InvestIng In Your Future - centralstate.edu · InvestIng In Your Future A Financial Aid and...

InvestIng In Your Future

A Financial Aid and Planning Guide for Students and Their Families

2 www.centralstate.edu

Welcome to the Marauder Family,Thank you for choosing Central State University, where Access and Success Are Central.Access is Central. You can attend college! And, Central State University makes it affordable. Central State is an exceptional educational value and the most affordable public four-college in the State of Ohio. In addition to being affordable, Central State University offers a range of financial aid options, including scholarships, grants, and loans, to assist students with covering the cost of attending college.

We are here to help you and your family learn about how to pay for college so you can ultimately experience the SUCCESS that is in fact Central.

Our Financial Aid & Planning Guide for Students and Their Families provides an overview of the financial aid options available to you through Central State University. This guide will provide information on how much it costs to attend Central State University as well as information about the various ways to cover the cost of your education, including state and institutional grants, scholarships, federal and private loans, work-study awards, and payment plans. We strive to provide and sustain equitable financial aid funding for all families, but you must do your part! The priority deadline date to apply for financial aid is March 1. By planning and completing the FAFSA on time at www.fafsa.ed.gov, you will be better able to meet your financial commitments to the university. To assist you, we have an Access and Investment Educator to provide you with guidance on securing scholarships, completing the FAFSA, and understanding your obligations when you take out loans to pay for your education. To speak with members of our Financial Aid staff, please don’t hesitate to call the Office of Student Financial Aid at 937-376-6579.

Sincerely, Dean of Enrollment Services

“Remember that an investment in your education is an investment in your future. And, at Central State, Success is Central!”

Contents

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Featured Authors

KIMberlY HardY, MsW, lgsW, has been a clinical school social worker for many years. She has studied at Morgan State University, The Ohio State University, and The University of Chicago.

laurIe WestrIcH is a managing editor for an educational publisher in Monterey, California. She has worked in publishing for 15 years.

© Copyright Hobsons 2010. All rights reserved worldwide.

© Copyright Central State University 2010. Hobsons®, Hobsons logo®, CollegeView®, and KeyFacts® are trademarks of Hobsons. Hobsons US Office 50 E-Business Way, Suite 300 Cincinnati, OH 45241 (513) 891-5444 All other trademarks are owned by their respective owners.

www.centralstate.edu 3

4 Understand Your Rights and Responsibilities

The first step to your financial future is understanding how the process works. Review the list of rights and responsibilities to start your financial education.

5 Financial Aid CalendarUse this timeline to help manage the

financial aid process and all the milestones you should meet on a monthly basis.

6 Filing the FAFSAThe FAFSA is your key to many kinds

of financial aid. Learn how the FAFSA works and what you’ll need to get started.

7 Understanding the Verification Process

Follow these steps if your FAFSA information is selected for verification.

8 How Much Will College Cost? Be sure to consider all costs when setting

a budget for your education, and use these tips to save money along the way.

9 Automatic Payment PlanPaying for college can be tough, but

payment plans can help. Check out these options offered by Nelnet to help pay for your Central State education.

10 Education on LoanLoans are a necessity for many

college students today, but how do you choose the right one? Read up on Federal Direct, PLUS, and private loans to find the best option.

11 Keep Your Aid by Keeping on Track Toward Your Degree

In order to keep your financial aid awards, you have to make good academic progress; learn the rules and regulations in this article.

12 Financial Aid and Withdrawal from Classes:

What You Need to KnowWithdrawing from classes impacts your financial aid in many ways.

13 Scholarship Opportunities for CSU Students

Learn about scholarships you may be eligible for and how you can apply.

14 Money Matters ChecklistUse this checklist to ensure that

you and your student have done everything necessary before they leave for college.

15 Financial Aid FAQ for ParentsThis resource page answers some

questions parents often ask as they start learning about the financial aid process.


Understand Your rIgHts and responsIbIlItIes When it comes to financial aid, you have the right to receive certain information about the programs offered and the terms and conditions attached to them. But, you also have responsibilities—such as providing full and complete information by the required deadlines. Review the lists below for some of the key rights and responsibilities you’ll encounter in the financial aid process.

student rights• A student has the right to know what

financial aid programs are available at Central State University.

