Terms and Conditions of receiving Financial Aid
YOU MUST READ AND RESPOND
TO THE FOLLOWING
About Your Award Letter
What is my award letter?
Your Award Letter lists, for your period of enrollment:
1. Your Estimated Allowable Cost of Attendance for enrollment at Western.
2. Your Estimated Family/Student Contribution (EFC) toward the cost of attendance based on FAFSA calculations.
3. Your Estimated Financial Aid Eligibility.
4. An estimate of the amount and types of financial aid for which you are eligible.
The Allowable Cost of Attendance is an estimated amount of what you, the student, will incur in both educational costs AND living expenses for your enrollment period. THIS IS NOT THE AMOUNT YOU OWE THE COLLEGE.
The EFC is the amount the Federal Government determines that your family should contribute toward your education during the enrollment period. This amount is calculated through needs analysis using the information you submitted on your Free Application for Federal Student Aid (FAFSA).
Financial need is equal to the Cost of Attendance (COA) minus the EFC. This figure determines the types and amount of Federal financial aid for which you may be eligible.
The Federal Financial Aid you are awarded may consist of one or more of the following depending on your eligibility and the funding available for each program: Federal Pell Grant, Federal SEOG Grant, Montana Higher Education Grant, Montana Baker Grant, Federal Work Study, State Work Study, Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan, and Federal Parent Plus Loan.
Other types of resources that may be listed on your Award Letter are outside scholarships, outside agency funding such as Voc Rehab or JTPA, Veterans Benefits, Bureau of Indian Affairs, and Fee Waivers. These amounts are based on information you have provided and are only estimates.
What should I do with my award letter?
First, you should read and sign the entire Award Letter online. You will receive a post card notifiying you that your award letter is ready to view and sign, along with instructions for completing the process from Western's web site. Using the FASTAwards online process, accessed via Western's website, you must accept any funds you wish to use to pay for your educational costs. You may print a copy of the Award Letter for your records.
What if I have questions regarding my Financial Aid?
If you need general information regarding financial aid, go to Western’s home page located at http://www.umwestern.edu and select Admissions then Financial Aid. This information is general information regarding financial aid at Western. If you have specific questions regarding your own financial aid file, contact the Financial Aid Office.
What if I am awarded work-study?
The Federal Work Study Program allows you to obtain a Work-Study job, usually on campus. If you are awarded work-study and do not wish to accept this award, reject the award on the Award Letter. If you accept work-study, a packet will be sent to you with additional information.
What if I am interested in work – study and it is not on my award letter?
If you were not awarded work -study and are interested in receiving it, contact the Financial Aid office. If you are eligible, you may sign up on a waiting list for work – study. This list is reviewed on a first-come first-served basis after each semester (Fall/Spring) begins.
What if the information on my award letter is inaccurate?
If any information on you Award Letter is inaccurate, particularly your expected enrollment status for each term, your residency status, grade level, your Bachelor’s degree status, and the types of outside resources you are receiving, contact our office before accepting your aid.
What If I am awarded a federal Perkins loan?
If you accept a Federal Perkins Loan, you must complete Perkins entrance counseling and sign a promissory note at the start of Fall semester. These will be mailed to students who accept the Perkins Loan, and must be signed before funds will disburse. Instructions will accompany the form(s).
What if my Financial Aid award includes a student loan?
If your award includes a student loan, you must first decide if you want to borrow. If you decide not to borrow the student loan, reject the loan. If you decide to borrow the student loan, and you are a first-time student loan borrower in Montana, you must then complete all subsequent steps listed on your postcard (also on the My Award Letter portion of the web site), including using the FASTLoan process and your FAFSA Pin to sign your Master Promissory Note on line. First time borrowers are also required to complete online loan entrance counseling before funds will disburse. If you attended Montana Western the prior semester, or transferred from another Montana school, then you must submit your award letter online and will not have to complete the other steps unless you wish to change your lender. For those who have not borrowed before, or those wishing to change lenders, FASTChoice Software can assist you in compairing the borrower benefits each lender offers. You will be directed to FASTChoice when you log in to sign your MPN. Please note that Montana Western list lenders that allow funds to be delivered via our state guarantee agency using electronic means in order to deliver funds quickly and efficiently to students. The lenders listed are reputable and have favorable borrower benefits for students. However, borrowers have the right to choose any lender they wish and Montana Western will certify the loan. Please be aware that if a lender is not listed there may be some delay in receipt of funds due to processing logistics.
