Overview of the Financial Aid Process
Completing the FAFSA
The Free Application for Federal Student Aid (FAFSA) is used to determine your eligibility for federal, state, and institutional grants, loans and scholarships.
The FAFSA for the upcoming academic year is available January 1st.
- File the FAFSA electronically by accessing www.fafsa.ed.gov using completed or estimated tax return information and designate the MNU school code 007032 so that we receive the results of your application.
- You will also need to register for your Personal Identification Number (PIN) at www.pin.ed.gov (parent and student). The PIN will be used to complete electronic signatures for parent and student when you complete your FAFSA on-line.
We recommend that you submit your FAFSA on line due to the built-in audits that help parents and students avoid some of the most common errors people make on the paper FAFSA. If you are not able to file the application on-line, you may call the Department of Education at 1-800-433-3243 and request a paper FAFSA be mailed to your residence.
FAFSA Results
The result of your processed FAFSA is called a Student Aid Report (SAR). You will receive a SAR either electronically or by mail. A SAR will also be sent to each school you listed on your FAFSA.
Please review your SAR immediately and make corrections if necessary. Those who file with estimated income numbers will need to be certain to make any necessary corrections to your FAFSA once your federal tax return is completed for the required calendar year.
Ready to Award
Several factors are used by the FAFSA’s Central Processing System, such as parent and student income and assets, household size, the number of college students in the household, the age of the older parent, and your state of residency when calculating the student’s Expected Family Contribution (EFC). The EFC is used as an index to determine eligibility for all financial aid opportunities.
Federal and state grant and loan programs are available to help students and their families with the educational and living expenses of attending MNU. Most of these programs provide funding based on a student’s calculated financial need for assistance.
What is financial need? Financial need is the difference between the total average cost of attending MNU and the EFC.
Once a student’s financial need is determined, assistance from one or more federal and state aid programs is then awarded to supplement the money you and your family have set aside over the years to help pay your MNU expenses.
Award Notification
Your award notification will be sent to you in order to provide you with the required information needed to access your MNU account on line. From this site, you will be asked to accept or decline loans, and will also need to monitor and complete outstanding document requests for your financial aid file.