• A student has the right to know the deadlines for submitting applications for each of the financial aid programs available.

• A student has the right to know how their financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in the budget.

• A student has the right to know what resources (such as parental contribution, other financial aid, assets, etc.) were considered in the calculation of the need.

• A student has the right to request an explanation of the various programs in the student aid package.

• A student has the right to know the University’s refund policy and how it affects the financial aid package.

• A student has the right to know what portion of the financial aid he or she receives must be repaid, and what portion is grant aid. If the aid is a loan, he or she has the right to know what the interest rate is, the total amount that

must be repaid, the payback procedures, the length of time to repay the loan, and when repayment is to begin.

• A student has the right to know how the University determines whether or not he or she is making satisfactory progress (see page 11), and what happens if he or she is not.

student responsibilities• A student must complete all application

forms accurately and submit them on time to the right place.

• A student must provide correct information. In most instances, misrepresenting information on financial aid application forms is a violation of the law and may be considered a criminal offense which could result in indictment under the United States Criminal Code.

• A student must return all additional documentation, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which he or she submitted the application.

• A student is responsible for reading and understanding all forms that he or she is asked to sign and for keeping copies of them.

• A student must accept responsibility for all agreements signed.

How will I be notified?Students who are eligible to receive financial aid will be notified of their financial aid award via their MyCSU. ONLY incoming freshman students will be mailed a paper copy of their Financial Aid Award Letter. When students view their financial aid awards by letter or MyCSU, it will include the following information:• Type(s) of award(s) students will receive• Amount(s) awarded for each semester.

In order for students to accept or decline their financial aid awards, they must log on to their MyCSU account. Upon acceptance of the financial aid, students are agreeing to all terms and conditions set forth by the federal government and the financial aid office. NOTE: Financial Aid Awards are subject to change if students receive additional funds after the initial financial aid award processing.

FInancIal aId CalendarBY KIMBERLY HARDY, MSW, LGSW

You’re poised to start the next phase of your education, and you know college is a big expense, but you’re starting to get confused. What’s a COA? And how does the EFC on your SAR impact your eligibility for funding through FSEOG? (Confused? Don’t worry, we’re here to help—see the sidebar to this article for definitions of these and other key terms.)

The financial aid process is complicated, and the best way to learn is to start with an overview of the key steps. Use the timeline below for guidance.

From september–december, you should:• Narrow your college choices down to several finalists and collect cost information

from each school.• Gather information about scholarships offered at the colleges on your short

list and note any you might qualify for.• Research scholarship opportunities with community organizations in your hometown.• Go online to find more sources of funding; try www.fastweb.com or www.finaid.org.• Attend financial aid workshops wherever available.• Apply for scholarships and grants and investigate student loans.• Request a Personal Identification Number (PIN) online at www.pin.ed.gov. You’ll need your PIN to file the FAFSA (more on that below) electronically.

In January and February, you should:• File the FAFSA and other required forms; you can fill out the FAFSA online

at www.fafsa.ed.gov. Be sure to enter CSU’s school code, 003026.• Receive and review your Student Aid Report (SAR).• Complete any essays required to apply for financial aid offered through your university.• Submit corrections to the FAFSA if needed once tax forms are complete.

In March and april, you should:• Contact the financial aid offices of the schools you applied to and ask if all materials

have been received; send any outstanding materials in promptly.• Review financial aid package on MyCSU; it will look something like this:

AWARD LETTER Scholarship $ 750 Federal Pell Grant 3,000 Student loan 5,500 Parent PLUS Loan 3,000 total package $12,250

In May and June, you should:• Accept your financial aid package on MyCSU.• File the Master Promissory Note if taking out Federal Direct Loans.• First-time borrowers, complete online loan entrance counseling at

www.studentloans.gov if taking out Direct Loans.• Contact the financial aid office to determine the details of any work-study

arrangements, if necessary.

glossarycost of attendance (coa): The total cost of one year’s education, including tuition, room, board, books, supplies, travel, and fees.

disbursement: A payment made to your student account (e.g., a payment from a loan program).

entrance counseling: This mandatory program for students taking out loans covers the terms and responsibilities of receiving a loan.

expected Family contribution (eFc): An amount used to determine aid eligibility. An EFC of zero does not mean all of your college costs will be covered by financial aid.

