Financial Aid - FAQ's for Incoming Students
Please read this information carefully, and keep it for your records.
Q: Tuition on my award letter is based on 9 credits, but I’m taking 12 credits, what do I need to do?
A: If at any time you are doing more or less credits, all you need to do is let us know, via email finaid@cooley.edu, and we will adjust you budget accordingly.
Q: I applied for $20,000 in my graduate plus/private loan, and you only certified $9,000, why?
A: Any and all combined aid cannot exceed your total budget. The amount was reduced because that was the eligibility remaining in your total budget. Please review your personal budget and expenses against what the school allows to ensure that you can live within your means.
Q: I just received a bill in the mail, and it says I owe the school by X date. I have received an award notice and/or a disclosure statement from my lender, my aid will not be in until after the tuition due date. How am I supposed to come up with all that money?
A: If you are going to be paying by cash, then you need to have your bill paid by that date. If you are receiving loans, and you owe a balance after your loans come in, then the balance is due by that date. If you are receiving loans, and it covers your balance, your tuition is deferred until your aid comes in.
Q: When can I expect my refund check?
A: As long as all documents are received and completed, including TMCLS receipt of your official transcript posting your baccalaureate degree, a new student can expect the proceeds from the loans in approximately week 2 or 3 of the term. The best way to avoid any unnecessary financial stress is to have budgeted at least one month of living expenses out of pocket.
Q: When can I expect my refund check my second term?
A: All second term student aid is held until grades are officially received from the Registrar’s Office. Proceeds can be expected in approximately week 6 of the term. The best way to avoid any unnecessary financial stress is to always have budgeted living expenses for at least two months.
Q: When can I expect my refund check my third term and beyond?
A: Financial Aid is available at the beginning of the term as long as you are in good academic standing (2.00 GPA and above) and meet all other eligibility requirements.
Q: How will I know exactly when my loan money is here?
A: You will receive an e-mail to your Cooley student account when funds have come in. This e-mail details how to receive your refund check if applicable to you.
Q: Where do I pick up my refund check?
A: Students obtain refunds/proceeds from the Business Office, not the Financial Aid Office. The Business Office is located next door to Financial Aid Office, on the 2nd floor of the Cooley Center at the Lansing Campus. For students attending the branch campuses, your refund checks are automatically sent to the Student Services Offices at your respective campus.
To have your refund check direct deposited to your bank account, please contact the Business Office at businessoffice@cooley.edu to complete the necessary form. Or you may download the direct deposit form from the Cooley Portal.
Q: Does Cooley offer book vouchers? How do I pay for my books?
A: We do not have book vouchers. You will have to pay for your books out-of-pocket until your aid comes in and is made available to you. All classroom text books are available at the Cooley Library for use if you are unable to purchase your books before your aid is made available to you.
Q: How do I defer my loans from another school?
A: The Registrar’s Office completes in-school deferments. Cooley reports to the National Clearing House student enrollment status during week 3 of the term, but if you have a deferment form to be completed, forward it to the Registrar’s Office. If your payment is due in the first month of the term, you will need to make your payment, and the following payment should be deferred. Check with your lender to verify that your loans are deferred before you stop making payments.
We are a borrower based school, which means that if you remain eligible, you may borrow federal aid for every term you are here. We process loans two terms/eight months at a time. You will then receive a new set of loans for the 3rd and 4th term, and it will continue to cycle every two terms/eight months. The maximum Federal Stafford Loan amount in a two-term loan period is $20,500 as long as your budget allows for the eligibility.
You must complete your FAFSA every calendar year to receive federal aid. The best way to remember to do it is complete it after you have filed that year’s tax return, and then fill out the new FAFSA. If you do not file taxes, please try and remember to have it done by the filing deadline of April 15. Please keep your PIN number in an accessible spot, so it is not forgotten, or change it to a number that you will not forget. In addition, we send out e-mail reminders when the renewal FAFSA is available. Provided are the links that you may need to complete the FAFSA:
If you require private/grad plus loans and are eligible, you will have to re-new them every other term for the next eight month period.
PLEASE READ ALL information (postal mail and from your Cooley e-mail account), that is sent to you from the Financial aid office. We do not send junk mail. If it is sent to you, it is important, and you need to be aware of it. In addition, keep the school up-to-date with your address/phone number (this is completed through the Registrar’s Office). When contacting the FA office, be sure to leave additional information (Student number/SSN) along with your name and phone number so we can help serve you better.
Ultimately, it is your responsibility to make sure your financial aid is in order, however, if you should need assistance, feels free to contact us, by email at finaid@cooley.edu.
Updated 6/2008
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