Award Letter: Next Steps
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 you will receive a new Student Aid Report (SAR) from the Department of Education.
Students selected for verification will be notified about requirements needed. A Verification Worksheet and tax documentation will 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.
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 letter 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.
If you, the student, plan to borrow any of your eligible Federal Direct Loan funds (Subsidized and/or Unsubsidized), you must complete Entrance 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 Self-Service to accept, reduce or decline your student loans offered. If you decline all loans, no further action is necessary.
- STEP TWO: Go to studentloans.gov
Using your FSA ID (the ID used on the FAFSA) complete both the Entrance Loan Counseling and MPN.
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. Plan for 30 minutes to complete.
Loan Agreement 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.
Other Loan Financing Options
OPTION 1: Federal Direct Parent PLUS Loan
One of your parents may apply for a Direct Parent PLUS Loan using their FSA ID (the same ID they used on the FAFSA). A parent applying for a PLUS loan is required to complete the approval (credit check) and the Master Promissory Note (MPN). The MPN is an agreement to repay loan funds the parent borrows for their son or daughter’s educational cost. The PLUS loan application must be completed each year.
OPTION 2: Private/Alternative Loans
These loans are non-federal commercial loans, made by a lender such as a bank or credit union. These loans are in the student’s name and a cosigner may be required. There are many choices of lenders and students may apply for these loans via the lending institution’s website or loan application. The lender will perform a credit check and will require a school certification. Loan decisions can take up to 4-8 weeks. Loan amounts are limited to Denison’s yearly Cost of Attendance minus any other aid the student receives for the academic year. Alternative loan programs should only be used when all scholarship, grant aid and federal student loan options are exhausted.
OPTION 3: Monthly Payment Plan
Some families prefer to use current income for college expenses. Denison offers a Monthly Payment Plan, administered through Tuition Management Systems (TMS), which allows you to spread expenses over the semester, in 5, 4 or 3 equal monthly payments. A non-refundable enrollment fee of $50 per semester is charged regardless of the plan chosen.
Contact TMS each semester to set up your plan.
Tuition Management Systems at 800-722-4867
Or visit: https://denison.afford.com