Summer 2013 Financial Aid Instructions

Requesting financial aid for the summer term is a separate process from the Fall and Spring semesters.  During the summer, financial aid is extremely limited.  Typically, a student’s eligibility for summer financial aid is limited to remaining eligibility for Pell Grants or Stafford Loans from the 2012-2013 academic year. However, some students who received Lottery Scholarships during the Fall and/or Spring semesters may also be eligible for Lottery Scholarships during the Summer semester. For more information, refer to the section on Lottery Scholarships below.

 Minimum requirements needed to apply for summer aid

1. Must have included MTSU on the 2012-2013 Free Application for Federal Student Aid (FAFSA). If you already have a 2012-2013 FAFSA on file, you do not have to complete it again for summer. If you are transferring to MTSU, make sure that MTSU is listed as one of the schools authorized to receive your results.  To add MTSU (school code of 003510), you may update your FAFSA online.
2. Must be maintaining Satisfactory Academic Progress.
3. Must be admitted as a degree-seeking student.  Transient students (i.e., students who plan to attend MTSU in the summer but transfer the credits back to another university) are NOT eligible for federal financial aid at MTSU.  If the Financial Aid Office at the Home Institution (the school where you plan to graduate) is willing to pay the summer aid and initiate a Consortium Agreement, then MTSU will be glad to sign the Consortium Agreement.  However, the other university is not required to initiate a Consortium Agreement. Typically, students cannot receive federal financial aid simultaneously at two schools.

 

Financial Aid Budgets

Your financial aid budget is based on estimated costs while attending school. Included in the budget are estimated costs for tuition/fees, books, supplies, room, board, travel, and miscellaneous expenses. Your financial aid budget is a factor used in determining the amount and type of aid you are eligible to receive. Each student is assigned a financial aid budget based on the courses enrolled. For example, if you are enrolled in 3 credit hours during the June part of term and 3 credit hours during the July part of term, then you will be assigned a 2-month budget OR if you are enrolled in 6 credit hours during the june part of term, you will be assigned a 1-,month budget.

Your budget will be adjusted through the Summer census date of July 18, 2013 and will be based on currently enrolled Summer classes and Summer classes already reflected on your academic transcript. Dropping and/or adding courses may affect the amount of your budget, which can affect the amount of your financial aid. ALWAYS contact the Financial Aid Office before adding or dropping classes during the Summer. Dropping courses may cause your financial aid to be reduced which will require you to repay those funds to the MTSU Business Office.

Also, if your professor reports that you 'Never Attended' or 'Stopped Attending' your course, your financial aid may be reduced and/or cancelled which will require you to repay those funds to the MTSU Business Office.

 

Financial Aid Refunds

• Typically, refunds are available at the start of your first enrolled summer class.
• It is recommended that you establish Direct Deposit with the Business Office (financial aid refunds are deposited into the student’s designated bank account).

  

Types of Aid

 1.     Tennessee Educational Lottery Scholarship

• If you are currently receiving a Tennessee Education Lottery Scholarship, you may be eligible to receive a summer scholarship even if you already received a full-time award in the fall and spring.
• You must submit a Summer Lottery Request Form by June 17, 2013.
• Click here to read more about Lottery eligibility for Summer 2013 and a link to the Summer Lottery Request Form.
  
  

2.     Pell Grant

• Must not have been enrolled full-time (12 credit hours) for Fall and/or Spring.
• Will be awarded after you register for Summer courses, if eligible.
• Award will be prorated based on the number of hours enrolled as of July 18, 2013.
   

           3.    Perkins Loan

• • Must submit a Summer 2013 Loan Request Sheet.
  • Loans will not be processed until you are enrolled for at least half-time (6 undergraduate or 5 graduate credit hours).
  • Limited funds are available; priority will be given to students who have no Subsidized and Unsubsidized loan eligibility remaining for Summer.
  • Minimum requirements: EFC not above 5000 and GPA at least 2.5.
  • Deadline to apply: May 15, 2013.
  • We recommend you check to see if you have any active messages on RaiderNet.
    
