Award Letter: Next Steps
Award Terms & Conditions
All applicants should read and understand your Awards Terms & Conditions. Be informed of your scholarship, work and loan requirements, how to renew awards and how our office may make corrections or updates.
Your Denison email address will be used for any official communications from the Office of Financial Aid. We recommend you check your email regularly for most current requests, information and updates. MyDenison will reflect your current financial aid awards and any outstanding documents or requirements. You will be notified of any changes via email to check your awards
Fall bills will be issued in early July. Financial aid will NOT credit your student account until:
- All requested financial aid documents or requirements are submitted and processed
- For student loan borrowers, all loan requirements are completed
- Final high school transcripts are received by the Office of Admission
Students receiving scholarships from outside sources must notify the Office of Financial Aid of these awards. Students may fax us copies of scholarship notifications or upload these in your MyDenison > My Apps > My Financial Aid portal.
If you, the student, plan to borrow any of your eligible Federal Direct Loan funds (Subsidized and/or Unsubsidized), you must complete the Annual Student Loan Acknowledgement (ASLA), Entrance Loan Counseling, and a Direct Loan Master Promissory Note (MPN) before your loan funds can be credited to your student account. When these items have been successfully completed, our office will automatically receive electronic notification from the U.S. Department of Education.
- STEP ONE: Go to MyDenison > My Apps > My Financial Aid to accept, reduce or decline your student loans offered. If you decline all loans, no further action is necessary.
- STEP TWO: Go to studentaid.gov
Complete all your loan requirements with your FSA ID (the ID used on your FAFSA).
Entrance Loan Counseling
This information session, required for all first-time borrowers, explains your rights and responsibilities as a student borrower and provides information about how to manage your student loans, both during and after college. This is a one-time requirement. Plan for 30 minutes to complete.
Annual Student Loan Acknowledgement
New for all student borrowers beginning with the 2020-21, this tool requires students to review and acknowledge their total loan balance and repayment obligation before the first disbursement of federal loans each award year. The U.S. Department of Education has indicated this tool will be available April 2020 on studentaid.gov.
Master Promissory Note for Subsidized/Unsubsidized Loan (MPN)
The MPN is a legal document in which the borrower promises to repay the loan and any accrued interest and fees to the U.S. Department of Education. The MPN can cover multiple academic years. You will need to provide the name, address, and phone number of two personal references.
The Department of Education selects a portion of FAFSA filers to have their FAFSA information verified for accuracy. Denison can also select applications for verification to resolve conflicting information. The Office of Financial Aid has the authority from the Department of Education to request documentation that supports your aid application. Necessary corrections may be made to your FAFSA and the student will receive a new Student Aid Report (SAR) from the Department of Education.
Students selected for verification will be notified about requirements needed via MyDenison > My Apps > My Financial Aid. A Verification Worksheet and tax documentation may be required.
Tax filers, both student, and parents, are required to submit their federal tax data from the IRS. IRS tax data can be submitted in two ways:
- IRS tax data can be loaded directly into the FAFSA using the IRS Data Retrieval Tool (DRT).
- The tax filer must submit an IRS Tax Transcript AND W-2 forms, if applicable.
Parent non-Tax Filers must provide a non-filer letter from the IRS and copies of employer-provided W-2 forms, if applicable. IRS non-filer letters can be obtained on the IRS website.
Your financial aid award is an estimate and could change after the verification process is completed. Completing the paperwork requested in a timely manner will allow your family to plan financially for the upcoming academic year. You will receive a revised financial aid award letter if your aid changes.
Other Financing Options
OPTION 1: Federal Direct Parent PLUS Loan
A parent may apply for a Direct Parent PLUS Loan through the U.S Department of Education, for an amount up to the student’s Cost of Attendance for one academic year minus any other aid the student receives. A parent applying for a PLUS loan is required to complete the Annual Student Loan Acknowledgement (ASLA), a Direct Plus Loan Application, and a Master Promissory Note (MPN). All these requirements are available at studentaid.gov. The Annual Loan Acknowledgement will be made available in April 2020. The parent applying will use their assigned FSA ID (as used on the FAFSA). The application and annual student loan acknowledgement must be completed each academic year a parent applies for the loan.
OPTION 2: Private/Alternative Loans
Student or parent non-federal private loans may be obtained by a lender or credit union of your choice. Loan approvals are subject to credit check and a cosigner may be required. Many lender options are available. Families may apply via the lending institution’s website. The lender will perform a credit check and will require a school certification. Loan decisions can take up to 4-8 weeks. Loan amounts approved are limited to Denison’s yearly Cost of Attendance minus any other aid the student receives for the academic year. Private loan programs should be used as a last resort, after all scholarship, grants and federal student loans are exhausted. Families should be mindful of interest rates and fees.
OPTION 3: Monthly Payment Plan
Some families prefer to use current income for college expenses. Enrolling in a semester payment plan allows students and parents to pay for semester tuition, fees, housing and meals in equal monthly payments over 4 or 5 months. Participation requires a non-refundable $50 enrollment fee per semester. Visit https://denison.afford.com to enroll or call Tuition Management Systems at 800-722-4867.