Federal School Code : 002314
Terms and Conditions
2008-2009 Terms and Conditions
- Payment of Financial Aid
- Eligibility for Financial Aid
- Verification Students
- Enrollment Status
- Total Withdrawal from Classes/Return of Title IV Funds
- Students Who Receive All F Grades
- Satisfactory Academic Progress
- Taxable Financial Aid
- Payment of Costs Not Covered by Financial Aid
- Types of Financial Aid
- Consumer Information
- Financial Aid Awarding/Financial Aid Award Letter
- Spring/Summer Financial Aid
- Bookstore Funds
- Refunds
I. Payment of Financial Aid
Saginaw Valley State University (SVSU) will credit financial aid funds to your student account to pay tuition, fees and on-campus room and board. Your signature on the Award Letter authorizes SVSU to retain funds on account to cover other charges such as books, late fees, telephone charges, and fines. This authorization may be canceled or modified in writing by you (or your parent in the case of a parent PLUS loan) and submitted to the SVSU Office of the Controller. A cancellation or modification is not retroactive. Disbursements may occur up to 10 days prior to the enrollment period or within 14 days of the disbursement of funds to the student account.
II. Eligibility for Financial Aid
Some financial aid awards may be based on the annual completion of the Free Application for Federal Student Aid (FAFSA). Financial aid awards may be made under the assumption that a past award may be renewed; some awards may not be renewed. If an award is not renewed, the award package may be revised. Most financial aid awards are made for the Fall and Winter semesters; Spring/Summer semester awards are based on your eligibility for financial aid. If you are interested in financial aid for the Spring/Summer semester, you need to complete a Spring/Summer financial aid request form available online at the financial aid forms page or from the Office of Scholarships and Financial Aid (OSFA) at the beginning of the Winter term.
If you have used your maximum Pell grant, Direct Stafford Loan, or other federal funds for the academic year, you may not be eligible for additional federal funds until the next academic year.
How Need Based Aid Eligibility is Determined:
A student's financial need is determined by the following formula: Student's estimated Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Need.
Need based financial aid is available to students who demonstrate a need for additional resources to help pay their college costs. The primary responsibility for paying for college costs rests with the student and his or her family.
The student’s estimated cost of attendance (COA) is determined by Saginaw Valley State University and can be viewed on our website herehttp://www.svsu.edu/financialaid. Students cannot exceed their COA when receiving any awards (scholarships, grants, loans, work-study) from any source. All awards must be reported to the OSFA. If a student is receiving a Direct to Consumer Loan (alternative or private loans that are disbursed directly to the student), federal law requires that loan must be reported to our office. Since federal loans have a lower interest rate, students should always consider those first.
The student’s Expected Family Contribution (EFC) is determined by the U. S. Department of Education after submitting the Free Application for Federal Student Aid (FAFSA). The EFC represents how much a student and his or her family can be expected to contribute to the cost of the student's education for the year. An EFC is used to determine a student's eligibility for need-based federal student aid.
Federal financial aid is available at only one institution during an enrollment period. If you plan to attend another institution concurrently, you must notify the OSFA prior to enrollment. Students cannot receive federal funds such as a Stafford Loan (Direct or FFELP), Pell Grant, Academic Competitiveness Grant (ACG), SMART grant or TEACH grant from more than one institution during the same enrollment period. Students who are awarded funds at two institutions during the same enrollment period, semester or term, may be required to return funds awarded to them.
A student may be considered independent of his or her parents for federal aid purposes if he/she has an unborn child who will be born during the award year. However, the student must be providing his/her own support and more than 50% of the child's support from birth to the end of the award year. Students that are considered independent may be eligible for additional aid. Please see a financial aid advisor for additional information.
You are required to notify the SVSU OSFA in writing of any financial aid award you will receive during the academic year.
In the event of federal or state reductions in funding, awards may be reduced and you may be billed for the amount of the reduction.
Awards may be canceled or reduced if you become eligible for additional financial aid or if you default on a student loan.
You will be required to reimburse SVSU if you receive federal, state, or institutional financial aid under the following situations: 1) providing fraudulent information, 2) failing to maintain Satisfactory Academic Progress in prior semesters, 3) dropping classes with a complete refund, and/or 4) not carrying the minimum number of credits for eligibility
III. Verification Students
At least 30% of all students are chosen for a process called verification by the federal processor. Students who are selected for verification AFTER receiving an award letter with federal, state and institutional funds (i.e., Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG), Federal Direct Stafford Loan and/or other awards) must complete the verification process to remain eligible for funds. Awards such as the Federal Pell Grant, Federal SEOG, ACG, SMART Grant, SVOG, Federal Direct Stafford Loan and/or other selected awards will be removed temporarily until the verification process is complete. After completion of the verification process, awards may be reduced because of a change in the Expected Family Contribution (EFC), which is determined by the FAFSA information submitted to the U. S. Department of Education. Reduced awards may cause the student to owe a balance to the university.
IV. Enrollment Status
Your financial aid award is initially packaged based on full time enrollment for the Fall and Winter semesters. If your enrollment status will be less than full time, you are to complete a Budget/Enrollment Change Form for the 2007-2008 academic year and submit it to the Office of Scholarships and Financial Aid. Awarding for the Spring/Summer semester is done separately as indicated in Section II: Eligibility for Financial Aid. If the award package is initially created after classes begin, the package may be based on the actual enrollment status. Changes in enrollment status may be made by submitting a change on your Student Aid Report to the Federal Student Aid Programs Office or by submitting a Budget/Enrollment Change Form to the SVSU OSFA. Financial aid awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant(SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG), Michigan Competitive Scholarship, SVSU Scholarships and/or other awards will be adjusted based on the number of credit hours for which you are enrolled on the last day to drop classes with a refund. For example: If you are a full time student for the Fall 2008 semester and receiving a Federal Pell Grant for $2,366 and you drop to half time during the refund period, your Federal Pell Grant will be reduced to $1,183. Students who do not pay their balance owing are subject to having classes canceled and/or be evicted from on-campus housing.
You may be required to repay all or part of the aid received if you drop classes during the refund period. The refund period dates can be found in the Important Dates for each semester. Financial aid adjustments, however, will not change the enrollment status appearing on your award letter. Before you drop any classes, please check with the Office of Scholarships and Financial Aid to see how your aid will be affected.
Students must notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the Registrar's Office's Website.
Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for credits you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.
| Enrollment Status | Undergraduate Students | Graduate Students |
|---|---|---|
| Full Time | 12 or more credits | 9 or more credits |
| Three Quarter Time | 9, 10, or 11 credits | |
| Half Time | 6, 7, or 8 credits | 5, 6, 7, or 8 credits |
| Less Than Half Time | 5 or less credits | 4 or less credits |
V. Total Withdrawal from Classes/Return of Title IV Funds
If you receive federal Title IV financial aid and totally withdraw from all classes before 60% of the semester is complete, federal regulations require SVSU to calculate the amount of federal financial aid you did not "earn" and return these funds to the federal government. You are deemed to have "earned" the aid for the period of the semester you have attended. Federal Title IV aid includes Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Federal Direct Stafford Loans (subsidized or unsubsidized), and/or Federal Parent PLUS Loans. In most cases of complete withdrawal from classes, the student will owe a balance of financial aid funds to SVSU, the federal government, or both.
The amount of funds that is "unearned" and to be returned to the federal government is determined by a federal calculation. The calculation uses the total number of calendar days a student has attended divided by the total number of days in the semester (not including scheduled breaks of five or more days) to determine the percent of the semester the student has attended. If it is determined that the student has attended 30% of the semester, the student has then earned 30% of his/her federal aid that was disbursed. Any unearned aid will be returned to the federal government. When the school returns the aid, this creates a deficit on the student's account at SVSU. If the student does not have any credit balance on his/her account, this will become a balance owing to SVSU. Any balance owing will prohibit a student from registering for future semesters and from requesting copies of transcripts.
SVSU will notify a student whether he/she owes money back to the school or to the government. Loan money owed to the government is repaid according to the terms of the promissory note. Unearned grant money is owed directly to the government, and the student is responsible to repay those funds within 45 days. If it is not repaid within 45 days, the student will be reported as having received an overpayment and will not be eligible for federal Title IV funds at any school until this is repaid.
Please note that you must meet eligibility requirements of federal aid in order for the funds to be counted in the calculation. For example, first-time, first-year borrowers must complete 30 days of the semester in order to be eligible for any Direct Stafford Loan funds. If 30 days have not been completed, the student is not entitled to any portion of these funds.
You are strongly encouraged to contact the SVSU OSFA prior to dropping or withdrawing from any classes. The OSFA staff can help clarify any questions about withdrawing from courses and show you examples of a refund calculation.
Students must notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the Registrar's Office's Website.
Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for credits you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.
