Financial Aid

Frequently Asked Questions

Payment Options & Refunds

Financial Aid & FAFSA 

 

Student Loans

Your Award & myBanner


Payment Options & Refunds

What are the payment options/plans/fees?

Students have the option to pay their balance in full or make a ¼ payment of the balance owed by the payment deadline. There is a one time $40 fee if the student opts to sign up for the payment plan. This fee must be paid with the first ¼ payment. Additional payment information can be found at www.gvsu.edu/studentaccounts.

What is the first payment deadline for winter 2014?

Friday, December 13

When can I charge my winter semester books at the University Bookstore?

Monday, December 9

Where do I pay my bill?

Online via check or credit card, in person at the Records/Student Assistance windows or Student Accounts in LMH, by phone at 1-800-789-1923, or a check can be mailed to Student Accounts. 

When are excess checks available?

The Student Accounts Office will begin processing refund checks during the second week of classes each semester. 

Do I have to re-sign up for direct deposit?

If you are already signed up for direct deposit this information is valid each semester.

Why did my refund go back to the credit card instead of being direct deposited?

The Student Accounts Office stipulates that if an account is paid with a credit card and financial aid subsequently pays on the account, the credit card account must be refunded.

Will my aid change if I live off-campus?

Financial aid eligibility is the same for students who live on-campus and those who live off-campus not with parents. If you live off-campus, your financial aid refund is intended to help cover the cost of your off-campus housing.


Financial Aid & FAFSA

Are there resources available to help me understand my options for paying for college?

Yes! The US Department of Education Office of Federal Student Aid maintains several websites and publications designed to assist you in learning more about financial aid programs and the application process. You can review their website for information and download helpful publications at: www.studentaid.ed.gov.

How do I apply for financial aid?

You can apply for financial aid via the web at www.fafsa.ed.gov.

What is financial aid?

Financial aid is money made available to a student to help fund his/her education. Financial aid includes grants, scholarships, work-study programs and student loans. Most often it is a combination of these funds that help fund a students education.

I'm transferring to Grand Valley.  How do I get my financial aid now? 

Financial aid cannot be directly transferred from school to school.  Therefore you must first cancel your aid at the old school and then go to the FAFSA website and add Grand Valley.  Check with our office to determine which year's FAFSA we need for you to receive aid at our school.

What is your school code for the FAFSA?

The school code for Grand Valley is 002268.

I don't live with my parents; can I be considered independent for FAFSA?

The FAFSA looks at other criteria to determine if you are independent of your parents.  You have to be able to answer "yes" to one of the questions below to be considered independent:

  • Will you turn 24 this current year?
  • Are you working on a Masters or Doctorate?
  • Are you married?
  • Do you have children or dependents that you support?
  • Are you a U.S veteran?
  • Are you or were you an orphan or ward of the court?
  • As of today, are you an emancipated minor?
  • As of today, are you in legal guardianship?
  • At any time on or after July 1, 2008 has it been determined that you were an unaccompanied youth who was homeless?

If the answer is "no" to all of these questions then the parents MUST fill out the FAFSA form with the student.  If the student can answer yes to one or more of these questions then the parents do not have to fill out the form.  NOTE:  If you select "yes" to one of the above questions, the Financial Aid Office may verify this information.

Do I have to have my taxes filed to complete the FAFSA?

You may complete the FAFSA using estimated income. However, the IRS will be verifying all your income information therefore you MUST go back and correct your income information once you have completed your tax return. Use the IRS Data Retrieval tutorial to make updating your FAFSA easier.

Do I have to file the FAFSA every year?

Yes. The student can use the federal PIN to complete a Prefilled FAFSA online each year provided they filed the previous year's FAFSA.

What is the priority filing deadline for the FAFSA?

March 1st.

Are there tax benefits for education related expenses?

Yes. The IRS offers several ways families can offset education costs. For basic information review our summary of education tax credits. For more in-depth information, see Publication 970, Tax Benefits for Education, which can be obtained online at IRS.gov or by calling the IRS at 800-TAX-FORM (800-829-3676).

How does financial aid work if I am considering a study abroad program?

The Financial Aid Office can work with you to determine your options for financing your study abroad program. Learn more about how financial aid and study abroad work at least one semester before your program begins.


Student Loans

I accepted my loans however myBanner still says I have missing requirements, what do I need to do?

If you are a first time loan borrower you are required to complete Entrance Loan Counseling and a Master Promissory Note. Please allow 3-5 business days from the time you complete the requirements for the requirement to be satisfied on your myBanner account.  

I’m graduating in December. Do I accept half of my loans?

No, accept the full amount & contact the Financial Aid Office to request we cancel your winter semester eligibility.  

What is the difference between subsidized and unsubsidized loans?

Visit our loan information page for more information about loan options.

Do I have to accept my loans(s)?

No. However, you will need to contact the Financial Aid Office if you change your mind about loans after declining them or accepting a partial amount in myBanner.

How do I apply for an alternative loan?

Visit our alternative loans section for more information.

When I apply for an alternative loan, how does the money get disbursed to my account?

