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File a 2018-19 Free Application for Federal Student Aid (FAFSA), which is available online at www.fafsa.gov
Complete JMU's 2018 summer financial aid application (accessible on our website beginning March 19, 2018)
The Office of Financial Aid and Scholarships will use the information from these two forms to determine your eligibility for the Federal Pell Grant and Federal Direct Loan funding during the summer.
If you anticipate receiving the Federal Pell Grant, you should complete the summer aid application regardless of enrollment level. You can learn more by visiting our website and watching a video explaining the summer financial aid process. http://www.jmu.edu/financialaid/learn/summer-financial-aid.shtml
Summer 2018 Financial Aid
Students who enroll at least half-time (i.e., six credit hours for undergraduates and five credit hours for graduates) for summer 2018 in an approved program of study at James Madison University may qualify for summer financial aid. You must complete two applications to receive consideration.
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Office of Financial Aid & Scholarships 738 S. Mason St. MSC 3519 Harrisonburg, VA 22807 Location: 5th Floor, Student Success Center Website: www.jmu.edu/ financialaid/ Email: [email protected] Phone: 540-568-7820
Submit Your FAFSA
before March 1
To receive priority consideration for 2018-19 financial aid, submit your Free Application for Federal Student Aid (FAFSA) before March 1, JMU’s priority filing date. (Remember, the federal government must receive your FAFSA by March 1.) Go to www.fafsa.gov/ and complete your application now!
Office of Financial Aid & Scholarships
2018-19 Financial Aid Awards ………………..….…2
Financial Aid Eligibility and Enrollment……..….2
Report Outside Scholarships.…………..………..…...2
May Graduates: Exit Loan Counseling …..……....2
Your Finances ………………………………………….…....3
Loan Repayment Information ….….….………….....3
Scholarships for 2018-19 ………….………….…...…..3
Repay Your Loans - Videos ……………......…………..3
Reporting Federal Work-Study
Earnings on the FAFSA …………………..………………4
Private Loan Borrowers ……………………………..…4
Financial Aid on Facebook …………………….…...….4
Summer 2018 Employment ….………………...….....4
Satisfactory Academic Progress ………….………...5
Financial Aid Verification for
Outside Scholarships..….……………………………...…5
Satisfactory Progress Estimator ……………..….….5
Repeating Courses ………………………………….……..6
Deadline for Accepting Loans …………….………….6
Money Management Tips for Students………..….6
Don’t Get Scammed …………………………..…………...6
Communicating with You …..….……………..………..7
Detailed Contact Information ………………….…….7
Financial Aid Q & A …………………………………...…..8
Important Dates ………………………………….……..….8
Inside this Issue
Spring Newsletter
February 19, 2018
Financial Aid Eligibility and Enrollment
Federal regulations stipulate that schools can only consider classes that count towards your degree requirements when awarding financial aid. Classes that can be included when determining financial aid eligibility are those that:
count toward your degree or general education requirements, are required for your major, are required for your minor, or fulfill your electives to attain a minimum of 120 credit hours.
In MyMadison, you will see a “Yes” or “No” under the “Eligible for Financial Aid” column in “My Class Schedule”. If you see a “Yes” next to one of your classes, then it will be considered when calculating your financial aid eligibility. Those with a “No” cannot be counted. For example, if you are registered for 12 credits and nine hours are marked with a “Yes” and three hours show “No,” then you will be considered a nine-hour student for financial aid purposes. If you have a full-time course load (i.e., 12 undergraduate credits) that is eligible for financial aid consideration, then taking additional classes that are not eligible will have no impact on your financial aid. Please view the Class and Aid Eligibility FAQ’s on the Office of Financial Aid and Scholarships website to learn more about this rule. You will also have access to course eligibility information when viewing your financial aid in MyMadison.
2018-19 Financial Aid Awards
The Office of Financial Aid and Scholarships will begin awarding financial aid for the 2018-19 academic year after posting of spring 2018 grades and confirmation of students’ achievement of Satisfactory Academic Progress (SAP) standards. Review of academic progress begins in mid-May. Remember that federal regulations require that students meet minimum SAP requirements to qualify for financial aid each year. Awarding for students who apply for summer 2018 financial aid will begin in April, before posting of spring grades. Consequently, review of academic progress may result in some students’ disqualification for financial aid. Summer session awards are subject to cancellation based on the SAP review conducted by the financial aid office. The Undergraduate SAP Estimator can help you determine whether your academic progress meets the requirements to receive financial aid. Students can fail SAP for reasons related to a low grade point average, too many incomplete grades, withdrawals, receipt of “F” grades, and taking too long to earn their degree. Review the SAP policy for both undergraduate and graduate students on our website at www.jmu.edu/financialaid/learn/sap/index.shtml.
