Financial Aid FAQs
What options do I have if I’m denied the Parent PLUS Loan?
You may endorse your Parent PLUS Loan with a credit-worthy person of your choice. You may also apply for alternative loans through private institutions including Wells Fargo, Sallie Mae, or Discover. 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 the interest rate for a Parent PLUS loan?
It is a 7.6% fixed interest rate.
What is an origination fee?
It is a fee that the government charges to process a loan. The originating fee for the Parent PLUS Loan is 4.242% and the originating fee for the Direct Subsidized and Direct Unsubsidized Loans is 1.062%.
Where do I go if I need to apply for a Parent PLUS Loan?
You can visit studentloans.gov and your parent/guardian must log into the website using an FSA (Federal Student Aid) user ID.
What is the Direct Subsidized Loan?
The Direct Subsidized Loan is a federal student loan that does not accumulate interest while the student is in school and registered for at least six credits.
What is the Direct Unsubsidized Loan?
The Direct Unsubsidized Loan is a federal student loan that accumulates interest as soon as the first payment is made to the school. However, a student does not have to pay the loan until after graduation or if they fall below six credit hours.
I’m having trouble getting into studentloans.gov. What do I do?
Contact Federal Student Aid and fill out a support request via email.
Is it too late to file my FAFSA?
No, it is not too late. Please visit fafsa.ed.gov and file your application. It takes up to 72 hours for the FAFSA to be processed and sent to a school.
What is the College’s FAFSA school code?
What is the College’s TAP code?
Why is my Pell Grant amount?
Check your EFC, which is the number calculated by FAFSA. Please compare it to what you had last year.
What is Verification?
Verification is a random selection of 30% of the population. The Department of Education authorizes financial aid counselors to verify that the information reflected on tax forms matches the information on the FAFSA application. For more information, visit mountsaintvincent.edu/verification. An email regarding the documents that should be provided to a financial aid counselor is sent every Wednesday until the process is completed. You may fax, scan, or email the information.
Where do I find a tax return transcript?
It is not a copy from your accountant. You have to order one from the IRS at irs.gov/transcript.
Where do I find the verification worksheets?
You can find the verification process worksheets on our website at mountsaintvincet.edu/faforms.
My income has changed dramatically from last year. What can I do?
You can provide a Special Circumstance Appeal along with the appropriate documents to a financial aid counselor so that they can determine if there is anything that can be done from a federal perspective to help you receive additional aid.
How can I accept my awards?
You may log into Self-Service and accept your awards, following the steps below:
- Click on the “Financial Aid” tab
- Click on the “Kick-off” link
- On the drop-down for “Select Aid Year,” choose “Aid Year 2019-2020”
- Click on the “Accept Award Offer” link
What is Financial Aid’s your fax number?
Our fax number is (718) 405-3490.
Where can I find financial aid forms?
You can find the forms at mountsaintvincet.edu/faforms.
What is Entrance Counseling?
Entrance Counseling is a federal requirement for all students who borrow a student loan. The student must log into studentloans.gov to complete their Entrance Counseling, which explains the student loan program. You only have to complete this once for the years that you attend the College of Mount Saint Vincent.
What are the Title IV requirements?
The Title IV release requirements state that you are giving permission to the institution to apply your financial aid towards tuition and fees for the current term and if applicable, some for prior-year balance.
What is the MPN?
The MPN is a federal requirement for all students who borrow a student loan. You only have to complete this once while attending Mount Saint Vincent. The note states that you understand your rights and responsibilities when you borrow student loans. You can complete the requirement on studentloans.gov.
Does my financial aid change if I switch from a resident to commuter or from a commuter to a resident?
Your package will have to be recalculated in order to determine any changes.
Will I receive my scholarship for four years?
Awards are for four years on the condition of merit. However, the College reserves the right to make changes to awards, according to status as commuter or resident.
Who keeps a copy of my scholarship and acceptance letter?
Students must maintain a copy of their scholarship and acceptance letters. We do not keep a copy of your letter for you.
What is SAP (Satisfactory Academic Progress)?
Federal regulations require that students using federal aid comply with an appropriate GPA and a completion rate of 67%. By not meeting the federal requirements, a student becomes ineligible for federal financial aid. All details are available in the Booklet of Financial Assistance found at mountsaintvincet.edu/faforms. Students who do not meet this requirement are notified.
Do I receive summer Pell?
Yes, if you are registered for six or more credit hours during the summer 2019 sessions and you had Pell during the 2018-2019 academic year.