Student Financial Services
CONDITIONS OF AWARD
Students receiving financial aid
must carefully read the following information
prior to accepting or declining aid offered.
Contact the Office of Student Financial Services if you have any questions. Office hours are 8 a.m. to 5 p.m. Monday – Friday. The office is located on the second floor in Palmer Hall. Telephone: (205) 665-6050; Fax (205) 665-6047.
Please note that the primary communication with students is through ForUM email and the student's campus mail box. During periods of non-enrollment communication will be sent to the permanent address.
You will be notified of your financial aid award from the University of Montevallo.
When you receive your award letter, please mark "accept" or "decline" and sign the award letter and submit it to the Office of Student Financial Services, or you may "accept" or "decline" aid on Banner Self Service. Loans may also be reduced if the full amount is not needed.
By accepting the aid that has been offered, you agree to comply with the conditions of your award explained here. Failure to meet the requirements may result in your having to repay funds and/or being denied future financial aid from the University of Montevallo.
ADJUSTMENTS TO THE AWARD
Any need based financial aid is subject to revision for any of the following reasons:
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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;
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A change in regulations governing federal, state or institutional programs occurs and requires an adjustment to be made;
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Funding levels in federal, state or institutional programs are reduced;
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Additional assistance is received which was not previously included in the award package.
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 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 PROGRESSTo receive federal aid you must be making satisfactory academic progress as defined in the University Bulletin and at http://www.montevallo.edu/finaid/Basic_Information.shtm#SATISFACTORY ACADEMIC PROGRESS.
ENROLLMENT STATUSUnless 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, you must enroll for a minimum of 6 credit hours which is considered half time for undergraduates and graduate students. 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 CLASSNotify 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, you are strongly advised to complete the official withdrawal process in Records.
For more information, please read Consequences of Withdrawal which is located on the following page of the UM website: www.montevallo.edu/finaid/Basic_Information.shtm#STUDENT%20financial%20aid%20POLICIES.
AUTHORIZE THE RELEASE OF INFORMATION
By accepting your award you are authorizing the Office of Student Financial Services to release information about the amount and type of aid you are receiving to other offices and agencies as may be needed to administer the financial aid programs. This includes the release of information for collection of student loans in the event repayment obligations are not met. You also agree to allow the release of your major, grade point average and general biographical information to donors of any scholarship or special funds which you may receive.
TYPES OF AID THAT MAY BE AWARDED
Typically scholarships and grants do not have to be repaid. Loans must be repaid.
Scholarships
Scholarships typically 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 you will receive information from the department making the award.
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.
Federal Pell Grant (FAFSA Required)
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 Supplemental Educational Opportunity Grant (FAFSA Required)
This grant is awarded to the neediest Pell Grant recipients based on hours of enrollment. Funds are limited.
Federal Academic Competitiveness Grant (FAFSA Required)
This grant is awarded to students who are eligible for Pell Grant and have completed a rigorous high school curriculum. High school transcript must be on file in the Office of Admissions. Federal regulations governing this program are too numerous to include in this document.
Federal National SMART Grant (FAFSA Required)
This grant is awarded to college juniors and seniors who are eligible for Pell Grant and are majoring in specific fields of math, science and foreign languages. Federal regulations governing this program are too numerous to include in this document.
TEACH Grant (FAFSA Required)
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 urged to pay close attention to everything that requires a signature.
Alabama Student Assistance Grant (FAFSA Required)
This grant is awarded to the neediest Pell Grant recipients based on hours of enrollment. Funds are limited.
Federal Work Study (FAFSA Required)
Students awarded work study will be paid monthly for hours worked during the previous month. Contact the Counseling and Career Center in Main Hall for job openings. Then contact the department you are interested in and if hired you will need to verify citizenship and complete state and federal tax information prior to working. The department will provide you with the Student Personnel Action Form which needs to be brought to the Office of Student Financial Services to activate your job placement.
If you accept the award offer and do not locate employment on campus 30 days after the semester begins, the offer will be cancelled. It is the student's responsibility to secure timely employment. Funds are limited.
