The Application Process
The first step is to create a new FSA ID
Create an FSA ID account below. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature.Only create an FSA ID using your own personal information and for your own exclusive use. You are not authorized to create an FSA ID on behalf of someone else, including a family member.You are not allowed to have an employee or agent of a commercial entity, or other third party, create an FSA ID for you for any purposes including but not limited to: payment reductions, debt consolidation or applying for aid. Misrepresentation of your identity to the federal government could result in criminal or civil penalties. Go to fsaid.ed.gov
To obtain Student Federal Aid, a student is expected to complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
The option for completing a paper FAFSA is also available.
The FAFSA collects financial and other information need to calculate the Expected Family Contribution (EFC), which is the basis by which student’s award amount is determined. Also, information contained in the FAFSA is computer matched by the Central Processing System (CPS) with other agencies such as Social Security Administration, Selective Services, the United States Citizenship and Immigration Services (USCIS) and the National Student Loan Data System (NSLDS) to determine student’s eligibility for federal aid.
A dependent student will need to supply parental information on the FAFSA and for the purpose of loan, may also need parent(s) to request a PLUS loan. Additionally, students wishing to obtain federal loans are required to complete Entrance Counseling and a Mater Promissory Note at www.studentloans.gov .
For assistance with this application process, student(s) may contact the school’s financial aid office or the Federal Student Aid Information Center (FSAIC) at (800)-4-FED-AID/ (800)-433-3243.
ISIR/SAR Application
Applicants who have submitted an FAFSA application must allow 3-4 business days for processing. They will then receive a Student Aid Report (SAR) and the school(s) to which they have expressed interest by way of adding the school’s code to their application will receive an Institutional Student Information Report (ISIR). Merryfield Academy School code 04227500.
Merryfield financial aid representative will review each student’s report and request additional documentation(s) if necessary and discuss with each student the awarded funds. All verification and conflicting information will be resolved and an award letter provided to all financial aid eligible students.
Each student’s award amount is determined based on Expected Family Contribution (EFC) for the award year, cost of attendance and enrollment status in the academic year. Each student is awarded a scheduled award for each award year and may receive all or a portion (annual award) based on enrollment status in that academic year.
Dependent Student:
- Younger than 24
- Unmarried
- Do not have children who receive more that 50% support from student
- Do not have dependents (other than children or spouse) who will receive more than 50% of their support from student throughout the award year
Independent Student
For the 2016–2017 year, a student is independent if he meets any of the following criteria from HEA Sec. 480(d):
• was born before January 1, 1999: is married as of the date he applies
• will be a graduate or professional student at the start of the award year
• is currently serving on active duty for purposes other than training
• is a veteran of the U.S. Armed Forces; has dependents other than a spouse; • was an orphan, foster child, or ward/dependent of the court at any time since the age of 13; is an emancipated minor or in legal guardianship or was when he reached the age of majority in his state • was determined at any time since July 1, 2011, to be an unaccompanied youth who was homeless or self-supporting and at risk of being homeless.
Students enrolled at Merryfield Academy who request financial aid, if eligible, will receive one or a combination of the following types of available federal aid:
- Pell Grant
- Subsidized Direct Loan
- Unsubsidized Direct Loan
- PLUS Loan
- Alternative Private Loan
Example:
Award Year – July 1st of one year to June 30th of the other (for example: July 1, 2017 – June 30, 2018)
Scheduled Award – Maximum amount of aid student may receive for the award year
Academic Year – a minimum of 600 credit-hours and 40 weeks of instructional time.
Enrollment Status – Full time and part time
Students who continue enrollment in the new award year are required to renew the FAFSA. Applications are accepted beginning January 1st of one year through June 30th of the following year, the application processing cycle last 18 months. Example: January 1, 2016 thru June 30, 2017
Federal Grants and Loans
Federal Pell Grant
Pell Grant is considered free money and no repayment is required. In general, a student must be enrolled in an undergraduate course of study to receive Pell Grant. A student who has earned a baccalaureate degree or a first professional degree cannot receive Pell Grant.
Students can receive Federal Pell Grants a maximum of 12 semesters, or the equivalent, which is six scheduled awards, or 600% of a student’s scheduled Pell award.
A student who receives Pell Grant for the time on or after July 1, 2008, can only receive Pell Grant for up to 18 semesters or the equivalent. The maximum Pell Grant for the award year 2015-2016, (July 1, 2016 through June 30, 2017) is $5815
Pell payments (only 2 payments within an academic year
Cross-Over Payment Period
A payment period that includes both June 30th and July 1st of the same year is said to be a cross-over payment period. This is the point at which one award year ends June 30th and the new award year begins July 1st. When a cross-over payment period exists, a student must be paid from the award year that he/she will receive the most payment , if the amount is significantly more. Merryfield will participate if the other award year has $75 or more…
A financial aid administrator can assume one award year (e.g. 2017-2018) has greater benefits than the other (e.g. 2016-2017) in the following cases:
- No SAR/ISIR
- Rejected ISIR with no EFC
- Verification not completed
However, if an update or new ISIR is received by the September 21st deadline, the administrator will re-assign payment period if the information received showing greater payment from the other award year (e.g. 2017-2018).
- It is the responsibility of the students to ensure that they have completed the corresponding fafsa as required in every award year.