Financial need: The difference between the cost of education at CSU and your EFC.

Federal supplemental educational opportunity grant (Fseog): A grant program for undergraduate students with exceptional financial need.

Master promissory note: The legal binding document you sign when accepting a loan. It lists all items under which you are borrowing, including the repayment terms. This document should be read carefully prior to signing.

over-award: An over-award occurs when a student has received more financial aid than what he/she is eligible to receive. A student’s financial aid package cannot exceed the university’s total cost of attendance, or the student’s financial need if the student is receiving need-based aid. If a student is inadvertently over-awarded, financial aid will be reduced. If a refund has been issued, a student is required to repay the overage due.

student aid report (sar): The report you get after filing the FAFSA that includes your EFC.



Meet the FaFsaEvery college-bound student should complete the FAFSA. Your answers to questions about your income and assets (and your parents’ income and assets) will determine your Expected Family Contribution—an amount used to determine aid eligibility. If your college costs (Cost of Attendance, or COA) exceed your calculated EFC, you’ll be eligible for need-based loans and/or grants to help pay your college bills.

You should file the FAFSA even if you don’t think you’ll qualify for need-based aid. If you want to take out a federal loan of any type—including the unsubsidized Federal Direct Loan, which isn’t based on financial need—then you’ll need to file the FAFSA.

You can file your FAFSA as early as January 1 of the year you intend to enter school, and you’ll have to repeat the process each year as you pursue your education. The earlier you get started, the better; not only will you feel better that you’ve got this crucial step checked off your to-do list, but you’ll be at the head of the line for many of the first-come, first-served aid programs.

What You’ll needThe more organized you are, the easier you’ll find the FAFSA process to be. Here are some of the key pieces of information and documents you’ll need:• Social Security number• Driver’s license (if available)• CSU’s school code, 003026.• Your tax forms (don’t worry if they aren’t complete yet—you can use estimated numbers and adjust them later if needed)• Your parents’ tax forms (again, using estimated figures is OK for now)• Records of untaxed income, such as payments to tax-deferred savings plans, child support, veterans benefits, or workers’ compensation • Current bank statements• Information about any businesses you or your family own, investment mortgage information, business and farm records, and other investment records

three steps for Faster response1 The fastest way to file your FAFSA is

online at www.fafsa.ed.gov. 2 You can speed the processing of your FAFSA

by signing the form electronically with a Personal Identification Number (PIN). You don’t have to wait until January 1 to request a PIN, so get this step out of the way early!

If you’re a dependent student, one parent must also register for a PIN in order to sign the FAFSA electronically. Learn more at www.pin.ed.gov.

3 Get organized with the FAFSA on the Web worksheet, available at www.fafsa.ed.gov. This form helps you gather all the information you’ll need so that you’re ready to complete the FAFSA January 1.

What next?After you file your FAFSA, you’ll receive a Student Aid Report (SAR) that contains your EFC. If you provided a valid e-mail address as part of your FAFSA information, then you’ll receive your SAR by e-mail, or you can view it online. You can also elect to receive a paper copy of your SAR by mail. Your SAR and EFC will be sent to the schools you indicated on your FAFSA, and these schools will offer you financial packages based on this data.

can I apply any time or are there deadlines?

Filing the FaFsa

Wouldn’t it be great to pay your way through college with scholarships and graduate debt-free? Sure it would. But, this scenario is more fantasy than reality for most students. To cope with the reality that your future college bills will likely outweigh your income and assets, you’ll need a solid financial plan, and that plan starts with filing the Free Application for Federal Student Aid (FAFSA).

“Every college-bound student should complete the FAFSA.”