What if my parents want to process a Parent Plus loan?
Once you accept the loan, a PLUS Loan Pre-Approval Postcard with instructions for your parents to complete the approval process online will be mailed. No PLUS loans will be certified until the parent completes an online request.
How will I receive my loan funds?
The UM-Western Financial Aid Office and Business Services Office use electronic funds transfer (EFT) to deposit loans directly into your student account. EFT eliminates individual loan checks that the students have to endorse at Business Services. By authorizing EFT, your loan proceeds will be automatically deposited into your student account and credited to your outstanding fees. Any credit balance remaining will be mailed to you directly. First time freshmen have a 30-day delay in the arrival of loan funds. These students must defer payment with Business Services. Please note that if you are attending two or three semesters and are enrolled in at least 6 credits each semester, you will have a loan disbursement for each term attended. If you are attending one semester with at least 6 credits, your loan will disburse in two halves, the first at the start of the term and the second at mid-term.
What will my bill be?
You will receive a bill each term based on that particular term’s charges. Questions about your bill should be referred to the Business Services. Additionally, you may view your bill online at http://dawgs.umwestern.edu.
What if my financial aid does not cover my bill?
Any tuition, fees, or housing charges not covered by your financial aid must be paid by you before the payment deadline. Payment arrangements can be made with the Business Services for expenses not covered. Books must be paid for at the time of purchase. Business Services will no longer give bookstore authorizations.
What if my financial aid is more than my bill?
If your financial aid is more than your costs, you will receive these funds to help with your living expenses. If there are any financial aid funds remaining after the institutional charges are applied, a refund will be mailed to you by the Business Services. Business Services will begin issuing refund checks AFTER the first classroom day each semester. Please allow time for postal delivery. Questions regarding processing of refund checks should be directed to Business Services at (406) 683-7101. IT IS CRITICAL THAT YOU MAINTAIN AN ACCURATE ADDRESS WITH THE COLLEGE TO PREVENT DELAYS IN RECEIVING YOUR FINANCIAL AID REFUND CHECKS. Your mailing address should be maintained on the Dawgs website.
What is satisfactory academic progress?
Satisfactory Academic Progress (SAP) is the minimum academic standard you must maintain to continue receiving financial aid funding. A complete copy of this policy is available at http://www.umwestern.edu. You are responsible for reading and understanding this policy.
What if I drop a class?
Dropping a class may affect the amount and type of funding for which you will be eligible. The effect will depend on the date you drop the class, the aid you’ve received, and the number of credits you drop. Dropping a class may also prevent you from maintaining compliance with SAP requirements. Before dropping any class you are required to consult the Financial Aid Office.
What if I withdraw from all of my classes?
Completely withdrawing from all of your classes can have many different effects on your financial aid, depending on the date of withdrawal. You may be required to repay all or part of your financial aid, you may be ineligible to receive any future financial aid funds, and you may be placed on Financial Aid Suspension for failure to maintain compliance with SAP requirements. Before completely withdrawing from Western, consult the Financial Aid Office. IF YOU CHOOSE TO WITHDRAW (DROP ALL OF YOUR CLASSES) VIA THE WEB, YOU MUST NOTIFY THE FINANCIAL AID OFFICE.
What if I stop attending all my classes?
If you fail all of your classes in one term because you stop attending, your last date of documentable attendance will be determined and the effect on your financial aid will depend on that date. These effects include having to repay all or part of the financial aid that has been disbursed to you, inability to receive future financial aid until repayment is made, and being place on Financial Aid Suspension for failure to maintain compliance with SAP requirements. If you are in danger of failing a class or classes or wish to withdraw from school contact your advisor for academic counseling and consult the Financial Aid Office to determine the effect it will have on your financial aid.
What if I fail a class/classes?
A failed class may affect your ability to comply with SAP requirements. You may be placed on Financial Aid Probation or Suspension, which may affect your ability to receive financial aid in future terms. If you are in danger of failing a class or classes, contact your advisor for academic counseling and consult the Financial Aid Office to determine the effect it will have on your financial aid.
What if I receive an incomplete?
An incomplete is treated the same as other non-completion grades such as W or F. This can negatively affect your compliance with SAP requirements. If you plan to take an incomplete, consult the Financial Aid Office.