VI. Students Who Receive All F Grades
Students who fail all courses in which they are registered for will be reviewed at the end of each semester. Students will have to be reviewed to determine if they earned an F grade or received an F grade for non-attendance. The student's last date of attendance or the last date of any academically related activity (exam, paper, quiz, etc.) the student has completed will be reported on the grade roster for each student that an F grade is given to. If it is determined, by these dates, that a student has stopped attending all of the courses that he/she is registered for before 60% of the semester is complete; the student will be required to return their "unearned" federal Title IV assistance back to the university so it may be refunded to the federal government. Again, it is when a student has attended classes that a student has "earned" all or a portion of his/her federal aid. If a student has continued to attend at least one course past 60% of the semester, and "earned" an F grade, then no action is necessary.
VII. Satisfactory Academic Progress
Satisfactory Academic Progress (SAP) must be maintained while receiving federal, state and institutional financial aid at Saginaw Valley State University (SVSU). Included in financial aid are scholarships, grants, loans, and work study. Failure to satisfy the requirements of the SAP policy will result in loss of financial aid. There are three measurements for Satisfactory Academic Progress:
- Qualitative requirement: SVSU cumulative grade point average (GPA)
- Quantitative requirement: Minimum number of new credit hours that must be completed
- Maximum time frame: Maximum number of credit hours to complete a program
It is important for you to have a thorough understanding of the SAP policy. A detailed explanation of this policy is available on our website on the Satisfactory Academic Progress Policy page or from the Office of Scholarships and Financial Aid.
VIII. Taxable Financial Aid
Portions of scholarship and fellowship grants may be considered taxable by the Internal Revenue Service (IRS). Contact your tax preparer or the IRS for further information.
IX. Payment of Costs Not Covered by Financial Aid
It is your responsibility to pay any balance due by the published deadline dates. Payments can be made at the SVSU Cashier’s Office, 166 Wickes Hall, or via Cardinal Direct, http://cardinaldirect.svsu.edu.
The University offers the Cardinal Payment Plan (CPP) for undergraduates, which allows you to pay for tuition, fees, and on-campus housing with interest-free monthly payments. There is an enrollment fee for the Fall and the Winter semesters. For more information concerning CPP, contact the Student Financial Services at (989) 964-4210 or visit the SVSU Student Financial Service's webpage.
The Graduate Payment Plan is available for the Fall and Winter semesters. The Graduate Payment Plan is only available to those students enrolled in a Graduate program. The SVSU Graduate Payment Plan allows you to spread your semester education and/or housing expenses over 2 payments instead of larger, single-semester payments. Regardless of when you register for the Fall 2008 semester, you must enroll in the Graduate Payment Plan and pay the $70 enrollment fee by August 1 to be eligible for the plan. If enrolling by mail, print the Graduate Payment Plan Enrollment Form at http://www.svsu.edu/controller/index.cfm?doc_id=1251. Return the enrollment form to: Saginaw Valley State University, Student Financial Services, 7400 Bay Road, University Center, MI 48710. For questions, please call (989) 964-4210.
X. Types of Financial Aid
Scholarships and Grants
Scholarship and grant awards do not need to be paid back. They are based on either merit or financial need. If a student receives the TEACH grant (new federal grant for 2008-2009) and does not meet all requirements of the grant after receiving it, the student will be required to pay back the grant under the Federal Direct Loan program.
Michigan Promise Scholarship
http://www.michigan.gov/meritaward
If you are eligible for the Michigan Promise Scholarship and would like to use it for academic year 2008-2009, you must complete the following steps:
- Inform the State of Michigan by November 15, 2008 that you want SVSU to receive the Michigan Promise funds. You can certify your award with the state at http://www.michigan.gov/mistudentaid/0,1607,7-128-38193_44522—,00.html.
AND - Inform SVSU that you will receive the Michigan Promise Scholarship. This can be done by indicating the expected award on a returning award letter and by providing SVSU a completed copy of the online certification form. This should be done as soon as possible, but no later than the payment deadline date in order to apply your award toward your Fall 2008 and/or Winter 2009 tuition and fees and/or housing charges.
Michigan Merit Award
If you are eligible for the Michigan Merit Award and would like to use it for academic year 2008-2009, you must complete the following steps:
- Inform the State of Michigan by November 15, 2008 that you want SVSU to receive the Michigan Merit funds. You can certify your award with the state at https://treas-secure.state.mi.us/meritaward/index.htm.
AND - Inform SVSU that you will receive the Michigan Merit Award. This can be done by indicating the expected award on a returning award letter and by providing SVSU a completed copy of the online certification form. This should be done as soon as possible, but no later than the payment deadline date in order to apply your award toward your Fall 2008 and/or Winter 2009 tuition and fees and/or housing charges.
Michigan Competitive Scholarship Recipients
Students who are awarded the Michigan Competitive Scholarship by the State of Michigan will receive up to $1300 for the academic year. This award is not guaranteed and is based on availability of state funds. Student awards may be less than $1300 if the student has exceeded his/her need. At any time during the academic year, the award may be reduced/canceled if a student receives other awards (free money/gift aid). SVSU reserves the right to correct any errors.
Priority is given for this scholarship to students who have completed their Free Application for Federal Student Aid (FAFSA) by the State of Michigan deadline date of March 1, 2008 (for the 2008-2009 academic year). If you are eligible for the Michigan Competitive Scholarship and wish to attend Saginaw Valley State University, you must list Saginaw Valley State University as your first school of choice on the FAFSA form. Failure to do so may jeopardize your Michigan Competitive Scholarship for the Academic year!
Further information about the Michigan Competitive Scholarship is available by calling
1-888-447-2687.
Academic Competitiveness Grant (ACG)
Eligibility Requirements: Students must meet the following federal and institutional
requirements to be eligible for the ACG:
Federal Requirements:
Students must:
- Be a U.S. Citizen.
- Be Federal Pell Grant eligible.
- Be enrolled full-time in a degree program.
- Be an undergraduate student.
- Be enrolled in the first or second academic year of his or her program
of study at a two-year or four-year degree granting institution. - Have completed a rigorous secondary school program of study (after
January 1, 2006, if a first-year student, and after January 1, 2005, if a
second-year student). - If a first-year student, not have been previously enrolled in an under-
graduate progam (dual enrolled high school students can receive the
ACG when they are accepted into a degree seeking program as long
as they have met all other requirements); and - If a second-year student, have at least a cumulative 3.0 grade point
average on a 4.0 scale for the first academic year. - ACG amount may not exceed the student's Cost of Attendance (COA)
when combined with the student's Federal Pell Grant and other
student financial assistance. - Students cannot exceed their need. Other financial aid will be reduced
to stay within the student's need. If other financial aid cannot be
reduced, the ACG award will be adjusted to a lower amount. - If the number of eligible students is large enough that payment of the
full grant amounts would exceed the program appropriation in any
fiscal year, then the amount of the grant to each eligible student may
be ratably reduced. - A transfer student must be Federal Pell Grant eligible in the same
academic year to be an eligible ACG recipient at a second institution. - Students may only receive one ACG for each of the first two academic
years of an undergraduate program. - Students must have attended and completed all courses to receive and /or
retain their award.
First year students are eligible up to $ 750.
Second year students are eligible up to $ 1300.
Transfer students are only eligible for the second year award up to $1,300.
Institutional Policies:
- A student must be enrolled as a full-time student through the refund
period of each semester to have earned all of his/her award. Students
who drop below full-time status during the refund period will lose the
entire award for that semester. - Transfer students must have a 3.0 cumulative GPA from courses
that transfer to the university. The OSFA will calculate
a GPA based on transferred courses only for the purposes of the ACG
award. The calculation of your transferred GPA will not be combined
with your SVSU GPA. - To be eligible for a second semester/second-year ACG award (if
eligible), your cumulative SVSU GPA must be at least a 3.0. - To be eligible for a second-year award, you must have completed
at least 24 credits but no more than 47 credits. - To be eligible for a first-year award, you must have completed
less than 24 credits. - In the event of federal reductions in funding, awards may be reduced
and the student may be billed for the amount of the reduction. - If a student exceeds their COA and/or NEED when the ACG is awarded,
other awards may be reduced to meet the COA and NEED. If other
awards cannot be reduced, the ACG award will be reduced.
ACG Award Academic Year Definition:
ACG 1st Year: 0-23 credits completed
ACG 2nd Year: 24-47 credits completed
National Smart Grant (SMART)
Eligibility Requirements: Students must meet the following federal and
institutional requirements to be eligible for the SMART Grant:
Federal Requirements:
Students must:
- Be a U.S. Citizen.
- Be Federal Pell Grant eligible.
- Be enrolled full-time in a degree program.
- Be an undergraduate student.
- Be enrolled in a four-year degree granting institution.
- Major in physical, life or computer science, engineering, mathematics,
technology, or a critical foreign language; and - Have at least a cumulative 3.0 grade point average on a 4.0 scale. Students
must have a cumulative 3.0 grade point average after each semester to
earn their award for the next semester (if eligible). - An eligible student may receive a National SMART Grant of up to $4,000
for each of the third and fourth academic years of study. - SMART Grant amount may not exceed the student's Cost of Attendance
(COA) when combined with the student's Federal Pell Grant and other
student financial assistance. - Students cannot exceed their need. Other financial aid will be reduced
to stay within the student's need. If other financial aid cannot be reduced,
the SMART award will be adjusted to a lower amount. - If the number of eligible students is large enough that payment of the full
grant amounts would exceed the program appropriation in any fiscal year,
then the amount of the grant to each eligible student may be ratably
reduced. - A transfer student must be Federal Pell Grant eligible in the same academic
year to be an eligible SMART recipient at a second institution. - Students may only receive one SMART Grant for each of their third and
fourth academic years of an undergraduate program. - Students must have attended and completed all courses to receive and/or
retain their award.