Apply as soon as possible after January 1. The priority deadlines to receive maximum consideration for financial aid are February 15 for new freshman and transfer students, and March 1 for continuing students. Deadlines for the Federal Pell Grant and state grants are established by the federal and state governments.


Understanding the verIFIcatIon process


“Every college-bound student should complete the FAFSA.”

Each year about 30 percent of students’ financial aid applications nationwide are chosen for random “verification”—a process of confirming certain information supplied by you and/or your parents on the FAFSA (Free Application for Federal Student Aid). Some students are selected for verification by the U.S. Department of Education, while others are selected by institutions. All selected students must be verified before they can receive a financial aid award.

How do I know if I am selected for verification?After submitting your FAFSA, you will receive a Student Aid Report (SAR) that indicates your EFC (Expected Family Contribution); your eligibility for certain programs, such as the Federal Pell Grant, ACG, and TEACH Grant; and comments regarding your FAFSA, including if you were selected for verification.

If you are selected for verification, you will have an asterisk (*) next to your EFC. You will receive notification via MyCSU requesting additional documentation in order to complete your application for financial aid.

I was selected for verification, now what do I do?• Review your SAR. Take the opportunity to review the comments

from the Department of Education appearing on the Student Aid Report (SAR). These comments may provide details as to why you were selected for verification.

• Check MyCSU to determine what documents are required. Only submit the documents requested, and make sure you keep a copy for your own records. The priority deadline for continuing students is April 15 to submit all documents.

What documents do I need for verification?The verification process can be different for each student. Common documents that must be supplied for verification include:• Signed copy of student‘s Federal tax returns, if filed, for the preceding

year (e.g., for the 2010–2011 FAFSA you will need to submit the signed copy of your 2009 1040 forms).

• Signed copy of parent’s Federal 1040 tax returns, if filed, for the preceding year (not required for independent students).

• Verification Worksheet. This document can be retrieved online at www.centralstate.edu/financial_aid.

NOTE: Failure to provide signed and/or complete documentation will delay processing time. Make sure the student’s name and ID are on all the documents.

I submitted my verification documents, what’s next? Documents will be logged within five business days of being submitted. If you check MyCSU and the documents still appear to not be received, please contact the Financial Aid Office.

After you turn in all required documents, the Financial Aid Office will compare them with your Student Aid Report. If errors are found, corrections will be made to your FAFSA. Once the corrections are processed by the Department of Education and returned to Central State’s Financial Aid Office, an award will be created and posted online to MyCSU for you to view and act on it.

Processing usually takes two to three weeks, but it can take longer during the peak season (the beginning and ending of each semester).

Will my financial aid be processed without my verification documents being submitted?If you fail to submit your verification documents, you will not receive a financial aid package. A delay in financial aid packaging can result in you not receiving certain need-based aid that you are qualified for because funds are limited.

What can I do to improve my chances of not being selected for verification?• List the correct Social Security Number and Driver’s License Number• Enter the correct Federal income tax paid for preceding year• List your correct adjusted gross income (this is not equal to your

total income)• List your and your parents’ marital status correctly• Make sure you list Central State University as a college you would

like to have your FAFSA sent to (use code 003026)• Do not leave tax fields blank• Make sure you and your parent (if dependent) sign the FAFSA

using your PIN

BY LAURIE WESTRICH

How Much Will college cost?

“Be sure to consider all costs when setting a budget for your education.”

The cost of attending college goes well beyond tuition. Other costs include housing, a meal plan, books, transportation, and personal expenses. Be sure to consider all costs when setting a budget for your education.

InvestIng In Your Future: paying for college scenarios

In-state student Tuition and fees RoomBoardtotal direct cost of attendance

Freshman Scholarship $ 3,000Pell Grant 5,550Subsidized Direct Loan 3,500Unsubsidized Direct Loan 2,000total aid package $ 14,050

out-oF-state student Tuition and fees RoomBoardtotal direct cost of attendance

Direct Parent PLUS loan $ 9,368 Pell Grant 5,550Subsidized Direct Loan 3,500Unsubsidized Direct Loan 2,000total aid package $20,418

The following aid scenarios show how an in-state student and an out-of-state student with maximum grant eligibility might receive aid to help pay for their annual education costs at Central State:

$ 5,480 4,406 3,792 $ 13,678

$ 12,220 4,406 3,792 $20,418

Use the total cost of schools you are considering to estimate how much you will pay to attend school for one year. Request a cost summary from each school to make sure you’re including all information, or look at each school’s KeyFacts® in the college search section of CollegeView® (www.collegeview.com).

