 base subsidized/unsubsidized + $1,000 additional unsubsidized = $3,750 total
**Graduate - $10,250 or up to the cost of attendance in unsubsidized Direct Loan
The loan you receive cannot exceed Truman’s cost of attendance less any other forms of financial aid.
When should I submit my summer Direct Loan Application?
If you already have a federal aid application on file with the Financial Aid Office you should submit the Application for Summer Financial Aid and Direct Loan Request to our office by April 15th in order to receive funds in time to pay the first installment of summer session fees. If you have not filed a federal aid application, the processing of your summer aid will be delayed until we receive valid results from your FAFSA. Later aid applications will be pro-cessed, but funds may not be available to pay the first installment of summer session fees.
How can I get a Pell Grant in the summer?
If you were not enrolled full time during the 2014-15 academic year or will be graduating in August 2015 or Decem-ber 2015, the Financial Aid Office will review your FAFSA results for both the 2014-15 and 2015-16 school years to determine if you are eligible for a Pell Grant. To receive Pell Grants from the 2015-16 FAFSA, you must be enrolled in classes past July 1st and the grant cannot be disbursed to your account until July 1, 2015. Pell Grants are only for Undergraduate hours taken for the first Undergraduate degree.
IMPORTANT
Pell grant funds may be available for less than ½ time enrollment. A student must be enrolled in at least six credit hours during the summer semester to be eligible for a Stafford Loan.
For more information regarding Truman State University’s Academic Progress Policy, go to
http://financialaid.truman.edu. It is important to read and understand.
Application for
Summer 2015 Financial Aid
Return to: Financial Aid Office Truman State University McClain Hall 103 Kirksville, MO 63501 Fax: 660-785-7389
Student Name ______________________________________________________ ID #_______________________________
Student Email Address _____________________________________ Student Phone _______________________________
If you are requesting aid for summer study abroad, please submit a study abroad funding sheet along with
your summer application. This form can be found online at http://financialaid.truman.edu under the
Finan-cial Aid Forms link or in the FinanFinan-cial Aid Office, McClain Hall 103.
Indicate the credit hours you plan to enroll in for the May interim and summer. Any change must be
re-ported to the Financial Aid Office immediately as it could alter the amount of aid you are eligible to
receive or create an academic progress problem for future terms. To receive a Direct Loan, you must
be enrolled in at least six credit hours. In some cases, interim hours may be counted as part of your
summer enrollment.
Your summer awards will not be determined until you are enrolled in the hours listed below.
May Interim ________hrs
Summer __________ hrs
Class status: Undergraduate ______ Graduate ______ Expected Graduation Date: ____/____
Will you be attending graduate school at Truman during the 2015-2016 academic year? Yes / No
Please indicate below the type(s) of aid you would be interested in receiving this summer. Choosing aid
does not mean you will receive it; you will be notified of actual awards by email. There are certain
limitations on funding, such as eligibility and availability, which determine what aid a student
re-ceives.
_____ Direct Loan (Requires an additional form, see attached)
_____ Pell Grant
*
(If eligible, student will be notified)
_____ Perkins Loan (If eligible, student will be notified)
*The Pell Grant is only available in summer for students who either did not use the full 2014-15 award amount or are graduating in August or December 2015 and are Pell eligible on the 2015-16 FAFSA.
Did you receive financial aid during the 2014-15 academic year?
No_____ Yes, at Truman _____ Yes, at another school _____
If you are a new transfer student or a Truman student who has completed college courses at another
college or university since you completed high school, please complete the following information. If
none, please mark N/A. If you received federal and/or State of Missouri aid at another school, please
indicate that below.
Please indicate below any other aid that you will receive this summer.
Check only one of the following statements. If left blank, the first statement shall apply.
I authorize Truman State University to apply my federal aid on a semester by semester basis:
______ toward payment of ALL University fees and charges, as well as minor prior semester charges. ______ toward payment of tuition, incidental fees, and on-campus room and board for the current semester only
I understand that I may modify the selected payment authorization at any time and that I may refuse to authorize payment to any individual item with the exception of tuition, fees, and room and board charges.
To continue to receive aid, you are expected to 1) make satisfactory academic progress and 2) be enrolled in a degree program. Each student is responsible for becoming familiar with the academic progress policy, which can be found on the web at http:// financialaid.truman.edu.
The awards are contingent upon adequate funding and state and federal regulations.
If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility.
The awards may be voided if incorrect or false information is discovered on the application or if there has been an error in computing the award. (Purposeful misinformation may be subject to fines and/or imprisonment.)
Additional sources of aid or any change in enrollment or state residency must be reported to the Financial Aid Office. Revisions in aid amounts may be necessary.
If you withdraw from school, a portion of the aid may need to be repaid.
You authorize the release of information concerning financial assistance received at Truman State University to other institutions of higher education or other agencies from which you are also receiving or requesting financial aid for educational purposes. You also authorize our office to receive information concerning financial assistance from said institutions and agencies.
Financial aid is not automatically renewable. Applications must be submitted each year.
I have read and understand the above conditions of Title IV financial aid.