Is class attendance required?
Yes. In order to receive your financial aid at Western, class attendance is required. Students taking coursework at Montana Western and another school simultaneously, who are being funded through a consortium agreement, must provide Western with their official grades from the host school each semester in order prove academic progress and attendance.
How many terms can I receive Financial Aid?
Federal regulations limit the amount of time you may be eligible to receive Federal financial aid. This limit is based on the number of credits required for your program of study. You may receive financial aid for up to 150% of those required credits. All attendance at UM-Western is included in your maximum time frame whether aid is received or not, including transfer credits. Regardless of this time frame, you must comply with all other SAP requirements.
What if my Financial Aid situation changes dramatically during the year?
If your financial situation changes dramatically during the academic year, you may be eligible for special condition consideration. Contact the Financial Aid for a Special Conditions Form if you feel you may qualify.
What if I receive resources from an outside source after I am awarded and it is not listed on the award letter?
Any outside educational funding must be reported to the Financial Aid Office as soon as possible. Prompt reporting of additional funding could prevent having to repay a portion of your Federal financial aid.
Will my award ever change?
Your award may be affected by many factors, including changes in Federal, State, or institutional regulations, or the number of credits for which you enroll. The Financial Aid Office will notify you of any changes to your award by sending you a postcard informing you of your revised financial aid that can be viewed on the Western website.
CONDITIONS FOR RECEIVING FINANCIAL AID AT
The University of Montana-WESTERN
Grants: The value listed on any grant represents the amount paid for full time attendance and will be reduced to 75% of the semester amount for 9-11 credits and 50% for 6-8 credits.
Waivers: The value listed for any waiver represents a 12-credit load for each semester. The waiver will pay a reduced amount for fewer credits.
Loans: Any loan will be paid for the amount listed (minus any origination and guarantee fees when applicable) provided the award matches your intended enrollment status of full-time or part-time.
- I certify that I do not owe a refund on any grant, am not in default on any loan and have not borrowed in excess of the loan limits under Title IV programs at any institution.
- I promise that I will use all money I receive from federal, state or the institution only for expenses related to my study at The University of Montana-WESTERN.
· I understand that I must be making satisfactory academic progress in a course of study leading to a degree. I further understand that my financial aid will be canceled if I fail to meet satisfactory progress requirements. Information on satisfactory progress is available at the Financial Aid Office.
- If I withdraw or otherwise do not complete a term, I understand that: (1) I may owe a repayment for financial aid received during that term and (2) my eligibility for further aid will be terminated.
· I acknowledge that under regulations governing financial aid programs, the Financial Aid Office at The University of Montana-WESTERN, may release information about me to other qualified agencies including my lending institution, the Bureau of Indian Affairs Tribal Education Office or Vocational Rehabilitation Offices. The information may be released may include my academic progress, grade point average, address, references and any financial information applicable to my eligibility for aid.
· I hereby authorize The University of Montana-WESTERN to credit my financial aid towards my registration bill. (Notice: If you refuse to accept this method of receiving financial aid, please write a statement on the front of this award letter and your financial aid will be mailed to you after the mid-term of the semester. You will be required to pay your fees at the beginning of the term using your own resources).
· I will promptly inform the Financial Aid Office of any other money I receive for educational purposes. Failure to do so may result in having to repay federal or state aid and ineligibility for further aid. Assistance that must be reported includes, but is not limited to, scholarships, Voc. Rehab., VA, VA work-study and BIA funding.
Information and Guidelines:
This award is contingent upon the availability of funds. Respond to this award letter immediately! Adjustments in your offer may be necessary if you later receive additional assistance. Financial aid may be altered during the award period for valid reasons.
Please consider carefully the effects of rejecting any portion of this financial aid offer. Subsequent requests to review your aid package will be given low priority and may take several weeks to process.
All Federal aid and aid through The University of Montana-WESTERN will be disbursed in equal installments each semester with the exception of work-study, which must be earned via an hourly wage. Students attending only one semester will receive loans in two disbursements during the semester, one as soon as the loan is processed, and the second at midterm. All first-time borrowers receiving a student loan must complete a Master Promissory Note before their loans can and will be disbursed.
I acknowledge, that I understand all the information provided and that I agree to all of the conditions listed with this award.
You must answer Yes to the above question to continue to FastAwardsTM where you will sign your Electronic Award Letter.