Factors to consider:• Tuition and fees• Housing• Meal plan• Books and supplies• Personal expenses (laundry, medical, disability expenses)• Transportation• Activity fees• Cell phone plan• Credit cards

According to the College Board, the average in-state tuition rate at a four-year public college for the 2009–2010 academic year was $7,020 (the out-of-state average was $18,548), while the annual cost at a four-year private college averaged $26,273. You can assume a yearly increase of six to seven percent in order to estimate costs for future college expenses.

Helpful Hints• Don’t miss out on financial aid opportunities

by missing deadlines. The earlier you complete applications and forms, the better the chance that your full need will be met.

• Keep a copy of all completed forms and applications.

• Respond to all schools’ inquiries promptly and accurately. An incomplete file could result in a reduction or loss of aid.

• Keep in touch with the financial aid office at all schools you are considering. Notify them immediately if there is a change in your financial situation.

• Take note of financial aid requirements; you will need to reapply for financial aid and some scholarships each year.

• Be cautious when applying for and using credit cards. Debt accumulated while you’re in college can haunt you for years. Charge only what you need to and pay off the balance each month; interest rates on credit cards are high and add up quickly.

• Save money by sticking to their prepaid food plan and not eating at fast food restaurants.

• Buy used textbooks or ask to borrow books from students who have previously taken the course.

• Always ask if there is a student discount at local stores, movie theaters, and sporting events.

• Avoid opening bank accounts that charge extra fees for using the ATM or have monthly transaction fees.

• Do not exceed the allotted minutes on your cell phone plan.


advantages • Easy online enrollment• Monthly payment plan• Flexible payment options• No interest

payment Methods• Automatic bank payment (ACH)• Credit card/debit card

Payments are processed on the 5th or 20th of each month and will continue until the balance is paid in full. If a credit/debit card is used, a convenience fee in addition to the enrollment fee will be assessed.

**NOTE: All down and full payments are processed immediately!

cost to participate• $25 enrollment fee per semester

(ACH & credit card)• $2 enrollment fee for an immediate

full payment• $25 returned payment fee if

a payment is returned

simple steps to enroll in the payment plan• Go to www.centralstate.edu• Log into MyCSU• On the left-hand side select the e-Cashier link under “Handle Your Business Here”

Introducing the Automatic Payment Plan: nelnet–casH ManageMent

• Convenient• Interest-Free• Affordable

For additional help, please call Nelnet at 800.609.8056

“Responsible borrowing for education is a great investment in your future.”

How will you pay for your college education? You can (and should) start with free money whenever possible; search out all the scholarships and grants you can find. But be prepared to add loans to your list of aid possibilities. It’s true this type of aid is not free (you’ll have to pay it back when you graduate), but the terms of many loan programs are quite favorable. Responsible borrowing for education is a great investment in your future.

consider some of the primary sources of loans available to you and your family.

Federal direct loans are the most common types of student loans, and everyone can participate. If you have financial need (as determined by the results of your FAFSA), you’ll be eligible for a subsidized Direct Loan. For this type of loan, the government will pay the interest that accrues while you’re in school and for six months after you graduate or leave school. If you don’t have financial need (as determined by the FAFSA), you can still get a Direct Loan; however, your loan will be unsubsidized, meaning you are responsible for paying the interest that accrues while you’re in school. You can choose to defer this interest while you’re in school and add it to the principal of the loan; this may sound like a good idea when you’re a poor college student, but keep in mind that this will increase your loan payments once you graduate.

