Effective July, 2013, the law limits the benefits of the Direct Loan subsidy to an aggregrated period of no more than 150% of program length for new borrowers.  Once that limit has been exceeded, a student may borrow only unsubsidized loans, and will begin to incur interest charges on outstanding subsidized loans.  For more information and examples click here

Unusual Enrollment History

April 25th, 2013 by finaid

Effective with the 2013-2014 award year, the U. S. Department of Education has established new regulations to prevent fraud and abuse in the Federal Pell Grant Program by identifying students with unusual enrollment histories. Unusual enrollment history is defined as receiving federal aid funds at multiple institutions in a three year period (2010-2011, 2011-2012 and 2012-2013). Such an enrollment history requires a review to determine whether there are valid reasons for the unusual enrollment history. This must be resolved before you are eligible for financial aid.

To resolve this issue all credits from previous institutions, including JSU if previously attended, must be evaluated. Please complete the Unusual Enrollment History (UEH) form and submit for review.

The Budget Control Act (BCA) of 2011 was signed into law on August 2, 2011.  This act makes two changes to the Federal Direct Stafford Loan Program.  Please see below:

Loss of Subsidized Loan Eligibility for Graduate and Professional Students

Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans. The terms and conditions of Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change.

The annual loan limit for graduate and professional students remains unchanged at $20,500 ($47,167 for certain health professions students), but this amount will now be limited to Direct Unsubsidized Loans.

The elimination of subsidized loan eligibility for graduate and professional students does not affect undergraduate student borrowers, who remain eligible to receive Direct Subsidized Loans.The aggregate loan limit for graduate and professional students remains unchanged at $138,500 ($224,000 for certain health professions students), not more than $65,500 of which may be in subsidized loans.

Also, the BCA clarifies that borrowers who are receiving Direct Loans for preparatory course work necessary for admission into either an undergraduate program or a graduate/professional program, or for course work required for teacher certification or recertification, remain eligible for Direct Subsidized Loans. Students enrolled in preparatory course work or course work required for teacher certification are considered undergraduate students for purposes of annual loan limits.

Termination of Direct Loan Borrower Repayment Incentives

With one exception as noted below, the BCA terminates the authority of the Department of Education (the Department) to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee, effective for loans first disbursed on or after July 1, 2012. As a result of this change, the up-front interest rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered on any Direct Loan Program loan with a first disbursement date that is on or after July 1, 2012.

The law continues to authorize the Department to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically electronically debited from a bank account.


 

Beginning with the 2012-2013 award year, all federal income tax returns (only applies to students FAFSA’s selected for verification) must be requested from the Internal Revenue Service (IRS) by the student and/or parent(s).  Tax filers will need to request a tax transcript, free of charge, of their  tax return from the IRS either by telephone at 1-800-908-9946 or online at www.irs.gov.

Summer 2014 and Intercession:  Students must register for 6 or more hours; complete the FAFSA for 2013-2014 and be admitted as a regular student into a degree seeking program.  Undergraduate students must be enrolled in at least six undergraduate hours and graduate students must be enrolled in at least six graduate hours.  Awarding for the Summer will begin the first week in April for all eligible applicants.

It is critical that you are accurate with the number of hours you will enroll for the summer.  Undergraduates, we advise you to enroll for both sessions, at once, if you plan to attend both sessions.

Fall 2014 and/or Spring 2015:  Students must complete the 2014-2015 FAFSA and be admitted as a regular student into a degree seeking program.   Undergraduate students must be enrolled in at least six undergraduate hours and graduate students must be enrolled in at least six graduate hours.  Packaging awards for first time students will begin in April.  Packaging for Returning students will begin after final grades are posted for the Spring 2014 semester.

Students may access their JSU PAWS account for updates on their Financial Aid status at: JSU P.A.W.S:

-    Login using your User ID and Password

-    Click on Financial Aid to check the status of Missing Requirements, Academic Progress, Awards and Messages

Students who Accept a Direct Loan Award Offer must complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) at: https://studentloans.gov.  Students will need their FAFSA PIN to complete the Direct Loan Entrance Counseling and Direct Loan Master Promissory Note (MPN).  Students who do not have a federal PIN Number must apply for one at: www.PIN.ed.gov.

Note:  Students who received a direct loan disbursement at Jackson State University previously will not have to complete another Loan Entrance Counseling session or Master Promissory Note.

Students planning to enroll at JSU for the Fall 2014, Spring 2015 and Summer 2015 term/s can complete their 2014-2015 FAFSA now at:  www.fafsa.ed.gov.  Jackson State University’s priority deadline date is April 15th of each year.

Students who received a Stafford Loan, Direct Loan or Perkins Loan while attending JSU are required to complete a Loan EXIT Counseling session.  For Stafford and Direct Loan Exit Counseling log on to: Exit Counseling and complete the session.  For Perkins Loan borrowers please contact the Business Office at (601) 979-2216.

