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Student Business

Financial Aid Payments

 

Financial Aid Payments

About Disbursement:

Handling Financial Aid payments is one of our key duties—and that’s what we’re talking about when we use the word disbursement. Here’s how disbursement works:

The Office of Financial Aid will tell us when your financial aid award is ready to disburse and once we’re notified we’ll post that payment towards your FSU bill within one business day. Once all the charges on your FSU bill that can be paid with your financial aid payment are settled, we’ll prepare a refund of any excess aid and send it to your preferred bank account.

Be sure to enroll in direct deposit so we can issue your refund. Financial Aid refunds are normally sent within three business days of the date the award posted to your FSU bill. See important dates below for more information.

Expert tip:Be sure to check your FSU bill after your financial aid disburses to be sure everything happened the way you expected.

Your FSU Bill is dynamic as your enrollment changes & state and federal financial aid payment rules might mean that we have to send you a refund even when a portion of your bill is unpaid. If you add or drop a class, for example, your bill might change and you might also need to return a portion of your financial aid award.

Additionally, while we automatically apply state and institutional aid to any type of charge on your FSU bill, federal aid follows different rules and can only be applied to tuition and housing unless you give us your permission to automatically pay other charges too.

Note that federal aid cannot be applied to excess-hours fees automatically, even with your permission.

Expert tip:Check your student email regularly and respond to emails about your bill. If we’ve taken the time to reach out to you, there’s probably a good reason.

It’s your responsibility as a University student to manage your email every day. There are a lot of good reasons to do that—to keep up with class assignments or schedule changes and to get involved with campus activities.

Keeping up with your email can also help you avoid trouble, like a $100 late payment or late registration fee, and give you early notice to make arrangements so you’re able to register for classes on time and reserve your spot in the sections you want. We email payment reminders at the start of each semester and when we notice a change to your financial aid award or that you owe a balance outside the normal make arrangements fee payment deadline.


About Early Disbursement:

FSU’s standard disbursement window begins on the fifth day of class, just after drop / add and runs through the end of the semester. We transfer refunds three business days after the date the aid posts to your FSU bill.

Students who applied for financial aid early and are enrolled in at least 6 credit hours before the term begins might qualify for early disbursement. Early disbursement begins just before the term starts. All financial aid types are eligible for early disbursement except athletics scholarships, which will disburse during the standard window.

Expert tip:To qualify for early disbursement complete all of your financial aid documents early and register for at least 6 credit hours during your normal enrollment appointment.

Check out the responsibilities section below to be sure you’ve done your part to get your money on time


Student Responsibilities:

  1. File your FAFSAA on Oct 1 every year for the next Fall-Spring-Summer academic year. You can apply for financial aid after this date, but completing your FAFSAA timely means submitting it at least two months before the semester begins. Applying for financial aid late does not excuse you from the late fee penalties required by state law and university regulation

  2. Enroll in Direct Deposit & grant disbursement permissions if you want us to automatically apply federal aid to charges other than tuition and housing

  3. Enroll in 6 (or more) credits during your Enrollment Appointment to qualify for Early Disbursement (see calendar below). You can still qualify for standard disbursement if you are enrolled in 6 (or more) credits by the end of Drop / Add, but don’t expect your financial aid early if you wait to register for class. Students must be enrolled in at least 6 credits in a semester to qualify for financial aid, regardless of academic career or course level and even during the summer

  4. Verify that your Financial Aid Award is listed on your my.fsu.edu account at least two weeks before the end of the prior term.

  5. Accept/decline loan offers through my.fsu.edu at least two weeks before end of prior term

  6. Clear Financial Aid “To Do” list through my.fsu.edu at least two weeks before end of prior term

  7. Check your FSU bill through my.fsu.edu before the fee payment deadline every semester to be sure that your bill accurately reflects your schedule and is paid on time. Be sure to check your bill after your financial aid disburses and after you make any changes to your class schedule


Important Dates:

 

Early Disbursement

Standard Disbursement

Date Posted (to myFSU bill)

Summer A/B/F
05/08 - 05/09

Summer C
06/16 - 06/19

Fall 2017
08/18 - 08/21

Summer A/B/F
05/19 - 05/23

Summer C
06/30 - 07/05

Fall 2017
09/01 - 09/05

Expected Refund (by EFT)

Summer A/B/F
05/10 - 05/12

Summer C
06/20 - 06/22

Fall 2017
08/22 - 08/24

Summer A/B/F
05/23 - 05/25

Summer C
07/06 - 07/10

Fall 2017
09/06 - 09/08

More dates


More Information:

Student Business Services FAQs

Office of Financial Aid FAQs

Perkins Loans

The Federal Perkins Loan Program includes Federal Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans-- these have not been issued since July 1st, 1972, but there are a few still in repayment). Perkins Loans and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid offices to help needy undergraduate and graduate students pay for postsecondary education.

