Search SVSU

Home | Contact Us | Directory | Sitemap |

Office of Scholarships & Financial Aid

Wickes 141 (989) 964-4103financial-aid@svsu.edu

Federal School Code : 002314

Application Process

Who can apply for Federal financial aid or need-based aid?

First-time in college students can apply while they are still in high school, typically in January of their senior year. A high diploma, GED, or the equivalent are required to become fully eligible. SVSU will make awards before the graduation date for students still attending high school, under the condition that a copy of the diploma is required after it is received.
Student must be accepted for admission as a degree-seeking student or teacher certification student. That means a degree or certificate must be the goal of the program. This includes a bachelor's degree, master's degree, specialist's degree (College of Education program), or teacher certificate.
Guest students are not eligible.
To receive a Federal Stafford Loan you must be enrolled at least half-time (6 credits for undergraduate students and 5 credits for graduate students)

2008-2009 FAFSA (Fall 2008-Spring/Summer 2009)

Submit the 2008-2009 FAFSA online, at http://www.fafsa.ed.gov/, beginning January 1, 2008. This is to apply for aid for the Fall 2008, Winter 2009, and Spring/Summer 2009 semesters. Apply early! The State of Michigan deadline is March 1, 2008. SVSU has no deadline, but encourages early application to ensure your aid is in place in time for any payment due date!

Why complete the FAFSA form online?

We encourage students to submit the FAFSA Form on-line to ensure accuracy and speed of processing. When submitting the FAFSA Form on-line, be sure to request a PIN. Both the student and parent completing the FAFSA form should go to http://www.pin.ed.gov/ and request a Personal Identification Number. The PIN will allow you (and your parent) to electronically sign the FAFSA form.
Once the Office of scholarships and Financial Aid is notified by the U.S. Department of Education of your completed application, processing of your financial and award eligibility will begin.
If any information is required to process your financial aid award eligibility, you will be advised by the Office of Scholarships and Financial Aid of the information you will be required to provide.
Remember to respond to any inquiry or request promptly so your financial aid processing can proceed.
The PIN number is good until you change it. Each year you can complete the FAFSA with the same PIN. The PIN is also used to look up your Direct Loan history, to complete loan counseling, and to electronically sign your Master Direct Loan Promissory Note. Go to http://www.dl.ed.gov/ for more information.

Don't want to complete the FAFSA form online?

The paper FAFSA form is available at:
- high school guidance offices
- community college financial aid office
- SVSU Office of Scholarships and Financial Aid

Top Ten Questions for First-Time Students

What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid. This is the application that most schools will ask a student to fill out if the student is interested in obtaining financial aid (including loans). The application is based on prior tax year information and requires parent information for dependent students. (The FAFSA has 8 distinct questions that determine a student’s dependency status.) The application must be submitted each year the student wishes to apply for financial aid. The 2008-2009 academic year includes Fall 2008, Winter 2009, and Spring/Summer 2009; the 2008-2009 FAFSA is used for this academic year.
When should I apply with the FAFSA?
The FAFSA can be submitted as early as January 1, 2008, for the 2008-2009 academic year. Tax information can be estimated on the form, but must be adjusted once the official tax return is completed. Around 30% of these applications are selected, by the federal processor, for a process called “verification”. This is similar to an audit and the school will request certain documents from the student and/or parent to verify the information that was listed on the FAFSA.
What kind of financial aid can I expect?
It is hard to predict what specific kind of financial aid a student will be eligible for. Need based aid eligibility is determined by this calculation: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Need. The COA is determined by the school based on estimated costs. The federal processor determines the EFC based on all of the information provided on the FAFSA. Most schools award institutional and state need based funds on a first-come, first-served basis; therefore, early application is essential.
What are alternative loans?
Federal loans have limits based on the grade level and dependency status of the student. The dependent freshman limit is $3500 for the academic year. Students often need additional funding or borrowing opportunities to help with remaining costs. That is where alternative loans come in. These are student loans with some flexibility in repayment, but typically higher interest rates. In most cases, students need co-signers for these loans. You can find out more information about the alternative loans SVSU students tend to utilize on the loan page.
Can my parents borrow money?
Parents are able to apply for the Federal Parent (PLUS) Loan. This loan is based on credit history. If a parent is denied, the student is eligible for additional Federal Stafford Unsubsidized Loan funds in his/her own name. A dependent freshman student, whose parent is denied for a PLUS loan, can borrow up to $4000 additional unsubsidized funds.
When is my bill due?
Fall 2008 tuition, fees, and/or housing charges will be due July 30, 2008. Winter 2009 tuition, fees, and/or housing charges are due December 3, 2008. Once the tuition and fee amounts are established for the 2008-2009 academic year, the student’s charges are posted to Cardinal Direct, http://cardinaldirect.svsu.edu/. Payment by credit card or e-check is accepted online.
Can I make payments?
The university does offer a 4-month, interest-free payment plan option for the Fall and Winter semesters. It is called the Cardinal Payment Plan. Information and forms can be obtained at www.svsu.edu/cpp.
When do I or my parents pay the loans back?
Federal Direct Stafford loans (both subsidized and unsubsidized) do not have to start being repaid until 6 months after graduation or departure from at least half-time enrollment. Unsubsidized loans start accumulating interest as soon as the funds are disbursed. The U.S. Department of Education will send quarterly interest statements to the student with the option to pay at any time. Federal Parent PLUS loans must start being repaid 60 days after the second disbursement of the loan. Alternative loans have varying options. Some have the 6 months after graduation repayment option and others allow for up to 5 years forbearance.
When do I get my money?
At the earliest, loan funds are disbursed to the school, as long as everything is in place, up to 10 days before the semester begins. The funds are applied to any outstanding balance and any excess is refunded to the student. The first disbursement of a Federal Stafford Loan for a first-time borrower must be disbursed 30 days into the semester. This means a first-time freshman student cannot expect any refund from a loan until after this 30 day period. Any excess scholarship or grant funds are disbursed to the student after the refund periods (about 5-6 weeks into each semester) after all awards are finalized.
How do I pay for my books?
If a student has excess funds from scholarships and/or grants after tuition, fees, and/or housing is paid, up to $450 will automatically transfer to the bookstore the week before classes for the student to use to purchase books. If the excess funds are from a loan, the student must “opt-in” to have up to $450 transfer to the bookstore. This is done on Cardinal Direct, http://cardinaldirect.svsu.edu/. Any funds that are not used at the bookstore will ultimately be refunded to the student.