Disbursement

Pell Grant, FSEOG, CMU Grant

Original awards are offered based on full time enrollment.  Your award will be adjusted if you are not enrolled full time as of the 9th day of classes each semester (know as file close).  Grants will be adjusted after file close based on your actual semester enrollment and will not pay to your CMU student account until after file close.

Federal Perkins Loan: If you have been offered a Federal Perkins Loan, you will be sent an email notice to complete Federal Perkins Loan Entrance Counseling and an electronic promissory note online. Please follow the instructions sent to you regarding the completion of the Perkins promissory note and return a signed copy of the note within 30 days of receipt of the packet.   After 30 days loans are cancelled and funds are reallocated.

William D. Ford Federal Direct Student Loan: Before the university pays Direct Student Loan funds to your account, you must:

1.          Complete online loan counseling.   Federal regulations require that you complete entrance loan counseling if you are a first-time, Federal Direct Student Loan borrower.    The purpose of this counseling is to explain your rights and responsibilities as a first-time borrower, emphasize the legal, binding nature of your loan obligation, and make you aware of the consequences of default if you fail to repay your loan according to the terms of the note.   Loan counseling may be completed on line at https://StudentLoans.gov.   Loan funds cannot be disbursed to your account until loan counseling is completed.

2.            New CMU students must complete a Master Promissory Note (MPN).   The master promissory note is a legal contract that requires the student to provide references and a student signature.   The amount you may borrow each year is based on grade level, your student status and your continued eligibility.   You may complete the MPN on line at http://StudentLoans.gov/ by using your Federal Personal Identification Number (PIN).   Use of the PIN qualifies as the student signature.   If you do not have a PIN, you can obtain one at the US Department of Education’s PIN site http://www.pin.ed.gov/ .   Please complete your master promissory note as soon as possible but no later than two weeks before the end of a semester; your direct loan cannot be credited to your account until your MPN is on file with the federal direct loan processor.

3.          Students with a master promissory note on file with the Direct Loan Program (returning CMU students and transfer students) will not need to complete a new promissory note.   You will be informed on your Award Notice of your maximum loan eligibility.   If you wish to reject or reduce the amount of your student loan(s), you must make the adjustment on your Award Notice and return it to the OSFA as soon as possible so that the loan amount can be adjusted before it is paid to your account.  Students may also reject or reduce an offered student via the Financial Aid Status Screen prior to July 1, 2013.

 4.          Enroll at least half-time.

5.          Meet the general eligibility criteria.

 William D. Ford Federal Direct Parent Loan: To apply for and receive a Direct PLUS Loan, parents must:

  1. Complete an online parent PLUS application at www.studentloans.gov  The federal processor will use this application to process your PLUS loan.
  2. Complete a PLUS Master Promissory Note (MPN).   The master promissory note is a legal contract that requires the parent to provide references, parent and student information, and a parent signature.   You may complete the PLUS MPN on-line at http://StudentLoans.gov/ by using your Federal Personal Identification Number (PIN).   Use of the parent’s PIN qualifies as the parent signature.   If you do not have a PIN, you can obtain one at the US Department of Education’s PIN site:   http://www.pin/ed.gov/.   The PLUS loan will be credited to your student’s account once your loan is approved by and your MPN is on file with the federal direct loan processor.

    and

  3. Your student must be enrolled at least half-time, and    

  4. Your student must meet the general eligibility criteria

CENTRAL MICHIGAN UNIVERSITY

1200 S. Franklin St • Mount Pleasant, Mich. 48859
Phone: 989-774-4000

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