The Department of Education randomly selects approximately one third of all FAFSA submissions for verification. This process requires the student and/or parent to complete a variety of forms custom to the FAFSA that was selected.
This is a mandatory process that must be completed in its entirety to allow the school to generate a financial aid award letter. All communication of required forms will be sent via email from the school to the student’s SVSU email account.
Required forms can be viewed in the mySVSU Portal under Financial Aid Missing Information. Remember to respond to an inquiry or request promptly so your Financial Aid process can move quickly.
Dependency is determined by the answers you provided on your FAFSA. A student cannot choose to be independent on family circumstances alone. If your circumstance does not meet the FAFSA criteria but you feel you are independent please see the CFSC (dependency override)
You must submit a request form. Spring / Summer request forms are available in January prior to the Spring/Summer terms. Spring and Summer aid eligibility is based on annual limits less awards used during Fall and Winter semesters.
The term ‘award’ refers to any monies on account that helps pay educational related expenses. Financial aid consists of all awards – not just free money. These can include grants, scholarships (internal and external), waivers, loans, work study, and college saving plans.
Awards are submitted at various times to the Financial Aid Office. Continue to monitor your account through mySVSU Portal and your SVSU email for updates. If the award you are expecting is a renewed scholarship be sure to review the renewal requirements on the Office of Scholarships and Financial Aid website. If you did not meet the renewal requirements the award is forfeited and will not be added to the award letter.
Scholarship funds must be placed on your account through the University. If you receive a scholarship check directly from a donor you should forward the check to SVSU Attn: CFSC 7400 Bay Rd. University Center, MI 48710. Remember to include your student ID # for identification purposes. You can monitor your award letter through your mySVSU account to ensure it was received and processed. If the check was issued to the student or the student AND Saginaw Valley, it should be endorsed before mailing. If the check was issued solely to Saginaw Valley State University do not endorse the check prior to mailing. Scholarship funds received will be immediately applied to a student’s account and will be reflected against any balance due for the term.
Additional resources include Parent PLUS Loans, Alternative Loans, outside scholarships or the Cardinal Payment Plan. For information on Parent Plus or alternative loans, refer to the Scholarship and Financial Aid Office website.
Parent PLUS loans are typically added to a student’s account within 3-5 business days as long as all information was correctly submitted on the application.
Private loans can vary depending on where a student’s paperwork is in process. There are various requirements the student, school and lender must complete. Keep in contact with your lender to know the next step in the loan process.
MESP accounts require a withdrawal from your MESP provider. Once a withdrawal request is made a check will be generated by the provider and mailed to the school. When SVSU receives the check we will place the amount on the student’s account which will then apply to the term balance.
MET contracts have to be activated through the State of Michigan by student/parent. After activation, a MET roster will be sent to the school verifying student information. The roster will then allow the school to place funds on account against any term balance owed. Spring/Summer MET contracts require additional steps.
Please contact the Campus Financial Services Center for additional information via email at email@example.com.
If a student is eligible for the Presidents scholarship they will see an estimated amount placed on their award letter. If a student’s registration cost exceeds the estimate that was entered, please contact the Campus Financial Service Center via email at firstname.lastname@example.org.
Requests must come from the student’s SVSU email account for authentication purposes. The scholarship will be increased to meet tuition and mandatory fees only. Some additional fees may not be covered by this award.
Financial resources are applied evenly between Fall/Winter terms. Federal loans and grants as well as most institutional aid cannot be placed all in one term. Not only is this an awarding requirement but it helps the student/parent plan appropriately for upcoming term balances.
If the award includes employment and students are placed in a position, they will be paid biweekly for work performed. Employment awards are not included when offsetting university charges. If a student does not plan to pursue on campus employment they may decline the work study award through their mySVSU account. This may allow for other awards to be added if applicable.
The university can only rely on awards that are already in place on a student account to pay a term balance. If an award has not yetbeen added or a loan has not beenput in place, the student is responsible for paying the account obligation until that award is finalized. If a student pays their balance out of pocket and a loan is subsequently added to the award letter, the student will be issued a refund as long as they are meeting all financial aid requirements.
If a student does not need the entire amount of a loan that was awarded they can reject the full amount electronically through their mySVSU account. To decrease the loan by a specific amount the student must print out their award letter from their mySVSU account which can be located under Financial Aid / Paper Version – FA Award Letter. Fill in the requested loan amount and the difference. The letter must be signed and dated and then submitted to the Campus Financial Service Center by mail at SVSU Attn: CFSC 7400 Bay Rd. University Center, MI 48710 or via email email@example.com or fax at 989-964-2492
As a first time borrower a Master Promissory Note is required after acceptance of any federal student or parent loan. It is an agreement to repay the loans you are using during your time in school. Students and parents that are required to complete an MPN will be notified at the appropriate time. An MPN can be completed online at www.studentloans.gov. If an attempt is made to complete an MPN before you are required to do so, an error message will be displayed. You should log out and wait until you are notified by SVSU to complete this process.
An aggregate limit is the maximum amount of loans a student is allowed. Federal subsidized and unsubsidized loans have limits that cannot be exceeded annually, as well as in a lifetime. The limits are listed below:
Dependent Students (except students whose parents are unable to obtain PLUS Loans)
Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Freshman annual limit
$5,500—No more than $3,500 of this amount may be in subsidized loans.
$9,500—No more than $3,500 of this amount may be in subsidized loans.
Sophomore annual limit
$6,500—No more than $4,500 of this amount may be in subsidized loans.
$10,500—No more than $4,500 of this amount may be in subsidized loans.
Junior/Senior annual limit
$7,500—No more than $5,500 of this amount may be in subsidized loans.
