Students need to access their forUM account in order to satisfy the requirements explained here. Access to forUM is initially provided in the acceptance letter from the University. If you need assistance accessing forUM, call 1-866-520-2401.
CHANGES TO THE FAFSA
Please do not make changes to the Free Application for Federal Student Aid after you have been awarded federal aid. If any changes are needed, notify the Office of Student Financial Services.
ACCEPT TERMS AND CONDITIONS
All students receiving federal aid are required to accept Terms and Conditions prior to accepting aid that has been awarded. In order to accept Terms and Conditions, go to your forUM account, click on the Banner tab and access “Financial Aid Award.” Then click on the “Terms and Conditions” tab and “accept” after carefully reading the information provided here. By accepting “Terms and Conditions,” you are certifying that you have read and understand everything in this section of the website. Contact the Office of Student Financial Services if you have any questions.
ACCEPT/DECLINE AWARD OFFER
After accepting the “Terms and Conditions,” you may access the adjacent tab entitled “Accept Award Offer.” If aid has been awarded, you can accept/decline offers. If aid has not been awarded, you may need to submit additional documentation to the Office of Student Financial Services. You will be notified if more information is needed. You will also be notified when aid has been awarded.
The primary communication with students is through forUM email and Banner Self Service. Information will be mailed to newly admitted students. All students are encouraged to check your forUM account and forUM email regularly throughout the year.
ESTIMATED COST OF ATTENDANCE
When you view your award on Self Service, you will see your Cost of Attendance (COA). This is only an ESTIMATE! This includes an estimate of tuition, fees, room, board, books, supplies, transportation, and personal expenses. Do not confuse this with the actual charges that will appear on your account from the Cashier’s Office.
EXPECTED FAMILY CONTRIBUTION (EFC)
The Free Application for Federal Student Aid (FAFSA) provides the Office of Student Financial Services with a figure that reflects the student’s Expected Family Contribution (EFC). This figure represents what the federal government believes a student and/or parent(s)/spouse can reasonably be expected to contribute toward the educational cost. This figure is calculated from the income information submitted on the FAFSA.
ELIGIBILITY FOR NEED BASED FUNDS
The Cost of Attendance (COA) and Expected Family Contribution (EFC) are used in a calculation to determine if a student is eligible for “need based” funds. If the student’s EFC is less than the COA, the student has demonstrated need. If the EFC is greater than the COA, there is no need demonstrated. Need determines what type of federal aid the student is eligible to receive.
TRANSFER STUDENTS/RETURNING STUDENTS
If you are a new transfer student, or if you have previously attended UM and you are returning after attending elsewhere, please note that federal aid received at another institution must be considered when the University of Montevallo awards aid. Federal grants and loans awarded are reported to the National Student Loan Data System (NSLDS). Every effort is made to check this information with NSLDS on a timely basis. If a student is awarded federal aid and it is later determined that the student has exceeded the annual or lifetime limit for federal aid due to the amount received at another institution, an adjustment will be made. In most cases, this will result in the student having a balance due in the Cashier’s Office. If you have questions regarding the annual limits or lifetime limits on federal aid, please contact the Office of Student Financial Services.
ADJUSTMENTS TO THE AWARD
Any need-based financial aid is subject to revision for any of the following reasons:
- In the process of verifying the information reported on the Free Application for Federal Student Aid, an error is discovered which, when corrected, changes your eligibility;
- A change in regulations governing federal, state, or institutional programs occurs and requires an adjustment to be made;
- Funding levels in federal, state, or institutional programs are reduced;
- Additional assistance is received which was not previously included in the award package.
YOU MUST REPORT ADDITIONAL ASSISTANCE
Report to the Office of Student Financial Services any additional assistance received from other sources including scholarships, loans, fellowship, and other educational benefits. This includes certain veteran benefits, vocational rehabilitation benefits, and employee/employee dependent tuition waivers. If this information reaches the Office of Student Financial Services after an award has been made, the aid initially awarded may be adjusted. You may be required to repay federal aid that was awarded prior to the adjustment.
SATISFACTORY ACADEMIC PROGRESS
To receive federal aid, you must be making satisfactory academic progress as defined in the University Bulletin and on this website at: SATISFACTORY ACADEMIC PROGRESS.
Unless otherwise stated, all aid is based on enrollment as a full time student which is defined as 12 credit hours per semester for undergraduates and 9 credit hours for graduate students. To receive federal loans, students must be enrolled at least half-time. Half-time for undergraduates is six (6) credit hours; half-time for graduate students is five (5) credit hours. If you drop below full-time, certain types of aid may be cancelled or reduced. Notify the Office of Student Financial Services if you do not enroll as a full time student.