Federal Perkins Loan (FAFSA Required)
The Perkins Loan is for the purpose of helping to meet your educational expenses. After you “accept” the loan offer, you will receive additional information from the Office of Student Financial Services regarding repayment, the signing of your promissory note, etc. It is a loan so it must be repaid according to the conditions of the Master Promissory Note (MPN). The University of Montevallo is the lender, but repayment will be handled by Campus Partners. 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.
Federal Stafford Loan (FAFSA required)
Students who are awarded this loan may borrow from a participating lender. This process is explained in this section of the website. Repayment of the loan starts six months after ceasing to be enrolled at least half time (6 credit hours). Keep in mind that if you are unable to repay the loan when it is due you need to contact your lender to ask about other deferment options. Do not allow the loan to go into a defaulted status because it will affect your credit!
Students may be eligible for the need based subsidized Stafford loan or the non-need based unsubsidized Stafford 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.
If you have been awarded funds from this program, your next step is to complete the process below if you accept the loan offer.
New borrowers and borrowers who wish to change lenders need to go to www.kheaa.com to complete this process when using a lender on the participating lender list which is on KHEAA's website.
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From KHEAA’s home page select Mapping Your Future (MYF) and make certain you complete “entrance” not “exit” counseling. Do not complete the counseling session directly on KHEAA's website. Be certain to use MYF!
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Go back to KHEAA’s home page and click eSign Your MPN. There you will sign the Master Promissory Note and also select a lender from the list.
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If you decide to cancel or reduce the amount of the loan after signing the MPN, contact the Office of Student Financial Services immediately.
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For a list of Federal Stafford lender benefits, please click this link: Stafford Lender List2.pdf
If you prefer to use a lender not on the list provided, do not complete this process other than completing the entrance counseling! Immediately notify the Office of Student Financial Services that you will be using a different lender. Provide the lender name and the guarantee agency if known. Your loan will be processed in a different manner, but in most cases this will still be an automated process.
Federal GradPLUS Loan (FAFSA required)
This is a federal loan for graduate students only. 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 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 at www.montevallo.edu/finaid/forms/ or request the form from the Office of Student Financial Services. 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.
For a list of Federal Grad/Parent (one or the other) PLUS lender benefits, please view the application process found through downloadable forms or view each lender’s website online.
FEDERAL 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 lender. This loan is not automatically awarded.
To apply for the loan, a parent may go online at www.kheaa.com and click on "Pre-approval Zip Decision" and select PLUS Parent. If the loan is pre-approved online, the parent may download the PLUS Parent Loan application at www.montevallo.edu/finaid/forms/ or request the form from the Office of Student Financial Services. The application must be completed and submitted to the Office of Student Financial Services for certification. If the loan is not pre-approved but denied, the dependent student may contact the Office of Student Financial Services to request additional funds through the unsubsidized Stafford loan program.
For a list of Federal Grad/Parent (one or the other) PLUS lender benefits, please view the application process found through downloadable forms or view each lender’s website online.
TITLE IV AUTHORIZATION FORM
Federal regulations state that in order to insure that your Federal Student Aid may be used to pay indirect charges (such as a library fine), you must complete and submit the required Title IV Authorization Form to the Office of Student Financial Services. Please give this your immediate attention to avoid delays in crediting your account and receiving your refund on a timely basis. You may download this form at http://www.montevallo.edu/finaid/forms/.
REFUNDSCrediting funds to your student account: If you have met all eligibility requirements on a timely basis, your aid will be credited to your account ten days before classes begin. If the aid exceeds the amount of the charges, a refund will be issued by the Cashier’s Office. The IRS considers funds received from grants and scholarships that exceed the cost of tuition, fees, and books to be taxable. Contact the IRS for details.
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, please advise the Office of Student Financial Services immediately.
SUMMER AIDAid 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. If you have received the annual maximum for federal aid during the fall and spring semesters, there will be no remaining eligibility for the summer. In late March, you may come to the Office of Student Financial Services to complete the supplemental application for summer. The form may be printed from this website. It is located under 'downloadable forms'.
REAPPLYTo be considered for federal aid each year, you must reapply by completing the Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible at www.fafsa.ed.gov. The priority date for UM students to file the FAFSA is April 1. Federal aid is not automatically renewed.
REVIEWStudents are encouraged to review all of the financial aid information provided on the UM website and to become familiar with Banner Self Service. Contact the Office of Student Financial Services if you have questions or concerns.