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Financial Aid Home | Step-by-Step Process | FAQ | Glossary | Scholarships
Financial Aid Process for 2010-2011
This is the step-by-step process by which all students -- both new and continuing -- can apply for financial aid.
NOTE: If you are male between the ages of 18 and 25, you must have registered for the selective service in order to receive Financial Aid. Register for selective service online by going to the Selective Service System web page.
Veterans: Make sure to read the Guide to Military and VA Education Benefits (PDF)
The Process
1. Request a PIN number. If the student is considered a dependent, parent should also request a PIN number . This can be done at www.pin.ed.gov . The pin number is the method used to electronically sign the FAFSA and loan applications. Save this PIN as it will be used each year.
2. Complete the 2010-2011 FAFSA (Free Application for Federal Student Aid) on-line at www.fafsa.ed.gov. Have your (and parent's if dependent) 2009 Federal taxes and W-2's in front of you (Dunwoody's school code is 004641). Although not required, it is encouraged that all students apply for financial aid. This is the process the government uses to award state and federal grants, and calculates what loans are available to students. Eligibility for most scholarships is identified through completing the student's FAFSA as well.
3. Verification Process. All students are required to complete the following documents and turn in copies of the listed paperwork:
- Verification worksheet (PDF)
- MN State Grant Questionnaire (PDF)
- Submit signed copies of 2009 Federal tax returns (1040's) and W-2's for student and parent (if applicable)
- Submit academic transcripts for all previously attended colleges
- The Consent to Release Education Records form (PDF) is required for students who would like anyone other than themselves to have access to their student information. According to FERPA laws, Dunwoody cannot discuss specifics with parents, spouses or anyone without this form.
4. Unforeseen Requirements: Once the FAFSA is processed, the school will receive a Student Aid Report (SAR). Occasionally the Department of Education identifies additional information needed in order to complete the process. Examples may include a birth certificate, social security card, or citizenship documents. If required, the student will be notified via mail. Here are some of the forms the student may be required to complete:
5. Corrections: Once all required items have been received, it is verified for accuracy. If corrections are necessary, they can be made by your Financial Aid Coordinator. This will result in a revised SAR showing what fields were corrected.
6. Acceptance Process: At this point the student's enrollment process needs to be finalized to go any further. If accepted to the college, the Financial Aid Coordinator is ready to send an award letter to the student.
7. Award Letter: The student will receive two copies of their award letter, one to keep, the other to sign and return indicating what loans they want to borrow. There will also be a pamphlet that explains the cost of school for the year and cost of attendance (including room & board allowance). The pamphlet includes information on the loans being offered and directions for how to apply for them. The total financial aid offered cannot exceed the cost of attendance. Read carefully and decide what loans are needed to cover the cost for the year.
8. Direct Entrance Counseling: Entrance Counseling must be completed by all first-time Direct Loan borrowers at Dunwoody. Once completed, the Financial Aid Department will receive confirmation the following day.
- This can be done by going to www.studentloans.gov
- Select Entrance Counseling from the Manage My Direct Loan Menu box. The borrower must login with their Federal Student Aid PIN.
- The borrower must select the name and state of his or her school.
- Read the information and take the quiz. Session will take approximately 30 minutes and must be completed in one sitting in order to be recorded.
9. Apply for Loans: Carefully follow the directions to apply for all desired loans. Some loans may require a creditworthy co-signer. Remember to use the PIN number to sign the application, if you print and sign, this will delay the loan arrival.
See the Financial Aid Home page for average costs of attendance, average federal grants and loans awarded in the 2009-2010 school year.
- To apply for Federal Direct loans
- To apply for a Direct Plus loan (Dependent students only)
- Login to www.studentloans.gov
- Select "New MPN for Parent PLUS Loan"
- Read the instructions and complete the electronic Master Promissory Note (eMPN)
- If your parents receive this loan, they must fill out a Parent Plus Loan Release form (PDF)
- If a parent is denied for this loan, you will be eligible for additional Unsubsidized Direct Loan dollars. Please turn in a copy of the denial letter to the Financial Aid Office
Do you need additional funding? Students do not have to choose a lender from this list. You may choose any lender that you prefer. Dunwoody suggests that students utilize federal loans before considering any of the below choices. Please compare the disclosure pages to choose a loan.
The following loans are listed alphabetically and were chosen based on customer service, rates and ease of processing.
- To apply for a Discover Student Loan, click here and follow the directions on the Website
- To apply for a Sallie Mae Smart Option Student Loan, click here and follow the directions on the Website
- To apply for a SELF IV Loan, click here and follow the directions on the Website
- To apply for an USBank No Fee Education Loan, click here and follow the directions on the Website
- To apply for a Wells Fargo Collegiate Loan, click here and follow the directions on the Website
10. Disclosure Statement: Typically about one week after applying for loan(s), the student will receive a letter from the lender. This is a loan disclosure statement. It confirms loan approval, the dates of disbursement and origination fee. Save this letter to review when your tuition statement comes.
11. The Tuition Statement: The tuition statement will arrive approximately seven days before each quarter start and shows all charges and all credits that have been applied including their source. If there is a remaining balance, this form gives the student an opportunity to make their final payment. A student schedule is included with the tuition statement in this mailing.
12. Bookstore: Books are an out of pocket expense and students are expected to purchase books on their own. If the student is unable to pay out of pocket and loans are in place that will result in a credit (overpayment) on your account, you may request to charge against your credit for books. Students are only allowed to charge books the first three days of the quarter and it must be pre-arranged with the financial aid office.
13. Refunds: Any sources of financial aid applied to the student's account that result in a credit balance will prompt accounting to prepare a refund back to the student. Refund checks are prepared every Friday with the exception of the breaks when school is closed, and the first week of each quarters during the add/drop period in which many students change their schedule. If the student sees a refund on their account per IQWeb, the student will receive an email that should be print & signed then brought to the fee window along with a picture ID to receive their refund check.
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