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May Graduates
Exit Loan
Counseling
Requirements
If you plan to graduate in
spring 2018 and you borrowed Federal Loans
while enrolled at JMU, you must complete exit loan
counseling. You can complete exit
counseling at www.studentloans.gov. Choose “Complete Exit
Counseling” from the menu.
For information about Perkins Loan exit counseling
requirements, contact the University Business Office
Phone: 540-568-6505 Email: [email protected]
Website: www.jmu.edu/ubo
Report Your
Outside
Scholarships
If you will be receiving a scholarship for 2018-19
from an organization other than JMU, you need to share this with the Financial Aid Office as early as possible. Complete a Supplemental
Information Sheet available on our scholarships website
at http://www.jmu.edu/schola
rships/outsideschol.shtml
Regulations require us to consider outside sources of
assistance when preparing a financial aid package for you.
By submitting your Supplemental Information Sheet early, you reduce the
likelihood that your financial aid package will change
because of an overaward.
Financial Aid Newsletter Continued…
Loan Repayment: Who Ya Gonna Call?
The loan repayment section of our website provides information to give you the best idea of what to expect when your repayment period begins. You will find links to information including repayment plans, loan forgiveness, general financial literacy, and a link to the National Student Loan Data System (NSLDS) for information regarding your personal federal loan history.
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Time is Running
Out to Apply for
2018-19
Scholarships
Each year, the Office of
Financial Aid and Scholarships awards a
variety of scholarships to deserving students. If you
are a current undergraduate, apply by March 1, 2018 to receive consideration for
many of the 200-plus scholarships awarded by the
financial aid office.
Visit our website for more information about JMU
scholarships, including the application as well as other
sources of funding.
http://www.jmu.edu/scholarships/current-students.shtml
Repay Your Loans
Do you have a federal
student loan? Check out this playlist on YouTube to learn
about the loan repayment process.
Financial Aid Newsletter Continued…
Take Control of Your
Finances
Are you familiar with creating a personal budget? Can you balance your checking account? Do you understand how credit cards work? Do you know your FICO score? If you are taking out loans to help pay for college, do you have a plan for managing your debt after graduation? We address these questions and many more in financial literacy training offered by the Office of Financial Aid and Scholarships. Visit our website at www.jmu.edu/financialaid/financial-literacy.shtml and read about a variety of timely topics.
For questions about your specific federal loan, contact your loan servicer. A loan servicer is a financial institution that administers student loans, including billing the borrower, accepting payment, and changing the payment plan. While the federal government tries to keep all of your Direct Loans with a single servicer, you should review the loan history of each of your loans in NSLDS to identify your loan servicer(s). For specific private loan repayment questions, directly contact your private lender. www.jmu.edu/financialaid/loan-repayment.shtml
Join Us on
The Office of Financial Aid
and Scholarships has joined Facebook! For information
regarding important updates and deadlines, please “Like” the JMU Financial Aid page.
Remember to Report
Your Federal Work-Study Earnings
on your FAFSA
Take steps to ensure that 2016 calendar year Federal Work-Study (FWS) earnings do not affect your eligibility for need-based financial aid next year. If reported correctly on your 2018-19 Free Application for Federal Student Aid (FAFSA), the federal processor will exclude FWS earnings when calculating your ability to pay educational expenses. Follow these instructions when you fill out the FAFSA to record your FWS earnings properly.
1. Determine your 2016 calendar year (i.e., January 1, 2016 to December 31, 2016) FWS earnings. You can find paycheck information through MyMadison (Click on the EMPLOYEE tab!) or on your W-2 form provided by the JMU Office of Payroll Services. Employers mail W-2 forms to the home address in mid to late January.
2. Report all earnings from January 1, 2016 to December 31, 2016 in the adjusted
gross income (AGI) box of the FAFSA. Your AGI includes FWS earnings as well as any income from other jobs.
3. Another question on the FAFSA will ask you to report just your FWS earnings
from January 1, 2016 to December 31, 2016. The earnings you report here will not count toward determining your financial aid eligibility.
Note: If you had two or more jobs at JMU during the 2016 calendar year, please contact a member of the Student Employment team to receive assistance with calculating your total FWS earnings.
www.jmu.edu/student-employment
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Summer 2018
Employment
For information about summer jobs, contact
Student Employment at [email protected] or
visit their website at
www.jmu.edu/student-
employment.
New JMU employees must present their original social
security card to their employer upon hire. This is
a payroll requirement.
