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CSU Home > Future Students > What about Financial Aid? > Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) When will I receive my Award Letter? If your FAFSA was processed and we have a valid Student Aid Report, (SAR) and all required documentation, you should receive an award letter approximately 4-6 weeks from the date we received your report. You must be accepted for admission to CSU for aid to be awarded. If the type of financial aid you are requesting does not require you to complete the FAFSA, you should receive an award letter approximately 3-4 weeks from the date that we are notified about your award. If your application was received on or before the priority processing deadline date, you will receive notification of your award on or before the fee payment deadline for the term. If you do not receive your award letter by this time, please contact our office. What should I do with the Award Letter? Read your award letter and all enclosure(s) very carefully. Contact the Financial Aid Office immediately if you have any questions regarding the type and/or amount of your award(s). If you are a dependent student and your parent(s) are interested in applying for a parent's loan, a PLUS application must be completed and returned to the Financial Aid Office for processing What changes could affect my awards? Your initial award(s) will be based on full-time enrollment for each term awarded. These are some examples that may cause your award(s) to be revised:
If this is your first loan, you must complete the following 2 steps to finalize processing of an educational loan. Award amounts are subject to change based on availability of funds. How long does it take to process the PLUS loan application? Once the Financial Aid Office receives the PLUS loan application it will take approximately 2-4 weeks to process the application. The application is then electronically forwarded to the Department of Education, (DOE). They will conduct a credit check on the application and notify CSU in approximately five (5) business days with a credit decision. If the loan is approved, the Financial Aid Office will send your parent an award letter and instructions. When do I receive my financial aid? Financial aid funds, except for federal work-study, are disbursed at the beginning of each term. Funds awarded are first transferred to pay institutional charges. The remaining balance is credited to your Cougar One account no later than 14 days from the day the account was credited, or the first day of class if your application process was completed by the priority processing deadline and you early registered for classes. If this is your first loan, you must complete the following 2 steps to finalize processing of an educational loan. You will receive a new disclosure statement from the federal loan origination center for each new loan (before or at the time the first part of your loan is paid to you or credited to your account). This disclosure statement provides comprehensive information about the types of loans you are borrowing, the amount, your loan period and the anticipated disbursement dates. 1st time borrowers must complete loan counseling at www.dlservicer.ed.gov If your loan funds have been disbursed to you and you would like to cancel your loan, you should send the Department of Education Repayment Center a personal check for the amount of the loan to the following address: Department of Education Repayment
Center If your loan has not been disbursed, you may cancel it by submitting a written request to the CSU Financial Aid Office within 13 days of the date the funds are credited to your account. In order to remain eligible for financial aid, you must be making Satisfactory Academic Progress (SAP). What is Financial Aid Probation? You may still....successfully complete at least 6 semester hours (undergraduate) with a minimum grade point average of 2.0. (Graduate students must successfully complete 5 graduate semester hours with a minimum grade point average of 3.0.) A grade of 'W', 'WF', 'F', 'U', 'IP' or 'I' will result in termination of eligibility. However should you enroll for more than 6 hours (5 graduate hours), you must successfully complete all hours attempted and earn a 2.0 ('C') / 3.0 ('B') average, respectively. If you enroll for less than 6 hours (5 graduate hours) or fail to successfully complete all hours attempted with a 2.0 / 3.0 average (respectively or better, future financial aid will be cancelled. What is Financial Aid Suspension? Students who fail to maintain the conditions of financial aid probation will be placed on suspension and will not be eligible for financial aid until the financial aid deficiencies have been corrected. You may submit a written appeal substantiating the circumstances that prevented you from making SAP. Your appeal should be addressed to: Financial Aid Appeals Committee You will receive a written response to your appeal within approximately three (3) weeks. Your educational costs are the average costs for a student based on the following information that you provided on the FAFSA:
The EFC is the expected family contribution. It is an amount derived from information you provided on your FAFSA. Based on the federal needs analysis formula, the family contribution is an estimated amount that you and/or your family should be able to provide toward your educational expenses over the course of the academic year. Your contribution is based on the following information you provided on your FAFSA:
Your financial need is the amount remaining after applying your expected family contribution to your cost of attendance. In other words: Cost of
Attendance
Your need will be met through:
If you feel that you have extenuating circumstances, consult your Financial Aid Counselor. If you qualify for any adjustments to your educational costs, your student/parent contribution, or your dependency status, you will be notified or any adjustments/changes.
What Could Delay My Aid?
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Last updated: Friday, February 08, 2008
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