Ferris State University - Statewide & Online: New Student Information Pad - page 10

financial aid
10
Financial Aid
(Continued)
Forms you need to review and complete
o
Master Promissory Note (MPN) & Entrance Counseling
The MPN needs to be reviewed and signed and entrance counseling must be
completed before your Federal Direct loans can be disbursed. To complete your MPN,
go to:
MyFSU > Academics & Services tab > Financial Aid Forms & Links
.
IMPORTANT:
You must have your four-digit federal PIN to complete the MPN.
If you have lost or forgotten your PIN, you may request a duplicate at
.
You must accept your financial aid award in order for the MPN to be certified.
o
Student FA Budget
Your financial aid budget is what the financial aid office uses as your average cost
of attendance, which includes tuition, books, and personal expenses.
o
Award Notice
The financial aid office will send your first award notice via US mail to your permanent
address. Future award notices will then be sent electronically to your Ferris email
address. The award notice will include your budget, need formula and the type and
amount of each fund being offered to you.
We recommend that you accept or reject each type of aid within 21 days of receiving the
offer to prevent cancellation of the aid offer. If you are unsure as to whether or not to accept
or reject a particular type of aid, contact a financial aid advisor to discuss your options.
To accept your loans, go to:
MyFSU > Academics & Services tab > Financial Aid Awards > Accept Award Offer
Plan ahead for Summer aid:
Remember that your FAFSA runs one full aid year,
Fall, Spring and Summer, but your aid is disbursed to you in the Fall and Spring
semesters. If you plan to take classes during the summer semester, work with your
financial aid office to
plan for each semester so you have enough aid to cover
all three semesters.
o
Consortium Form
A consortium form allows you to tell the financial aid office which community college
classes you are taking so those credits can be counted when packaging your aid.
All consortium forms are approved by your advisor and the community college classes
must fit within your academic plan. To fill out your consortium form, go to
MyFSU >
Academics & Services > Financial Aid Forms & Links > On-Line Consortium Form
.
Be sure to submit your consortium form as soon as you register for your community
college classes to ensure you receive your financial aid refund on time! Submit a new
form if any changes are made to your community college schedule.
o
Direct Deposit
We recommend that you set up a direct deposit account through MyFSU. To receive the
$400 financial aid book advance, you must have direct deposit and your financial aid must
exceed your tuition and fees. To set up direct deposit, go to
MyFSU > Academics &
Services > Timme Center for Student Services > Student Financial Aid Direct Deposit
.
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