So, how much can you borrow? As a first-year student you can borrow up to $5,500 (up to $3,500 of which can be a subsidized loan, if you qualify). The loan limits increase for upperclass students: sophomores can borrow $6,500 (up to $4,500 subsidized); juniors and seniors can borrow $7,500 (up to $5,500 subsidized). Moreover, first-year independent students or dependent students whose parents are denied a parent loan (detailed below) can apply for an additional $4,000 in unsubsidized Direct Loans to help cover their bills. The relatively low interest rates and favorable repayment terms of Direct Loans make this a good place to start borrowing and an ideal way for you to begin establishing credit.

The direct loan for credit-worthy parents of dependent students is another option to help pay for your education. Your parents may take advantage of this federal program to borrow all or any part of your out-of-pocket expenses that remain after other aid is deducted from the bill.

private loans are also available, with varying terms and limits. You may need a credit-worthy cosigner in order to borrow a private education loan, and you can typically borrow all or any part of the funds needed to cover your college bills.

For more information on direct lending, to apply for a Direct PLUS loan, and to complete your Master Promissory Note (MPN) and Entrance Loan Counseling, go to www.studentloans.gov.

educatIon on loan



1–20

21–40

41–60

60+

1.70

1.80

1.90

2.0

QualItY Hours

MInIMuM cuMulatIve gpa

standards of satisfactory academic progress apply to the following types of federal financial aid: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), National SMART Grant, TEACH Grant, Federal Work-Study, Federal Perkins Loan, Nursing Loan, Health Professions Loan, Federal Direct Loan, and Federal Direct PLUS Loan.

What are the standards of satisfactory academic progress that I am expected to meet?The Standards of Satisfactory Academic Progress for undergraduate students have two measures—qualitative and quantitative.

Qualitative Measure: cumulative grade point average (cgpa)As a student, you will know if you are meeting SAP requirements based on your cumulative GPA and the quality hours you have earned:

Quantitative Measure: completion rateThe maximum time frame for a student to complete the educational objective at Central State University is 150% of the published length of the educational program. In other words, a student typically has six years to complete a four-year degree. However, consideration is given to the student’s enrollment status, i.e., part-time and full-time.

You must successfully complete at least two-thirds (67%) of your total cumulative credit hours attempted.

What happens if I don’t meet the sap requirements? If you are not meeting one and/or both of the measures of SAP, you will be initially placed on financial aid probation for one semester. At the end of the probation period, your academic progress will be reevaluated. At this time, if you are meeting both measures of academic progress, then you will once again be in good standing. However, if you are still not meeting the completion rate requirements, then your financial aid eligibility will be suspended.

What does it mean when my financial aid is suspended?Suspension of financial aid means that you will no longer be eligible to receive any federal aid (including federal loan assistance) until you are once again meeting the Satisfactory Academic Progress Policy.

can sap affect me if I am a transfer student?Yes, SAP can affect you as a transfer student. Credit hours accepted by CSU will be included in the maximum time frame toward completion of a degree.

Federal financial aid funds are awarded with the understanding that students will make progress toward their chosen degree. Central State University, as directed by the U.S. Department of Education, has established Standards of Satisfactory Academic Progress that students must meet in order to receive Title IV student aid.

What if I have not attended central state for over one semester, will my past credits be considered toward sap?Yes, all prior credits will be considered in determining SAP for students who return to CSU after one or more semesters of absence.

If I change my major, will those credits be reviewed for sap?General education requirements credits will be considered in determining you SAP. However, for students who change majors, credits attempted and grades earned for a previous major that do not count toward the new major will not be included in the SAP determination.

What grades are calculated when determining sap? All grades are used to calculate SAP. Grades of IP (In-Progress), W (Withdrew), and WP (Withdrew Passing) are not included in calculating a student’s GPA, but as coursework attempted. FZ (Withdrew Failing) and Z (Failing due to Attendance) are counted as an F.

How does sap apply to graduate students?Graduate students must also meet Standards of Satisfactory Academic Progress. There are two components to the policy for these students: time frame and GPA. The maximum time frame for a master’s degree program is six years; the requisite GPA is determined by individual colleges or departments, but must be above a 2.0.

can I appeal an sap decision?Yes. You have the right to appeal if you are experiencing extenuating circumstances. Appeal forms are available online. Satisfactory Academic Progress Appeals Committee (SAPAC) meetings are held on the third Thursday of each month. Appeals are reviewed in the order received. Appeals must be received no later than the first Thursday of the month to be reviewed at that month’s meeting. The decision of the appeals committee is final.

