Financing Your EducationA guide to applying for financial aid at Simpson University

Last updated Nov. 2010

First, File Your FAFSA

What is a FAFSA?

FAFSA stands for Free Application for Federal Student Aid

(you guessed it-it’s a free application for federal student aid).

Why must I File a FAFSA?

All financial aid, federal, state and institutional, is awarded based on what you file.

 

When should I file?

It is recommended that you file every year before March 2

(this because there are deadlines associated with certain awards).

Do I have to file every year?

YES! Financial aid is awarded annually according to the academic year.

Where do I file?

Glad you asked! Go to this website: http://www.fafsa.ed.gov/

 

How Do I Pay For College?

  Student Loans

Surveys show that more than 70% of college students rely on some type of financial aid, with the majority focusing on federal loans.

   Federal Stafford Loans - the most popular type of student loans, Stafford loans are federally-guaranteed, allow students to borrow directly from the federal government. It’s simple to qualify (loans are not based on income or credit score).

These loans are also appealing to students because repayment interest rates are low, there are many types of repayment plans and borrowers are given a six-month grace period to begin repayment from the time school ends.

•Subsidized: the government pays the interest that accrues when a student is in school (4.5% fixed)

•Unsubsidized: the student pays the interest that accrues (6.8% fixed)

•6 month grace period once you complete or withdraw from school

Amounts are available for up to $20,500 per academic year for graduate students (MA Counseling Psychology bridges 2 academic years)

To learn more about financial aid, student loans or loan repayment options and to use convenient loan calculators check out this website: www.finaid.org

How much aid will I need?Budgeting for School

Important Information about Student Loans

•Use Loans Wisely! When determining how much of your loan to take, you should consider your actual cost of attendance (tuition and fees + books + other educational expenses) as well as the amount that you can contribute to your education.

•Look at the whole picture and only borrow what you need to be successful in school.

•While there are student loans available to you, you are not required to take out the full amount.

•The loan amount you request will be divided in equal amounts over the academic year and disbursed accordingly. The academic year is Summer / Fall / Spring

•You must maintain enrollment at least half time or your loans will enter repayment.

“Your education is a worthy investment that will increase in value over time”

View and AcceptYour Financial Aid Award

How do I view my Award?

To View and Accept Your Award:

•Deposit•Contact your enrollment advisor and submit your $100 advanced tuition deposit. Within 7 business days after your deposit is processed we’ll mail you a letter with your student account and email information.

•Set up Your Student Account•Once you receive your account information you’ll be able to log into your student account and set up your Simpson email. Once you have been awarded, you can review your award online in your student WebAdvisor account and accept your loans there. Use the budget you created to accept loans for the entire year. Remember – the amount requested will be equally divided over the academic year.

•Complete Entrance Counseling and Your Master Promissory Note•You will need to complete student loan entrance counseling and sign a master promissory note online at https://studentloans.gov. To do this your will need your PIN that you used to e-sign your FAFSA. There are two steps. Make sure to do them both!

 

How do I Set Up MyStudent Account?

•Gather Materials•You will need the letter you received from SU that contains your WebAdvisor username and password. If you have ever been a student at SU, you may need to contact the IT help desk at 226-4940 to retrieve your password information.

•Login Online •Visit our website at https://webadvisor.simpsonu.edu

To set up your Student Account

click “Login” on the upper right of the

screen

To set up your Student Account

click “Login” on the upper right of the

screen

Type in your Username and

Passwordthen Submit

Type in your Username and

Passwordthen Submit

Choose Students

(takes you to your account

options)

Choose Students

(takes you to your account

options)

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The financial aid section is where

you can view your award letter and

request your loan

The financial aid section is where

you can view your award letter and

request your loan

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When you choose to View your

Award Letter be sure to select the

correct year

When you choose to View your

Award Letter be sure to select the

correct year

If you have completed your

budget worksheet and know how

much you need in loans then click on the

Stafford Loan Request link

If you have completed your

budget worksheet and know how

much you need in loans then click on the

Stafford Loan Request link

If you have been awarded financial aid a screen will

appear that shows your award

You will see the total amount for the academic year as well

as the break down of how those funds will apply each

semester

If you have been awarded financial aid a screen will

appear that shows your award

You will see the total amount for the academic year as well

as the break down of how those funds will apply each

semester

10MMOE 2010

Using the numbers from your budget worksheet – enter in

the total amount of subsidized and unsubsidized loans that you need for the academic

year

You can refer back to your award letter for amounts

Using the numbers from your budget worksheet – enter in

the total amount of subsidized and unsubsidized loans that you need for the academic

year

You can refer back to your award letter for amounts

Facts about Stafford Loans:

•Subsidized: the government pays the interest that accrues when a student is in school (4.5% fixed)

•Unsubsidized: the student pays the interest that accrues (6.8% fixed)

•6 month grace period once you complete or withdraw from school

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Once your request has been submitted, you will see a

confirmation.

Now, go to https://studentloans.gov

and complete: Entrance Counseling and a

Master Promissory Note

Once your request has been submitted, you will see a

confirmation.

Now, go to https://studentloans.gov

and complete: Entrance Counseling and a

Master Promissory Note

12

Sign in using the PIN you created

to sign your FAFSA

Sign in using the PIN you created

to sign your FAFSA

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First, click on entrance

counseling and answer the

questions about student loans and loan repayment

First, click on entrance

counseling and answer the

questions about student loans and loan repayment

Once you have completed entrance counseling you will need to return to this home page

Once you have completed entrance counseling you will need to return to this home page

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Next,Click on “Sign

Master Promissory Note” and fill out

your loan documents

Use your PIN to sign your loan

documents electronically

Next,Click on “Sign

Master Promissory Note” and fill out

your loan documents

Use your PIN to sign your loan

documents electronically

Once you’ve completed your master promissory note

you are DONE! (Congratulations!) You have completed the steps necessary to secure

your financial aid for this academic year

Once you’ve completed your master promissory note

you are DONE! (Congratulations!) You have completed the steps necessary to secure

your financial aid for this academic year

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What Happens Next?

  Loan Documents and Confirmation

•You will receive copies of your loan documents in the mail. You will also receive notice when your funds are dispersed to the school.

Funds Disbursement•Your financial aid will automatically be sent to Simpson University Student Financial Services and be applied to your account.

•If you have requested aid that exceeds the cost of tuition and fees for the semester and there is a credit on your account you will receive a check from us about 2-3 weeks after the start of the semester.

•Checks can ONLY be issued when all financial aid has arrived at the university – pending financial aid cannot be disbursed.

**Financial aid credit disbursements in the summer semester will be delayed until middle or late summer due to federal and state budget cycles. Please make sure you make note of this and plan accordingly. 

Using Financial Aid to Buy Your Books•If you have requested financial aid that exceeds the cost of tuition and fees and there is a credit pending on your student account, you can visit the Student Financial Services office the week before class and request a credit voucher. This voucher can be used to purchase books in the Simpson University bookstore. The amount you spend in the bookstore will be charged to your student account and deducted from any credit on your account prior to disbursement.

Contact Information

 Have Questions about Your Financial Aid?

You Can:

Check our Website for information at http://www.simpsonu.edu/Pages/About/Financial/FinancialAid.htm

Or contact the office of student financial services at

(530) 226-4621financialaid@simpsonu.edu

Please note - If you call – please leave a message! Our counselors are on the phone serving other students throughout the day and will return all phone calls

within 48 hours. Thank you!