| |
Federal Student Aid Information Center at 1-800-4-FEDAID
Online chat
room at
http://www.fafsa.ed.gov
(FAFSA on the Web)
Boise State Financial Aid Office, 113 Administration Building |
BEWARE
– there are several private sites on the Web using similar
addresses that include FAFSA. There will be a charge up to $100
for their services. This can be extremely confusing. Remember,
the first F in FAFSA stands for FREE. Do not pay for
services provided free to you by financial aid professionals and
the U.S. Department of Education.
AWARD NOTIFICATION:
You will be notified of your award
by e-mail. It is necessary to accept or decline the financial
aid offered and to submit your response via the web within 30
days of being notified. Awards are subject to revision if
additional information is received and/or corrections are made
to the FAFSA.
CANCELLATION/COMPLETE WITHDRAWAL:
If you decide not to attend Boise State University or decide to
stop attending once classes have started, you must initiate the
complete withdrawal process (drop) from classes on BroncoWeb.
Failure to withdraw prior to the established deadlines means
your bill continues to be due and payable. You may cancel
classes on BroncoWeb prior to the beginning of the term and up
to the sixth week of classes during a semester, depending upon
the length of the course. Students enrolled through the College
of Applied Technology or through Extended Studies should consult
an advisor prior to dropping classes. Federal law requires
repayment of unearned federal financial aid from students who
completely withdraw. If withdrawal occurs prior to completing 60
percent of the semester, the student must repay Boise State for
unearned aid applied toward fee charges (aid is earned for each
day a student attends classes). Repayment may also be required
for unearned aid disbursed directly to the student. If you are
considering withdrawing from Boise State, please read the
Complete Withdrawal information online to understand the
financial consequences. Classes that are shorter than a full semester (i.e. 5-week course) have
different deadlines for withdrawals. Students may receive a “W”
even if they drop a class before the 10th day of the
semester. If this should happen, no Pell Grant will be given
for this course. In addition, the “W” will have a negative
impact on your Satisfactory Academic Progress.
CANYON COUNTY SERVICES:
In addition to financial aid counselors on the Boise campus, a
counselor is available at the Canyon County Center to help with
financial aid needs. Meetings with a financial aid counselor in
Canyon County are handled on a walk-in basis between 9:30
a.m.-1:00 p.m. and 2:30-6:00 p.m. Monday through Thursday. For
further details about service hours call (208) 426-4700.
CHANGE IN CREDIT LOAD:
If financial aid has been disbursed and you reduce your credit
load, you may have to repay funds. If you drop below
half-time status after a loan is disbursed, the loan will go
into repayment status. The amount of a Pell Grant is
based on the number of credits in which a recipient is enrolled.
The amounts will be adjusted each time you drop and add classes
between the date your Pell Grant is disbursed and the 10th
day of classes. If you drop a class before it begins, you will
not be eligible for a Pell Grant for that class. To avoid
unnecessary repayment situations, add classes before you drop
classes and make all adjustments during the same session on
BroncoWeb. In addition, make certain that you are enrolled in
all credits (including internship credits) by the 10th
day of the semester. Check with the Financial Aid Office
before changing enrollment status after the 10th day
of the semester to determine the effect on your aid and
potential impact on satisfactory academic progress.
FINANCIAL NEED CALCULATION:
Once awarded, you will notice (on BroncoWeb – View My Financial
Aid) a breakdown of the estimated costs to attend Boise State
University called Cost of Attendance (COA). In addition,
there is an estimate of resources expected from you (and your
family) referred to as Expected Family Contribution (EFC)
based on information provided on the FAFSA. The difference in
these two figures represents your unmet financial need: COA
minus EFC = Unmet Financial Need. Need based aid
(i.e. scholarships, grants, work-study, and subsidized loans)
should not exceed this amount.
INDEPENDENT VERSUS DEPENDENT
STATUS: Most unmarried
undergraduate students under the age of 24 are considered
dependent for federal financial aid purposes. The questions in
Step 2 of the electronic FAFSA (Step 3 of the paper FAFSA)
determine a student’s dependent or independent status. If you
cannot answer “yes” to any question in this step at the time you
complete the FAFSA, you are considered dependent and will need
to supply parental information. If you feel you should be exempt
from this policy, read the criteria and instructions on the
Petition for Dependency Override form at
http://financialaid.boisestate.edu/forms.htm
and submit it to the Financial Aid Office. PLEASE
NOTE that neither your parents’ unwillingness to pay, nor
the fact that you live on your own, are reasons to receive an
exemption. In many cases, being independent does not mean you
will receive more aid than you would receive as a dependent
student.
