University of Montevallo

Student Financial Services

TERMS AND CONDITIONS OF AWARD

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.

ACCEPTING 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.

ACCEPTING 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.

COMMUNICATION

The primary communication with students is through ForUM email and Self Service. Information will be mailed to newly admitted students. All students are urged to check your ForUM account and ForUM email regularly throughout the year.

TITLE IV AUTHORIZATION FORM

Federal regulations state that in order for federal aid to be used to pay indirect charges such as a traffic fine, you must submit the Title IV Authorization Form to the Office of Student Financial Services if you have not already done so. You may download the form at http://www.montevallo.edu/finaid/forms/.

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.

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.

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.

ENROLLMENT STATUS

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 (effective spring semester 2011). 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 Records Office.

For more information regarding Consequences of Withdrawal go to CONSEQUENCES OF WITHDRAWAL

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

Various types of aid may be awarded including scholarships, grants, loans and federal work study. For more details regarding various types of aid view: Sources of Aid. For specific information regarding scholarships you may go to http://www.montevallo.edu/finaid/Scholarships.shtm.

Typically scholarships and grants do not have to be repaid unless you cease to attend classes or officially withdraw. Loans must be repaid.

Scholarships

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 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) - 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 Pell Grant and have a CREDIT balance on their account prior to the first day of class are issued refunds through the Cashier’s Office within the required time frame.

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 urged 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 monthly for hours worked during the previous month.

Process for securing position after accepting the FWS offer

1. Student visits the Counseling and Career Center or goes online at http://www.montevallo.edu/CounselingCenter/ to view available positions

2. Student requests interview with departments of interest

3. Department will interview student and make hiring decision

4. If student is hired, department will complete the top portion of the Student Personnel Action Form (SPAF) along with entering the Department Budget Code in the second portion of the SPAF and send student to the Office of Student Financial Services with the SPAF

5. Office of Student Financial Services will complete the second portion of the SPAF and give it back to the student to return to the hiring department

6. Department will assist the student in completing all other necessary documentation (i.e. tax forms, I9 form, etc)

7. Department will send all documentation including the SPAF to the Payroll Office

8. Department and student will determine the work schedule which cannot conflict with the student's class schedule, and the department must make certain the student does not earn more than the amount awarded, which is typically $1,800 for the award period

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 a 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 ten days prior to the beginning of the term if the process was 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 to ask about deferment options. Do not allow the loan to default because it will affect your credit!

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.

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 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/myDirectLoan/index.action
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 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/myDirectLoan/index.action
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 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!

Exit Counseling

Please note that students who graduate, withdraw or drop below half time must complete exit counseling for all loan types at www.nslds.ed.gov. Half time for undergraduates is six (6) credit hours and for graduate students it is five (5) credit hours (effective spring semester 2011). Information regarding this process will be provided to students at the appropriate time.

As you will see when completing Exit Counseling, there are numerous options for you to keep your loan in deferment. If you are unable to make payments, you must remain in close contact with your lender to determine which deferment is best for you. DO NOT DEFAULT on your loan because you do have options!! Your lender 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 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/. 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 at www.montevallo.edu/finaid/forms/. 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, please advise the Office of Student Financial Services immediately.

REFUNDS

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. If funds credit after the beginning of the term, 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.

SUMMER AID

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, you may 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 at http://www.montevallo.edu/finaid/forms/.

REAPPLY

To 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.gov. The priority date for UM students to file the FAFSA is March 1. Federal aid is not automatically renewed.

REVIEW

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.