FAFSA Process
The information that follows pertains to the need-based financial aid application process at Michigan Technological University. Procedures may vary at other institutions.
It is our goal to ensure that the financial aid application process goes smoothly for you. What follows is information about financial aid delivery at Michigan Tech and instructions to guide you through the application process. There are four major steps in the need-based financial aid delivery cycle.
1STEP ONE—File a Free Application for Federal Student Aid (FAFSA) or Renewal Application and release the results to Michigan Tech (federal school code: 002292). Once the FAFSA is processed, the U.S. Department of Education will send you a Student Aid Report (SAR). The type of SAR that you receive depends on the type of FAFSA filed and whether or not your email address was provided.
| Student Aid Report (SAR) | |||
| Type of FAFSA | Email Address | Acknowledgment | When (at the latest) |
|---|---|---|---|
| Paper FAFSA | No | Paper SAR | 4 Weeks |
| Yes | Email link to SAR | 2 Weeks | |
| FAFSA on the Web | Yes | Email link to SAR | With PINS: 1-3 days Signature page: 2 weeks |
| No | Paper SAR | With PINS: 1 week Signature page: 2 weeks |
|
The processing status of the FAFSA can be determined by accessing FAFSA on the Web (even if a paper FAFSA was filed) www.fafsa.ed.gov or by calling the Federal Student Aid Information Center at 1-800-433-3243.
You are not required to submit a Student Aid Report to the Financial Aid Office. Your data will be transmitted electronically to Michigan Tech by the U.S. Department of Education.
Making Corrections to Your Student Aid Report (SAR)
There are two methods of making corrections to your FAFSA. Regardless of your choice, the Central Processing System (CPS) will acknowledge the correction request. The result will be released electronically to all of the schools listed on the SAR and the state agency.
Method 1: Corrections using FAFSA on the Web
Paper or FAFSA on the Web filers can make electronic corrections from the Department of Education’s web page www.fafsa.ed.gov. You must use your PIN to access your record. No parent signature is required for the correction of student data only. If parent data is corrected, the parent’s PIN must be provided or a signature page must be printed and signed. For information about PIN registration and usage, go to www.pin.ed.gov
Method 2: Paper Corrections Using the Student Aid Report (SAR)
You can make corrections on the paper Student Aid Report (if that’s what you received). You cannot use the SAR Information Acknowledgement to make corrections. If you wish to make a paper correction but do not have a paper Student Aid Report, request a duplicate by calling the Federal Student Aid Information Center at 1-800-433-3243. For Dependent filers, the applicant and at least one parent must sign the SAR.
General Information Regarding Corrections
Assets must be corrected but cannot be updated. For example, if the FAFSA was completed reporting cash as $500 but over time the value changed to $300, the FAFSA cannot be updated to the current amount. If cash was reported as $500, but the correct amount as of the date of application was $1200, a correction is required. The value of assets must reflect the amount held on the date the FAFSA was filed.
2STEP TWO—When requested, submit documents for verification. The Financial Aid Office must determine the validity of each FAFSA result. Respond promptly to requests for additional information or documentation.
This step is the most time-intensive component of the application cycle. At peak processing times (March – September), the verification of your application can take several weeks. It is crucial that you finalize this step of the application process early. Non-compliance will prevent the Financial Aid Office from processing Federal Direct Loans, crediting aid to your billing statement for registration purposes, and postpone award adjustment or cancellation notifications.
3STEP THREE—Receive email notification of your eligibility for need-based financial aid.
Expect to receive your Financial Aid Award Notification Letter by:
| March – May | New Students, Freshmen and Transfer |
| July 1 | Returning Students |
If the verification phase of your application is not complete at the time of awarding, we will “estimate” your eligibility for financial assistance. If upon completing the verification of your application eligibility changes, a revised award notification will be issued.
4STEP FOUR--Financial aid is authorized to your student account for billing purposes. In late July, you will be notified by MTU email when fall semester on-line bills are posted. If requested verification documents have not been received and processed, the funds identified in your Financial Aid Award Notification will not appear as a credit (or memo) on the billing statement.
SPECIAL CIRCUMSTANCES—Situations brought to our attention regarding loss of employment (8 weeks), disability, complete loss of certain untaxed income or benefits, separation or divorce, or death will be considered. Though our special circumstance guidelines allow for reevaluation of “excessive” expenses, we do not consider requests where the family has exercised discretion in incurring expenses such as tuition at an elementary or secondary school. Customarily, one-time positive fluctuations in income such as an increase in average interest or dividend income, capital gains, pension distributions, etc. are not recognized as a basis for adjustment.
In general, situations involving special circumstances are complicated. To allow the Financial Aid Office to fully consider your request, write a letter detailing your concerns. Evaluation of requests will begin in May.
