Academic progress of aid recipients is reviewed annually, at the end of each spring semester. Students who do not meet the minimum satisfactory academic requirements for financial aid after that review will be ineligible for financial aid and placed on financial aid suspension. View the SAP policy for more details.
The last day to process loans for Spring 2013 was May 10, 2013.
Students who will attend classes during the 2013 Summer term(s) may request a review of their summer financial aid eligibility by submitting a Notification of Summer Status 2013 Form to the OSFA. After your summer aid eligibility has been determined, you will be emailed with additional information. You should be aware that you may not be eligible for Federal Stafford Loan assistance during the summer if you borrowed your annual loan maximum during the 2012-2013 academic year. Due to limited summer aid funds, you should plan to have other financial resources available to pay for your summer educational costs if you do not qualify for financial assistance.
2012-2013 FAFSA
In addition to the Notification of Summer Status 2013 Form, you must have a completed 2012-2013 FAFSA on file.
Award Notification
You will be emailed with additional information once your financial aid eligibility for summer has been determined.
PLUS Loans and Private Loans
If you have already used your maximum annual Federal Stafford Loan eligibility during the fall and spring semesters, you may have the option of applying for private loans or PLUS Loans (Parents of dependent students and Graduate/Professional students). Your summer financial aid email notification will provide additional information about these loan options.
Parents who wish to apply for a Federal Direct PLUS Loan must complete the application and the Master Promissory Note at www.studentloans.gov. Read more.
The Office of Student Financial Aid is required by federal law to re-calculate federal financial aid eligibility for students who completely withdraw from all classes, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. According to the regulations, the amount of Federal Title IV awarded to a student must be recalculated in these situations and any portion of the financial aid received that is considered to be “unearned” must be returned to the Title IV Program(s) from which it was received. If you are considering dropping or withdrawing from all your courses, please contact your Financial Aid Counselor immediately regarding possible adjustments to your financial aid.
Federal Loans (Stafford and PLUS Loans) :
The OSFA will return federal loan funds on the student’s behalf up to 30 days after the loan disburses to the student’s account. After 30 days, the student will be responsible for paying their loan servicer directly. Loan servicer contact information can be found at www.nslds.ed.gov
Private/Alternative Loans:
Students who wish to return private/alternative loan funds will need to make a payment directly to their lender.
Loan funds begin to disburse one week prior to the start of the semester. Funds will not disburse until the student is enrolled at least half-time and has satisfied all outstanding requirements. First time loan borrowers at Mason must sign a Master Promissory Note and complete a Loan Entrance Counseling session online at www.studentloans.gov
If a student’s aid exceeds the amount owed to the university, the Student Accounts Office will automatically send a refund to the student approximately 7-10 days after the student’s loan disbursement date. To expedite your refund, you may sign up for Direct Deposit by completing the Direct Deposit Authorization Form and submitting it to the Student Accounts office.
The Office of Student Financial Aid sends all requests and notifications primarily to students via their Mason email account. Please monitor your Mason email account regularly for important information regarding your Financial Aid status.
(c) 2013 Office of Student Financial Aid. All rights reserved.