Institutional Policies:
- A student must be enrolled as a full-time through the refund period of each
semester to have earned all of his/her award. Students who drop below
full-time status during the refund period will lose the entire award for that
semester. - Transfer students must have a 3.0 cumulative GPA from courses that
transfer to the university. The university will calculate a GPA based on
transferred courses only for the purposes of the SMART award. The
calculation of your transferred GPA will not be combined with your SVSU
GPA. - Students must take coursework that is in their major each semester to be eligible for the award. Students who do not take the appropriate classes or change their major, will lose their award for that semester.
- To be eligible for the SMART Grant, student must have earned between
48 to 95 credits hours. Student with less than 48 credits and more than 95
credits are not eligible. - In the event of federal reductions in funding, awards may be reduced and
the student may be billed for the amount of the reduction. - If a student exceeds their COA and/or need when the SMART Grant is awarded,
other awards may be reduced to meet the COA and need. If other awards
cannot be reduced, the SMART Grant award will be reduced.
SMART Grant Award Academic Year Definition:
SMART Grant 3rd Year: 48 - 71 credits completed
SMART Grant 4th Year: 72 - 95 credits completed
Saginaw Valley State University Opportunity Grant (SVOG) Recipients
New freshmen for Fall 2008 must do the following to keep their award:
- Return their award letter by June 1, 2008, and
- Register for a Student Orientation Academic Registration (SOAR) program by July 1, 2008.
New freshmen for Fall 2008 who do not meet the above deadlines, will lose their award to another incoming freshmen.
Students who have been awarded the Saginaw Valley State University Opportunity Grant (SVOG) must be enrolled full time (12 or more credits) through the refund period. Students who drop below full time at any time during the refund period will lose their entire SVOG grant for that semester, which may cause a balance owing to the university.
If a student’s Expected Family Contribution (EFC) exceeds 7000 due to changes to their Free Application for Federal Student Aid (FAFSA) submitted by the student or the university during the academic year, the student will lose their entire award for both Fall and Winter semesters (SVSU uses the 8-month EFC for awarding purposes).
Students who were awarded $1500 must have a Primary EFC between 0 and 4110 (Federal Pell eligible students) for the academic year. Students who were awarded $1000 must have an EFC between 4111 and 7000 for the academic year. The award may be adjusted if your EFC changes, which can result in a balance owing the university.
The SVOG is not automatically renewed each year. Funds are based on availability and are awarded on first-come first-served basis. Returning students must have a cumulative grade point average of 2.50 and new freshmen must have a cumulative high school grade point average of 2.70 and a composite score of 18 on the ACT at the time of awarding. This award is based on need.
Third-Party Billing
Third-party billing happens when a company, organization, etc. pays for all or part of a student's tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is typically necessary for this interaction, and is done through the Student Financial Services Office at SVSU.
When a student provides the required documentation to SVSU to authorize the University to bill the designated third-party, they are agreeing that:
The University will bill the designated third-party once the registration add/drop period of the semester concludes,
If the designated third-party refuses to pay the amount billed, the balance owed will become the student's responsibility to pay no matter what the circumstance, and
The student understands that a delinquent balance will prevent the student from registering for a future semester and will prevent the student from obtaining a transcript.
Student Employment
If you have been awarded Federal Work Study or Michigan Work Study and are interested in on-campus employment, you must go to our Career Planning & Placement Office website at www.svsu.edu/careers/ and download a Student Employment Application. You must complete and return your application to the Office of Career Planning Placement as soon as possible. Student Employment awards are earned wages, subject to a minimum of half-time enrollment status and job availability. If you are hired, you will be paid biweekly for work performed. If you are not placed in an on-campus job, you will not earn your award. Employment awards are not included when offsetting university charges. If you are interested in on-campus employment and did not receive a work study award, download a Student Employment Application at the website above. Complete and return it to the Office of Career Planning & Placement.
Federal Direct Loans
You must be enrolled at least half time (6 credits per semester for undergraduates and 5 credits per semester for graduates) and meet all eligibility requirements to apply for a Direct Subsidized and/or a Direct Unsubsidized loan. During the time of disbursement of the Federal Direct Loan, students must be enrolled at least half-time to receive funds on their account. If a student drops a course during the semester and falls below half-time at the point of disbursement, the student will become ineligible for the loan for that semester. This may cause a balance owing to the university. If you enrolled full-time or three quarter-time and drop a course before the disbursement of a loan, your loan may be adjusted based on the enrollment status change. This may also cause a balance owing to the university.
The interest rate on both subsidized and unsubsidized loans is a fixed rate of 6.80%. Repayment on these loans does not begin until 6 months after a student leaves school or falls below half-time enrollment. The subsidized loan is based on financial aid need and interest is not charged until repayment begins. The unsubsidized loan is not based on need and interest is charged from the time the loan is disbursed. In accordance with federal regulations, fees of up to 1.0% are deducted from the loans, with the proceeds going to the federal government to help reduce the cost of the loans.
If you are eligible for a Direct Subsidized and/or Direct Unsubsidized Stafford Loan, please follow the instructions on your Award Letter carefully. If you accept a loan, you must sign and return your Award Letter as soon as possible to initiate processing of your loan. If your grade level changed during the academic year, you may be eligible for additional Stafford Loan. If you received a Direct Loan during the past three years, you may not need to sign a new promissory note (loan application). We will notify you as to whether or not a promissory note needs to be completed.
Loans for the fall and winter are issued in two payments (disbursements). In most cases the first payment will be at the beginning of the Fall semester and the second payment at the beginning of the Winter semester. If you have a loan for only one semester, there will only be one disbursement. In some cases, one-semester only loans are necessary, even if a student is receiving a Federal Direct Stafford Loan for both Fall and Winter Semesters.
First year, first time undergraduate students, however, will receive the first payment 30 days after the semester begins. Loan funds must first be used to pay for tuition, fees and room and board charges as well as books and other charges. If loan funds remain, the student is refunded in accordance with the SVSU refund policy.
Loan disbursements may be reduced or canceled if the enrollment status changes. Federal loan disbursements to a student’s account can only be made if the student is enrolled at least half-time at the time of disbursement.
Under federal regulations, if this is your first loan at Saginaw Valley State University, you must complete entrance loan counseling before funds can be disbursed. The loan counseling requirement may be fulfilled by reading information and passing an online quiz at www.dl.ed.gov/. Prior to taking the quiz, you will need to enter your name, social security number, and date of birth. After doing this, it is essential that you go through the procedure of selecting Saginaw Valley State University as the school name so that SVSU can be notified that you have completed the entrance loan counseling. If you prefer, you may also contact the OSFA to set up an appointment to do loan counseling in person. An in-person session may last up to approximately 45 minutes. If loan funds arrive and your loan counseling requirement has not been completed, your loan must be returned to the Direct Loan Program. We encourage you to fulfill the loan counseling requirement prior to the first day of classes.
If you are a dependent student, your parent may apply for a federal parent (PLUS) loan. If your parent is interested in a parent loan, a request form is available here or at the Office of Scholarships and Financial Aid.
Students with excess Direct Loan funds may have up to $450 go to the Bookstore. In order for book funds to be available at the bookstore, students must opt-in by going to Cardinal Direct. Once you are at the Cardinal Direct website, select "Click here to Enter Cardinal Direct" and then select "Prospective and Current Students." Under Financial Profile, Select "Bookstore Advance Opt-in for Direct Loans Students" and follow the instructions.
Graduate Students
If you are a graduate student and have a Federal Direct Stafford graduate loan or are interested in obtaining one, you must meet the following requirements to receive your loan:
- Be admitted to a master’s program.
- Have an active academic program, and
- To be a full-time student, you must take 9 credits of 500 level and above coursework that applies toward your master’s degree.
- To be a part-time student, you must take 5 credits of 500 level and above coursework that applies toward your master’s degree.
The federal government does not allow students to obtain Federal Direct Stafford graduate loan if they are enrolled in courses at the undergraduate level even if they are prerequisite courses. Undergraduate courses range from 080 - 499. If you are working on prerequisite courses, you may be eligible for an undergraduate loan. If you have been approved by your academic advisor to use an undergraduate course for graduate credit that applies to your master’s program, you must have your advisor e-mail us a confirmation at financial-aid(at)svsu.edu or have your advisor send a signed confirmation to the Office of Scholarships and Financial Aid. If you have questions regarding what classes you should take, please contact your academic advisor.
