Student Accounts: Financial Aid & Your Student Bill
A student account balance may be satisfied using actual/accepted
financial aid awards.
For financial aid to be considered actual, the student must have
a completed file with the Financial Aid Office and the offered award
is not indicated as estimated on the award letter. For a Direct
Loan or Plus Loan to be used as credit a signed promissory
note must be on file in the Financial Aid Office.
For aid to be considered accepted, the student must have indicated
acceptance of offered aid on their award letter, and returned
the signed copy to the Financial Aid Office.
When calculating the balance due, students need to be aware that
an origination fee of 1% of direct loans and 2.5% of plus
loans are retained by the guarantee agency. Therefore, 99% of the
direct loan amounts listed and 97.5% of the plus loan may
be used as credit. Financial aid and loans without a signed promissory
note, may not be used as credit towards the bill. You may not use
federal work study or estimated aid as credit towards your bill.
Once actual accepted aid has been deducted from the semester bill,
any remaining balance must be remitted to the student accounts office
by the due date printed on the semester bill.
If the remaining balance is a credit, the student will be refunded
once funds have been received from funding sources and disbursed
to the student account. Since various funding sources require enrollment
verification and some funds are received throughout the semester,
refunds may not be available until the mid-point of the semester.
Disbursements of loans are dependent on students completing an entrance
interview and signing all required promissory notes. It is important
for students to respond to notifications from financial aid informing
them of these requirements.
FSC compiles with federal recommendations and guidelines; the institutional charges
or financial obligations are paid in full before any refund(s) to
students are issued. Again, this may not be until the mid-point
of the semester, so it is important that students plan accordingly
for rent, the purchase of books and other supplies.
If a student fails to complete
all necessary paperwork required their financial aid, their aid
may be canceled and the student will assume the responsibility of
paying all tuition and fees due to Fitchburg State College immediately.
For further information regarding Financial Aid, please visit the
Financial Aid website.
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