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Financial Aid 101

Overview of Financial Aid Process for New Students

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Transcript of Financial Aid 101

Starting the
Financial Aid
Process
College of Saint Mary
Financial Aid 101
Step 1
www.fafsa.ed.gov
File the
Free
Application for Federal Student Aid
(FAFSA)
online at
The FAFSA is for everyone

Start filling out your FAFSA January 1st

Use the IRS Data Retrieval Tool (pulls tax information directly from IRS)

sign the FAFSA electronically with your FSA ID
- This can be obtained at www.fsaid.ed.gov
- Must be done by both Student and Parent

Make sure to enter our School Code
- CSM = 002540

March 15th is CSM's priority filing date
- Not a deadline
FAFSA Tips
This is the preferred method of submitting income data. You will need to wait
until taxes have been processed by the IRS for this to work.
(2 weeks electronic - 5 weeks mail)
You may be asked to log-in and complete this if not done initially.
Determining Aid Eligibility
Schools determine students’ eligibility for federal, state, and institutional aid
Aid is based on regulations set by the federal and state governments and by the institution
Aid can be need based or non-need based
Step 2
College Costs
& Financial Aid
Cost of Attendance
Tuition
Room & Board
Books & Supplies
Transportation
Miscellaneous Expenses
- Direct Cost
- Direct Cost
**A Direct Cost - is charged to your student account and is required to be paid by the end of the current semester.
- Estimated Cost
- Estimated Cost
- Estimated Cost
** Estimated costs depend on what each student chooses to spend. We include a reasonable
estimation in your cost of attendance.
Financial Aid typically does not cover all direct costs.
Some out of pocket expense is to be expected.

We recommend only borrowing enough loans
as is needed to cover
necessary educational costs.
Types of Financial Aid
Grants & Scholarships
Can be federal, state and institutional
Generally are not repaid
Outside scholarships
Loans
Can be federal or private
Must be repaid to lender
Federal PLUS loans available for parental lending
Work Study
On campus part-time job
Federal funds to help with educational expenses
Receive a monthly paycheck
Financial Aid File
1) Reviewing award package
You will receive your award package after:
- you have been accepted to the college
- we have received your completed FAFSA
Your award package will:
- List eligibility for all types of financial aid
so that you can accept or decline awards
- Include information on your costs
- List additional required documents
Loan Entrance Counseling and Master Promissory Note - if accepting loans
Verification documents if selected (tax transcript, etc.)
Any other information required for accurate financial aid calculation
2) Additional Required Documents
Your award package will also include:
- Basic overview of financial aid funds and policies
- Schedule of disbursements
Step 3
Semester Financial
Arrangements
Semester Financial Arrangements
(SFA)
Completed every semester online at www.csm.edu/sfa
Always has a due date of first day of classes, but can complete anytime after registered for classes
Allows students to review credit hours registered for, charges on account, and financial aid
If you have a remaining balance due after financial aid, this is when you tell us how you plan to pay
- Pay in full
- Payment Plan
Or confirm you have a credit balance and will be receiving a refund
Credit balances may be used in the bookstore to purchase books
Aid automatically pays toward your institutional charges (all aid comes to the school first)
CSM offers an online financial aid portal
called
Net Partner
. Reviewing your aid
package and accessing your
required documents is all done through
the online portal!
You have Completed your Financial Aid File
Once you have:
1) Filed your FAFSA
2) Accepted or declined all financial aid awards
3) Returned verification documents (if required)
4) Completed online loan documents (if required)
5) Completed any additional financial aid documents
Questions?
Thank you!
Nicole Casey
Financial Aid Counselor
ncasey@csm.edu
402-399-2687

- Refunds are issued to students
about 1 month after start of classes
Need is determined by 2 things:
- Cost of Attendance (different at each school)
- Your Estimated Family Contribution (from FAFSA - same at every school)

CSM works with students with both high financial need and no financial need to make College of Saint Mary affordable.
Your FAFSA will give you:
Student Aid Report (SAR)
emailed or mailed
Estimated Family Contribution (EFC)
Estimation of federal aid
We use this information to:
Determine your federal student aid eligibility and financial aid awards
You're Done!
Changes to Aid Eligibility
Report any additional funds received from an outside source to the Financial Aid office

Outside grants and scholarships may result in a revision to other aid eligibility (usually loan amounts)
Find out what College of Saint Mary has
to offer you!
CSM offers Institutional scholarships and grants based on:
Academic Merit
Financial Need
Athletic Involvement

Full transcript