Our office will be reviewing your courses before disbursing your Federal Direct Stafford graduate loan funds to your account. If you do not meet the requirements above, your loans will not be disbursed to your account or your loan will be adjusted accordingly. If at any time during the year we discover an error in awarding and/or disbursing a loan to you, we have the right to correct the error which may cause a balance owing to the university.
Teacher Certification Students
Teacher Certification students are considered to be undergraduate students for the purpose of awarding federal loans. A student cannot receive a graduate loan as a Teacher Certification student. Students may be eligible for undergraduate loans. If you have changed your academic program from graduate to teacher certification and have been awarded a graduate loan, you must contact the Office of Scholarships and Financial Aid so that we can adjust your loan to an undergraduate loan, if eligible. In most cases, adjusting your loan will result in a reduced amount. If a student fails to notify us and we discover this change in your academic program from graduate to teacher certification, we have the right to adjust your loan, which may cause a balance owing to the university.
Alternative Loans
See alternative loan options on our website. Please refer specific alternative lender websites for a complete description of terms and conditions.
XI. Consumer Information
Saginaw Valley State University is required by federal law to provide consumer information which includes information on the institution, financial assistance, completion or graduation rates, information about student’s rights under the Family Education Rights and Privacy Act (FERPA) and information about athletic program participation rates and financial support. To obtain a paper copy of all or parts of the consumer information, please contact the Office of Scholarships and Financial Aid, Wickes Hall, Room 141 or call (989) 964-4103. Consumer information will be available on our website in the near future.
XII. Financial Aid Awarding/Financial Aid Award Letters
By signing your award letter, you certify that you will use federal, state, institutional, and all other funds to pay for educational costs only while attending SVSU.
Financial aid awards may be based on the annual completion of the FAFSA. Some awards may not be renewable.
Changes a student makes to their Free Application for Federal Student Aid (FAFSA) may result in a different Expected Family Contribution (EFC), which may cause a reduction in awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG) and/or other awards. If a student’s EFC changes, the university has the right at any time during the academic year to make an adjustment on any necessary awards. This adjustment may cause a student to owe money to the university. Federal financial aid (Pell Grant, Direct Loans, PLUS loans, and Work Study) is available at only one institution during an enrollment period. Students attending another institution concurrently must notify the SVSU OSFA.
In the event of federal or state reductions in funding, awards may be reduced and the student may be billed for the amount of the reduction.
If federal, state and institutional funds are disbursed and refunded to the student before the start of the semester and the student does not attend class, funds will be reduced or canceled which will cause a balance owing.
Students may not exceed their SVSU Cost of Attendance (COA) or financial need. Receipt of external and internal scholarships and financial aid may affect a student’s award package in the following order:
- Federal Parent Loans
- Federal Stafford Loans
- Federal and or Michigan Work Study
- SVSU Controlled Funds (MEOG, APTG, SEOG, SVOG and Hoern)
- Institutional Private Scholarships
SVSU reserves the right to correct any clerical errors.
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. Outside sources of financial aid (for example: employer, scholarships obtained through a community or high school) must be reported on a submitted Financial Aid Award Letter. Award letters are to be submitted to the OSFA. Funds must be received by SVSU in order for funds to be applied to the student’s account. If a student receives an award from an SVSU private donor, a copy of the student's transcript and general student information may be provided to the donor. The student will be instructed to write a thank-you note that will be forwarded to the donor. Failure to do this will result in the award being removed and the student being billed for the awarded amount. If a student receives any grant, scholarship, or loan under the following situations, the student must reimburse SVSU:
- If the student obtained financial aid after providing fraudulent information.
- If the student did not maintain Satisfactory Academic Progress in prior semesters.
- If the student dropped classes with a complete refund, or did not carry the minimum number of credits required for eligibility.
The awards listed on the Financial Aid Award Letter are based upon the assumption that a student is maintaining Satisfactory Academic Progress, and these awards will be canceled if the student does not maintain Satisfactory Academic Progress. Awards may be canceled or reduced if the student becomes eligible for different forms of aid. Awards may be made under the assumption that a past award may be renewed. If an award is not renewed, the student's package may be revised. Athletic awards and other merit-based awards may be approximate until exact charges are determined. Athletic scholarships are awarded under the following conditions:
- SVSU will pay for a maximum of 31 credit hours for Fall and Winter semesters combined for those athletes Tuition and Fees, and Books Assistance.
- Athletes are responsible for any forfeiture fees when dropping a class(s) during the refund period.
- Athletes must maintain Satisfactory Academic Progress (as defined by SVSU) and conform to eligibility requirements set by the National Collegiate Athletic Association (NCAA), the Great Lakes Intercollegiate Athletic Conference (GLIAC), and the Midwest Intercollegiate Football Conference (MIFC).
- Conduct unbecoming an athlete and that might bring embarrassment to the University can result in the loss of the athletic grant.
XIII. Spring/Summer Financial Aid
To see if you have eligibility for a Federal Pell Grant or Federal Direct Stafford Loan for the Spring/Summer Sessions, please fill out a 2009 Spring/Summer Grant, Scholarship, and/or Student Loan Request Form. Forms are done on a first come, first served basis and should be available beginning January 2009.
Forms should be submitted by February 15, 2009 to ensure that funds will be in place for the Spring 2009 payment due date.
You can apply for a loan after the semester begins, but you still must adhere to all payment deadlines.
To receive a late loan for the Spring session only, you must submit the form by June 1, 2009.
To receive a late loan for the Spring and Summer sessions or the Summer session only, you must submit the form by August 1, 2009.
You must be enrolled at least half time to be eligible for a Federal loan. 6 credits for undergraduate and 5 credits for graduate students. Students may take a combination of this amount between the spring and summer sessions.
You must be enrolled for the specific amount of credits that you listed, for both Spring and/or Summer sessions, on your 2009 Spring/Summer Grant, Scholarship, and/or Student Loan Request Form before your funds to be disbursed. If you need to change your intended enrollment status, please complete a 2008-2009 Budget/Enrollment Change Form. A change in enrollment status often results in a change to your financial aid awards.
If you have already received the Federal Pell Grant at SVSU or another school during the 2008-2009 academic year, you may not have any eligibility left. You can receive the grant for a maximum of two full time semesters during an academic year. Therefore, if you have attended less than full time during the Fall or Winter, you may have eligibility left to use.
XIV. Bookstore Funds
If you have opted into the Bookstore Advance Program up to $450 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 (See "Enrollment Status" and "Types of Financial Aid" above for more details). Please contact the Office of Scholarships and Financial Aid if you have questions.
You must have excess aid, above and beyond your costs for tuition, fees, and/or housing, to have funds available at the bookstore.
Your loan must be disbursed before the funds can be available at the bookstore (See "Enrollment Status" and "Types of Financial Aid" above for more details). Look at your Account Summary by Term on Cardinal Direct for the semester you are inquiring about. If you see that your loan funds have been disbursed to your account, your bookstore funds should be available to you on the next business day by 12:00pm. Check Cardinal Direct to confirm you have a bookstore credit by going to Account Summary by Term and looking for "Bookstore Transaction Card Chg". If you see this on your account, your excess loan funds are available at the bookstore.
If your grant, scholarship, or other award pays specifically for all or a portion of your books, a Bookstore Card will be available for you at the Bookstore beginning the week before classes.
If you want up to $450 in your excess loan to go to the Bookstore, "Opt In" to the program on Cardinal Direct. If you have already done this in a previous semester, you are still enrolled in this option.
The Bookstore Funds are only available in the bookstore from the week before classes begin until two weeks into the semester, unless posted otherwise.
XV. Refunds
Fall 2008/Winter 2009 Refund Checks
Loan refund checks will begin to be disbursed the week before classes start for Fall 2008 and Winter 2009 semesters.
Check Cardinal Direct to see your account summary by term. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the University’s refund policy. You can monitor Cardinal Direct to see when Student Financial Services has disbursed your refund to you via voucher or direct deposit to an Independent Bank Account. Some conditions do apply. Contact the OSFA if you have questions.
Excess federal funds are refunded within two weeks of being transmitted to the student account. Check your account summary by term on Cardinal Direct to ensure your federal funds have transmitted.
Excess scholarships, grants and all other aid are disbursed after the Fall and Winter refund period (the point in which you can no longer drop a class and receive a refund (see the Registration page for details), which is typically four weeks into the semester.
Spring/Summer 2009 Refund Checks
Loan refund checks will begin to be disbursed the first week of the Spring 2009 session for students enrolled in the Spring session only or both the Spring and Summer sessions. Students enrolled for the summer session only will not have their loans disbursed until after the summer session begins.
Check Cardinal Direct to see your account summary by term. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the University’s refund policy. You can monitor Cardinal Direct to see when Student Financial Services has disbursed your refund to you via voucher or direct deposit to an Independent Bank Account. Some conditions do apply. Contact the OSFA if you have questions.
Excess federal funds are refunded within two weeks of being transmitted to the student account. Check your account summary by term on Cardinal Direct to ensure your federal funds have transmitted.
Excess scholarships, grants and all other aid are disbursed after the Summer refund period (the point in which you can no longer drop a class and receive a refund (see the Registration page for details), which is typically two weeks into the semester.
