Financial Aid FAQs
What Types of Financial Aid Does UMSV Offer?
At the Mount, students have access to three main types of financial aid to help cover the cost of their education:
Federal Aid
Pell Grant: Need-based aid that does not need to be repaid. Eligibility is determined by the Student Aid Index (SAI) from the FAFSA.
Federal Student Loans: Loans that must be repaid. Repayment typically begins six months after graduation or your last date of attendance.
State Aid
Tuition Assistance Program (TAP): Need-based aid that does not need to be repaid. Available only to New York State residents.
Institutional Aid
Merit-Based Scholarships: Do not need to be repaid. Awarded based on academic achievement.
Need-Based Grants: Do not need to be repaid. Eligibility is based on the SAI from the FAFSA.
How do I apply for financial aid?
At UMSV, you are required to complete the FAFSA (Free Application for Federal Student Aid). If this is your first time, you and your parents (for dependent students) will need to create an FSA ID and password. Please keep this information in a safe place as you will need it throughout your time at the Mount. The FAFSA opens to all students on October 1st each year.
We strongly encourage you to complete the FAFSA as soon as possible to ensure timely processing.
The FAFSA school code for UMSV is 002703.
How do I apply for TAP?
New York State residents are eligible for the TAP grant.
There are two ways to apply for TAP:
- On the FAFSA confirmation page, click the link that says, “Apply for TAP.”
- You can click here to access the HESC website.
If this is your first time, you will need to create a HESC-specific username and PIN. Please keep this information in a safe place as you will need to reapply every year.
The NYS TAP Code for UMSV is 0130.
How can I accept my awards from my financial aid package?
You will log into Self-Service and accept or decline your awards, following the steps below:
- Click on the “Financial Aid” tab.
- Click on the “Kick-off” link. (Green font color)
- Select the appropriate aid year.
- Click on the “Accept Award Offer” tab.
- Submit your decision and you are done!
There has been a drastic change in circumstance since I filed the FAFSA. What can I do?
Please complete the Institutional Financial Aid Appeal Form as soon as possible. Please note that it will take a few weeks for the committee to review and make a decision.
What is Satisfactory Academic Progress (SAP)?
Federal regulations require that students using federal aid comply with an appropriate GPA and a completion rate of 67%. If a student is not making Satisfactory Academic Progress (SAP), you will be placed on a Financial Aid Probation for one term. If there is no improvement, the student becomes ineligible for federal financial aid. All details are available in the Financial Assistance Information Guide. Students are notified via their UMSV email if they are not making SAP and instructions are attached in the email for an appeal.
Will my awards be renewed each year?
Students must apply for the FAFSA and TAP (NYS Residents only) every year to be considered for financial aid.
Scholarships (ex. Dean’s Scholarship) are renewed for a total of 4 years (8 semesters).
Does my Financial Aid award change if I switch from a resident to commuter or from a commuter to reside?
Once our office is notified of the change, your package will have to be recalculated in order to determine any changes.
What are the federal loan interest rates? Are there any fees when borrowing a federal loan?
Please click here for more information on interest rates and fees from the student aid website.
How can I apply for the Parent PLUS loan?
Parents of dependent students can click here and you will be directed to the Parent PLUS loan application. Please note that students CANNOT apply for the Parent PLUS loan.
Parents, before completing the application, please make sure you do NOT have a freeze on your credit report.
You can view a demo of the application before starting.
My parents were denied the Parent PLUS loan. What are my options?
Your parent can choose to have an endorser (co-signer) for the loan. If the endorser is approved, the parent that was denied will need to complete the PLUS Loan Credit Counseling.
Your parent can seek a parent loan through a private lender (example: Sallie Mae).
The student may also request an additional unsubsidized loan by filling out the Additional Unsubsidized Loan Request. Please note that you cannot have an approved Parent PLUS Loan and an additional unsubsidized loan on the account.
What is my loan eligibility?
Please click here to check your loan eligibility.
My FAFSA was selected for Verification. What are my next steps?
The Department of Education selects a limited number of students to verify that the information on the FAFSA is correct. An email will be sent to your UMSV email confirming that you have been selected for verification and the documentation required to be submitted. Your federal aid (student loans, Pell grant) will not be disbursed to your student account until this is complete. If you need a copy of the verification worksheet, please click here.
My federal loans are not showing up on my account. What do I do?
Please double check to make sure you have completed all requirements:
- Accepting your loans on Self-Service
- Completing the Loan Entrance Counseling and Master Promissory Note (MPN)
- Parent PLUS Loan:
- Master Promissory Note (MPN)
- PLUS Loan Credit Counseling (Only if you were denied and an endorser was approved)
Are there any payment plan options?
You can set up a payment plan with our Office of Student Accounts.
I’ve maxed out on federal loans. Are there other loan options?
You can search for alternative student loans to help cover the remaining balance. Please click here for a list of options.
My question is not listed on the FAQs.
You can contact the Office of Financial Aid and one of our staff members will be happy to assist you.
