Notification Guide

Dear Menlo College Student:

This information serves as your guide to financial aid for the 2013-2014 year.  Please read and review all of the material.  Use the checklist below as a guide to completing required documentation.  

Checklist for Completing your Financial Aid

• Once you have been admitted and completed a 2013-2014 FAFSA, a Financial Aid Award Letter will be emailed to your Menlo College email address.  Review it and keep it for your records.
• All students must complete and sign BOTH the Financial Aid Acknowledgement and the Financial Aid Request Form:  Federal Direct Loan.  These forms are included as part of your award letter.  Submit the completed forms to the Menlo College Office of Financial Aid. 
• If you are a first time Federal Direct Loan borrower at Menlo College, complete a Federal Direct Loan Master Promissory Note (MPN) online at www.studentloans.gov. 
• If you are a first time Federal Direct Loan borrower at Menlo College, you are required to complete Entrance Loan Counseling online at www.studentloans.gov.
• If Federal Work-Study is listed on your award letter, after you find a work-study position but before you begin working, ask the Menlo College Office of Financial Aid to provide you with a Federal Work-Study Clearance Form to complete. The Career Services Office can help you find a work-study position on campus.

Reminder:  Your award letter is based on your 2013-2014 FAFSA.  You must reapply for financial aid every year by completing a FAFSA or Renewal FAFSA, which is usually available each year after January 1.  For priority consideration and to maximize your chances of getting the most financial aid possible, apply by March 2^nd prior to the new academic year.

Please submit required documentation to the address below:

Menlo College Office of Financial Aid 1000 El Camino Real Atherton, CA  94027

Phone: (650) 543-3880 Fax:     (650) 543-4103 e-mail: financialaid@menlo.edu www.menlo.edu

Determining Your Award

The Menlo College Office of Financial Aid is able to determine your need by taking the figures from your Student Aid Report (SAR), which is based on the information you submitted on your FAFSA, and comparing it with the Cost of Attendance (COA) at Menlo.  The Expected Family Contribution (EFC) is located in the upper right corner of the SAR. We simply subtract the EFC from the COA to come up with your calculated financial need for the year. The total of your need-based aid cannot exceed your need.  Need-based aid includes scholarships, grants, the Subsidized Federal Direct Loan and Federal Work-Study.

Cost of Attendance (COA)

Below is a breakdown of Menlo College’s 2013-2014 Cost of Attendance (COA).  Your total financial aid award cannot exceed your COA. 

Cost of Attendance (COA) 2013-2014
	ON CAMPUS	OFF CAMPUS	WITH PARENT/RELATIVE
Direct Menlo College Costs
Tuition	36,500	36,500	36,500
Fees	600	600	600
Room and Board	11,902
Subtotal Direct Costs	49,002	37,100	37,100
Estimated Other Costs*
Housing and Food		11,268	4,518
Books and Supplies	1,670	1,670	1,670
Student Loan Fees	126	126	126
Transportation	890	1,322	1,178
Miscellaneous	2,272	2,844	3,096
Subtotal Other Costs	4,958	17,230	10,588
	53,960	54,330	47,688

* Costs with an asterisk are estimates only as suggested by the California Student Aid Commission. They are used for financial aid purposes when determining budgets.

Types of Aid Available

Menlo College Scholarships

Menlo Merit Scholarships: These scholarships, which assist students with tuition costs, are awarded by the Office of Admission after a student has completed an admission application.  Students must be enrolled full-time to receive the scholarships.  By the end of the spring semester students must achieve the appropriate cumulative GPA as noted on their admission letter and earn at least 24 units at Menlo each academic year to be considered for renewal in subsequent years. You may also be required to complete 30 hours per year of community service as part of your renewal.

Athletic Awards: Recruited athletes may be eligible for athletic awards.  Questions regarding athletic awards should be addressed to the appropriate coach.

Other Scholarships

Outside Scholarships: If you know you will be receiving any outside scholarships or other resources not listed on your award letter, provide the Office of Financial Aid with either a signed letter that states the name and amount of the scholarship, or a copy of your scholarship notification that contains this information. Outside scholarships may affect your award package.

Grants

Federal Pell Grant: The amount of this federal need-based grant is determined by need and enrollment status (half-time, full-time, etc.). The maximum full-time award for the 2013-2014 year is $5,645.

