Financial Aid FAQs
What options do I have if I’m denied the PLUS loan?
You may endorser your parent PLUS loan with a creditworthy person of your choosing. You may also apply to alternative loans. Alternative loans are granted through private institutions like Wells-Fargo, Sallie Mae or Discover. You really have to do your research and see which one is best for your family. The student may also request the additional unsubsidized loan by filling out the form Additional Unsubsidized Loan Request found on the website under financial aid forms. 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?
Currently, 7.6% fixed interest rate.
What is an origination fee?
It is a fee that the government charges to process the loan. Parent PLUS origination fee currently is 4.242% and Direct Subsidized and Unsubsidized loans are 1.062%.
What is the subsidized loan?
The subsidized loan is part of the federal direct lending program. The subsidized loan does not accumulate interest while the student is in school and registered for at least 6 credits.
What is the unsubsidized loan?
The unsubsidized loan is part of the federal direct lending program. The unsubsidized loan accumulates interest as soon as the first payment is made to the school. However, you are not obligated to pay the loan until the student graduates or falls below 6 credits hours.
I’m having trouble getting into studentloans.gov what do I do?
Contact the federal website helpdesk at https://studentloans.gov/myDirectLoan/contactUs.action and fill out the request via email.
Is it too late to file my FAFSA?
No, it is not too late. Please go to FAFSA.ED.GOV and file your application. It takes up to 72 hours for the FAFSA to be processed and sent to the school.
What is the college’s FAFSA school code?
What is the college’s TAP code?
Why is my Pell amount less?
Check your EFC, it is the number that is calculated by FAFSA if it is closer to 5008 then you receive a smaller award. 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 grants authority to the financial aid counselors to ‘verify’ that the information that was placed on the taxes is the exact same information that was placed on the FAFSA application. For more information go to mountsaintvincent.edu/verification. An email is sent every Wednesday until the process has been completed regarding the documents that should be provided to a counselor. You may fax, scan and email the information.
Where do I get a tax return transcript?
It is not a copy from your accountant. You have to order one from the IRS at irs.gov/transcript for 2017.
Where do I get the verification worksheets?
It is 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 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 get additional aid.
Where do I go if I need to apply for a Parent PLUS loan?
studentloans.gov and the parent has to log into the website using a FSA User ID.
How can I accept my awards?
You may log into self-service and accept your awards by:
- Click on the tab “Financial Aid”
- Click on the link for “KICK OFF”
- On the drop-down for “Select Aid Year,” choose “Aid Year 2019-2020”
- Click on the link for “Accept Award Offer”
What is Financial Aid’s your fax number?
Our fax number is (718) 405-3490
Can I get a copy of _________form?
Yes, the forms are located on mountsaintvincet.edu/faforms.
How can I get my documents to you?
You are welcomed to use Self-Service to upload your financial aid documents or Email email@example.com.
What is entrance counseling?
Entrance counseling is a federal requirement for all students that are borrowing a student loan. The student must log onto studentloans.gov to complete their entrance counseling. The entrance explains the student loan program. You only have to complete this once for the years that you attend CMSV.
What are the Title IV requirements saying?
The Title IV release requirements are stating 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 that are borrowing a student loan. You only have to complete this once for the years that you attend CMSV. The note states that you understand your rights and responsibilities when borrowing 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.
Are the scholarships for 4 years?
Awards are 4 years on the condition of merit. However the college reserves the right to make changes to awards. Awards change accordingly 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 S.A.P.?
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 that have not met this requirement have been informed.
Do I get summer Pell?
Yes, If you are registered for 6 or more credit hours during the summer 2019 sessions and you had Pell during the 1819 academic year.