    To view active messages:
    
    Log into PipelineMT>RaiderNet>Financial Aid>Financial Aid Status>Select Aid Year 2012-2013>active messages
    
    

 4.     Stafford Loan

• • Must submit a Summer 2013 Loan Request Sheet.
  • Loans will not be processed until you are enrolled for at least half-time (6 undergraduate or 5 graduate credit hours).
  • Have not borrowed the annual loan limits during the Fall and/or Spring semesters. Refer to the table and examples below regarding loan eligibility for the Summer term.
  • Typically, loans will be reflected on RaiderNet within 2 – 3 weeks after you submit the Summer 2013 Loan Request Sheet and are registered at least half-time. We recommend you check to see if you have any active messages on RaiderNet.

 To view active messages:

 Log into PipelineMT>RaiderNet>Financial Aid>Financial Aid Status>Select Aid Year 2011-2012>active messages

 

 

	Federal Direct Loan Eligibility
Class Level	Yearly Maximum Available for Loans	Additional Unsubsidized (Independent or dependent with PLUS denial)
Freshman (0-29 hrs)	$ 5,500 (No more than 3,500 in subsidized)	$ 4,000 (2,000 per semester)
Sophomore (30-59 hrs)	$ 6,500 (No more than 4,500 in subsidized)	$ 4,000 (2,000 per semester)
Junior (60-89 hrs)	$ 7,500 (No more than 5,500 in subsidized)	$ 5,000 (2,500 per semester)
Senior (90 or more hrs)	$ 7,500 (No more than 5,500 in subsidized)	$ 5,000 (2,500 per semester)
Graduate	$ 20,500 (No more than 8,500 in subsidized)
	Federal Direct Maximum Aggregate Limits
Dependent undergraduate	$31,000   (no more than $23,000 of which can be subsidized)
Independent undergraduate	$57,500   (no more than $23,000 of which can be subsidized)
Graduate	$138,500 (no more than $65,500 of which can be subsidized)

 

 Example 1

Sally is a dependent sophomore and is eligible for $6,500 in Stafford Loan funds for the academic year. Sally received $3,250 in the Fall and $3,250 in the Spring. She has no remaining loan eligibility for Summer (she did not change grade levels and become a junior).

Example 2

Wanda is a dependent sophomore and is eligible for $6,500 in Stafford Loan funds for the academic year. Wanda received $2,250 in the Fall and $2,250 in the Spring.  Wanda will have $2,000 remaining loan eligibility for Summer. 

 Example 3

Ricky is a dependent sophomore and is eligible for $6,500 in Stafford Loan funds for the academic year. He received $3,250 in the Fall and $3,250 in the Spring.  After Spring grades are posted, he becomes a junior. His annual loan amount increases to $7,500. He has $1,000 of remaining eligibility for Summer.

 

5.   Parent PLUS Loans

• • For dependent students who may not have enough financial aid to cover summer expenses, parents may apply for a parent loan by completing a 2012-2013 Parent PLUS Loan Request Sheet .
  • The amount of the loan may not exceed the financial aid budget minus other financial aid the student will receive.
  • A parent is eligible to apply if he or she is:

   i.    The natural parent, adoptive parent or spouse of a remarried parent of an eligible dependent, undergraduate student. 

  ii.    A stepparent may apply for a Parent PLUS loan if the stepparent's income and assets are considered on the FAFSA of an eligible  dependent,  undergraduate student.

                               iii.    A U.S. citizen, U.S. national or eligible non-citizen.

                               iv.    Not in default on any Title IV loan program

                               v.    An applicant with a good credit history. Any adverse credit may cause the application to be denied.

• • The student for whom the parent is borrowing must be:

                                 i.    A dependent student (as defined by the FAFSA)

                                ii.    Enrolled at least half-time (6 undergraduate hours)

                              iii.    Maintaining Satisfactory Academic Progress (SAP)

• • Typically, this loan will be reflected on RaiderNet within 2-3 weeks after the 2012-2013 Parent PLUS Loan Request Sheet has been submitted and the student is registered at least half-time. It is recommended for the student to check to see if there are any active messages on RaiderNet regarding this loan.

 To view active messages:

 Log into PipelineMT>RaiderNet>Financial Aid>Financial Aid Status>Select Aid Year 2012-2013>active messages

 

 6.   Private Loans

• • Additional aid may be obtained through a private education loan program.
  • In most cases, the lender will require the school to certify school information (e.g., Cost of Attendance and other financial aid questions).