Federal Supplemental Educational Opportunity Grant: This federal grant is for students with very high need.  The maximum award for this grant is $1,000.

Menlo Grant: Menlo College’s need-based institutional grant assists students with tuition costs.  A student must have completed a FAFSA to be considered. Funds are restricted to meet need after other free aid funds are considered. Award amounts may vary.  Beginning with the Fall 2011 incoming class, recruited athletes are not be eligible for this grant.

VA Yellow Ribbon Grant: Menlo College offers 10 Veterans Administration (VA) Yellow Ribbon Grants annually.  After conferring with their VA representative, families should contact the Financial Aid office immediately if they think they may be eligible for this program.

Federal Work-Study

Federal Work-Study: You may earn the amount awarded to you by working on campus.  Your earnings cannot exceed the amount of your work-study award.  Throughout the academic year, students may visit the Career Services Office for information on available work-study positions.  Contact the Office of Financial Aid to complete a Federal Work-Study Clearance Form once you have found your work-study position. 

Loans

Federal Direct Loan for students: This is a low-interest educational loan for students.  If you wish to receive this loan, please be sure to complete and sign the Financial Aid Direct Loan Request Form.  First-time Federal Direct Loan Borrowers at Menlo College must also complete a Federal Direct Loan Master Promissory Note (MPN) as well as Entrance Loan Counseling online at www.studentloans.gov.  There is a 1% federal origination fee withheld from each loan.

Loan Limits

Federal Direct Subsidized and Unsubsidized Loans:  These educational, low-interest loans are available to all FASFA filers who are attending school at least half-time.  The amount a student qualifies for is dependent upon grade level.

	Dependent Undergraduate	Independent Undergraduate
Freshman	$5,500, only $3,500 of this amount can be subsidized	$9,500, only $3,500 of this amount can be subsidized
Sophomore	$6,500, only $4,500 of this amount can be subsidized	$10,500, only $4,500 of this amount can be subsidized
Junior	$7,500, only $5,500 of this amount can be subsidized	$12,500, only $5,500 of this amount can be subsidized
Senior	$7,500, only $5,500 of this amount can be subsidized	$12,500, only $5,500 of this amount can be subsidized

Subsidized: This loan is based on need and is interest-free while attending school at least half-time. A 1% origination fee will be withheld from the loan amount by Federal Direct Lending. Once the student stops attending school at least half-time, there is a 6-month grace period, after which interest will accrue and payments will be expected by the lender.

Unsubsidized: This loan is available to independent students and students who do not demonstrate need, but still wish to borrow. Unsubsidized loans will accrue interest once the lender disburses the funds. A 1% origination fee will be withheld from the loan amount by Federal Direct Lending. Students are responsible for that interest for the life of the loan. If students choose they may defer payments on the interest while enrolled at least half-time and have it capitalized, making it part of the principal. Once the student stops attending school at least half-time, there is a 6-month grace period, after which interest will accrue and payments will be expected by the lender.

Student Loan Repayment Examples

There are several types of repayment plans offered for Federal Direct Loans to fit your financial situation. Generally, you'll have from 10 to 25 years to repay your loan, depending on which repayment plan you choose. Visit www.studentloans.gov to learn about what types of repayment plans are offered. 

For example: Student A, a dependent undergraduate student, received the maximum unsubsidized Federal Direct Loan amount for their freshman year of college; Student A’s total loan amount would be $5,500.  Student B received the maximum unsubsidized Federal Direct Loan amount for all four years of college; Student B’s total loan amount would be $27,000. With a repayment term of 10 years, and an interest rate of 6.8%, the students’ repayment plans might look something like this:

	Total Loan Amount	Interest Rate	Length of Time to Repay Loan	Monthly Payment	Total Payments (Interest plus Principal)
Student A	$5,500	6.8%	10 years	$63.29	$7,954.80
Student B	$27,000	6.8%	10 years	$310.72	$37,286.40

These amounts were calculated with the U.S. Department of Education’s Repayment Calculator which can be found at www.studentloans.gov under Managing Repayments, and in Repayment Plans and Calculators.

Federal Parent PLUS Loan for parents: This loan is available to the parents of dependent students and requires a credit check. Continuing PLUS loan borrowers must receive a new credit pre-approval for each academic year, but they are not required to complete another PLUS Direct Loan Master Promissory Note (MPN) if they already have one on file.  The interest rate on a Federal Direct PLUS loan is currently fixed at 7.9%.  There is a 4% loan origination fee withheld from each loan.  Generally, repayment begins within 60 days after the second semester’s loan distribution.   However, borrowers can request deferment.  The maximum amount that can be borrowed from a PLUS loan is the Cost of Attendance minus any other financial aid a student may receive for the academic year. 

