FAQ

Financial Aid Requirements (FAFSA, Award Acceptance, ToDo list Items)

I completed my MPN weeks ago. It remains on my TO DO LIST as REQUIRED. Did I do something wrong?

No, in all likelihood the MPN remains on your TO DO LIST for TWO reasons:

1) You have not accepted your loan aid. Until you loan aid is accepted, we cannot transmit your loan request to the Department of Education for approval.  The MPN is sitting on the DE loan web site waiting for your MyRecords accepted loan request to be transmitted to DE to link with your MPN.  Until you accept your loan aid, we cannot transmit a request. 

2) You have completed the MPN and accepted your loan aid AND our office has not begun the process of transmitting loan request to DE.

 

We will not begin transmitting loan requests until mid-April – there is no rush to begin that transmission process. IF the MPN remains on your TO DO LIST past June 30th, and you are confident you have completed the MPN and accepted your loan offers in MyRecords, please email finaid@unmc.edu and we will research the TO DO LIST MPN issue. But before you contact us, look at your ACCEPTED aid. Did you accept the loan offers?  Also, check the DE loan web site to see if an MPN is on file.

Do I have to do a FAFSA every year?

 

 

You are required to complete the FAFSA every academic year you would like to be considered for Federal Financial Aid.

Is there a deadline for accepting my loan offers?   

All financial aid should be accepted no later than July 25th to ensure sufficient time for processing the aid requests in time for the Fall semester start date. Students may want to delay accepting loan aid until the federal student loan interest rates are assessed (late May); program scholarships are finalized (late May); tuition/fee rates are approved by the University of Nebraska Board of Regents(May-June).  The financial office will routinely remind students of financial aid processing completion requirements beginning in June.

Do I accept financial aid for the semester or for the entire year?

Financial aid is accepted for the entire year. If your program ends during the middle of the year or you started in the middle of the year, then you might only be accepting aid for 1 semester.

 

For students in 12 month academic year program (fall/spring/summer required enrollment) you financial aid is package is set up for all 3 terms with ‘most’ of your aid being disbursed across all 3 terms.

 

For those students 9 month academic year programs (fall/spring required enrollment) your aid is set up for those 2 terms only. Students enrolled in 9 month programs, that make a decision to enroll in SUMMER sessions can contact the financial aid office to request SUMMER aid. SUMMER registration must be completed before requesting this aid. Summer aid is requested based on ‘summer sessions’ of enrollment and cost of attendance will be based on the session dates of enrollment (living expenses) and direct costs (tuition/fees/books)

Cost of Attendance and Budget

I only need to take out what I will be charged for tuition. How do I know that amount?

Tuition and fee rates cannot be calculated until you are registered. These calculations are generally not performed until after August 1. If you only want to borrow loans for your tuition/fee balance, you will have to delay your loan acceptance until your tuition/fee bill is calculated. Financial Aid cost of attendance budgets are estimates and should not be used for borrowing for ‘exact or close to exact tuition/fee costs’. Provided you borrow as soon as possible after your tuition/fees are calculated, your funds should arrive in time for payment of tuition/fees.

 

REMEMBER: LOAN AID IS NOT BORROWED a SEMESTER at a time. If you accept $5,000 in loan aid, it is will be split over fall/spring or fall/spring/summer depending on your program of enrollment. Your tuition/fee balance AND transaction calculations will be available on your MyRecords student portal under the STUDENT ACCOUNTS link when tuition/fees are calculated for the term.

Do I have to borrow loans for living expenses?

No: UNMC will offer funds for living expenses but it is not required to accept loan funds for this expense. See the Loan Processing Tutorial for accepting/reducing/declining loan aid.

What is the difference between course fees and loan fees?

Your MyRecords financial aid cost of attendance (COA) budget refers to ALL STUDENT FEES as COURSE fees. These fees include, but are not limited to, course, technology, library, student health, center for health living, student health insurance. The UNMC Financial Aid Office does not approve fee charges. All fees require University of Nebraska Board of Regents approval. See the BOR approved Student Fees and Deposits on the Vital information page for a comprehensive list of currently approved fees. Board of Regents fee approval should be available/posted in May.

 

The Cost of Attendance (COA) provides a breakdown of all fees assessed by each college/program. Once on the COA page, click on your college/program for a complete COA breakdown of all costs by semester.

