Student Loan Debt Relief Scams
Have student loans? You've probably seen social media ads, received emails, or even opened a piece of mail from companies promising to reduce your monthly loan payments or cancel your loans.
Here's the catch. These companies are doing something you can do yourself, but they'll charge you a fee.
The U.S. Department of Education provides FREE assistance to help you:
- Lower or cap your monthly loan payment;
- Consolidate your federal loans;
- See if you qualify for loan forgiveness;
- Get advice on getting out of default.
Help get the word out, and help protect your friends and family from student loan scams. Watch and share this video, and visit studentloans.gov to learn more.
*Source U.S. Department of Education
FEDERAL DIRECT STUDENT LOAN DISCLOSURE STATEMENTS
Students receiving a Federal Direct Loan will receive a Disclosure Statement from the Federal Loan Origination Center for each new loan. The disclosure statement will provide comprehensive information about the types of loans, loan amounts, the loan period, and anticipated disbursement dates. Save every Disclosure Statement for reference.
Activate Student and/or Parent Loans
ATTENTION: Returning Central Michigan University students who have previously borrowed a Federal Direct Loan while attending CMU do NOT need to complete another Master Promissory Note or loan counseling.
NEW BORROWERS: To receive your Federal Direct Student Loan, you must first complete a Master Promissory Note (MPN), the legal document you must sign agreeing to pay back your loan, and complete loan counseling.
The U.S. Department of Education has created an online MPN for all NEW BORROWERS ... this online function speeds up processing and eliminates the need to mail paper MPNs.
If you believe you have already completed a MPN, please use the website to verify that you have a valid MPN on file: www.studentloans.gov
Your Federal Student Aid Identification (FSA ID) is required to complete the online Promissory Note. If you do not have an FSA ID, you can obtain one at www.studentloans.gov
Please start the process to receive your Federal Direct Student Loan before July 15th. If you have any questions, please call CMU's Scholarship & Financial Aid Office toll-free at (888) 392-0007 or call locally at 774-3674.
New Federal Student Aid Identification (FSA ID)
Beginning May 10, 2015 the FSA ID, a username and password, will replace the Federal Student Aid PIN. The FSA ID will be used to confirm your identity when you access your federal financial aid information and electronically sign Federal Student Aid documents. Parents and students can create a FSA ID beginning May 10, 2015 at www.studentloans.gov, www.fafsa.gov and www.nslds.ed.gov.
CMU MERIT SCHOLARSHIP RENEWAL
CMU merit scholarship(s) recipients must meet the following criteria to renew their merit scholarship:
- A student must be enrolled full time (12 credits or more) each semester as a degree seeking student. Waitlisted courses do not count toward official enrollment.
- Students must earn 30 new credit hours each academic year (excluding summer semester). CLEP, AP, IB and dual enrolled credits do not count toward the 30 new credit hours.
- Merit scholarships are renewable for three consecutive years (8 semesters total) or to the point where the student has completed degree requirements for their first bachelor's degree; whichever comes first. Undergraduate students who graduate in less than 8 semesters forfeit their remaining scholarship eligibility.
- Students must maintain a cumulative GPA of 3.25 at CMU. Scholarship renewal will be reviewed on an annual basis at the end of each spring semester.
- If a student chooses to attend another college or university or withdraws from CMU, the scholarship is forfeited.
- If a student defers their admission for up to one year (due to reasons other than enrolling at another college or university), the scholarship(s) may be deferred to the new entry term. Students must submit a formal deferral request, in writing to the CMU Office of Undergraduate Admissions.
- If a student accepts a CMU scholarship that covers the full cost of attendance, the higher award takes the place of all other scholarships. Subsequently, if a student does not meet the renewal criteria for the scholarship that covers full cost, or decides not to continue with that scholarship program, they cannot "reclaim" the other scholarship.
WHY WE ASK FOR SOCIAL SECURITY NUMBERS
While CMU does not require your Social Security number for admission consideration, it is necessary for applicants who wish to be considered for financial aid and Hope Scholarship/Lifetime Learning tax credit to provide a Social Security number to the university. To protect your privacy, your Social Security number will not be used as your CMU student identification number.
NET PRICE CALCULATOR
Based on the information you provide, this calculator will estimate your total out of pocket expenses as well as provide you with resources to help finance your education.
For the calculator - Click Here
Office of Scholarships and Financial Aid
School Code 002243