Keep Your aId by Keeping on Track Toward Your Degree


“Students are financially obligated to pay any account balance to the University resulting from their withdrawal and the subsequent return of Title IV funds.”

When you completely withdraw from all your classes, an adjustment to financial aid awards will be made in line with federal and state regulations. A portion, or perhaps all, of your financial aid may be returned to the state and/or the federal government. If all the financial obligations to the University have been paid, a check for the balance of the refund will be processed for you. However, students who receive a refund or have less aid earned than the amount of the charges will be financially obligated to pay any account balance to the University resulting from their withdrawal and the subsequent return of Title IV funds. You will receive a letter within 30 days informing you of how you will be impacted.

determination of Federal aid earnedThe University must return all unearned aid to the federal government. To determine what is unearned and what must be returned, the University calculates a student’s earned aid. This calculation is based on the number of calendar days the student attended classes divided by the total number of calendar days in the term. The result is a percentage of federal aid funds that the student is entitled to keep. For example, a student who attends 20% of the term has earned 20% of the total aid value that was disbursed to their bill. The other 80% is returned. As noted previously, students will be financially obligated to pay any account balance to the University resulting from their withdrawal and the subsequent return of Title IV funds.

return of unearned Federal aidThe total federal aid disbursed at the point of withdrawal less the earned amount constitutes the unearned aid that must be returned to the federal government. The university will allocate the return of unearned aid in the following order:

1 Federal Unsubsidized Direct Loan 2 Federal Subsidized Direct Loan 3 Federal Perkins Loan 4 Federal Parent or Graduate PLUS Loan 5 Federal Pell Grant 6 ACG 7 National SMART Grant 8 Federal SEOG 9 TEACH Grant

What You Need to Know

FInancIal aId and WItHdraWal FroM classes:


At Central State, it is our goal to assist families in understanding the cost of attendance and investment needed to make a college degree attainable. There are several types of federal and institutional aid awarded to students on a yearly basis. Central State currently awards more than $2.5 million in merit-based scholarships each academic year. These scholarships are based on various criteria, including excellence in academic performance and/or major. There are also scholarships awarded for band, choir, and athletics.

central state university Institutional scholarship opportunities

choose ohio First scholarship program (do-stem)Full and partial scholarships awarded to current and new students who are majoring in science, technology, engineering, mathematics, mathematics education, or science education and who are Ohio residents.

Institutional scholarshipsInstitutional scholarships include band scholarships, choir scholarships, ROTC scholarships, athletic scholarships, Freshmen Scholarship, Upper Classman Scholarship, and the Presidential Leadership and Service Award.

departmental scholarshipsDepartmental scholarships are awarded to students based on academic merit, financial need, and/or other donor specifications by their respective academic department.

for CSU Students

scHolarsHIp opportunItIes

private donor scholarshipsPrivate donor scholarships are awarded to students based on academic merit, financial need, and/or other donor specifications.

tips for completing scholarship applications• Read the materials carefully and understand what information

is requested.• Submit a clean and neat application.• Submit a well-composed essay (when required) that makes a

definite impression.• Choose people who will provide a recommendation.• Be aware of and meet all deadlines.• Before sending the application, make a copy of the entire packet

and keep it on file.• Mail application to the proper address with the proper postage affixed.• Give your application materials a final review.• Seek assistance if you feel you need it.

Where to locate scholarship opportunities• MyCSU Scholarship Portal.• Find us on Facebook! Just search for “Central State University

Enrollment Management” from your home page.

With all of the financial information available, it’s important to make sure your student runs through one final checklist before they reach their final destination in the fall. They should keep copies of all paperwork and pay special attention to any deadlines in order to avoid unpleasant surprises when they arrive on campus.