2007-2008 Terms and Conditions
- Payment of Financial Aid
- Eligibility for Financial Aid
- Verification Students
- Enrollment Status
- Total Withdrawal from Classes/Return of Title IV Funds
- Students Who Receive All F Grades
- Satisfactory Academic Progress
- Taxable Financial Aid
- Payment of Costs Not Covered by Financial Aid
- Types of Financial Aid
- Consumer Information
- Financial Aid Awarding/Financial Aid Award Letter
- Spring/Summer Financial Aid
- Bookstore Funds
- Refunds
I. Payment of Financial Aid
Saginaw Valley State University (SVSU) will credit financial aid funds to your student account to pay tuition, fees and on-campus room and board. Your signature on the Award Letter authorizes SVSU to retain funds on account to cover other charges such as books, late fees, telephone charges, and fines. This authorization may be canceled or modified in writing by you (or your parent in the case of a parent PLUS loan) and submitted to the SVSU Office of the Controller. A cancellation or modification is not retroactive. Disbursements may occur 10 days prior to the enrollment period or within 10 days after the initial award notification.
II. Eligibility for Financial Aid
Some financial aid awards may be based on the annual completion of the Free Application for Federal Student Aid (FAFSA). Financial aid awards may be made under the assumption that a past award may be renewed; some awards may not be renewed. If an award is not renewed, the award package may be revised. Most financial aid awards are made for the Fall and Winter semesters; Spring/Summer semester awards are based on your eligibility for financial aid. If you are interested in financial aid for the Spring/Summer semester, you need to complete a Spring/Summer financial aid request form available online at the financial aid forms page or from the Office of Scholarships and Financial Aid (OSFA) at the beginning of the Winter term.
| COA | (Cost of Attendance) | ||
|---|---|---|---|
| - | EFC | (Expected Family Contribution) | |
| Need | |||
The student’s estimated cost of attendance (COA) is determined by Saginaw Valley State University and can be viewed on our website herehttp://www.svsu.edu/financialaid.
The student’s Expected Family Contribution (EFC) is determined by the U. S. Department of Education after submitting the Free Application for Federal Student Aid (FAFSA).
Federal financial aid is available at only one institution during an enrollment period. If you plan to attend another institution concurrently, you must notify the OSFA prior to enrollment.
You are required to notify the SVSU OSFA in writing of any financial aid award you will receive during the academic year.
In the event of federal or state reductions in funding, awards may be reduced and you may be billed for the amount of the reduction.
Awards may be canceled or reduced if you become eligible for additional financial aid or if you default on a student loan.
You will be required to reimburse SVSU if you receive federal, state, or institutional financial aid under the following situations: 1) providing fraudulent information, 2) failing to maintain Satisfactory Academic Progress in prior semesters, 3) dropping classes with a complete refund, and/or 4) not carrying the minimum number of credits for eligibility.
III. Verification Students
At least 30% of all students are chosen for a process called verification by the federal processor. Students who are selected for verification AFTER receiving an award letter with federal, state and institutional funds (i.e., Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG), Federal Direct Stafford Loan and/or other awards) must complete the verification process to remain eligible for funds. Awards such as the Federal Pell Grant, Federal SEOG, ACG, SMART Grant, SVOG, Federal Direct Stafford Loan and/or other selected awards will be removed temporarily until the verification process is complete. After completion of the verification process, awards may be reduced because of a change in the Expected Family Contribution (EFC), which is determined by the FAFSA information submitted to the U. S. Department of Education.
IV. Enrollment Status
Your financial aid award is initially packaged based on full time enrollment for the Fall and Winter semesters. If your enrollment status will be less than full time, you are to complete a Budget/Enrollment Change Form for the 2007-2008 academic year and submit it to the Office of Scholarships and Financial Aid. Awarding for the Spring/Summer semester is done separately as indicated in Section II. Eligibility for Financial Aid. If the award package is initially created after classes begin, the package may be based on the actual enrollment status. Changes in enrollment status may be made by submitting a change on your Student Aid Report to the Federal Student Aid Programs Office or by submitting a Budget/Enrollment Change Form to the SVSU OSFA. Financial aid awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant(SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG), Michigan Competitive Scholarship, SVSU Scholarships and/or other awards will be adjusted based on the number of credit hours for which you are enrolled on the last day to drop classes with a refund. For example: If you are a full time student for the Fall 2007 semester and receiving a Federal Pell Grant for $2,155 and you drop to half time during the refund period, your Federal Pell Grant will be reduced to $1,078.
You may be required to repay all or part of the aid received if you drop classes during the refund period. The refund period dates can be found in the Important Dates for each semester. Financial aid adjustments, however, will not change the enrollment status appearing on your award letter. Before you drop any classes, please check with the Office of Scholarships and Financial Aid to see how your aid will be affected.
Students must notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the Registrar's Office's Website.
Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for credits you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.
| Enrollment Status | Undergraduate Students | Graduate Students |
|---|---|---|
| Full Time | 12 or more credits | 9 or more credits |
| Three Quarter Time | 9, 10, or 11 credits | |
| Half Time | 6, 7, or 8 credits | 5, 6, 7, or 8 credits |
| Less Than Half Time | 5 or less credits | 4 or less credits |
V. Total Withdrawal from Classes/Return of Title IV Funds
If you receive federal Title IV financial aid and totally withdraw from all classes before 60% of the semester is complete, federal regulations require SVSU to calculate the amount of federal financial aid you did not "earn" and return these funds to the federal government. You are deemed to have "earned" the aid for the period of the semester you have attended. Federal Title IV aid includes Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Federal Direct Stafford Loans (subsidized or unsubsidized), and/or Federal Parent PLUS Loans. In most cases of complete withdrawal from classes, the student will owe a balance of financial aid funds to SVSU, the federal government, or both.
The amount of funds that is "unearned" and to be returned to the federal government is determined by a federal calculation. The calculation uses the total number of calendar days a student has attended divided by the total number of days in the semester (not including scheduled breaks of five or more days) to determine the percent of the semester the student has attended. If it is determined that the student has attended 30% of the semester, the student has then earned 30% of his/her federal aid that was disbursed. Any unearned aid will be returned to the federal government. When the school returns the aid, this creates a deficit on the student's account at SVSU. If the student does not have any credit balance on his/her account, this will become a balance owing to SVSU. Any balance owing will prohibit a student from registering for future semesters and from requesting copies of transcripts.
SVSU will notify a student whether he/she owes money back to the school or to the government. Loan money owed to the government is repaid according to the terms of the promissory note. Unearned grant money is owed directly to the government, and the student is responsible to repay those funds within 45 days. If it is not repaid within 45 days, the student will be reported as having received an overpayment and will not be eligible for federal Title IV funds at any school until this is repaid.
Please note that you must meet eligibility requirements of federal aid in order for the funds to be counted in the calculation. For example, first-time, first-year borrowers must complete 30 days of the semester in order to be eligible for any Direct Stafford Loan funds. If 30 days have not been completed, the student is not entitled to any portion of these funds.
You are strongly encouraged to contact the SVSU OSFA prior to dropping or withdrawing from any classes. The OSFA staff can help clarify any questions about withdrawing from courses and show you examples of a refund calculation.
Students must notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the Registrar's Office's Website.
Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for credits you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.
VI. Students Who Receive All F Grades
Students who fail all courses in which they are registered for will be reviewed at the end of each semester. Students will have to be reviewed to determine if they earned an F grade or received an F grade for non-attendance. The student's last date of attendance or the last date of any academically related activity (exam, paper, quiz, etc.) the student has completed will be reported on the grade roster for each student that an F grade is given to. If it is determined, by these dates, that a student has stopped attending all of the courses that he/she is registered for before 60% of the semester is complete; the student will be required to return their "unearned" federal Title IV assistance back to the university so it may be refunded to the federal government. Again, it is when a student has attended classes that a student has "earned" all or a portion of his/her federal aid. If a student has continued to attend at least one course past 60% of the semester, and "earned" an F grade, then no action is necessary.
VII. Satisfactory Academic Progress
Satisfactory Academic Progress (SAP) must be maintained while receiving federal, state and institutional financial aid at Saginaw Valley State University (SVSU). Included in financial aid are scholarships, grants, loans, and work study. Failure to satisfy the requirements of the SAP policy will result in loss of financial aid. There are three measurements for Satisfactory Academic Progress:
Qualitative requirement: SVSU cumulative grade point average (GPA)
Quantitative requirement: Minimum number of new credit hours that must be completed
Maximum time frame: Maximum number of credit hours to complete a program
It is important for you to have a thorough understanding of the SAP policy. A detailed explanation of this policy is available on our website on the Satisfactory Academic Progress Policy page or from the Office of Scholarships and Financial Aid.
VIII. Taxable Financial Aid
Portions of scholarship and fellowship grants may be considered taxable by the Internal Revenue Service (IRS). Contact your tax preparer or the IRS for further information.
IX. Payment of Costs Not Covered by Financial Aid
It is your responsibility to pay any balance due by the published deadline dates. Payments can be made at the SVSU Cashier’s Office, 166 Wickes Hall, or via Cardinal Direct, http://cardinaldirect.svsu.edu.