CEASE TO ATTEND CLASS
Notify the Office of Student Financial Services if you cease to attend classes at the University before the end of the term. If you withdraw or cease to attend prior to the 60% point of the term, you may be required to repay all or a portion of the aid you received. University records cannot be released until repayment is made. If you cannot complete the term due to unforeseen circumstances, you are strongly advised to complete the official withdrawal process in the Registrar’s Office.
For more information regarding Consequences of Withdrawal go to CONSEQUENCES OF WITHDRAWAL
TYPES OF AID THAT MAY BE AWARDED
Various types of aid may be awarded including scholarships, grants, loans, and federal work study. For more details regarding various types of aid view: Undergraduate Sources of Aid and Graduate Sources of Aid. For specific information regarding scholarships, you may go to Scholarships.
Typically scholarships and grants do not have to be repaid unless you cease to attend classes or officially withdraw. Loans must be repaid.
Scholarships usually require full-time enrollment (Undergraduate 12 hours; Graduate 9 hours). Most institutional scholarships are awarded by the various departments or by the Scholarship Committee and the Office of Admissions. Typically, as these scholarships are awarded, students are notified by the department.
Several types of scholarships (athletics, MAPS, etc.) which cover specific charges such as tuition will be shown on the award letter as estimated. This is because the actual charges may not be known at the time of the award. These estimates will be changed when actual amounts are known.
The University of Montevallo will not permit students to receive any institutional scholarship funds beyond the direct cost of attendance which includes tuition, fees, room, board, and books in a refund. This does not affect any outside sources of aid such as veteran benefits, PACT, external agency scholarships, federal grants, and loans.
Federal Pell Grant (FAFSA Required) - Undergraduates Only
This grant is based on income, cost of attendance and enrollment status. Funds are awarded based on full-time (12 hours or more), ¾-time (9-11 hours), ½-time (6-8 hours) and less than half time. Often students enrolled less than half-time are not eligible for assistance. Federal regulations require provisions to be made for Pell Grant recipients who have a credit balance on their account to be able to purchase books and supplies within seven days after classes begin. UM students who are eligible for a Pell Grant and have an authorized/pending credit balance prior to the first day of class will be provided with the opportunity to charge books at the bookstore.
Federal regulations limit the length of time a student can receive Pell Grants. The lifetime limit for recipients of Pell Grant awards is the equivalent of 12 semesters. If a student is not full-time, the eligibility is prorated. The maximum percentage is 600% based on 50% per semester if full-time. Students may go to www.nslds.ed.gov to view the amount of Pell Grant that has been received.
Federal Supplemental Educational Opportunity Grant (FAFSA Required) - Undergraduates Only
This grant is awarded to the neediest Pell Grant recipients based on hours of enrollment. Funds are limited.
Alabama Student Assistance Grant (FAFSA Required) - Undergraduates Only
This grant is awarded to Alabama residents who are among the neediest Pell Grant recipients. Funds are limited.
TEACH Grant (FAFSA Required) - Graduate Students Only
The Teacher Education Assistance for College and Higher Education (TEACH) Grant is available to students who qualify based on federal regulations too numerous to include in this document. Eligible students will be notified and provided instructions for completing the Agreement to Serve and Entrance Counseling. This grant will revert into an unsubsidized Direct Loan if the agreement to serve is not fulfilled in a specific time frame. Students are encouraged to pay close attention to everything that requires a signature.
Federal Work Study (FAFSA Required)
Please note that if the offer of FWS is accepted, this does not guarantee employment. If placement does not occur within 30 days of the beginning of the term, the offer will be cancelled. Students awarded work study will be paid bi-weekly for hours worked. Funds are NOT credited to the student’s account.
Federal Work Study (FWS) Procedures
Student completes the Free Application for Federal Student Aid (FAFSA)
- Student is awarded FWS by the Office of Student Financial Services if proper need and fund availability exist.
- Student accepts the FWS award.
- Student is prompted by the Office of Student Financial Services to visit the Career Development Center’s website to view available positions.
- All departments/offices need to post available positions (FWS and/or Jobship) with the Career Development Center so students can review the list.)
- Student will seek out job opportunities and request applications/interviews from departments/offices of interest.
- Department/office will meet with student and make hiring decision.
- If the department/office needs to verify that the student has been awarded FWS, it may contact:
Office of Student Financial Services (205) 665-6050 or firstname.lastname@example.org.
- When the student is hired, the department/office will fully complete sections 1 and 3 of the Student Personnel Action Form (SPAF) and send the student to the Office of Student Financial Services with the SPAF.
- Office of Student Financial Services will complete section 2 of the SPAF and give it back to the student to return to hiring department/office for further completion of section 4 and other employment documents.
