The
Student's Financial Aid Package
A financial aid award is packaged for each student
applicant based on the student's demonstrated financial need,
date of application, availability of funding and eligibility.
If applicable, a combination of gift (scholarships and grant)
and self-help (job and loan) is offered to the student.
Talent
scholarships or grants-in-aid, i.e., Athletic, Music, Speech
and Dramatic Arts, or Broadcast and Cinematic Arts are awarded
by the respective departments for which the awards are named.
Academic Honors and Outstanding High School Students
Scholarships are awarded at the time of admission, based on
admission criteria, not financial need. If an award recipient
is also receiving university need-based financial assistance
or aid from the Michigan Competitive Scholarship Program, or
from an external agency, it may be necessary to include the
talent scholarship or grant-in-aid in the financial aid
package. This could result in a reduction in the talent
scholarship or grant-in-aid.
The
student is responsible for following the procedures included
in the award packet to secure the aid offered.
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Changes
in the Award
The OSFA anticipates that students will receive the
aid package offered in their award statement. It may, however,
be necessary for the university to increase or decrease the
award if changes occur in the student's enrollment status,
family financial status, or the student’s own financial
resources or expenses.
Changes
in enrollment status include changing undergraduate majors,
taking fewer than 12 credit hours per semester, registering
for study away from the university, or withdrawal before the
end of the semester. Reductions in credit hours below 12
credits in a semester may result in a cancellation of CMU
assistance for that semester. Students should consult a
financial aid advisor before making a change in enrollment
status.
Changes
in family financial strength include significant discrepancies
between the resources described in the FAFSA and those
reported in the federal income tax return or unanticipated
family financial reverses lasting longer than three months.
Students should consult a financial aid advisor if there is an
unusual circumstance that impacts the family's financial
strength.
Changes
in student resources include receipt of educational benefits
such as veteran’s benefits, and receipt of awards in amounts
that differ from the estimates on the award statement, or that
were not included in the statement. Students must report
receipt of additional resources not considered in the original
aid package. Students who receive scholarships from private
donors may receive a reduction in some awards to ensure that
the total aid resources do not exceed a student’s financial
need.
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Award
Revision
CMU reserves the right to revise a student’s award
package if government regulations, university policy, or
sources of funding change prior to or during the academic
year. This also applies if overpayments or over commitments
occur, or if acceptance of the award occurs after the
deadline.
The
award may be reduced or withdrawn after a student has received
a direct payment of the financial aid. The reduction in aid
will be charged to the student’s account and the student
will be required to pay that amount to CMU.
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Tuition
Deferral
Aid which has been accepted will appear on advance
tuition bills and will offset some or all charges.
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Award
Disbursement
All financial aid is typically divided in half and
credited directly to the student account. When possible,
awards are applied to the first bill in each semester;
however, late awards or award revisions will be applied
throughout each semester. Financial aid funds will be applied
against the student’s tuition, university housing cost for
the semester, and any other charges on the student’s account
at the time of disbursement. NOTE: First-time borrowers of the
federal direct student loan must attend an entrance interview
prior to disbursement of loan funds.
If
there are more credits than charges, a refund check will be
issued for the balance. It is the student’s responsibility
to verify the accuracy of billing charges, financial aid
credits, and refund checks.
Refund
checks are usually available to on-time filers by the first
day of classes. Late filers should plan to have sufficient
funds for meeting expenses until refund checks are available.
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Note:
Tax Status of Financial Aid
The Tax Reform Act of 1986 amended the Internal
Revenue Code section pertaining to the taxability of
scholarship and fellowship grants. Effective January 1, 1987,
only the amount of a scholarship or fellowship grant which is
used for qualified tuition and related expenses (i.e.,
tuition, fees, books, supplies, and equipment) is excluded
from gross income. Any amount of a scholarship or fellowship
grant which is used for non-course related expenses (such as
room and board) is taxable and must be included in the student’s
gross income. Students should keep accurate records of all
tuition paid and related expenses, and financial aid received.
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Statement
of Student Financial Aid
Rights
and Responsibilities
-
Students
have the right to be informed of and to apply for all
financial aid programs for which they are eligible and the
responsibility to apply by program deadlines and to
acquaint themselves with the application procedure.
-
Students
have the right to know how financial need and award
packages are determined and to request a review of the
financial aid package should circumstances change to
negatively affect the family’s ability to meet costs of
attendance, and the responsibility to notify the
university should new resources become available to the
student which were not originally considered.
-
Students
who borrow have a right to full disclosure of the terms
and provisions of loan programs, including typical
repayment schedules and the responsibility to attend exit
interviews before leaving the university. They must repay
loans on a timely basis and keep the university informed
of their current address.
-
Students
have the right to be informed of financial aid policies
and have the responsibility to be aware of all published
financial aid policies and to comply with these policies.
- Students
have the responsibility to submit accurate information on
all university documents relating to the financial aid
application process. Top of Page
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