Information for Applying for Financial Aid

Nhi-Huong, TMMBA Fiscal Specialist

Hello,

I received some emails asking about the following financial questions:

1. I need to apply for student loans to cover  my tuition for the  TMMBA program. Can you provide me some information on how to get started with the application process?

2. What I need to do after I submitted the FAFSA?

3. Who is eligible to apply the financial aid?

4. Do I need to fill out the  Summer Quarter Application?

5. I would like to know about my application status. Who should I contact?

6. What I need to do for complete my application?

7. Why I am not qualified for Financial Aid?

So here are the information that I gather from the Financial Aid website. Hope you find it helpful for getting the Financial Aid.

Good luck,

Nhi-Huong

  1. A. Who is Eligible to Apply:

Most University of Washington Technology Management MBA students qualify to borrow up to $20,500 per year through the Federal Stafford Direct Loan Program. To apply, you must be a permanent U.S. resident, must not be in default on a prior federal student loan, and must have registered for the draft if required by law to do so. Otherwise, this program is not based on need, income, or credit. Depending on credit worthiness, TMMBA students may also qualify to borrow up to the full amount of tuition through the private MBA Tuition Loan Program. Foreign residents may apply for this loan with a U.S. citizen co-signer.

  1. B. How to Apply:

To apply for a Federal Stafford Direct Loan, fill out a Free Application for Federal Student Aid (FAFSA) on line at www.fafsa.edu.gov.  If you are offered admission to the Technology Management MBA Program and your FAFSA is approved, the University of Washington will send you a financial aid eligibility letter and a promissory note asking how much of the annual maximum you wish to borrow. You will need the University of Washington’s federal financial aid code for the FAFSA: 003798.

For information on private loans and/or credit programs for students, please visit www.washington.edu/students/osfa/gradaid/alt.loans.html.

For check your application status or complete information, contact the UW Office of Student Financial Aid (OSFA).

Office of Student Financial Aid
University of Washington
Box 355880, Seattle, WA 98195-5880
Phone: (206) 543-6101

Email: osfa@u.washington.edu
Web: www.washington.edu/students/osfa

  1. C. What to Expect After Submitting Your FAFSA:

After we receive your application for aid and you are admitted to the University of Washington, we send you an award letter if you are eligible, detailing the types and amount of aid for which you qualify. We start awarding in the spring before the next academic year begins. Please follow the checklist below to ensure that your aid will be ready for you when you start the school year.

You may receive a “Notice of Preliminary Award” which is an estimate of your eligibility for aid. If you accept this initial award, we will then complete the review of information you provided on your Free Application for Federal Student Aid (FAFSA). If you receive a “Notice of Award,” then your application has been reviewed and your eligibility confirmed. However, you must return the letter by the date indicated or accept your award online at MyUW, to reserve your aid. Please follow the instructions below to keep the process going:

 

  1. Check for errors in address, Social Security Number, or other information about you.

Read the assumptions in Section II (state residency,* enrollment status, number of quarters you plan to attend this year). Cross out incorrect information and write the correction next to it or if online, indicate in the box provided. If you will attend only part of the year (e.g., Autumn and Winter quarters only), so indicate.

* If you are not a Washington resident but pay resident tuition because of a departmental appointment or Armed Services status, note the tuition benefit in the other resources section of the award letter.

  1. Accept or reject each form of aid listed.

You are under no obligation until aid is disbursed; you may accept an award now and change your mind later. But, if you reject an award, or if you don’t return your acceptance letter, we will offer it to another student and may not be able to restore it later if you decide you need it after all. *You may accept or reject aid from any fund without losing the other aid offered in your award letter. If you would like us to replace one kind of aid (e.g., Work Study) with another (e.g. a federal loan), then let us know that when you accept your award.

* Federal Direct Stafford/Ford Loans and Federal Direct GPLUS Loans can usually be reinstated.

  1. Determine how much you want to borrow.

You may be offered a Federal Direct Unsubsidized Stafford/Ford Loan or a Federal Direct GPLUS Loan to help meet your financial need or if you are not eligible for need-based assistance. These loans do not include a federal subsidy, so interest begins to accrue after the loan proceeds have been disbursed to you, and repayment on the GPLUS loan begins 60 days after the last disbursement. These loans should be used as a last resort in financing your education and require additional responsibilities from you, the borrower. You may want to review Requesting Changes to Your Award to determine if your eligibility for need-based assistance should be revised before you borrow from these loan programs.

If you have been offered loans and you do not wish to borrow the full amount offered, you may indicate the reduced level to us. If you want to borrow more than we have offered, to replace your family contribution, please indicate the increased amount keeping in mind the annual loan maximums listed in the Student Loan Program Chart. To view additional information, please see Completing Paperwork for Loans.

  1. Make sure your award letter correctly reflects any benefits, scholarships, outside awards, and other resources you will receive or think you may receive, even if it comes from another UW office.

You must report now any information about your resources (and, if married, your spouse’s) that you have not already formally reported to our office. It is imperative that our office has current and complete information on your resources throughout the year; otherwise, you risk being over-awarded and having to repay aid.

  1. Understand your obligations as an aid recipient.

In particular, make sure you understand your obligations to:

    • Enroll full-time each quarter and attend all your classes (10 credits for graduate students and 12 credits for professional students) unless less than full-time attendance is specifically noted in your award letter.
    • Pass sufficient credits to maintain satisfactory academic progress. See Satisfactory Academic Progress.
    • Repay all loans.
    • Report new sources of support and changes in personal circumstances (e.g., changing from non-resident to resident status, divorce, moving to parents’ home) as soon as you learn of them.
  1. Sign and return your paper award letter or e-sign your MyUW award before the reply date.

If you do not return it by this date, we will cancel your aid in order to offer it to another student. Keep the yellow copy for your own records. Mail the white copy back to us, or put it in the drop box outside 105 Schmitz Hall or accept your award in MyUW. Once you respond, we will continue processing your application, and you may receive revised award letters reflecting changes in your contribution and your award. Review these revisions on MyUW and sign and accept or reject any new aid that has been offered to you.

  1. Complete your file.

You must still respond to any requests we make for certification statements, tax returns, or any other documentation needed to finalize your award. Since we cannot disburse any funds until all required information is submitted and reviewed, please reply promptly to any correspondence from us

  1. Apply for Aid for Summer.

If you plan to attend Summer quarter, you will need to complete your FAFSA and a Summer Aid Application. You’ll need your UW NetID and password to apply online for summer quarter aid.

  1. Remember, you’ll need to re-apply next year for aid!

 

  1. D. Receiving your Aid

Clear all holds – If you have any holds on your student account, your aid will not disburse. If you have been asked to provide documents or information or have been told that the Financial Aid Office is reviewing your eligibility, follow up with them as soon as possible. You can tell what aid is available to you, what has been disbursed and whether or not there are any holds on your aid by using the Financial Aid Status Service in MyUW.

Aid Disbursement – Financial Aid is disbursed first to your University student account to pay your tuition, late charge, and other university fees. If the amount of your aid is greater than the charges  on your student account, the  difference will be sent to your bank account via direct deposit.

  1. E. Reasons for Disqualification
  1. Fail to submit required documentation
  2. Fail to achieve satisfactory academic progress (http:///www.washington.edu/students/osfa/sapleaf.pdf)
  3. Have a conviction for a drug-related offense