The University offers the Cardinal Payment Plan (CPP) for undergraduates, which allows you to pay for tuition, fees, and on-campus housing with interest-free monthly payments. There is an enrollment fee for the Fall and the Winter semesters. For more information concerning CPP, contact the Student Financial Services at (989) 964-4210 or visit the SVSU Student Financial Service's webpage.
The Graduate Payment Plan is available for the Fall and Winter semesters. The Graduate Payment Plan is only available to those students enrolled in a Graduate program. The SVSU Graduate Payment Plan allows you to spread your semester education and/or housing expenses over 2 payments instead of larger, single-semester payments. Regardless of when you register for the Fall 2007 semester, you must enroll in the Graduate Payment Plan and pay the $ 70 enrollment fee by August 1 to be eligible for the plan. If enrolling by mail, print the Graduate Payment Plan Enrollment Form at http://www.svsu.edu/controller/index.cfm?doc_id=1251. Return the enrollment form to: Saginaw Valley State University, Student Financial Services, 7400 Bay Road, University Center, MI 48710. For questions, please call (989) 964-4210.
X. Types of Financial Aid
Scholarships and Grants
Scholarship and grant awards do not need to be paid back. They are based on either merit or financial need.
Michigan Promise Scholarship
http://www.michigan.gov/meritaward
If you are eligible for the Michigan Promise Scholarship and would like to use it for academic year 2007-2008, you must complete the following steps:
- Inform the State of Michigan by November 15, 2007 that you want SVSU to receive the Michigan Promise funds. You can certify your award with the state at http://www.michigan.gov/mistudentaid/0,1607,7-128-38193_44522—,00.html.
AND - Inform SVSU that you will receive the Michigan Promise Scholarship. This can be done by indicating the expected award on a returning award letter and by providing SVSU a completed copy of the online certification form. This should be done as soon as possible, but no later than the payment deadline date in order to apply your award toward your Fall 2007 and/or Winter 2008 tuition and fees and/or housing charges.
Michigan Merit Award
If you are eligible for the Michigan Merit Award and would like to use it for academic year 2007-2008, you must complete the following steps:
- Inform the State of Michigan by November 15, 2007 that you want SVSU to receive the Michigan Merit funds. You can certify your award with the state at https://treas-secure.state.mi.us/meritaward/index.htm.
AND - Inform SVSU that you will receive the Michigan Merit Award. This can be done by indicating the expected award on a returning award letter and by providing SVSU a completed copy of the online certification form. This should be done as soon as possible, but no later than the payment deadline date in order to apply your award toward your Fall 2007 and/or Winter 2008 tuition and fees and/or housing charges.
Michigan Competitive Scholarship Recipients
Students who are awarded the Michigan Competitive Scholarship by the State of Michigan will receive up to $1300 for the academic year. This award is not guaranteed and is based on availability of state funds. Student awards may be less than $1300 if the student has exceeded his/her need. At any time during the academic year, the award may be reduced if a student receives another award (free money/gift aid). SVSU reserves the right to correct any errors.
Priority is given for this scholarship to students who have completed their Free Application for Federal Student Aid (FAFSA) by the State of Michigan deadline date of March 1, 2007 (for the 2007-2008 academic year). If you are eligible for the Michigan Competitive Scholarship and wish to attend Saginaw Valley State University, you must list Saginaw Valley State University as your first school of choice on the FAFSA form. Failure to do so may jeopardize your Michigan Competitive Scholarship for the Academic year!
Further information about the Michigan Competitive Scholarship is available by calling
1-888-447-2687.
Academic Competitiveness Grant (ACG)
Eligibility Requirements: Students must meet the following federal and institutional
requirements to be eligible for the ACG:
Federal Requirements:
Students must:
- Be a U.S. Citizen.
- Be Federal Pell Grant eligible.
- Be enrolled full-time in a degree program.
- Be an undergraduate student.
- Be enrolled in the first or second academic year of his or her program
of study at a two-year or four-year degree granting institution. - Have completed a rigorous secondary school program of study (after
January 1, 2006, if a first-year student, and after January 1, 2005, if a
second-year student). - If a first-year student, not have been previously enrolled in an under-
graduate progam (dual enrolled high school students can receive the
ACG when they are accepted into a degree seeking program as long
as they have met all other requirements); and - If a second-year student, have at least a cumulative 3.0 grade point
average on a 4.0 scale for the first academic year. - ACG amount may not exceed the student's Cost of Attendance (COA)
when combined with the student's Federal Pell Grant and other
student financial assistance. - Students cannot exceed their need. Other financial aid will be reduced
to stay within the student's need. If other financial aid cannot be
reduced, the ACG award will be adjusted to a lower amount. - If the number of eligible students is large enough that payment of the
full grant amounts would exceed the program appropriation in any
fiscal year, then the amount of the grant to each eligible student may
be ratably reduced. - A transfer student must be Federal Pell Grant eligible in the same
academic year to be an eligible ACG recipient at a second institution. - Students may only receive one ACG for each of the first two academic
years of an undergraduate program. - Students must have attended and completed all courses to receive and /or
retain their award.
First year students are eligible up to $ 750.
Second year students are eligible up to $ 1300.
Transfer students are only eligible for the second year award up to $1,300.
Institutional Policies:
- A student must be enrolled as a full-time student through the refund
period of each semester to have earned all of his/her award. Students
who drop below full-time status during the refund period will lose the
entire award for that semester. - Transfer students must have a 3.0 cumulative GPA from courses
that transfer to the university. The Registrar's Office will calculate
a GPA based on transferred courses only for the purposes of the ACG
award. The calculation of your transferred GPA will not be combined
with your SVSU GPA. - To be eligible for a second semester/second-year ACG award (if
eligible), your cumulative SVSU GPA must be at least a 3.0. - To be eligible for a second-year award, you must have completed
at least 24 credits but no more than 47 credits. - To be eligible for a first-year award, you must have completed
less than 24 credits. - In the event of federal reductions in funding, awards may be reduced
and the student may be billed for the amount of the reduction. - If a student exceeds their COA and/or NEED when the ACG is awarded,
other awards may be reduced to meet the COA and NEED. If other
awards cannot be reduced, the ACG award will be reduced.
ACG Award Academic Year Definition:
ACG 1st Year: 0-23 credits completed
ACG 2nd Year: 24-47 credits completed
National Smart Grant (SMART)
Eligibility Requirements: Students must meet the following federal and
institutional requirements to be eligible for the SMART Grant:
Federal Requirements:
Students must:
- Be a U.S. Citizen.
- Be Federal Pell Grant eligible.
- Be enrolled full-time in a degree program.
- Be an undergraduate student.
- Be enrolled in a four-year degree granting institution.
- Major in physical, life or computer science, engineering, mathematics,
technology, or a critical foreign language; and - Have at least a cumulative 3.0 grade point average on a 4.0 scale. Students
must have a cumulative 3.0 grade point average after each semester to
earn their award for the next semester (if eligible). - An eligible student may receive a National SMART Grant of up to $4,000
for each of the third and fourth academic years of study. - SMART Grant amount may not exceed the student's Cost of Attendance
(COA) when combined with the student's Federal Pell Grant and other
student financial assistance. - Students cannot exceed their need. Other financial aid will be reduced
to stay within the student's need. If other financial aid cannot be reduced,
the SMART award will be adjusted to a lower amount. - If the number of eligible students is large enough that payment of the full
grant amounts would exceed the program appropriation in any fiscal year,
then the amount of the grant to each eligible student may be ratably
reduced. - A transfer student must be Federal Pell Grant eligible in the same academic
year to be an eligible SMART recipient at a second institution. - Students may only receive one SMART Grant for each of their third and
fourth academic years of an undergraduate program. - Students must have attended and completed all courses to receive and/or
retain their award.
Institutional Policies:
- A student must be enrolled as a full-time through the refund period of each
semester to have earned all of his/her award. Students who drop below
full-time status during the refund period will lose the entire award for that
semester. - Transfer students must have a 3.0 cumulative GPA from courses that
transfer to the university. The university will calculate a GPA based on
transferred courses only for the purposes of the SMART award. The
calculation of your transferred GPA will not be combined with your SVSU
GPA. - To be eligible for the SMART Grant, student must have earned between
48 to 95 credits hours. Student with less than 48 credits and more than 95
credits are not eligible. - In the event of federal reductions in funding, awards may be reduced and
the student may be billed for the amount of the reduction. - If a student exceeds their COA and/or need when the SMART Grant is awarded,
other awards may be reduced to meet the COA and need. If other awards
cannot be reduced, the SMART Grant award will be reduced.
SMART Grant Award Academic Year Definition:
SMART Grant 3rd Year: 48 - 71 credits completed
SMART Grant 4th Year: 72 - 95 credits completed
Saginaw Valley State University Opportunity Grant (SVOG) Recipients
New freshmen for Fall 2007 must do the following to keep their award:
Return their award letter by June 1, 2007, and
Register for a Student Orientation Academic Registration (SOAR) program by July 1, 2007.