- Department/Office will provide the student with all other necessary blank documentation (i.e. tax forms, I9 form, etc.) and assist in setting an appointment with Debbie Davis in the Business Office in order to turn in all required original documents/forms of identification (i.e. Social Security card, driver’s license, birth certificate, etc.) and be cleared for work.
- For prompt assistance, it is advised to have all original documents completed and all original forms of identification gathered prior to setting and attending this appointment; however, the student may complete the tax forms, etc. during the appointment if preferred.
- Student will take all original documentation, including the SPAF, and original forms of identification to the Business Office for assigned appointment.
- Student will complete all necessary steps of meeting with the Business Office and return to the hiring department/office to determine the appropriate work schedule.
- Department/office and the student will determine the work schedule, which cannot conflict with the student’s class schedule, and the department/office must make certain the student does not earn more than the amount awarded.
- Department/office has the right to check the status of the student’s received payment throughout the award year to ensure the awarded amount is not exceeded by contacting Nikki Bradbury in the Office of Student Financial Services.
- Student will begin work when emailed copy of SPAF with a “Cleared for Work” date has been received by the department/office.
- If the student is 18 years of age or younger, special timekeeping rules are required; therefore, the Payroll Office will need to be contacted prior to the work schedule beginning date.
Please note that for the award year, the Employment Date/Approved Work Period should be listed as August 1, XXXX, through May 31, XXXX. Once a student has received his or her full award through payment and/or the Employment Date/Approved Work Period has passed, the student should be paid through Jobship in order to continue employment. If this must occur, a request to terminate the current FWS SPAF and a new Jobship SPAF, with the updated Jobship information, must be completed by the department/office and sent to the Payroll Office. If for any reason the student has not received his or her full award through payment by May 31, XXXX, and is needed to continue employment through June 30, XXXX, the department must contact the Office of Student Financial Services to confirm fund availability as well as initiate the completion of a new FWS SPAF for the month of June. FWS funds may not be available for the month of June and are not available for the month of July.
Federal Perkins Loan (FAFSA Required)
If awarded this loan, you will be sent additional information through ForUM email if you “accept” the offer. The email will provide you with instructions regarding Entrance Counseling and signing the Master Promissory Note. By accepting the Perkins Loan, you are consenting to use an electronic signature process to sign your MPN with Campus Partners. You are also confirming that you have the necessary hardware/software to view and complete the electronic process. If you do not consent to this process, you must notify the Office of Student Financial Services in writing and a separate process will be set up for you. You may cancel or reduce the loan by contacting the Office of Student Financial Services. The University of Montevallo is the lender, but repayment will be handled by Campus Partners.
Federal Direct Loan (FAFSA Required)
Students receiving the first disbursement as first-time, first-year borrowers (freshmen in the first semester) will receive funds thirty days after classes begin. This federal regulation applies only to the initial semester. The Cashier’s Office is aware of the regulation and will work with students in this situation.
Students applying for the loan for one semester only (ex: fall only) will receive funds in two disbursements. The initial disbursement will credit early in the semester if the process is completed on a timely basis. The second disbursement will credit at the midpoint of the semester. The Cashier’s Office is aware of the regulation and will work with students in this situation.
Students awarded this loan will be borrowing through the federal government and must complete the processes listed. Repayment of the loan starts six months after ceasing to be enrolled at least half-time, which is six (6) credit hours for undergraduates and five (5) credit hours for graduate students (effective spring 2011). Keep in mind that if you are unable to repay the loan when it is due, you need to contact the Department of Education and/or your servicer(s) to ask about deferment options. There are numerous options to help you avoid defaulting on the loan! Do not allow the loan to default, because it will affect your credit!
Undergraduate students may be eligible for the need-based subsidized Direct Loan or the non-need based unsubsidized Direct Loan. “Subsidized” means the government is paying the interest while the student is enrolled at least half time. “Unsubsidized” means that the student has the option of paying the interest or allowing it to accrue with the principal. Eligibility is based on the FAFSA information, cost of attendance, and class level.
Graduate students are no longer be eligible for subsidized loans due to a change in federal regulations.
Students who have been awarded funds from this program must complete the processes below if you are accepting the loan offer on the “Accept Award Offer” tab on Banner Self Service.
Unless you have previously borrowed a Direct Loan while at the University of Montevallo and completed the Entrance Counseling Interview and signed the Master Promissory Note (MPN) with the U.S. Department of Education, you must follow the process below:
1. Entrance Counseling Interview:
- Access studentloans.gov
- Click “Sign In” on the top, left-hand corner.
- Enter personal information including PIN. (If you do not remember your PIN used when filing the FAFSA, click on the link to retrieve your PIN.)
- Click “Sign In.”
- Verify that personal information is correct and select “Complete Entrance Counseling” in the center of the webpage.
- Begin the entrance counseling session.
