Financial Aid FAQ for First-Time Students

plusaWhat is financial aid?

Financial aid is federal or state assistance that comes in the form of (1) grants, which do not have to be repaid. (2) work study—a part-time job on campus, or (3) student loans, which are required to be paid back starting six months after you leave school.

plusaWhen should I fill out a FAFSA (Free Application for Federal Student Aid)?

FAFSA applications are available at www.FAFSA.ed.gov after January 1 of each year for the upcoming school year. There is no set deadline for filing; however to meet the priority deadline, students are encouraged to apply before March 1st.

plusaHow do I know if I will be eligible for financial aid?

Don't worry, you are likely eligible. But you will not know for which types of aid you will be eligible until you apply! When you complete the FAFSA you will be considered for Federal and State grants, loans, and work study.

plusaDoes MidAmerica Nazarene offer scholarships/grant money?

Yes, MNU has a generous scholarships/grant program. These awards are based upon your performance on the ACT/SAT and high school grade point average. MNU awards need not be repaid and are renewed for each year of your full-time enrollment provided you meet GPA renewal requirements. Contact the Office of Admissions to learn about your eligibility to receive one of these awards!

plusaHow do I apply for a MNU Scholarship or Grant?

Your Application for Admission serves as your academic scholarship or grant application. Simply complete the Application and we will contact you regarding your eligibility for such an award.

plusaDo I need to be admitted before I can apply for financial aid at MidAmerica Nazarene?

No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted to MNU.

plusaWhy can't I submit my financial aid application (FAFSA) before January 1?

The need analysis process for financial aid uses the family's income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the base year ends December 31, you cannot submit a financial aid application until January 1. If you submit the financial aid application before January 1, it will be rejected.

plusaWhat is a PIN (Personal Identification Number)?

The PIN serves as your electronic signature for the FAFSA. In addition your PIN allows you to check the status of your financial aid application online as well as make corrections to your application online. If you choose to take a student loan in the future, the PIN can also be used as your electronic signature on that agreement. In order to obtain your PIN you will need to go to www.pin.ed.gov. You will need your social security number and date of birth to apply. If your parent is required to sign the FAFSA one parent must also apply for a PIN. You can apply for your PIN before you file your FAFSA.

plusaWhat is an EFC?

The Expected Family Contribution (EFC) is a measure of your family’s financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits, such as unemployment or Social Security, are all considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year. The information you report on your FAFSA or your FAFSA4caster is used to calculate your EFC. Schools use the EFC to determine your federal student aid eligibility and financial aid award.

plusaWhat happens after I apply for financial aid?

The Federal Processor will process the FAFSA and send or email you a Student Aid Report within five to ten days of the date of filing. The Student Aid Report details the information that you provided on the FAFSA and informs you of any corrections that need to be made. At the same time you receive your Student Aid Report, the Financial Aid Office will receive your information as long as you listed MNU as one of your school choices. Our school code is 007032.

plusaWhat is the difference between a subsidized loan and an unsubsidized loan?

A subsidized loan is need-based, based upon the information provided on the FAFSA, and the government pays the interest while you are in school.

An unsubsidized loan is not based on need and you will be charged interest from the time the loan is disbursed until the time it is paid in full. You have two options for repayment. You may choose to pay the interest as it accumulates or may allow the interest to accumulate and it will be capitalized. The interest will be added to your loan and additional interest will be based upon the higher amount. This will increase the amount you have to pay.

plusaAre Direct Loans available?

Yes. The Direct Loan Program offers the following types of loans:

Please Note:PLUS loan borrowers cannot have an adverse credit history. A credit check will be done.

 

plusaHow much money can I borrow using the Federal student loan program?

The Department of Education has established maximum levels for student borrowing. These limits are based upon the total number of credits that you have completed toward graduation in your program of study. If you are a dependent study, your loan limits follow:

Annual Loan Limits 2013-2014
Grade Level Subsidized Unsubsidized Combined Fixed Interest Rates
Freshman $3,500 $2,000 $5,500 6.8% subsidized
Sophomore $4,500 $2,000 $6,500 6.8% unsubsidized
Junior & Senior $5,500 $2,000 $7,500  

For more information on Federal Student Loans go to www.studentloans.gov

 

Questions? Contact us

MidAmerica Nazarene University
Student Financial Services
Campus Center Building
2030 E College Way
Olathe, KS 66062
Office Hours
Monday—Friday
8:00 a.m.—5 p.m. Central
Phone: 913-971-3298
Toll Free: 1-800-800-8887
Fax: 913-971-3482
Email: finaid@mnu.edu