PRIVACY
RELEASE: Information about your
financial aid file will not be released to your parent(s),
spouse, or most outside (non-BSU) agencies without your written
permission. Information will be provided to federal and state
agencies needing it for financial aid awarding and for reporting
purposes. A privacy release form authorizing us to release
confidential information to those you choose is available online
at
http://financialaid.boisestate.edu/forms.htm.
QUALITY ASSURANCE PROGRAM:
Students who accept financial aid may be selected to participate
in Boise State’s Quality Assurance Program review. The goal of
this federal program is to ensure quality service is provided to
each student; therefore, additional documentation may be
required of you. Your compliance is mandatory. By signing the
FAFSA application you agree to supply any additional information
the Financial Aid Office may require. You will be notified if
you are chosen for this review. (This process is commonly
referred to as being “selected for verification”.)
QUESTIONS: You may find answers to some Frequently Asked
Questions on the internet at
http://financialaid.boisestate.edu
or e-mail us questions at
FAQuest@boisestate.edu.
In addition, customer service representatives are available to
answer general financial aid questions or to respond to requests
for aid adjustments. You may contact them by phone (208)
426-1664 Monday through Friday from 8:00 a.m. to 5:00 p.m.
between August 16 and May 13. Summer hours of service are from
8:00 a.m.–5:00 p.m. Monday through Thursday and 8:00-12:00
Friday. In-person assistance is available on the Boise campus
in Room A-113, and at the Canyon County Student Services
Office. Financial aid counselors are available to help you with
more complex questions. The best way to receive counselor
assistance is to schedule an appointment, Monday through
Thursday, from 8:30-11:30 a.m. and
from 1:30–4:00 p.m.
A financial aid representative is also available on a walk-in basis at
Evening Services, Monday through Thursday, Room 110
Administration building, from 5:00-6:00 p.m. during the fall and
spring semesters. We are available by phone between the hours
of 5:00 p.m. – 6:00 p.m., Monday through Thursday during the
regular semester. Please call 426-2493.
SATISFACTORY ACADEMIC PROGRESS:
Financial aid eligibility is contingent upon maintaining
Satisfactory Academic Progress (SAP) toward a degree or
certificate. Read the complete
Satisfactory Academic
Progress policy online. Highlights include:
·
Cumulative
Boise State
credits
attempted and completed are utilized in calculating 75%
completion rate.
·
Developmental credits,
such as
Math 25 and English 90, are included as credits attempted and
completed.
·
Financial
aid recipients must complete at least one course
for each
term in which financial aid is received. Problems are created if
all credits are dropped during the first 10 days of classes and
financial aid has been disbursed.
·
Repeated
courses
count as credits attempted. They will be counted as credits
completed only once – that is, the first time a passing grade is
received. If you fail a course that was previously passed, zero
(0) credits will be deemed completed.
·
Students
are ineligible for financial aid
when one or
more SAP standards have not been met.
SPECIAL
CONDITIONS:
If you have changes in your financial circumstances (e.g. job
loss or divorce) check with the Financial Aid Office to
see if you are eligible to complete a Special Conditions Form to
have your financial need re-evaluated.
STUDIES
ABROAD:
Financial aid is available to students in the Studies Abroad
Program and in the National Student Exchange Program. Students
may be eligible for their full entitlement of loans to help with
the Studies Abroad costs. Questions can be directed to the
International Programs Office, (208) 426-3652.
SUMMER
FINANCIAL AID:
SUMMER FINANCIAL AID IS
LIMITED. At Boise State, summer aid is dependent on the amount
of financial aid left over from the previous fall and spring
semesters. Students must be enrolled in at least 6 credits (5
for graduate students) to be eligible for loans. Pell Grants
will automatically be granted to those entitled to receive
them. Please see Timely Tips on the financial aid web site (http://financialaid.boisestate.edu)
in March 2005 for more information on summer financial aid.
TAX
CREDITS:
The Hope Tax Credit and the Lifelong Learning Tax Credit are
available to help students meet educational costs. For more
information contact the Internal Revenue Service at the
IRS web site
http://www.irs.gov
1-800-829-1040 or 1-800-829-4059 (TDD)
or a
professional tax preparer.
VERIFICATION:
Students who accept
financial aid may be selected for verification. The goal of this
federal program is to ensure quality service is provided to each
student; therefore, additional documentation may be required of
you. Your compliance is mandatory if you wish to receive
financial aid. By signing the FAFSA application you agreed to
supply any additional information the Financial Aid Office may
require. You will be notified on BroncoWeb if you are chosen for
this review.
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Grants and
scholarships are the most desirable forms of financial aid
because they do not need to be repaid. Boise State offers four
types of grants: Federal Pell Grant, Federal Supplemental
Educational Opportunity Grant (SEOG), Leveraging Educational
Assistance Partnership (LEAP) Grant, and the State Leveraging
Educational Assistance Partnership (SLEAP) Grant. These grants
are awarded to students who do not already have a bachelor's
degree.