Make sure they do all of the following before they head off to college: Pay housing deposit

Pay tuition deposit and finalize details of payment plan if your financial aid does not cover all

of your direct costs

Accept aid and find out if the scholarships are automatically renewed each year

Submit external Scholarship Letters to the office of Financial Aid

Finalize student loan details, if applicable (learn more at www.studentloans.gov)

Plan out a budget for the school year

Purchase a computer and any related equipment

Make sure all bank accounts are in order

Take care of any car maintenance

Put money aside for books, folders, pens, paper, calculators, and other miscellaneous school-related items

Pay registration fees not covered by financial aid

Purchase dorm room necessities (coordinate with roommate, if possible)

Make sure their cell phone will work on and around campus; select a new plan or carrier if necessary.

Apply for a credit card, if necessary

MoneY Matters cHecKlIst


What offices do I contact regarding financial matters?The Office of Student Financial Aid reviews applications and awards aid to students; the Cash Management Office charges fees, collects payments, and issues refunds.

How does csu decide how much money my child will need? Generally, financial need is determined by subtracting the student’s Expected Family Contribution (EFC) from CSU’s Cost of Attendance (COA). The COA includes estimated amounts for tuition and fees, books and supplies, living expenses (room and board), transportation, and personal expenses. a zero eFc does not mean all the costs will be covered by financial aid.

How can I ensure that my child receives their financial aid in a timely manner?File the FAFSA early (you can start January 1) and complete verification if required. View your student’s MyCSU for missing items and check e-mail from the university regularly; remember, all notifications regarding bills will be provided via MyCSU.

How will my child be notified of their financial aid award?Students should check their MyCSU account to view and accept financial awards. Only incoming freshmen will receive a financial aid award letter via mail.

If my child receives an outside scholarship, how will this affect their financial aid?Other aid awards may be reduced or cancelled, as the additional scholarship reduces the student’s financial need. Students are responsible for notifying the Office of Financial Aid of any external grants or scholarships they are receiving.

can my student work on campus to earn money for their education costs?Students may be awarded Federal Work-Study funds based on their FAFSA. Students who find positions earn the award in the form of a paycheck.

How does my child’s academic progress affect their financial aid? Students must meet both the minimum cumulative GPA and minimum cumulative credit hours earned in order to maintain eligibility for federal student aid (see page 11 for full details)

What if my child withdraws from the university in the middle of the semester?If a student must withdraw after the semester has begun, they will still be responsible for the entire cost of tuition for the term, as well as residence hall costs. Their aid will be adjusted accordingly.

Will my child still be responsible for their student loans even if they do not complete their degree?Yes, all student loans must be repaid even if the student leaves before the degree is completed, and even if the student fails every class. The terms and conditions of repayment are outlined in the Master Promissory Note, which must be completed by each student receiving federal student loans.

can I take out a loan for my child’s education?You may apply for Direct PLUS Loan through the federal government. A PLUS Loan is a credit-based loan with a fixed interest rate, a ten-year repayment term, and many repayment options.

Financial AidFaQ For parents

at Mycsu you can...

• View Outstanding Requirements

• View Financial Aid Holds

• Review Financial Aid Academic Progress

Please note: This is separate from the academic progress reported by the Office of the Registrar

• View Your Financial Aid Award

• View Your Account Summary

• Accept or Decline Your Offered Awards

(Such as loans or federal work-study).

• View Estimated Disbursement Schedules

• Send an E-Mail to the Office of Financial Aid

Handle Your Business on MYcsu

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How does Mycsu help me?Mycsu is a direct link to the student system that is used at Central State University. As information is updated by the Financial Aid staff, it is immediately available to you via Mycsu.

In addition to being able to view information as it is updated by our office, when you make a decision on your acceptance or declining of funds, our system is also automatically updated.

You no longer have to wait to receive an award letter in the mail. You will be able to see your award information as soon as it is posted into the student system.

Mycsu also allows you to closely monitor your student account information. As monies are posted to the student account, it is also automatically updated on Mycsu.

InvestIng In Your Future - centralstate.edu · InvestIng In Your Future A Financial Aid and...

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