New freshmen for Fall 2007 who do not meet the above deadlines, will lose their award to another incoming freshmen.
Students who have been awarded the Saginaw Valley State University Opportunity Grant (SVOG) must be enrolled full time (12 or more credits) through the refund period. Students who drop below full time at any time during the refund period will lose their entire SVOG grant for that semester, which may cause a balance owing to the university.
If a student’s Expected Family Contribution (EFC) exceeds 7000 due to changes to their Free Application for Federal Student Aid (FAFSA) submitted by the student or the university during the academic year, the student will lose their entire award for both Fall and Winter semesters (SVSU uses the 8-month EFC for awarding purposes).
Students who were awarded $1500 must have a Primary EFC between 0 and 4110 (Federal Pell eligible students) for the academic year. Students who were awarded $1000 must have an EFC between 4111 and 7000 for the academic year. The award may be adjusted if your EFC changes, which can result in a balance owing the university.
The SVOG is not automatically renewed each year. Funds are based on availability and are awarded on first-come first-served basis. Returning students must have a cumulative grade point average of 2.50 and new freshmen must have a cumulative high school grade point average of 2.70 and a composite score of 18 on the ACT at the time of awarding. This award is based on need.
Third-Party Billing
Third-party billing happens when a company, organization, etc. pays for all or part of a student's tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is typically necessary for this interaction, and is done through the Student Financial Services Office at SVSU.
When a student provides the required documentation to SVSU to authorize the University to bill the designated third-party, they are agreeing that:
The University will bill the designated third-party once the registration add/drop period of the semester concludes,
If the designated third-party refuses to pay the amount billed, the balance owed will become the student's responsibility to pay no matter what the circumstance, and
The student understands that a delinquent balance will prevent the student from registering for a future semester and will prevent the student from obtaining a transcript.
Student Employment
If you have been awarded Federal Work Study or Michigan Work Study and are interested in on-campus employment, you must go to our Career Planning & Placement Office website at www.svsu.edu/careers/ and download a Student Employment Application. You must complete and return your application to the Office of Career Planning Placement as soon as possible. Student Employment awards are earned wages, subject to a minimum of half-time enrollment status and job availability. If you are hired, you will be paid biweekly for work performed. If you are not placed in an on-campus job, you will not earn your award. Employment awards are not included when offsetting university charges. If you are interested in on-campus employment and did not receive a work study award, download a Student Employment Application at the website above. Complete and return it to the Office of Career Planning & Placement.
Federal Direct Loans
You must be enrolled at least half time (6 credits per semester for undergraduates and 5 credits per semester for graduates) and meet all eligibility requirements to apply for a Direct Subsidized and/or a Direct Unsubsidized loan.
The interest rate on both subsidized and unsubsidized loans is a fixed rate of 6.80%. Repayment on these loans does not begin until 6 months after a student leaves school or falls below half-time enrollment. The subsidized loan is based on financial aid need and interest is not charged until repayment begins. The unsubsidized loan is not based on need and interest is charged from the time the loan is disbursed. In accordance with federal regulations, fees of up to 1.0% are deducted from the loans, with the proceeds going to the federal government to help reduce the cost of the loans.
If you are eligible for a Direct Subsidized and/or Direct Unsubsidized Stafford Loan, please follow the instructions on your Award Letter carefully. If you accept a loan, you must sign and return your Award Letter as soon as possible to initiate processing of your loan. If your grade level changed during the academic year, you may be eligible for additional Stafford Loan. If you received a Direct Loan during the past three years, you may not need to sign a new promissory note (loan application). We will notify you as to whether or not a promissory note needs to be completed.
Loans for the fall and winter are issued in two payments (disbursements). In most cases the first payment will be at the beginning of the Fall semester and the second payment at the beginning of the Winter semester. If you have a loan for only one semester, there will only be one disbursement. In some cases, one-semester only loans are necessary, even if a student is receiving a Federal Direct Stafford Loan for both Fall and Winter Semesters.
First year, first time undergraduate students, however, will receive the first payment 30 days after the semester begins. Loan funds must first be used to pay for tuition, fees and room and board charges as well as books and other charges. If loan funds remain, the student is refunded in accordance with the SVSU refund policy.
Loan disbursements may be reduced or canceled if the enrollment status changes. Federal loan disbursements to a student’s account can only be made if the student is enrolled at least half-time at the time of disbursement.
Under federal regulations, if this is your first loan at Saginaw Valley State University, you must complete entrance loan counseling before funds can be disbursed. The loan counseling requirement may be fulfilled by reading information and passing an online quiz at www.dl.ed.gov/. Prior to taking the quiz, you will need to enter your name, social security number, and date of birth. After doing this, it is essential that you go through the procedure of selecting Saginaw Valley State University as the school name so that SVSU can be notified that you have completed the entrance loan counseling. If you prefer, you may also contact the OSFA to set up an appointment to do loan counseling in person. An in-person session may last up to approximately 45 minutes. If loan funds arrive and your loan counseling requirement has not been completed, your loan must be returned to the Direct Loan Program. We encourage you to fulfill the loan counseling requirement prior to the first day of classes.
If you are a dependent student, your parent may apply for a federal parent (PLUS) loan. If your parent is interested in a parent loan, a request form is available here or at the Office of Scholarships and Financial Aid.
Students with excess Direct Loan funds may have up to $450 go to the Bookstore. In order for book funds to be available at the bookstore, students must opt-in by going to Cardinal Direct. Once you are at the Cardinal Direct website, select "Click here to Enter Cardinal Direct" and then select "Prospective and Current Students." Under Financial Profile, Select "Bookstore Advance Opt-in for Direct Loans Students" and follow the instructions.
Graduate Students
If you are a graduate student and have a Federal Direct Stafford graduate loan or are interested in obtaining one, you must meet the following requirements to receive your loan:
Be admitted to a master’s program.
Have an active academic program, and
To be a full-time student, you must take 9 credits of 500 level and above coursework that applies toward your master’s degree.
To be a part-time student, you must take 5 credits of 500 level and above coursework that applies toward your master’s degree.
The federal government does not allow students to obtain Federal Direct Stafford graduate loan if they are enrolled in courses at the undergraduate level even if they are prerequisite courses. Undergraduate courses range from 080 - 499. If you are working on prerequisite courses, you may be eligible for an undergraduate loan. If you have been approved by your academic advisor to use an undergraduate course for graduate credit that applies to your master’s program, you must have your advisor e-mail us a conformation at financial-aid(at)svsu.edu or have your advisor send a signed confirmation to the Office of Scholarships and Financial Aid. If you have questions regarding what classes you should take, please contact your academic advisor.
Our office will be reviewing your courses before disbursing your Federal Direct Stafford graduate loan funds to your account. If you do not meet the requirements above, your loans will not be disbursed to your account or your loan will be adjusted accordingly. If at any time during the year we discover an error in awarding and/or disbursing a loan to you, we have the right to correct the error which may cause a balance owing to the university.
Teacher Certification Students
Teacher Certification students are considered to be undergraduate students for the purpose of awarding federal loans. A student cannot receive a graduate loan as a Teacher Certification student. Students may be eligible for undergraduate loans. If you have changed your academic program from graduate to teacher certification and have been awarded a graduate loan, you must contact the Office of Scholarships and Financial Aid so that we can adjust your loan to an undergraduate loan, if eligible. In most cases, adjusting your loan will result in a reduced amount. If a student fails to notify us and we discover this change in your academic program from graduate to teacher certification, we have the right to adjust your loan, which may cause a balance owing to the university.
Alternative Loans
Please refer specific alternative lender websites for a complete description of terms and conditions.
MI-LOAN (Michigan Alternative Loan Program) - CREDIT WORTHY
The Michigan Alternative Student Loan (MI-LOAN) Program is offered by the State of Michigan for students attending Michigan degree-granting colleges and universities. It offers loan funds to credit worthy student or parent applicants. A student applicant must be at least 18 years of age on the date the application is signed and must be meeting the Satisfactory Progress Standards as determined by the school. A co-signer may be required. Applicants have the option of choosing a fixed or variable interest rate and are limited to borrowing up to a student’s cost of attendance minus any other financial aid. A reserve fee of 3.5 percent will be deducted from the loan. Repayment begins within 60 days after disbursement, but a forbearance of principal or of principal and interest may be obtained. Students may access, fill out, and print a MI-LOAN Credit Worthy application at www.michigan.gov/mistudentaid or stop by the Office of Scholarships and Financial Aid.
CitiAssist Loans
The CitiAssist Loan is an alternative loan offered by Citibank to help fill the gap between existing financial aid and the cost of a student’s education at an accredited, approved college or university. Students who qualify as creditworthy do not need a co-signer. A student must be at least 18 years old at the time of the application, or 16 years old and applying with a co-borrower. International students must apply with a creditworthy individual who is a citizen or a permanent resident with a U.S. based address and meets the co-signer eligibility requirements. Students do not need to be making Satisfactory Academic Progress (SAP) in order to be eligible. Interest rate is variable based on the prime rate, and determined by the credit rating of the applicant and/or co-borrower. Students may borrow up to the cost of education minus any other financial aid. There are no loan fees deducted from the amount borrowed. Repayment begins 6 months after you graduate or withdraw from school. Students may apply for a CitiAssist Undergraduate or Graduate Loan on line at http://www.studentloan.com/.
