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Step-By-Step Financial Aid Application Checklist The following information applies to all students interested in applying for financial aid including first-time undergraduates, continuing undergraduates, graduate students, and all certificate students. Complete the FAFSA (Free Application for Federal Student Aid) or the Renewal FAFSA This is the federal financial aid application that determines eligibility for financial aid. Students now have the choice of either completing a paper FAFSA application or completing an online FAFSA application by visiting the web site www.fafsa.ed.gov. The web site is user-friendly and can cut processing time from four weeks to a few days. Students who are interested in receiving any sort of grant assistance are encouraged to submit their FAFSA prior to March 1st since grant aid is awarded to needy students on a first-come first-served basis. It is recommended that students do not wait to be accepted for admission to complete the FAFSA. The Title IV Code for the Massachusetts College of Art + Design is 002180. The Office of Student Financial Assistance staff realizes that completing the FAFSA may be problematic for some students and are available to assist when needed. STUDENTS MUST REAPPLY FOR FINANCIAL AID EVERY YEAR! To complete a Renewal FAFSA, go to www.fafsa.ed.gov. A Renewal FAFSA is somewhat easier to complete than a regular FAFSA since the application is customized with the student's prior year's information and only needs to be updated. The Student Aid Report, otherwise known as the SAR Once the FAFSA has been processed, a Student Aid Report, more commonly known as the SAR, is sent to the student via mail and to MassArt electronically. The SAR is a summary of everything reported on the FAFSA. Students should review all of the information on the SAR. If there are any errors on the SAR, the student should go online to the FAFSA website, at www.fafsa.ed.gov, and make the corrections electronically. MassArt uses the information from the SAR to determine the student's eligibility for all federal, state, and institutional financial aid. Additional Information In some cases, MassArt's Office of Student Financial Assistance requires further information from the student. Students should respond to requests for additional information in a timely manner; the Office of Student Financial Assistance cannot continue with the financial aid process until the additional information is received. Examples of information that may be requested are federal tax returns for a process called Verification, copies of birth certificates, proof of Selective Service registration. Download the Verification Worksheets here: Award Letter Once the Office of Student Financial Assistance has received an accurate Student Aid Report, any other information that was requested, and, in the case of an incoming student, notification of acceptance to the college, the financial aid application is considered complete. An award letter detailing the different financial aid for which the student may be eligible is sent to the student within five days of completion of the financial aid application. The award may be a combination of grants, loans, and work-study. The student must indicate on the award letter which aid the student would like to accept or reject, and return this letter to the Office of Student Financial Assistance by the deadline indicated. Students who do not return their award letter by the deadline have their aid cancelled. Loan Applications- Student Stafford Loan Instructions First-year students and first-time borrowers who are offered Stafford loans in their award letters are also sent the instructions for completing the Stafford loan application. The loan application consists of two steps: an online Entrance Interview, and an electronic Master Promissory Note, or MPN. The MPN covers each year that you are enrolled at the Massachusetts College of Art + Design. The federal government mandates that we must be sure that you understand your Rights and Responsibilities as borrowers in the Stafford Loan program. Therefore BEFORE you complete the MPN, you must complete an online Stafford Loan Entrance Interview. An online Entrance Interview completely educates you about every aspect of the Stafford Loan program. At the end of the session, you are quizzed, and only those students that pass are allowed to complete an MPN. If you are not able to pass for some reason, you may call the Office of Student Financial Assistance for help; however we have found that every student usually passes very easily. Step 1. Entrance InterviewTo complete the Entrance interview, please go to www.dlssonline.com and click on “Entrance & Exit Counseling” and follow the directions. At the end of the session you will have the ability to send your Entrance Interview quiz results electronically to the Massachusetts College of Art + Design. Please note we will NOT accept any Stafford Loan applications, unless the Entrance Interview is completed FIRST! Once the Entrance Interview requirement has been fulfilled, you can go online and complete your Stafford Loan Master Promissory Note. We created the online Stafford loan MPN for the amount that you specified on your financial aid award letter. The lender will send you a disclosure statement before the loan is disbursed with more information about this loan. You may cancel this loan or adjust the amount by contacting the Office of Student Financial Assistance at (617) 879-7849. Please note that you will need your Personal Identification Number, or PIN, before you begin this process. If you have forgotten your PIN, or need to apply for a new PIN, please go to www.pin.ed.gov, and follow the instructions. Step 2. Completing the Online MPN
Please be sure to thoroughly review the Direct Stafford Loan Borrower Rights and Responsibilities statement that can be found on the website. If you are expecting a financial aid refund for living expenses or art supplies because your financial aid is greater than your school bill, it will not be available until a date in October during the Fall semester, and a date in March for the Spring semester. This is due to a federal regulation that states that you are not entitled to all of your financial aid until 60% of the semester has passed. Please plan your finances accordingly. Loan Applications- Parent PLUS Loan Instructions First-year students and first-time borrowers who are offered Parent PLUS loans in their award letters are also sent the instructions for completing the Parent PLUS loan application, and a Parent Borrower Information sheet. The PLUS loan application consists of two steps. The first is to complete the Parent Borrower Information sheet with the information of the parent who is going to be borrowing the loan, and mail or fax it back to us at (617) 879-7880. We need this information in order to create the loan. Download a copy of the Parent Borrower Information sheet here: ParentBorrowerInformationSheet.pdf The second step in the application process is to complete a Master Promissory Note, or MPN. The MPN covers each year the student is enrolled at the Massachusetts College of Art + Design. We created the online PLUS loan application for the amount that was specified on your son or daughter’s financial aid award letter. The lender will send you a disclosure statement before the loan is disbursed with more information about this loan. You may cancel this loan or adjust the amount by contacting the Office of Student Financial Assistance at (617) 879-7849. Please note that you will need your Personal Identification Number, or PIN, before you begin this process. If you have forgotten your PIN, or need to apply for a new PIN, please go to www.pin.ed.gov, and follow the instructions. Please note: both parent and student need their own PINs. Completing the Online MPN
Please be sure to thoroughly review the Borrower Rights and Responsibilities statement that can be found on the website. Those who do not complete the loan application will have their loans canceled, and the Business Office will be notified. Any balance due will be required immediately. Likewise, once your loan has been approved, we will notify the Business Office. Students who have been awarded other types of loan programs, such as the Massachusetts No Interest Loan or the Perkins Loan, are notified at the beginning of the semester to come into the Office of Student Financial Assistance to sign these loan applications. Appeals MassArt's Office of Student Financial Assistance staff understands that unfortunate circumstances may happen and drastically change a family's financial situation. Families who experience financial changes may file a financial aid appeal. Grounds for an appeal may include, but are not limited to, loss of a job, death in a family, divorce or separation, or unusually high out-of-pocket medical bills. Sometimes costs for purchasing a computer can be considered. Appeal forms are available in the Office of Student Financial Assistance, and should include supporting documentation (cancelled checks, letter from an employer, etc.). Please explain in the appeal the situation as specifically as possible. In the case of a job loss, it is helpful to estimate the annual family income expected for January 1 to December 31. Appeals are reviewed on a case by case basis, and additional documentation may be requested. Download the 2007-2008 Appeal form: | |
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