Graduate Aid

Financial Aid is available to the following qualifying students:

• US citizens or eligible non-citizens with a valid Social Security Number may qualify for the Federal Stafford (Subsidized and/or Unsubsidized) Loans and /or for Private Loans for borrowers with a good credit-history.
• International students may apply for a Private Loan, which requires the student borrower to have a U.S. citizen or eligible non-citizen as a co-signer/borrower with a good credit-history.

HOW TO APPLY

In order to apply for Federal Financial Aid (i.e. Stafford Loans) the following forms must be completed:

1) A 2011-12 Free Application for Federal Student Aid (FAFSA). Before starting, the 2010 most recent 1040 /1040A/1040EZ Tax Return Form is required. The FAFSA application is accessible on line at www.fafsa.ed.gov or by contacting the Financial Aid Office at (305) 626-3745 to request a financial aid package. The resulting document of the FAFSA application, which is a Student Aid Report (SAR), summarizes the data reported on the application. You will receive your SAR by mail or via e-mail confirmation. Please allow a minimum of 4 weeks processing time and be sure to read and review the accuracy of the information on the SAR. If a correction needs to be done, it can be done on-line by utilizing a Personal Identification Number (PIN), provided by the U.S. Department of Education at www.pin.ed.gov or by submitting the corrections on Part 2 of the resulting SAR to the address indicated on the form. After having made a correction, the form must be signed and dated prior to mailing.

Florida Memorial University’s Federal School Code is 001486

2) A Federal Stafford Loan Master Promissory Note (MPN ). In order to finalize the process of a Federal Loan, a signed MPN is required. This process can be completed by visiting the Office of Financial Aid or the following websites. More information regarding the Federal Stafford Loan Programs can also be obtained at WWW.Applyonlinenow or www.salliemae.com, selecting “Apply for a Loan”.

3) A Florida Memorial University 2008-2009 Federal Stafford Loan Request Form . The Financial Aid Packet includes a Loan Request Form. It can also be obtained on-line at www.fmuniv.edu by selecting Financial Aid Forms or via the mail by calling the Office of Financial Aid.

4) A Loan Entrance Interview Form and A Loan Entrance Test Form. Federal regulations, governing the borrowing of Federal Student Loans, require all students receiving a Federal Stafford Loan to complete a Student Loan Entrance Interview Form and a Loan Entrance Test, detailing students’ rights and responsibilities as a borrower. This requirement can be satisfied by completing the forms enclosed in the financial packet or go on-line at www.fmuniv.edu. (See under prospective students Financial Aid tab, to print these forms). This process is a one time requirement.

5) The Florida Memorial University Financial Aid Application (FLMUFAP) . This institutional Financial Aid Application serves as the initial documentation needed to identify students who will attend FLMU and also to verify the necessary student financial aid information such as household size, untaxed income, residency status, etc.

6) Additional Documentation . Once SAR is received by students, they may be instructed to provide the Office of Financial Aid with additional documentation. If students are selected for verification, they must submit a signed copy of their most recent Income Tax Return and W2 forms including their spouse’s (if married). Other forms of documentation may be requested, such as proof of citizenship, selective service registration, a non-default letter, a copy of student’s driver’s license, and/or a copy of your social security card. Other documentation not listed above, may also be requested on a case-by-case basis. Students’ failure to submit required documents will delay or may result in forfeiting their eligibility to receive financial aid.

Applying for a private loan requires students to do the following:

Complete a Private Loan Application with their lender of choice. They may request the application directly from the lender or contact the Office of Financial Aid to have an application mailed to them.

The eligibility for a private loan is based solely on students’ credit history. It is recommended that students obtain a credit report copy and check it for discrepancies prior to submitting the private loan application. International students are required to have a co-signer /borrower to apply for them, who is a credit-worthy United States citizen or eligible non- citizen. In some cases, the lender may require that students submit additional information, such as proof of citizenship or proof of income, with the application. To complete the application, you can do so on-line, by logging onto the website below and select www.applyonlinenow. For more information regarding securing a private loan, interest rates, fees, and repayment options please contact one of the following lenders.

• Sallie Mae@ www.salliemae.com or (888) 272-5543
• Bank @ www.keybank.com or (800)539-5363
• Citiassist@www.studentloan.com or (800) 394-7580
• Wachovia @ www.wachovia.com or (800)338-2243
• Suntrust@www.suntrusteducation.com or (866) 897-9793

FINANCING YOUR EDUCATION

To assist students with their financial planning, included is an estimated 2011-2012 Cost of Attendance (COA) based on full-time enrollment of 12 credits per term. The Graduate Cost of Attendance covers direct costs, and minimal indirect costs of education.

Florida Memorial University – Graduate School

Cost of Attendance – Fall 2011 / Spring 2012
(August 22, 2011 – April 30, 2012)

Direct Cost
Fall 2011 Spring 2012
(12 credits per term) (12 credits per term)

Tuition: $7,580.00 $7,580.00
($631.65 per credit hour) ($631.65 per credit hour)
Book & Supplies: $800.00 $800.00
TOTAL:$8,380.00 $8,380.00

Direct Cost – Summer 2012 (6 credits)
(May 8, 2009 –July 15, 2009)
Tuition $3,790.00
($631.65 per credit hour) for 6 hrs

Book & Supplies $500.00
TOTAL $4,290.00

Note: A 40% Discount of the Tuition Cost per term is granted by the institution to all current teachers who register for classes in the Master Degree Programs , and a 30% discount of Tuition cost per term is granted by the institution to all FLMU Alumni who register for classes in the Master of Business Administration Programs.

Allowances have been made to include up to 3% student loan fees. All unpaid balances on a student’s account are the responsibility of the student.

Please be sure to indicate on the Loan Request Form the term for which the loan should be applied. The loan period is determined by the start date and end date of the term for which the aid is being requested. Funds for each term will be disbursed by the school in two equal installments per semester in this order:

1 st Disbursement at the beginning of the term, and 2 nd Disbursement – at the mid-point of the term. All loan proceeds will be applied to the student’s account to cover the tuition costs. If the students’ account reflects a credit balance, a refund check will be mailed to them or can be picked up directly from the Bursar Office. For additional information please feel free to contact the Business Office at (305) 626-3738.

RECEIVING FINANCIAL AID

The following must be met in order for students to receive financial aid funds:
1) Must be enrolled in a degree-seeking program for at least half-time (6 credits per term).

2) Must maintain satisfactory academic progress.

3) Must not owe a refund of Title IV funds or be in default of any previous Stafford Loans.

The request for student loans can only be processed once student’s financial aid file is complete. The processing time for the disbursement of a Federal Stafford Loan Proceeds, normally takes between 15-20 working days from the end of the drop and add period for the student’s term of enrollment. An award notification should be received shortly after the student’s loan application has been processed.