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1. Conversations with Financial Aid Counselors Norfolk State University Financial Aid Office
2. The Financial Aid Process Step One: Application Process
Student completes the Free Application for Federal Student Aid (FAFSA)
http://www.fafsa.ed.gov
Priority deadline is March 15
School receives an electronic copy of the student’s FAFSA information (the ISIR)
3. The Financial Aid Process Step Two: Verification
Students are selected for verification by:
U.S. Department of Education
NSU
NSU must verify that the information provided on the FAFSA is correct
Students may be required to submit:
Federal Tax Returns
Verification Worksheet
Documents are scanned
Corrections are made to the student’s FAFSA
4. The Financial Aid Process Step Three: Awarding
Aid is awarded based on the student’s financial need (Cost of Attendance minus Family Contribution)
Our office awards all federal and state aid based on eligibility
Students are mailed award letters
Scholarships may require separate application
Students must inform our office of any scholarships they are receiving that are not indicated on the award letter
5. The Financial Aid Process Step Four: Award Acceptance/Disbursement
Students do NOT need to sign and return the award letter unless they are making changes
First time student at NSU receiving a Ford or Perkins loan must:
Complete Loan Entrance Counseling
Sign a Master Promissory Note
Aid Disbursement begins after the end of the add/drop period
Refund process is administered by Student Accounts
6. Top 10 Mistakes Students Make Not applying early and/or on time
Parent/Student signature is missing from the FAFSA
The FAFSA is completed before tax returns are filed
Student fails to respond to requests for additional documents
The wrong documents are submitted…W2 vs. 1040/1040A/1040EZ
Student does not apply for scholarships
Student does not check their NSU Email or Spartan Shield account daily and does not review the Financial Aid website
Student thinks that he or she is an independent student and does not provide parental information
Student does not list Norfolk State’s school code (003765) on the FAFSA
Student does not understand the Satisfactory Academic Progress (SAP) Policy
7. Challenges of the Financial Aid Office Understanding the differences between Financial Aid and Student Accounts
Lack of correct address and phone number
Reading and understanding the Financial Aid Award Letter
Students do not understand the disbursement and refund process
Getting students to pre-register early
Students make changes to the FAFSA after the initial award process
8. Challenges of the Financial Aid Office Students’ not utilizing resources that are available (i.e. Scholarship Guide, FA Web pages)
Students’ not aware of their aggregate loan limits
Students’ failure to participate in Financial Aid events (i.e. Financial Aid Awareness Month)
Students’ misunderstanding of the Summer Financial Aid application process and eligibility requirements
9. Financial Aid Resources Loan Entrance Counseling
Master Promissory Note
10. More Financial Aid Resources Podcast
MyDocuments
11. More Financial Aid Resources MyNSU
13. How Can Faculty/Staff Help? Remind students to apply early
Inform students to seek financial aid counseling prior to dropping courses and/or withdrawing from the University
Remove “I” grades quickly and report non-attendance in a timely manner. This will impact SAP.
Assist students in locating scholarships.
(www.nsu.edu/financialaid/scholarships)
Refer students to the Financial Aid Office when they have concerns regarding the awarding of financial aid.
Refer students to Student Accounts when they have concerns about charges, disbursements, and balances on their account.
Remind students to check their NSU Email account and SpartanShield.
Print student’s registration statement – This details financial information.
14. Contact Information Financial Aid Counselor Darius Blount Ext. 8502
Financial Aid Advisor Malik A. Gladden Ext. 8128
15. Conversations with Financial Aid Counselors For copies of this presentation
Visit www.nsu.edu/financialaid
16. Conversations with Financial Aid Counselors Thanks for your participation! Questions & Answers