 

Loan fees are charged by the Department of Education and taken out before your funds are sent to UNMC. This is based on a percentage of the amount you borrow. The percentage is determined on October 1st of each year and affects loans borrowed from October – October.

Loan Information (interest rates, loan types, payment plans

What are the Direct Student Loan Interest Rates for the upcoming year?

These rates are set by Congress and will not be available until late May. The rates are based on the value of the 10 Year Treasury Note at auction held in May. Interest rates Our office will update this interest rate grid upon receipt of the new rates from the Department of Education.

 

If I accept my loans before July 1st will they have the old Interest rate?

No: the interest rate is based on when your loan is disbursed- not accepted. Please see the disbursement calendar for your program’s scheduled disbursement date.

Do I have to make payments on the principle and/or accruing interest while in school?

Payments are not required as long as students maintain at-least-half-time enrollment status.   You can make payments if you so desire. Please contact your loan servicer for more information.

 

FEDERAL Student Aid Half time enrollment status standards PER TERM( including summer terms):

Undergraduate students: 6 credit hours

Professional Nursing Students: 3 credit hours

Graduate/Public Health Students: 4 credit hours

Professional/Certificate students: Half of the full time semester hours required by the program.

 

What if I take out more than I need or did not take out enough in loans?

Adjustments can be made to your loans during the same academic year. Loan aid can be returned or paid back if you have borrowed too much. If you did not accept all your aid, you might be able to request the remaining balance. Please contact the Financial Aid office for more information.

I do not need all the loans that were offered. Which ones should I accept?

Accept loan aid (if offered/eligible) in this order:

SUBSIDIZED: undergraduate students only.

UNSUBSIDIZED: all students who have not reached their annual or total aggregate maximum loan limits

GRADUATE PLUS: graduate/professional student only. Highest interest rate of all federal loans.

What is the difference between the Direct Unsubsidized loan and Grad Plus loan?

The Direct Unsubsidized loan will have a lower interest rate and loan origination fee percentage. There is a maximum yearly and lifetime amount for the Unsub loan. The Grad Plus loan requires an adverse credit history review in which a co-signer might be required or the loan offer is denied.

What loan repayment options do I have once I graduate?

Students who are in their final semester, and have borrowed federal student loans while at UNMC, will be required to complete Direct Loan Exit Counseling. The exit counseling will go over your loan repayment options and how repayment works. Appointments can be made, after the exit counseling is completed, to discuss the options available. Due to possible changes from year to year, students should wait until their final semester before making a repayment plan decision.

Should I look into private student loans?

Private student loan aid is certainly an option; and, some students (undergraduates) may find borrowing private loan is required to meet their costs. This option needs to be determined by the student. There can be benefits to private loans; but, students are encouraged to compare things such as repayment options, incentives, fees and other charges, loan terms, and requirements for private loans vs. federal loans.

Disbursements, Billing, tuition charges, alternative payments

When will my financial aid be delivered to my UNMC tuition/fee account?

Provided you have completed ALL financial aid processing requirements; AND, you are registered full-time for the semester, your financial aid should be delivered 7 days prior to the start of the semester. If you are registered less than FULL-TIME, your aid may need to be reviewed to ensure your aid eligibility remains correct.

Can my living expenses be paid to me each month?

No: After your student tuition/fee bill is paid, any remaining aid balance is issued to the student as accredit balance refund. It is the student’s responsibility to budget the refund to cover any living expenses for the semester.

Am I given all my money in one lump sum or is it divided up?

Your loan funds are divided up for each semester of enrollment. The amount that is given for each semester can be found on MyRecords. Funds for each semester will not be disbursed if you are not enrolled in courses. Use the MyRecords Financial Aid Processing Tutorial to review how your financial aid will be delivered each term and how your estimated costs are set up for each term (see page 3) If you use the MyRecords –Financial Aid Summary link (found in the links box under Financial Aid, you can see how the aid is set up for all semesters AND your costs for each semester)

I have a large amount of money saved up. Should I use it all the same year or divide it up?

This is ultimately the student’s decision. Interest does accrue on Direct Unsubsidized loans and Grad Plus loans from the date of disbursement and can add up quickly. Every student situation is different and should be determined on an individual basis.