Important Information

Disbursement and Payment of Student Bills

The expected scheduled dates of disbursements are: Fall 2013 – September 10-13, 2013; Spring 2014 – January 28-31, 2014.  Funds are not released unless a student’s financial aid file is complete and the student is enrolled in the appropriate number of units. Incomplete financial aid files create delays in disbursement of funds and in some cases may result in cancellation of some or all of a student’s aid.

Students will receive a refund check if there is a credit balance after financial aid funds are applied to their student bill.  Refund checks normally become available by 10 but no later than 14 business days from the time the live credit balance occurs. If you have any questions about receiving your refund check, please check your MyMenlo account or contact the Student Accounts Office, 650.543.3781.

Budgeting and Short Term Book Loans

Because refund checks become available later in the semester, it is important to budget accordingly and make sure you have set aside some of your personal funds at the beginning of the semester to purchase books, supplies, and meet other living expenses.  During the first two weeks of each semester, Menlo College book loans are available for those students who will receive aid funds in excess of their school charges at the Student Accounts Office.  (Note:  One way to receive financial aid in excess of direct costs is to have your parent apply, and be approved, for a PLUS loan amount that will exceed your school charges.)  If you are approved for a book loan, when you purchase your books at the campus bookstore, the charges are applied to your student bill at the Student Accounts Office.  When the excess financial aid is credited to your student billing account, it will pay your book charges.  

Consumer Information

For more detailed information about financial aid or general information on Menlo College, please visit Consumer Information.

Changes of Status

Housing Status: If there is a change in your housing status (for example, if you move from on- to off-campus housing, or from on-campus to living with parent/relative), you are responsible for notifying our office immediately. Changes in housing status may affect your award package.

Enrollment Status: Your award package is based on enrolling and completing a certain number of units, which in most cases is full-time (12 units or more per semester).   If you drop to below 12 units (for example, from 12 to 6 units, which is half-time status), some or all of your aid may be pro-rated or cancelled, depending on the regulations and policies governing the particular aid program.  Before you decide to change your enrollment status, please be sure that you contact the Office of Financial Aid to determine how it will affect your award package and, if applicable, subsequent renewal of your Menlo Merit Scholarship.

Study Abroad: Some students may choose to participate in a study abroad experience while attending Menlo College.  Depending on the program and course of study, students may apply for federal funding to help pay for the cost of the program.  Please inquire with the Office of Financial Aid if you are considering studying abroad.

Withdrawals: If you completely withdraw from the college during a semester, the school is required to use a specific formula established by the federal government to calculate the amount of student aid that you have “earned” up to the point of your withdrawal.  If you receive more aid than what you earned, the excess funds will need to be returned.  This may sometimes create a balance owed to the school. The Office of Financial Aid will notify you if any financial aid funds will need to be returned. In addition, if you borrowed federal loans while attending Menlo, you will be required to complete Exit Loan Counseling online at www.studentloans.gov. This counseling will ensure that you understand your rights and obligations of borrowing through the direct student loan program.

Satisfactory Academic Progress

In accordance with federal guidelines, satisfactory academic progress for financial aid purposes is maintained by completing a minimum of 67% of all attempted classes and by maintaining a minimum cumulative GPA of 2.00 at Menlo College.  Please note that if a full-time student only completes 67% of his or her attempted classes, it will take 6 years to complete a bachelor’s degree, and there can be limitations on what, if any, financial aid funds an undergraduate student can continue to receive after 4 years of enrollment.

The Office of Financial Aid reviews the academic progress of financial aid recipients at the end of every semester. Students who fail to maintain satisfactory academic progress will be placed on financial aid probation for one semester.  Students can receive financial aid during the probationary semester.  At the end of the probationary semester, students who do not meet satisfactory academic progress will be ineligible for future financial aid until the minimum requirements are again met.  Students will be notified in writing if they are on financial aid probation and if they become ineligible for financial aid. 

There are a few circumstances in which students may have a case to appeal.  For more information, refer to the financial aid section of the Menlo College catalog or contact the Office of Financial Aid.