Loan proceeds are applied to outstanding balances first and any excess is refunded to the student.

What is the maximum I can borrow in an alternative loan?

The max is the amount left after you take your Cost of Attendance (COA) minus all accepted aid.

What is the Parent PLUS loan?

The Parent PLUS loan is a credit based loan taken out by a parent. The parent is the responsible party when it comes to repayment. The interest rate is 6.41% and there is a 4.204% processing fee. We estimate an amount that would cover Cost of Attendance (COA) when combined with other sources of aid. The parent borrower must complete a PLUS loan application to start the loan process. 

Can I reinstate the Parent PLUS loan?

If you declined the loan estimate in myBanner you can request a Parent PLUS Loan at www.studentloans.gov to start the process. 

What happens if my parent is not approved for the Parent PLUS loan?

If a parent applies for the PLUS loan and are not accepted due to adverse credit the student may be awarded additional unsubsidized loan. Freshman/Sophomore level students may receive up to $4000/year and Junior/Senior level students may receive up to $5000/year. If you are eligible to receive additional unsubsidized loan the Financial Aid Office will follow up with you to discuss your eligibility and options.


Your Award & myBanner

What does PENDING AID mean? How does the money pay towards my bill?

Pending aid is either “authorized” or “memoed” status, meaning the funds have been deducted from the student bill. Authorized aid will be applied as a direct credit to the account once funds have been received from the Federal Government. Memoed add will be applied as a direct credit once funds are received from the source (typically an alternative loan lender).

Can I get a landlord letter?

If your account reflects that the student will receive a refund, we can provide you with a landlord letter. This letter will state the estimated amount of your financial aid refund. You can request a letter by stopping into the Financial Aid Office. We cannot submit the letter directly to your landlord. 

Why hasn’t my financial aid paid out/disbursed?

  • REGISTRATION: An undergraduate student must be registered for a minimum of 6 credits in order for a Direct Loan, PLUS Loan or Pell Grant to pay out. A grad student must be registered for a minimum of 4.5 credits in order for the Direct Loan or Grad PLUS to pay out. Once registered, please allow 24-48 hours for your financial aid to be applied to your account.
  • PRO-RATION: The Pell Grant is prorated based on enrollment. You will be offered the maximum as a full-time student but we will adjust the disbursed amount based on your class registration.
  • MPN/ENTRANCE LOAN COUNSELING: If these requirements have not been completed, your loans will not be applied to your account. These requirements are for NEW student loan borrowers.
  • MISSING DOCUMENTATION: If you are missing a required document such as concurrent enrollment form, verification, agreement to serve/counseling (TEACH grant), etc. your aid will not be applied to your account. 

What scholarships are available? Are they need based?

GVSU has taken time to build a scholarship database, which we hope you will find as a useful tool to locate resources to help fund your education. Please find this information at www.gvsu.edu/scholarships. Scholarships can differ, some require need based and that must be demonstrated per the FAFSA guidelines. While others may be merit based.

How do I inform your office of private scholarships I’ve received?

Send the information by mail or fax & include G# on all correspondence.

How do I accept my award in myBanner?

Follow the instructions below to accept/decline offered financial aid funds:

  • Login to myBanner by going to www.gvsu.edu
  • Select  "Current Students"
  • Select  "myBanner"
  • Enter your Banner User ID (G-number on your award
  • Enter your Banner PIN (Personal Identification Number)
  • Click Login  

Once you have logged in:

  • Click  "Financial Aid"
  • Click  "Award"
  • Click  "Award for Aid Year"
  • Select "Award Year 2013-2014" from the drop down
  • Click  "Accept Award Offer" tab
  • Accept/Decline your OFFERED funds from the drop down

Why wasn’t I awarded work study?

Work study is based on need. We offer students work study based on your FAFSA information. If you are not offered work study but are eligible you may request work study be added to your award if funding is available.

Why is my award so much less than what I received last year?

The packaging of aid for each group of students is different. The federal loan limit increases by grade level as a result the amount of grant money you are eligible for may decrease.  If you feel you need us to review your situation, a counselor can provide you with a Special Circumstances appeal form.  We'll review your request  and let you know if we can approve additional grant assistance within 2-3 weeks.

Why isn't my aid on my bill?

The list below are some of the most common problems:

  • You have not filed a FAFSA.  Remember you have to file a FAFSA for each academic year.  The FAFSA you filed as a freshman does not carry over into future years.

  • You have not accepted your award.  Login to myBanner and accept your awards.

  • You have accepted your award but not done the additional documentation.  This problem is most common for those students who have accepted student loans.  In order for your student loan to disburse, you must complete a Master Promissory Note (MPN) and Entrance Loan Counseling.  Also, if you have accepted a Perkins Loan, there are additional forms to sign before the loans can disburse.

  • You filed a FAFSA but have not responded to requests for additional information.  Examples of missing information are: Verification (tax information), birth certificates, Social Security card.

  • You recently had an academic transcript sent to GVSU. Whenever a new academic transcript is received, an automatic 7 day transfer hold is placed on your account.  After the 7 days have passed, your financial aid will disburse towards your bill.

Page last modified October 28, 2013