FEDERAL
PELL GRANT: Pell Grant
eligibility is based upon the "expected family contribution” (EFC)
figure that is determined by the U.S. Department of Education’s
need formula. The amount you receive is also based on the number
of credits in which you are enrolled AT THE END OF THE 10TH
DAY OF THE FALL/SPRING SEMESTER if your Pell Grant was
disbursed by the 10th day. Pell Grants disbursed
after the 10th day are subject to other disbursement
rules. If you drop credits before the end of the 10th
day (or before the start of your class, if the start date occurs
after the 10th day), your Pell Grant may be reduced
and you may owe a repayment. Likewise, if you add credits
before the end of the 10th day, your Pell Grant may
be increased. You will be notified by mail or BroncoMail if
there are changes in your Pell Grant amount. Students who have
already earned a bachelor’s degree are not eligible for Pell
Grants.
To receive
the full Pell Grant for which you are eligible, you must be
enrolled in at least 12 credits. Enrollment in 9-11 credits
entitles you to 75%, 6-8 credits entitles you to 50%, 1-5
credits may still provide eligibility for a small Pell Grant.
The maximum Pell Grant for the 2004 - 2005 academic year is
$4,050.
Remedial
classes such as MATH 25 and ENGL 90 count when calculating your
financial aid credits.
Audit
and challenge credits do not count.
Internship
credits
must be added by the tenth day of classes to be counted for Pell
Grant purposes.
If you are enrolled in 8 credits, you will be a full-fee paying
student; however, Pell Grant eligibility would be considered
half-time (6-8 credits) and you would only receive 50% of the
full-time amount.
FEDERAL
SEOG, LEAP and SLEAP GRANTS:
These grants may be awarded to students who receive a Pell
Grant, whose FAFSA information was submitted by March 15, 2004
and who are enrolled in at least six credits. SEOG, LEAP and
SLEAP have limited funding and will be awarded to the earliest
applicants who have exceptional financial need.
SCHOLARSHIPS: Students
with at least a 3.0 cumulative GPA at the end of Fall semester
will automatically be considered for academic scholarships. The
majority of Boise State scholarships require a minimum 3.0 GPA
and enrollment in at least 8 credits each semester of the
award. Online is a list of academic departments requiring
separate departmental scholarship applications. Boise State
scholarship decisions for 2004 - 2005 were made during spring
semester 2004.
Most scholarships
that exceed $1,000 are split between both semesters (if you are
attending both Fall and Spring) unless the donor of the
scholarship notifies the Financial Aid Office otherwise.
If
interested in applying for scholarships not sponsored by Boise
State, check out the many free web sites--never pay for a
scholarship search service. We recommend that you use our
scholarship website (http://financialaid.boisestate.edu/scholarships/)
to research private and national scholarship opportunities.
Deadlines for scholarships vary, so begin your research and
application process early and check back often.
There is a
new scholarship
that requires a student’s state of birth. Students can complete
this information on-line when they log onto BroncoWeb –
Financial Aid – Scholarships.
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Loans
Borrowing
is usually the last thing a student wants to do. However,
scholarships and grants may not cover the entire cost of
education, and borrowing a loan becomes necessary in order to
stay in college. Student and parent loans (for dependent
students) are available to provide additional assistance.
We
recommend you MINIMIZE THE AMOUNT OF LOAN FUNDS YOU BORROW.
While you may return funds to Boise State within 120 days, we
recommend that you budget wisely and only request what you think
you will need each semester.
The chart
below reflects the types of federal loans available at Boise
State University. Note differences in interest rates and grace
periods.
Loan type
|
Interest rates while in school |
Grace
period after school |
Interest rates after school |
|
Perkins |
Deferred |
9 months |
5% |
|
Direct
Subsidized |
Deferred |
6 months |
Variable
(not to exceed 8.25%) |
|
Direct
Unsubsidized |
Variable
(not to exceed 8.25%) |
6 months |
Variable
(not to exceed 8.25%) |
|
Direct
Parent Loan for Undergraduate Students (PLUS) |
Variable
(not to exceed 9%) |
60 days
after the last disbursement of loan |
Variable
(not to exceed 9%) |
To be eligible
for federal loans and to defer repayment, you must be enrolled
in at least 6 credits as an undergraduate (5 credits as a
graduate student). The Registrar’s Office verifies your
enrollment after you have paid fees for the semester. If you
have a loan from another school that needs to be deferred,
contact the Registrar’s Office. Direct Loans processed by Boise
State are automatically deferred by the Registrar’s Office.