$12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit
Not Applicable (all graduate and professional students are considered independent)
$20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Lifetime Loan Limit
$31,000—No more than $23,000 of this amount may be in subsidized loans.
$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
Student Loan repayment typically begins six months after graduation or separation from school. If you choose to start making regular payments or interest only payments on your current federal student loans you may log on to www.nslds.ed.gov with your social security number, date of birth and federal student PIN. You will be able to review all disbursed loans by date, amount and school to which they were issued. Your lender information is also located on this site. You will have the lender names, address and phone number. Contact the lender directly to set up desired payment arrangements. PLUS loan repayment begins immediately.
To make a custom selection of your Fall/Winter awards you should print your award letter from your mySVSU account which can be located under Financial Aid / Paper Version – FA Award Letter. Print out the letter and check the “decline” box next to the loans you wish to remove. The letter must be signed and dated and then submitted to the Campus Financial Service Center by mail at SVSU Attn: CFSC 7400 Bay Rd. University Center, MI 48710 or via email firstname.lastname@example.org or fax at 989-964-2492
All payments including financial aid must be made to the University by each term’s payment due date. Any student with a remaining unpaid balance after payment due date is subject to be de-registered from their classes and removed from housing. It is imperative that students follow each and every required step to ensure timely award processing. Please contact the Campus Financial Service Center if you have a special circumstance that may affect your awarding process.
Always refer to your mySVSU account for term balance information. If you are awaiting financial aid award processing check out your Financial Aid Missing Information to see if you are missing any steps in the verification process. If additional items are still needed, follow up and complete those requests immediately. If all awards are in place and a balance is still due, it is the student’s responsibility to secure the resources needed to pay the balance by that term’s payment deadline.
Refer to the Registrar section of the website. All upcoming registration dates are posted on the website. As a reminder payment is due immediately upon re-registration for any balances not covered by financial aid. Balance information can be located in your mySVSU account under Financial Profile / Account Summary by Term.
Students can sign up for the Cardinal Payment Plan through their mySVSU account under Financial Profile / Payment Plan Enrollment. Payments will be split evenly into four monthly installments with the first payment due by July 1st. If a student signs up for the Cardinal Payment Plan after July 1st, two equal payments will be due by payment due date. If a student misses their scheduled payment date they are subject to de-registration and a late fee, inability to re-register for additional courses, and a possible inability to sign up for future Cardinal Payment Plans.
Typically a negative balance indicates a credit on your account. A credit is a balance that will be refunded to the student. Refunds are subject to the student meeting eligibility requirements for their awards and the refund policy put in place by the university.
We will begin sending out Fall/Winter refunds during the first week of the semester. Please note that if your refund is as a result of excess scholarships and/or grants your refund can not be processed until 4-5 weeks into the term. If you have additional financial aid posted to your account at any point during the semester excess funds should be refunded to you within 2 weeks of the award posting.
Credits on a student’s account will be refunded according to the University’s refund policy. You can monitor your account to check the status of your refund check or direct deposit (set this up for any U.S. Bank on mySVSU in the student menu, under Financial Profile, then click "Financial Institution Banking Information for Direct Deposit").
All financial aid must be fully processed and posted to your account before you can receive a refund, you can monitor the status of your financial aid via the MySVSU portal or Cardinal Direct under the Financial aid award letter.
Refunds cannot be issued earlier than scheduled and must be mailed or directly deposited. In person pick up is not permitted.
All students are eligible to select the Bookstore Advance Opt-In through your mySVSU account. Funds will only be sent to the bookstore if the student has excess financial aid available over and above the cost of tuition and fees, housing and/or meal plan. If you have opted into the Bookstore Advance Program up to $618 of your excess grants, scholarships, and other awards will be at the bookstore starting the week before classes. Not all funds will be available the week before classes; you may have other circumstances that will not allow the funds to transfer. Bookstore opt-in amounts will be taken from the credit (negative balance) shown in Account Summary by Term. The remaining amount will be refunded in accordance with the University’s refund policy. Unused bookstore funds will be refunded approximately four weeks into the term. If you have opted in to the bookstore and then opted out in the same semester, you may need assistance from the Campus Financial Service to opt in a second time. Your mySVSU account only allows you to make one change per term.
The first four weeks of a Fall/Winter term are considered the “Refund Period”. Courses dropped during these weeks may allow for a student to receive a refund for all or a portion of the cost of the dropped course(s). Some forms of financial aid require a minimum enrollment. If the course(s) dropped cause a student to fall below the minimum requirement, this may actually cause the student to owe a balance since aid may be reduced to meet the new enrollment level. If an academic term has already begun we recommend you contact the Campus Financial Service Center for information on expected refunds or more importantly penalties that may be incurred.
The Campus Financial Services Center is open Monday through Friday 8:00 am to 4:30 pm, Tuesday and Wednesday evenings until 6:00 pm during Fall and Winter terms. During payment due dates, and selected registration dates, the CFSC is opened 8:00 am to 6 pm
Typically transcript requests are withheld if a student owes a prior balance. If you are currently an SVSU student and have access to your mySVSU account, review your Account Summary by Term to ensure you do not owe for any current or prior terms. If an owing balance is listed, that balance must be paid in full before a request can be processed.
Declining balance funds are reserved for food and drink only. This money can be used at any dining or grocery facility on campus and sales tax is not applicable. Flex funds are available for use on food and drink as well as for laundry and bookstore purchases.
Credit card payments for tuition, fees and housing are processed by a third party vendor (CashNet®) on behalf of the University. Credit card payments may only be made online. Students can access CashNet® through mySVSU Portal. CashNet® assesses a 2.75% service charge on the total amount of the credit card transaction.