 

Federal Perkins Loan Addendum

The United States Department of Education has created an Addendum to the Perkins Loan Promissory Note to notify you of additional benefits available. Florida State University is making this information available to all students who have borrowed a Perkins Loan and are: Enrolled, in Grace Period, or in Repayment. To read the official notification sent to all Perkins students, and to read the Addendum for yourself, please download our Perkins Loan Addendum below:

Addendum

 

Award Amounts

The maximum annual awards for Federal Perkins Loans are as follows:

$5,500.00 for undergraduates;

$8,000.00 for graduates

If you are interested in obtaining a Perkins Loan, please contact the FSU Office of Financial Aid for requirements and availability.

 

Master Promissory Note (MPN)

Once the Office of Financial Aid has awarded you a Perkins Loan, the Master Promissory Note (MPN) must be signed. You will be sent an email message when your MPN is available. Typically, MPNs are made available the week before each semester starts. If a Perkins Loan is awarded after the semester has started, the MPN will be available within 3-5 business days.

To sign the MPN, please login to myFSU Portal, go to Secure Apps, and click on "Perkins Loan Promissory Note". You will need your FAFSA PIN to complete the electronic signature portion of the MPN. Please also check your Financial Aid Student ToolKit to verify that all other requirements, such as Loan Entrance Counseling, have been completed.

 

National Student Loan Data System

The United States Department of Education's National Student Loan Data System lists all loans for all students. This site will list all of your loans from all schools that you have attended, including the lender, status of the loan, and amount owed. It is available through your Financial Aid ToolKit, at nslds.ed.gov or by calling (800)4-FED-AID. Your FAFSA PIN will be required to access personal information.

 

Grace Period

When enrollment drops below half-time status due to graduation or withdrawal, the grace period begins. The first grace period on a Perkins Loan is nine (9) months and any additional grace period after deferment is six (6) months in length. You will receive three (3) notices from ECSI during your grace period with information that details when your repayment will start and the amount that will be billed each month.

 

In-School Deferment

The Deferment Form for Perkins Loans is available at ecsi.net.

In order to be eligible for an In-School deferment, enrollment must be at least half-time and certification of enrollment on school's letterhead or with school's seal on deferment form needs to be provided. The certification of enrollment obtained from your Registrar's office will need to include starting and ending dates and status level (full-time, half-time, etc.) for semester/quarter enrolled.

Please send the Deferment Request Form and supporting documentation to the address listed below under "FSU Contact Information".

 

Deferment/Forbearance Request

During Deferment, principal and interest are not billed or due. During Forbearance, principle is not due, but interest continues to accrue. Forbearance Interest may be paid monthly or at the end of the Forbearance period. Up to 12 months of deferment or forbearance may be requested at a time. Borrowers are eligible for up to 36 months of forbearance and each type of deferment.

The Forbearance/Deferment Request Form for Perkins Loans is available at:

ecsi.net continue to ‘Download forms’ then scroll to ‘Economic Hardship Deferment or Forbearance’ and click on the drop down to select ‘School Not in List-Use Standard Form.’

For example, for the Unemployment Deferment, provide documentation that you are receiving unemployment benefits or are working with an employment agency.

Please send the Deferment/Forbearance Request Form and supporting documentation to FSU using the address under "FSU Contact Information" below.

 

Cancellation Request

The Cancellation Request Form is available at ecsi.net. Go to ‘Download Forms’ then scroll to and click ‘Click Here for All Deferment/Cancellation Forms’ and click on the appropriate career service area. Only full-time employment qualifies for cancellation.

For most types of employment, cancellation is a five-year process to cancel a loan in full. Partial cancellation is done each year in these amounts: 15% each the 1st and 2nd years; 20% each the 3rd and 4th years; and the final 30% after the 5th year.

The process is as follows: When employment begins, submit the Cancellation Request Form completing the "Deferment in Anticipation of Cancellation" section and having your employer certify the form with official seal or attach certification on letterhead. The certification must include starting (and ending, if applicable) date, job title/description, and employment status.

Once documentation is received and approved, the loan is placed in deferment for a full calendar year (for example 9/1/14 to 9/1/15). After the calendar year has been completed, the cancellation form and certification of employment need to be submitted again to cancel the year worked and defer the coming year. Documentation is submitted each year until the loan is cancelled in full or eligible employment ends.