SHORT-TERM EMERGENCY LOANS:
These are available from limited Boise State funds (not federal)
to help with unexpected emergencies. These loans are limited to
one per semester and usually will not exceed $250 plus a $25
service fee. Short-term loans are available the first day
through the last day of each semester. Apply for these funds in
the Account Maintenance Center, A-209.
Eligibility
requirements include:
- Enrolled in 6 or more credits (5 or more if graduate
student)
- Boise State cumulative 2.0 GPA (or new student at Boise
State)
- Never defaulted on a Boise State short-term loan
|
- Will repay the loan
-
No overdue charges on student account at Boise State
- Will not use the loan to pay Boise State fees. |
PERKINS
LOAN: Perkins Loans are
limited and are awarded to students whose FAFSA information was
submitted on or before March 15, 2004 and who have exceptional
financial need. If you were offered a Perkins Loan, you must
sign and return your Perkins Loan questionnaire and Perkins Loan
promissory note within 30 days of receipt of your documents, to
the Account Maintenance Center, A-209, phone:
(208) 426-2134.
DIRECT
LOANS:
The amount
of Direct Loan you can borrow each year is dependent upon your
grade level and cannot exceed your cost of attendance:
| |
|
Independent
Students can borrow
additional
unsubsidized loan: |
|
Freshman |
$2,625 |
$4,000 |
|
|
|
Sophomore |
$3,500 |
$4,000 |
|
|
|
Junior or Senior
|
$5,500 |
$5,000 |
|
|
|
Graduate Level |
$8,500 |
$10,000 |
|
|
The combined total debt you can
have outstanding from all Direct Loans is:
$ 23,000 – dependent
undergraduate student
$ 46,000 – independent
undergraduate student (only $23,000 subsidized)
$138,500 – graduate or
professional student (only $65,500 subsidized)
Graduate and professional limits
include loans borrowed as an Undergraduate.
A 1.5%
processing fee is paid to the Department of Education and is
deducted prior to your receiving the funds. (An additional 1.5%
fee is later added if you fail to make payments on time.)
First-time Direct
Loan borrowers must successfully complete an entrance counseling
session at
http://financialaid.boisestate.edu.
When completed, Boise State will receive electronic
notification. You must also sign an electronic master promissory
note (this is done only once for the Direct Loan program). In
order to electronically sign a master promissory note, you need
a personal identification number or PIN. If you do not have a
PIN, obtain one from the U.S. Department of Education (http://www.pin.ed.gov).
Using the PIN, sign your promissory note at
http://dlenote.ed.gov.
Loan funds cannot be disbursed until these two requirements are
completed. The earliest date that loans and other aid can be
disbursed is ten days prior to the first day of your first class
each term. Federal regulations require that loans be divided
evenly between the terms of enrollment for the aid year; thus
your fall semester loan cannot exceed 50% of your annual award
unless you are graduating at the end of fall semester.
IMPORTANT LOAN
INFORMATION:
The following chart shows estimated payments based on a 10-year
repayment plan at 8.25% interest rate. Payments begin 6 or 9
months (depending on the type of loan) after you graduate or
stop
attending at least half time.
|
Amount Borrowed |
Monthly Payment |
Interest Paid |
Total
Repayment
|
|
$ 5,000.00 |
$ 61.33 |
$ 2,358.97 |
$ 7,358.97 |
|
$10,000.00 |
$122.65 |
$ 4,718.49 |
$14,718.49 |
|
$15,000.00 |
$183.98 |
$ 7,077.36 |
$22,077.36 |
|
$20,000.00 |
$245.31 |
$ 9,436.31 |
$29,436.31 |
|
$25,000.00 |
$306.33 |
$11,795.93 |
$36,795.93 |
|
$35,000.00 |
$429.28 |
$16,514.46 |
$51,514.46 |
All loans
must be repaid.
Review your budget, determine the total amount of loans you have
already borrowed, then borrow only what you absolutely need.
If you did not receive a Direct Loan and now wish to apply for
one, contact the Financial Aid Office. If you were awarded a
Direct Loan, accept only what you need. Later, if you
determine a need for the extra amount, contact the Financial Aid
Office and request a loan increase. If you already have a valid
promissory note (master promissory note) on file since
1999-2000, you should not need to sign another one.
Parents of dependent students
(students required to provide parental information on the FAFSA)
might be eligible for a parental loan - called a PLUS loan –
Parent Loan for Undergraduate Students. Contact our office if
you are a dependent student and find the funding offered
insufficient to meet your needs; a PLUS loan might be an option
for you.
If you do not qualify for any of
the above loan programs, please explore the
Aid Programs
section of the Financial Aid Office home page for other types of
loans.
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