Signature Student Loans
The Signature Student Loan is a private student loan that will help you cover the cost of your education. You must be enrolled at least halftime, pursuing an undergraduate or graduate degree. Repayment will begin 6 months after you graduate, withdraw, or drop below half-time status. A student must be at least 18 years old and have established credit history, if applying without a co-borrower. This loan is available to International Students with an eligible co-borrower. Interest rate is variable based on the prime rate. Interest rate and fees are determined by the credit rating of the applicant and/or co-signer. Students may borrow up to the Cost of Attendance minus any other financial aid. Contact SallieMae at (888) 2-SALLIE (888-272-5543). Apply online at www.salliemae/signature.
XI. Consumer Information
Saginaw Valley State University is required by federal law to provide consumer information which includes information on the institution, financial assistance, completion or graduation rates, information about student’s rights under the Family Education Rights and Privacy Act (FERPA) and information about athletic program participation rates and financial support. To obtain a paper copy of all or parts of the consumer information, please contact the Office of Scholarships and Financial Aid, Wickes Hall, Room 141 or call (989) 964-4103. Consumer information will be available on our website in the near future.
XII. Financial Aid Awarding/Financial Aid Award Letters
Financial aid awards may be based on the annual completion of the FAFSA. Some awards may not be renewable.
Changes a student makes to their Free Application for Federal Student Aid (FAFSA) may result in a different Expected Family Contribution (EFC), which may cause a reduction in awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), SMART Grant, Saginaw Valley Opportunity Grant (SVOG) and/or other awards. If a student’s EFC changes, the university has the right at any time during the academic year to make an adjustment on any necessary awards. This adjustment may cause a student to owe money to the university. Federal financial aid (Pell Grant, Direct Loans, PLUS loans, and Work Study) is available at only one institution during an enrollment period. Students attending another institution concurrently must notify the SVSU OSFA.
In the event of federal or state reductions in funding, awards may be reduced and the student may be billed for the amount of the reduction.
If federal, state and institutional funds are disbursed and refunded to the student before the start of the semester and the student does not attend class, funds will be reduced or canceled which will cause a balance owing.
Students may not exceed their SVSU Cost of Attendance (COA) or financial need. Receipt of external and internal scholarships and financial aid may affect a student’s award package in the following order:
Federal Parent Loans
Federal Stafford Loans
Federal and or Michigan Work Study
SVSU Controlled Funds (MEOG, APTG, SEOG, SVOG and Hoern)
Institutional Private Scholarships
SVSU reserves the right to correct any clerical errors.
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. Outside sources of financial aid (for example: employer, scholarships obtained through a community or high school) must be reported on a submitted Financial Aid Award Letter. Award letters are to be submitted to the OSFA. Funds must be received by SVSU in order for funds to be applied to the student’s account. If a student receives an award from an SVSU private donor, a copy of the student's transcript and general student information may be provided to the donor. The student will be instructed to write a thank-you note that will be forwarded to the donor. Failure to do this will result in the award being removed and the student being billed for the awarded amount. If a student receives any grant, scholarship, or loan under the following situations, the student must reimburse SVSU:
If the student obtained financial aid after providing fraudulent information.
If the student did not maintain Satisfactory Academic Progress in prior semesters.
If the student dropped classes with a complete refund, or did not carry the minimum number of credits required for eligibility.
The awards listed on the Financial Aid Award Letter are based upon the assumption that a student is maintaining Satisfactory Academic Progress, and these awards will be canceled if the student does not maintain Satisfactory Academic Progress. Awards may be canceled or reduced if the student becomes eligible for different forms of aid. Awards may be made under the assumption that a past award may be renewed. If an award is not renewed, the student's package may be revised. Athletic awards and other merit-based awards may be approximate until exact charges are determined. Athletic scholarships are awarded under the following conditions:
SVSU will pay for a maximum of 31 credit hours for Fall and Winter semesters combined for those athletes Tuition and Fees, and Books Assistance.
Athletes are responsible for any forfeiture fees when dropping a class(s) during the refund period.
Athletes must maintain Satisfactory Academic Progress (as defined by SVSU) and conform to eligibility requirements set by the National Collegiate Athletic Association (NCAA), the Great Lakes Intercollegiate Athletic Conference (GLIAC), and the Midwest Intercollegiate Football Conference (MIFC).
Conduct unbecoming an athlete and that might bring embarrassment to the University can result in the loss of the athletic grant.
XIII. Spring/Summer Financial Aid
To see if you have eligibility for a Federal Pell Grant or Federal Direct Stafford Loan for the Spring/Summer Sessions, please fill out a 2008 Spring/Summer Federal Pell Grant and/or Student Loan Request Form. Forms are done on a first come, first served basis and should be available beginning January 2008.
Forms should be submitted by February 15, 2008 to ensure that funds will be in place for the Spring 2008 payment due date.
You can apply for a loan after the semester begins, but you still must adhere to all payment deadlines.
To receive a late loan for the Spring session only, you must submit the form by June 1, 2008.
To receive a late loan for the Spring and Summer sessions or the Summer session only, you must submit the form by August 1, 2008.
You must be enrolled at least half time to be eligible for a Federal loan. 6 credits for undergraduate and 5 credits for graduate students. Students may take a combination of this amount between the spring and summer sessions.
You must be enrolled for the specific amount of credits that you listed, for both Spring and/or Summer sessions, on your 2008 Spring/Summer Federal Pell Grant and/or Student Loan Request Form before your funds to be disbursed. If you need to change your intended enrollment status, please complete a 2007-2008 Budget/Enrollment Change Form. A change in enrollment status often results in a change to your financial aid awards.
If you have already received the Federal Pell Grant at SVSU or another school during the 2007-2008 academic year, you may not have any eligibility left. You can receive the grant for a maximum of two full time semesters during an academic year. Therefore, if you have attended less than full time during the Fall or Winter, you may have eligibility left to use.
XIV. Bookstore Funds
If you have opted into the Bookstore Advance Program up to $450 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 (See "Enrollment Status" and "Types of Financial Aid" above for more details). Please contact the Office of Scholarships and Financial Aid if you have questions.
You must have excess aid, above and beyond your costs for tuition, fees, and/or housing, to have funds available at the bookstore.
Your loan must be disbursed before the funds can be available at the bookstore (See "Enrollment Status" and "Types of Financial Aid" above for more details). Look at your Account Summary by Term on Cardinal Direct for the semester you are inquiring about. If you see that your loan funds have been disbursed to your account, your bookstore funds should be available to you on the next business day by 12:00pm. Check Cardinal Direct to confirm you have a bookstore credit by going to Account Summary by Term and looking for "Bookstore Transaction Card Chg". If you see this on your account, your excess loan funds are available at the bookstore.
If your grant, scholarship, or other award pays specifically for all or a portion of your books, a Bookstore Card will be available for you at the Bookstore beginning the week before classes.
If you want up to $450 in your excess loan to go to the Bookstore, "Opt In" to the program on Cardinal Direct. If you have already done this in a previous semester, you are still enrolled in this option.
The Bookstore Funds are only available in the bookstore from the week before classes begin until two weeks into the semester, unless posted otherwise.
XV. Refunds
Fall 2007/Winter 2008 Refund Checks
Loan refund checks will begin to be disbursed the week before classes start for Fall 2007 and Winter 2008 semesters.
Check Cardinal Direct to see your account summary by term. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the University’s refund policy. You can monitor Cardinal Direct to see when Student Financial Services has disbursed your refund to you via voucher or direct deposit to an Independent Bank Account. Some conditions do apply. Contact the OSFA if you have questions.
Excess federal funds are refunded within two weeks of being transmitted to the student account. Check your account summary by term on Cardinal Direct to ensure your federal funds have transmitted.
Excess scholarships, grants and all other aid are disbursed after the Fall and Winter refund period (the point in which you can no longer drop a class and receive a refund (see the Registration page for details), which is typically four weeks into the semester.
Spring/Summer 2008 Refund Checks
Loan refund checks will begin to be disbursed the first week of the Spring 2008 session for students enrolled in the Spring session only or both the Spring and Summer sessions. Students enrolled for the summer session only will not have their loans disbursed until after the summer session begins.
Check Cardinal Direct to see your account summary by term. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the University’s refund policy. You can monitor Cardinal Direct to see when Student Financial Services has disbursed your refund to you via voucher or direct deposit to an Independent Bank Account. Some conditions do apply. Contact the OSFA if you have questions.
Excess federal funds are refunded within two weeks of being transmitted to the student account. Check your account summary by term on Cardinal Direct to ensure your federal funds have transmitted.
Excess scholarships, grants and all other aid are disbursed after the Summer refund period (the point in which you can no longer drop a class and receive a refund (see the Registration page for details), which is typically two weeks into the semester.