Financial Aid Newsletter Continued…
Private Loan Borrowers
A private/alternative loan is an educational loan in the student’s name through a private lender (a cosigner may be required). To ensure timely receipt of your 2018-19 private loan funds, avoid peak processing times and begin the application process in June 2018. For information about some of the lenders who offer alternative/private student loans, visit our website at www.jmu.edu/financialaid/apply/aid-options/private-alternative-loan.shtml. We suggest you research the loans and the lenders to find the best interest rate and terms before you decide to apply. IMPORTANT: We encourage students to borrow their maximum in the Federal Direct Loans prior to borrowing from an alternative loan because Federal Direct Loans generally have more favorable terms.
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Satisfactory
Academic
Progress (SAP)
Estimator
We developed this online
estimator to help undergraduate students determine whether their academic progress meets
the requirements to receive financial aid.
www.jmu.edu/financialaid/learn/sap/index.shtml
Financial Aid Newsletter Continued…
Satisfactory Academic Progress (SAP)
All undergraduate and graduate students must meet Satisfactory Academic Progress (SAP) requirements to receive financial aid. Federal regulations require each institution to have a SAP policy, which establishes the minimum academic standards for financial aid eligibility. We developed the Undergraduate SAP Estimator to help students determine whether their academic progress meets the requirements to receive financial aid. For a detailed description of JMU’s requirements and to use the online estimator, visit our website at www.jmu.edu/financialaid/learn/sap/index.shtml. The Office of Financial Aid and Scholarships measures your academic progress once per year. If you are unable to meet SAP requirements, you could lose your eligibility for financial aid, including federal loans. Students may appeal denial of financial aid if they could not meet SAP requirements due to extenuating circumstances. Students who wish to appeal must do so by a prescribed deadline. 2018-19 SAP Appeal Deadlines
Summer 2018 – Monday, June 25, 2018 Fall 2018 – Monday, September 10, 2018 Spring 2019 – Monday, January 21, 2019
Academic progress standards for financial aid differ from those used by the university to determine your eligibility for continued enrollment. Therefore, in many cases, students denied financial aid could continue taking classes. These students would need to arrange for alternative funding to pay university charges. Contact the financial aid office if you have any questions about how withdrawals or “F” grades might affect you.
Financial Aid Verification for Outside
Scholarships
The U.S. Department of Education’s Privacy and Technical Assistance Center (PTAC) is now indicating colleges and universities may not share student FAFSA data with an outside scholarship organization. This information includes:
Expected Family Contribution (EFC) Demonstrated financial need Award eligibility Award amounts Financial aid award letters and notifications
The PTAC guidance also states that even if a waiver is signed by the student, the FAFSA data still cannot be shared. Students may share their own FAFSA data which can be done by accessing the financial aid section of MyMadison.
We Can’t Say this
Enough…
Submit your
2018-19 FAFSA
Now!
www.fafsa.gov
Repeated Coursework
and Financial Aid Eligibility
Federal regulations limit the number of times undergraduate students can receive financial aid for repeating coursework. The general rule is students may only receive financial aid for repeating a course one time after previously passing the same class with a grade of “D” or better. Consider the following example.
Fall 2016 - A student takes a class and receives a grade of “C” (course is eligible for aid).
Spring 2017 - The student repeats the same class (course is eligible for aid). Fall 2017 - The student registers for the same course once again to try for a
better grade (course is INELIGIBLE for aid). In this example, if the student registered for 12 credit hours for fall 2017 and three of those credits represented an ineligible repeated course, then the student’s financial aid eligibility would be based on nine credit hours for that term. This is true regardless of the reason (want or need) for repeating the course. Additionally, eligibility for the first two attempts (fall 2016 and spring 2017) is contingent on the student meeting all of the other general eligibility requirements for financial aid. This rule applies to undergraduate students only.
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Financial Aid Newsletter Continued…
40 Money
Management Tips
The National Endowment
for Financial Education (NEFE) presents 40 Money
Management Tips Every College Student Should
Know. This booklet addresses financial
decisions young adults make during college.
Students can access this booklet, as well as other useful financial literacy information, by going to
www.jmu.edu/financialaid/financial-literacy.shtml.
Don’t Get
Scammed!
Beware of private
businesses that offer to assist you with applying for financial aid or scholarships
for a fee. Financial aid information is available to
students and parents free of charge. When in doubt,
contact your financial aid office. We are here to help
you.
Deadline for Accepting Loans
is Approaching!