 

Pell Grant Recipients Notice

April 26th, 2011 by admin

Congress is currently looking at several proposals which may affect the awarding and amounts of future Pell awards.  Please be advised that all federal financial aid awards are contingent upon Congressional funding.

Pell Grant Recipients attending less than full time in a term (fall, spring or summer); Pell payment will be based on the enrollment status for that term.  Full time enrollment is 12 or more undergraduate hours each enrollment term (fall, spring or summer).  Also all repeat hours are counted as attempted hours.  Passed hours may only be repeated ONCE for Title IV assistance.  Any changes to your hours may affect your Pell Payment.

 

Students may have other options if the financial aid awarded will not cover educational expenses.

Contact your Academic Department (your area of study), the JSU Institutional Advancement Office, and the State of MS Financial Assistance Office for information regarding additional aid and scholarship opportunities and JSU Business Office for payment plans.

JSU Institutional Advancement Office
Apply for Book Awards and Scholarships

JSU Business Office
Payment Plan: (601) 979-2216

State of Mississippi Financial Assistance Office
Telephone: (601) 432-6997            Toll-Free: (800) 327-2980
www.ihl.state.ms.us/financialaid
Email: sfa@mississippi.edu

If the financial aid you have been awarded will not cover all of the expenses for your education, you and/or your parent may want to consider the Direct PLUS Loan.

The 2013-2014 Direct PLUS Loan requests at studentloans.gov will not be available until May 1, 2013 for Jackson State University students and parents.  If you attempt to apply for a 2013-2014 Direct Plus at www.studentloans.gov  before May 1, 2013 a message will appear stating that Jackson State University does not participate in the Direct Plus Loan Program.  Please know that Jackson State University DOES participate in the Direct Plus Loan Program; however this process will not be available until May 1st of each year.

Direct Parent PLUS Loans (Undergraduate Dependent Students Only)

Direct Parent PLUS Loans are low-interest credit-based loans for the parents of dependent students.  The lender is the U.S. Department of Education (DOE).  The student’s FAFSA must be on file in the Financial Aid Office before a parent can apply and the student must meet all general eligibility requirements for the Federal Student Aid Programs.  Parents can review these requirements in the Funding Education Beyond High School: The Guide to Federal Student Aid or by going to the Direct Loan Website at www.direct.ed.gov.

Parents may complete the application for a Direct Parent PLUS Loan and a Master Promissory Note (MPN) online at www.studentloans.gov.  A parent may borrow up to an amount equal to the cost of attendance less any other financial aid awarded to the student.

Once the application has been submitted to, acknowledged, and pre-approved by the Department, the borrower must submit a Direct PLUS Loan Status Retrieval Form, a copy of their driver’s license or state identification card to the Financial Aid Office.   Applicants who have been pre-approved will have funds credited to the student’s account.  If the loan is denied, the borrower may resolve any incorrect information with the credit bureau and have Direct Loan reconsider the application or the borrower may have the loan resubmitted along with the endorsement of a co-signer.

If a parent is denied a Direct Plus Loan and decides not to resubmit for pre-approval, the student may be considered for an additional unsubsidized loan:

Freshmen and Sophomore students may qualify for up to $4,000 yearly.

Junior and Senior students may qualify for up to $5,000 yearly.

Direct Grad PLUS Loans (Graduate & Professional Students Only)

Direct Grad PLUS Loans are low-interest credit-based loans for the graduate students.  The lender is the U.S. Department of Education (DOE).  The student’s FAFSA must be on file with the Financial Aid Office before the student may apply.  Grad Plus Loan applicants must meet all general eligibility requirements for Federal Student Aid.  These requirements can be reviewed in Funding Education Beyond High School: The Guide to Federal Student Aid or by going to the Direct Loan Website at www.direct.ed.gov.

Students can complete the application for a Direct Grad PLUS Loan and Master Promissory Note (MPN) online at www.studentloans.gov.  The student may borrow up to an amount equal to the cost of attendance less any other financial aid awarded to the student.

Once the application has been submitted to, acknowledged and pre-approved by the Department, the borrower must submit a Direct PLUS Loan Status Retrieval Form to the  Financial Aid Office.  Applicants who have been pre-approved will have funds credited to the student’s account.  If the loan is denied, the borrower may resolve any incorrect information with the credit bureau and have Direct Loan reconsider the application or the borrower may have the loan resubmitted along with the endorsement of a co-signer.

The 2013-2014 Direct Graduate PLUS Loan requests at studentloans.gov will not be available until May 1, 2013 for Jackson State University students.  If you attempt to apply for a 2013-2014 Direct Graduate Plus at www.studentloans.gov  before May 1, 2013 a message will appear stating that Jackson State University does not participate in the Direct Graduate Plus Loan Program.  Please know that Jackson State University DOES participate in the Direct Graduate Plus Loan Program; however this process will not be available until May 1st of each year.

Note:  You may still apply for 2012-2013(Spring and Summer) through the end of the Summer session.