___________________________________________________________ ____________________________________
Student Signature Date
School Name and City, State Dates Attended Credit
Hours Degree Received Financial Aid? (yes/no)
Aid Type Rehabilitation Vocational Tuition/Room & Board Waivers Scholarship(s)
Veteran Benefits
(Please list type:_________) Other:__________
DIRECT LOAN REQUEST
Summer 2015
Return to: Financial Aid Office Truman State University McClain Hall 103 Kirksville, MO 63501 Fax: 660-785-7389
Student Name ______________________________________________________ ID #_______________________________
Please Print
Student Email Address _____________________________________________ Anticipated Graduation Date _____/____
Month Year
It is very important when borrowing to determine only the amount that is necessary to pay summer school expenses. You may borrow up to your annual class loan limit; however, this could affect the amount you may borrow during the next academic year. It is recommended that you do not borrow more than half of your annual class loan limit:
Freshman - $1,750 base subsidized/unsubsidized + $1,000 additional unsubsidized = $2,750 total
Sophomore - $2,250 base subsidized/unsubsidized + $1,000 additional unsubsidized = $3,250 total
Junior/Senior - $2,750 base subsidized/unsubsidized + $1,000 additional unsubsidized = $3,750 total
**Graduate - $10,250 or up to the cost of attendance in unsubsidized Direct Loan
The loan you receive cannot exceed Truman’s cost of attendance less any other forms of financial aid.
Total Loan Amount Requested: $ __________________
I wish to borrow from the following loan program(s). I understand that subsidized eligibility will be certified to the extent that I am eligible, and that the remaining annual year loan limit will be filled with an unsubsidized loan, if requested.
Subsidized Federal Direct Loan Unsubsidized Federal Direct Loan
YES / NO YES / NO
If you are awarded a Federal Perkins Loan in addition to your Direct Loan, would you like to reduce your requested Direct Loan so that the total amount borrowed between the Direct and Perkins Loan does not exceed the amount requested above?
____ Yes, reduce my Direct Loan ____ No, do not reduce my Direct Loan Is this aid being requested for summer study abroad? Yes ______ No ______
For study abroad, please submit a Study Abroad Funding sheet to the Financial Aid Office. This form can be found at http:// financialaid.truman.edu under the Financial Aid Forms link or in the Financial Aid Office, MC103.
Loans will be transmitted electronically by the Truman Financial Aid Office for guarantee. The Direct Loan Request
must be completed and returned to the Financial Aid Office to initiate the Direct Loan process.
STATEMENT OF UNDERSTANDING: I understand that 1) my financial aid file must be completed before my loan can be processed, 2) if this is my first
Staf-ford Loan, I must complete a Master Promissory Note and Entrance Loan Counseling before my loan funds can be disbursed, and 3) I must be enrolled at least half-time each term in order to receive my loan proceeds.
I also understand that when loan proceeds are disbursed to my student account, I will be notified through campus email of my “Right to Cancel”. I will contact Student Accounts by email at [email protected], or in writing at Truman State University Student Accounts, MC 105, Kirksville, MO 63501 if I prefer to re-ceive this notice through the mail.
_______________________________________________________________________________________________________________________________
NEW DIRECT LOAN BORROWERS
*All new Direct Loan borrowers must complete a promissory note and entrance loan counseling online with the Department of Education at http://studentloans.gov. This must be completed before any funds can be paid to your student account.
ALL DIRECT LOAN BORROWERS
*Note the difference between Subsidized and Unsubsidized Direct Loans. Interest will accrue from the date of disbursement on unsubsidized loans. A subsidized loan is based on financial need as deter-mined by the FAFSA. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you are enrolled at least half-time.
*Submit all requested information promptly to the Financial Aid Office. Delays will be caused if neces-sary information is unavailable.
*The Financial Aid Office will email you a notice with the loan amount and expected disbursement date(s) when your loan application is sent to the Department of Education for approval. Note: Disbursement
dates are the approximate dates the funds will be paid to the student account, NOT the dates the student may receive the funds.
* Be sure to only borrow what is necessary to pay for educational expenses. Remember this is a loan and will need to be repaid. Your total loan balance is available to view at http://nslds.ed.gov. For more information regarding loan repayment plans and to calculate your estimated loan payments go to http://
PARENT LOAN BORROWERS (PLUS)
*A parent can borrow up to the student’s cost of attendance less any estimated financial aid. Parents wishing to borrow funds through the PLUS loan program should go to the Grants and Loans link on http:// financialaid.truman.edu. Loan funds will apply to the student’s account balance first, and any excess will be refunded for other educationally related expenses.
* Parent borrowers must meet the same citizenship and residency requirements as a student. Students must have a valid FAFSA on file before a Plus Loan can be processed.
Maximum Subsidized Stafford
Loan Amount Unsubsidized Stafford Loan Amount Maximum Subsidized and
Dependent Undergrads
Freshmen Year $3,500 $5,500
Sophomore Year $4,500 $6,500
Junior & Senior Years $5,500 $7,500
Cumulative Borrowing Limit $23,000 $31,000
Independent Undergrads and Dependent Undergrads Whose Parents Are Denied a Parent Plus Loan
Freshmen Year $3,500 $9,500
Sophomore Year $4,500 $10,500
Junior & Senior Years $5,500 $12,500
Cumulative Borrowing Limit $23,000 $57,500
Graduate Students
Financial Aid Award Year N/A $20,500
Cumulate Borrowing Limits
(including Undergraduate Loans) $65,500 $138,500
