What Happens After You Apply for Financial Aid

STUDENT:

You have sent your FAFSA in the mail or applied on-line. It will then take approximately four weeks for you to receive a Student Aid Report (SAR). If you do not receive this SAR in four weeks, contact the Missouri Valley College Financial Aid Office. The SAR will reflect the information you reported on your FAFSA. Check the SAR closely for comments and corrections. If you have any questions, problems or you need help with on your SAR, contact the Missouri Valley College Financial Aid Office.

Any student could be picked for verification. When picked for verification, the process requires copies of tax returns and completing a verification worksheet to be submitted to the Financial Aid Office.

If you are one of the randomly selected students picked for verification you will receive the message on your Student Aid Report and from the Financial Aid Office. Thirty to forty percent of our student population will be randomly selected for this verification process.

FINANCIAL AID OFFICE:

  • Will determine your Financial Aid eligibility.
  • Will send the student an Award Letter, Student Loan Data Sheet and Master Promissory Note.

STUDENT:

  • Complete and sign Master Promissory Note.
  • Student returns Award Letter, Student Loan Data Sheet and Master Promissory Note to Missouri Valley College.

FINANCIAL AID OFFICE:

  • If a Stafford Loan is accepted:
  • Processes the Student's Award Letter.
  • The loan application is processed and sent electronically to appropriate Guaranty Agency.
  • Missouri Valley College sends the Master Promissory Note to the appropriate guaranty agency.

LENDER:

  • Can take two to four weeks to process your loan.
  • Disburses funds to Missouri Valley College.
  • Academic year loans have two disbursements (fall semester, spring semester).
  • Single semester loans have two disbursements (beginning of semester, mid semester).

STUDENT:

  • First time Stafford Loan borrowers must complete Stafford Entrance Counseling.
  • Students can complete On-Line Entrance Counseling and the electronic approval will be submitted to the Missouri Valley College Financial Aid Office.
  • First time loan borrowers funds will not be disbursed until thirty days after the first day of the semester.

What Happens After you Graduate, Transfer or Withdraw?

  • Any student with a loan leaving this institution due to graduation, transferring to another institution or who has withdrawn must complete Stafford Exit Counseling.
  • Students can complete On-Line Exit Counseling or pick up an Exit Interview Verification Form at the Missouri Valley College Financial Aid Office.

Keep in mind that you will have to repay your loan(s) even if you don’t finish school, aren’t satisfied with your education or are unable to find a job. Plan ahead for repaying your loan and budget wisely.