Financial Aid: Next Steps for 2023-2024 Academic Year
Discover the essential steps for financing your education in the 2023-2024 academic year. Learn about filing the FAFSA, reviewing financial aid offer letters, completing verification requirements, and understanding the cost of attendance. Dive into the federal verification process and explore resources for external scholarships to support your education journey at Misericordia University.
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FINANCIAL AID The Next Steps . 2023-2024 Academic Year
Steps for Financing your Education: File 2023-2024 FAFSA at studentaid.gov May 1, 2023 Deadline for Pennsylvania residents Review Financial Aid Offer Letter Complete Verification requirements, if selected Send Deposit Review 2nd offer letter (deposited students only) Complete Outstanding Items for Federal/State Financial Aid Complete Tuition Payment Worksheet
1st Financial Aid Offer Letter Mailed to all Admitted Students Estimated Costs Financial Aid (Federal, State, and Institutional) Housing and Dependency Status Financial Aid Handout Understanding your offer letter Cost of Attendance Filling the Gaps GUIDE TO FINANCING YOUR MISERICORDIA EDUCATION
Federal Verification Process (if selected) Information required from student and/or parent to complete verification: Verification worksheet Signed copy of Student s 2021 Tax Return, if they filed Signed copy of Parent s 2021 Tax Return, if they filed The Department of Education selects a percentage of students for a process called Verification. Verification Letter/Worksheet mailed to Students/Parents Schools are required to verify the information entered on the student s FAFSA and make necessary corrections. Can use IRS Data Retrieval Tool on FAFSA to download tax return Parent(s): IRS statement of Non- filing, if parent(s) did not file a tax return www.irs.gov to complete IRS Form 4506-T Both student and parent information needs to be reviewed.
2nd Financial Aid Offer Letter DEPOSITED STUDENTS ONLY Expected mailing early May Lists all Financial Aid Awards including Institutional Scholarships, Estimated State and Federal Grants, and Federal Direct Loans Letter lists items that may need to be completed: Verification Nursing Loan Application Master Promissory Note (MPN), Entrance Loan Counseling PA State Grant Tuition Payment Worksheet and Link
Tuition Payment Worksheet Assists in determining direct costs for the entire Academic Year Tuition, fees, housing, food, program/course fees Helps students/parents plan for meeting the full year balance Link to Guide to Financing your MU Education External scholarships Fastweb.com High school guidance office Community Organizations
Federal Direct Student Loans (Unsubsidized and Subsidized Loans) Master Promissory Note (MPN) * Legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. * Explains the terms and conditions of your loan(s). Loan Entrance Counseling *Counseling to ensure that you understand the responsibilities and obligations you are assuming. *Types of Federal Student Loans, Loan Limits, Loan Basics Annual Student Loan Acknowledgment (Optional for 2023-2024) *New borrowers- acknowledging that you understand your responsibility to repay your loan *Existing borrowers- acknowledging that you understand how much you owe and how much more you can borrow
Loan Options Direct Parent Plus Loan: Applications available May 1st at studentaid.gov Parent borrower completes application and Master Promissory Note (MPN) and Annual Student Loan Acknowledgment 4.228% origination fee taken before loan is disbursed to school Ex. If you apply for a $10,000 Plus Loan, $9,577 will be applied to the Student account (Fee is $423) If denied, student is eligible for additional unsubsidized loan money Alternative (private) Loan: Applications available May 1st Student borrower with creditworthy co-signer List of preferred lenders on Misericordia Financial Aid website under Loans
Tuition & Fees 2023-2024 First Year Costs (Fall & Spring) Resident Student Tuition (12-17 credits each semester) $36,200 General Fee $ 1,970 Housing and Food* $14,570 Estimated first year costs before financial aid** $52,740 *Cost determined using 190 Meal plan per semester ** This is estimated and subject to change. It does not include orientation, program, course, or major fees. These fees will be reflected on the semester billing statement
Billing & Student Accounts Bills are mailed to the home address once before the semester begins Fall Semester Begins August Bills are mailed in July Spring Semester Begins January Bills are mailed in December Summer (if enrolled) begins in May Bills are mailed in April Bills are due one week before the semester begins Students can view Billing Statements on the MyMU portal under Students > Accounts & Financial Aid
Helpful Links www.Misericordia.edu/financialaid FULL TIME UNDERGRADUATES GUIDE TO FINANCING YOUR MISERICORDIA EDUCATION Scholarships and Grants Loan Options Payment Options Studentaid.gov www.PHEAA.org (PA Residents) Will need to create account to view information, finish application, or complete validation.
QUESTIONS? Contact Information for Financial Aid Counselors LAST NAME A-L Kimberly Spencer kspencer@misericordia.edu 570-674-6715 LAST NAME M-Z Leah Ostrum lostrum@misericordia.edu 570-674-3338