In accordance with federal regulations, the Office of Financial Aid and Scholarships must certify any 2017-18 Federal Direct Loan requests by the last day of the spring semester. To allow time for processing, students who wish to borrow must accept their Direct Subsidized Loan or Direct Unsubsidized Loan in MyMadison by close of business on May 2. Those who wish to borrow a Direct Parent PLUS Loan (available to parents of dependent undergraduates) or Direct Graduate PLUS Loan (available to graduate students) must apply no later than April 23, as these loans take longer to process. The last day to submit additional information for a 2017-18 Parent or Graduate PLUS Loan is May 2. Applicants must continue to meet all eligibility requirements to receive loan funds, so loan acceptance in MyMadison or submission of Direct PLUS Loan applications by the published deadline does not guarantee receipt of funds. Cancellation will occur if the borrower is not meeting all eligibility requirements. Remember that JMU can process no 2017-18 federal loan requests after spring semester ends.
Communicating
with Students and Parents
You, the student, are the primary point of contact for the Office of Financial Aid and Scholarships. Therefore, you cannot rely on your parents to keep track of the FAFSA priority filing date, scholarship application deadline, or information our office requests to process your financial aid. Your James Madison University email (dukes.jmu.edu email account) serves as one of two official methods our office uses to communicate with you. (The other one is MyMadison.) If you currently redirect email sent to your official JMU email address/account to another email provider, you should not use this option to send correspondence to the financial aid office. Please use your JMU email address to send an official message to us. In addition, when you submit your email message, remember to include your name and your JMU student identification number. This information helps us provide better service to you. When students choose to use a non-JMU email service, which includes redirecting email sent to their official JMU email address/account to another email service, we cannot assume any message received reflects their wishes. Therefore, an unavoidable delay may result. With official JMU email (dukes.jmu.edu email account), you provide an electronic signature that authorizes us to take the desired action on your behalf. Remember that you should always include your name and student identification number with any correspondence.
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Financial Aid Newsletter Continued…
From: dukes.jmu.edu
Hi,
My name is Jim Madison and my student ID
number is XXXXXXXXX. I have a question…
Office Contact
Information
Physical Address: Office of Financial Aid & Scholarships Student Success Center 5th Floor Harrisonburg, VA 22807 Mailing Address: Office of Financial Aid & Scholarships 738 S. Mason St. MSC 3519 Harrisonburg, VA 22807 Phone /Fax: 540-568-7820 (phone) 540-568-7994 (fax) Website: www.jmu.edu/financialaid/ Email Contacts: [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Financial Aid Q & A
Q: What happens if my parent’s PLUS Loan is denied? A: You may be eligible for additional unsubsidized Federal Direct Loan funds. Contact the financial aid office for details.
Q: What will happen if I just stop going to class without officially withdrawing? A: You could fail the class and risk losing some or all of your financial aid.
Q: Can I receive financial aid for a summer study abroad program? A: In some cases, yes, students can receive financial aid for summer study abroad. On your JMU summer aid application, indicate the trip you are planning, and we will evaluate your eligibility.
Q: Where can I learn more about the financial aid rules at JMU? A: You can find answers to most of your questions on our website at www.jmu.edu/financialaid/. Start by reading “JMU Terms & Conditions for Financial Aid – Consumer Information” in the “Quick Links” section of our website.
Q: I don’t have regular access to a computer, so it’s hard for me to review information on your web site, what can I do? A: All of the information published on our website is available in print form as well. If you prefer paper, please contact our office.
Q: Can I access my financial aid funds to purchase my books? A: Students should not count on using financial aid refunds to buy textbooks. Unexpected delays can occur. Some circumstances that may cause delays include less than full-time enrollment, late registration for classes, and not using direct deposit.
Review consumer disclosure information and financial aid policies and procedures on our website at:
www.jmu.edu/financialaid/terms-and-conditions.shtml
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Dates to
Remember
March 1, 2018 FAFSA priority filing date
for 2018-19
Application deadline for 2018-19 scholarships awarded by the Office of Financial Aid and Scholarships
March 19, 2018 Summer 2018 aid
application available
April 23, 2018 Last day to apply for a
2017-18 Federal Parent PLUS Direct Loan/Federal Grad PLUS Direct Loan
May 2, 2018 Last day to submit
additional information for a 2017-18 Parent or Graduate PLUS Loan
Last day to accept a 2017-18 Federal Direct Loan in MyMadison
Mid-May 2018 Satisfactory Academic
Progress (SAP) review begins for 2018-19
May 7, 2018 Summer 2018 session
begins
June 2018 Financial aid awarding
begins for the 2018-19 academic year
July 2018 Financial aid notifies
students regarding scholarship decisions for 2018-19
August 27, 2018 Fall 2018 semester begins
Financial Aid Newsletter Continued…
HAVE A
GREAT
AND SAFE
BREAK!!!