Cancellation Request and supporting documentation may be submitted either to ECSI or FSU.

 

Loan Rehabilitation

Loan rehabilitation is a special type of payment arrangement developed by the federal government to assist student loan borrowers. Rehabilitation consists of nine on-time monthly payments. Once rehabilitation is completed on your loan, your account will be returned to current status and all prior negative credit history will be removed. Rehabilitation may only be completed one time on a Perkins Loan. Please contact FSU for more information on rehabilitation.

 

Loan Consolidation

If interested in consolidating a Perkins Loan with Stafford Loans, visit studentloans.gov to complete a Direct Consolidation Loan application. This program is run by the US Department of Education. Their contact information is (800) 557-7392 and studentloans.gov. Keep in mind that when your Perkins Loan is consolidated you forfeit all cancellation and other benefits of your Perkins Loan.

 

Credit Bureau Updates

Credit Bureau updating of Perkins Loans occurs on the last business day of each month.

 

FSU Contact Information

Perkins Phone: (850)-645-2315 or (850)-644-5098

Fax: (850)-644-5142

Mail:

FSU - Student Business Services

Attn: Perkins Loans

PO Box 3062394

Tallahassee, FL 32306-2394

 

Payments/ECSI Contact Information

Educational Computer Systems, Inc. (ECSI) is FSU's billing service for Perkins Loans.

Phone: (888)-549-3274

Hours: Monday-Friday 7:30am to 8:00pm Eastern

Website: borrower.ecsi.net/

  • Account # is the same as SSN, our school code is P6, and PIN must be obtained from ECSI.

Mail:

Payments made payable to Florida State University (P6)

c/o ECSI

PO Box 718

Wexford, PA 15090

 

All forms and documents should be mailed to:

PO Box 1278

Wexford, PA 15090.

 

Private Scholarships

Your guidance counselor at your high school will have information about scholarships available in your local area as well as national scholarships. Other useful resources include online scholarship search services such as scholarships.com, fastweb.com, and collegeboard.org.

 

See mailing Private Scholarships and Grants to FSU below

 

All private scholarships and grants should be mailed to:

Office of Student Business Services

Attn: Private Scholarships

A1500 University Center

Tallahassee, FL 32306-2394

 

Note:

All checks should be made payable to Florida State University. Please include the student’s full name, student identification number, the term to which the funds should be applied, and a memo with any requirements for the application of the scholarship.

If you have any questions concerning a private scholarship please contact:

ctl-scholarship@fsu.edu

Short-Term &
Emergency Loans

Delayed Delivery Loans

Students in need of funds as a result of financial aid being delayed may apply for a short-term loan (also known by the name delayed delivery loan) by contacting the Office of Financial Aid. Eligibility for the loan will be determined by the type of aid awarded and the hours enrolled. Accounts in delinquent status (past due) are not eligible for loans.

Short-term loans will be disbursed approximately two business days after the loan has been approved. They will be disbursed according to the student's bank account shown in the Student Center under Account Inquiry. Students must have either paid or deferred their full amount of tuition by the fee payment deadline in order to be eligible for short-term loans.

Short-term loans are due upon issuance. Debts not paid will prohibit students from using University services such as registration, transcripts, etc.

Emergency Loans

Students who have emergency situations such as a death in the family or unexpected major medical or dental bills may apply for an emergency loan at the Office of Financial Aid. Emergency Loans will be disbursed approximately two business days after the loan has been approved. Funds will be disbursed to the student's bank account shown in the Student Center under Account Inquiry. Emergency Loans are due upon issuance.

Documentation and a picture ID are required to receive an emergency loan. Accounts in delinquent status are not eligible for loans. Loans must be paid by the due date, and University services will not be granted until paid in full.

Bright Futures Scholarships

2016 - 2017 Bright Futures Award Amounts per Credit Hour

Florida Academic Scholars (FAS)
4 Year
$103 per credit hour
Example: 15 CREDIT HOURS = $1,545.00

Florida Medallion Scholars (FMS)
4 Year
$77 per credit hour
Example:15 CREDIT HOURS = $1,155.00

Maintaining Bright Futures Eligibility

Florida Academic Scholars (FAS)
Minimum Cumulative GPA = 3.0
Minimum Hours Completed Per Term = 12

Florida Medallion Scholars (FMS)
Minimum Cumulative GPA = 2.75
Minimum Hours Completed Per Term = 12

Please visit the link below for more information about Florida Bright Futures Scholarships

floridastudentfinancialaid.org