Federal Stafford Loans
This loan provides funding for students to pay for their educational expenses. The loan is made to the student, and the student is directly responsible for repayment of this debt. Eligibility is contingent upon completion and submission of appropriate application documents. Repayment of principal begins six months after a student ceases enrollment on at least a half-time basis.
There are two types of Stafford Loans. If the student demonstrates financial need, students can qualify for the Subsidized Stafford Loan. The federal government pays the interest on this loan while enrollment remains at least half-time. If a student does not qualify for the full Subsidized Stafford Loan, he/she may borrow an Unsubsidized Stafford Loan. Interest on this loan must be paid while enrolled or student may capitalize the interest and pay it, along with the principal, upon leaving school.
Stafford Loan funds are borrowed directly from the Federal Government and repayment is made directly to a servicing agent that is assigned by the Department of Education.
The amount of your student loan depends on the number of credits you have successfully completed. If you are a new student or have completed fewer than 28 credits, you are eligible for an annual maximum of up to $3,500. If you have completed or transferred in with 28 -- 59 credits, you are eligible for an annual maximum of up to $4,500. Once you have completed or transferred in with at least 60 credits, you are eligible for an annual maximum of up to $5,500.
Stafford Loan eligibility is determined by the Financial Aid Office in accordance with federal regulations. To apply for and receive such a loan, the student must complete an Entrance Counseling and an Electronic Master Promissory Note (or, E-MPN) at http://www.studentloans.gov. If you are an incoming student with an incomplete file, the student will need to complete these processes online before the Stafford Load can be processed. If you are a returning student, an applicable Master Promissory Note may already be on file. Please check with the Financial Aid Office if you have questions or if your loan proceeds are not delivered to your account within four weeks of a semester start.
In either case, you must have an eligible Master Promissory Note in order to process a Student Loan of any sort. After your promissory note has been completed, your loan will be electronically certified by the college and the Student Accounts Office will receive the loan and credit it to your account, half in each semester (minus the origination fee). The FAFSA is the annual application for a Federal Stafford Loan.
Federal Perkins Loans
Funded by the federal government and administered by the College, Perkins loans are awarded based on financial need and availability of funds. Eligibility is re-evaluated each year. Repayment begins nine months after the student ceases at least half-time enrollment. The interest rate on this loan is 5%. If eligible, a promissory note must be signed with the Student Accounts Office before Perkins Loan funds can be credited to a student’s account.
Federal Parent Loans (PLUS)
If you are a dependent student, your natural, adoptive or step-parent may borrow up to the cost of your education, less any other financial aid received. Approval is contingent upon a successful credit check. Loan proceeds (minus an origination fee) are disbursed directly to your account, half in each semester. Once the PLUS Loan Pre-Approval is completed, please complete your electronic PLUS Master Promissory Note (e-MPN) at http://studentloans.gov.
Once you have reviewed the borrower benefits and upon approval, your information will be sent to the College electronically for certification and disbursement. To use PLUS loan proceeds for the fall bill, the loan certification must be received by the Financial Aid Office. The PLUS loan interest rates are determined by the U.S. Government and the program is administered by the U.S. Department of Education. If you need further assistance, please do not hesitate to contact our office directly.
Financial Appeal Procedures
The Federal Student Handbook published by the Department of Education states the following: “The law governing FSA [Federal Student Aid] programs is based on the premise that the family is the first source of the student’s support, and the law provides several criteria that decide if the student is considered independent of his/her parents for aid eligibility. Note that a student reaching the age of 18 or 21 or living apart from his/her parents does not affect his/her dependency status.” (Application and Verification Guide, 2008-2009, AVG-22)
An appeal is an important document. The appeal is intended to accommodate extraordinary, mitigating or unusual circumstances (i.e., severe health issues, serious accidents, unemployment, loss of a parent, etc.). Technically, it is an earnest, focused and documented request for increased financial assistance in the event.
The Procedure for Submitting and Reviewing all Financial Appeals:
An appeal is a formal letter usually submitted by a student or parent addressed to the Financial Appeals Committee and sent directly to:
Robert Gilmore
Director of Financial Aid
Manhattanville College
2900 Purchase Street
Purchase, NY 10577
Robert.Gilmore@mville.edu
- The Director of Financial Aid convenes the Financial Appeals Committee (Director of Residence Life, VP of Enrollment Management, Director of Admissions, Faculty, Retention Coordinator, and Dean of Students).
- When reviewing appeals the Committee takes into consideration a number of factors and, thus, consults with other campus offices as needed (e.g., Academic Advising, Office of Residence Life, Dean of Students). All decisions are made with the student’s overall best interest in mind not only financial.
- The Committee takes all requests very seriously. It conducts a thorough investigation of the facts and assesses academic, social and conduct factors, as well, before rendering a decision. Final decisions rest with the Committee and all decisions are final.
- In certain circumstances a letter of appeal may be re-submitted after one semester if there is any change in financial circumstances or new information comes to light.
- The Committee is not obliged to provide detailed information regarding the reasons for its decisions.
For Assistance
Since many students may need more than one form of financial aid, it is strongly recommended that students contact or visit the Office of Financial Aid to receive guidance on the funds available from various sources. In addition, you may also reach us via Email: Financialaid@mville.edu or visit us in Reid Hall on the third floor.