- Follow the instructions provided, and click “Complete Entrance Counseling, next, continue, submit, etc.” until you receive a congratulatory confirmation for the entrance counseling session.
2. Direct Loan(s) eMPN:
- Access studentloans.gov.
- Click “Sign In” on the top, left-hand side.
- Enter personal information including PIN. (If you do not remember your PIN used when filing the FAFSA, click on the link to retrieve your PIN.)
- Click “Sign In.”
- Verify that personal information is correct and select “Complete Master Promissory Note” in the center of the webpage.
- Select “Subsidized/Unsubsidized” for your MPN Type.
- Follow the instructions provided and click “next, continue, sign, submit, etc.” until you receive a “thank you” confirmation for the Master Promissory Note signature session.
- PRINT ALL AVAILABLE CONFIRMATION PAGES FROM THESE TWO PROCESSES FOR YOUR FINANCIAL AID RECORDS!
FEDERAL LOAN EXIT COUNSELING INTERVIEW
Please note that students who graduate, withdraw, or drop below half-time must complete a Federal Loan Exit Counseling Interview for all loan types at www.studentloans.gov. Half-time for undergraduates is six (6) credit hours, and for graduate students it is five (5) credit hours. The process for completing the Federal Loan Exit Counseling Interview is as follows:
- Go to www.studentloans.gov.
- Click “Sign In” on the top, left-hand corner.
- Click “Sign In.”
- Verify that personal information is correct and select “Complete Exit Counseling” in the center of the webpage.
- Begin the exit counseling session.
- Follow the instructions provided and click “complete exit counseling, next, continue, submit, etc.” until you receive a congratulatory confirmation for the exit counseling session.
As you will see when completing the Federal Loan Exit Counseling Interview, there are numerous options for you to keep your loan(s) in deferment. If you are unable to make payments, you must remain in close contact with your servicer(s) to determine which deferment is best for you. DO NOT DEFAULT on your loan, because you do have options, and it will negatively affect your credit! Your servicer(s) can assist you through the process.
Federal Direct GradPLUS Loan (FAFSA Required)
This is a federal loan for graduate students only. Students must be enrolled at least half-time which is five (5) credit hours for graduate students (effective spring 2011). If this loan is part of your award letter, you have contacted financial aid and requested the loan. Typically graduate students at the University of Montevallo are not eligible for this loan for the fall/spring semesters because the Stafford loan covers the entire cost of attendance with no remaining eligibility. In some cases, the funds may be available during the summer. To apply for the loan, go online and print the GradPLUS application. Applications for the upcoming fall/spring semesters will be available June 1. The loan cannot be processed through the federal government until mid-July. Follow the instructions on the loan application to make certain you have completed the entire process. The application must be completed and submitted to the Office of Student Financial Services for certification.
Federal Direct Parent PLUS Loans (FAFSA Required)
If the Parent PLUS loan is on the award letter, your parent has probably already completed at least a portion of the process indicated here.
Parents of dependent students may borrow up to the cost of attendance minus any financial aid that the student receives. Parents begin repayment within 60 days of the final disbursement. Deferment options are available with the Department of Education. This loan is not automatically awarded.
To apply for the loan, a parent may download the PLUS Parent Loan application. Applications for the upcoming fall/spring semesters will be available June 1. The loan cannot be processed through the federal government until mid-July. The application must be completed and submitted to the Office of Student Financial Services for certification. If the loan is not approved but denied, the dependent student may contact the Office of Student Financial Services to request additional funds through the unsubsidized Direct Stafford Loan Program.
LOAN CANCELLATION OR REDUCTION
If you are receiving funds through any of the federal loan programs and wish to cancel or reduce any portion of the disbursement(s), please advise the Office of Student Financial Services immediately.
If you have met all eligibility requirements on a timely basis, your aid will credit to your account early in the semester. If the aid exceeds the amount of the charges, a refund will be issued by the Cashier’s Office. Typically, refunds are issued on Friday of the next week after the credit appears on the account. The IRS considers funds received from grants and scholarships that exceed the cost of tuition, fees, and books to be taxable. Contact the IRS if you have questions.
Aid for the summer is based on the total hours for which you enroll during the summer (May, Summer I, and Summer II) and any remaining eligibility you may have for the year. In late March/early April, come to the Office of Student Financial Services to complete the supplemental application for summer after you register for classes. The form may also be downloaded from the Financial Aid website.
To be considered for federal aid each year, reapply by completing the Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible at www.fafsa.gov. The priority date for UM students to file the FAFSA is March 1. Federal aid is not automatically renewed.
Students are encouraged to review all of the financial aid information provided on the UM website and to check Banner Self Service and your forUM account on a weekly basis. Contact the Office of Student Financial Services if you have questions or concerns.