Your Financial Aid Award - Frequently Asked Questions

• What’s the difference between subsidized & unsubsidized loans?
  • Subsidized and unsubsidized loans are both federal loans offered to a student because they filed the FAFSA. Unsubsidized loans WILL accrue interest during the student’s time in school, while subsidized loans WON’T accrue until the student has graduated or is no longer enrolled as a full-time student.

     

• How does loan repayment work?
  • Federal loan payments are deferred until six months after the student graduates, or until they are no longer enrolled as a full-time student. Private loan repayment depends on the lender.

     

• What is verification?
  • Verification is a federal process where 1 in 3 families are selected to verify that what they reported on the FAFSA is correct. If a student is selected for verification at one institution, it is likely they will need to complete the verification process at any institution being considered. The student/family must provide documents that the institution requests like verification forms, tax return transcripts, etc.

     

• What is the difference between student loans & parent loans?
  • Federal student loans are available students to take out in their own name without a co-signer. The parent loan is a federal loan that a parent can use for their child’s educational expenses. Both of these options are only available to students who have filed the FAFSA.

     

• What is the parent loan?
  • The parent loan is known formally as the Federal PLUS Direct Loan. This is a credit-based loan that requires a parent to apply. If the application is accepted, the eligible funds will be applied to the student’s bill. Once the student is done with school, the parent will be in charge of repaying the loan amount. If a parent is denied the loan based on credit, then some additional finds may be added to the student’s unsubsidized loan amount.

     

• Are there additional loans available to students besides what’s listed?
  • There are private student loans available to students as well. Most private lenders will require a co-signer along with a credit check. Private student loans have a range of interest rates, fees and repayment options. Many families will start their private loan search by seeing what their personal bank has to offer and exploring different private education loan providers online.

     

• How do I accept my financial aid? Is there a deadline?
  • We ask that students accept or decline their financial aid online on their Spartan Self Service checklist. While there is no specific deadline for this, it should be completed as soon as the decision is made to attend Manchester University.

     

• How do I report outside scholarships?
  • There are two options to report outside scholarships. They can be reported online on the student's Spartan Self Service page >> Financial Information >> Report/View Outside Awards. There is also the option to email (sfs@60654a.com) or fax (260-982-5121) the scholarship information to the Student Financial Services (SFS) office.

     

• Where can I find my student ID number?
  • Student ID numbers can be found at the top of the student’s financial aid notification or on the student’s personal Manchester page.

     

• How do I schedule a financial aid conversation?
  • Once a student has received their financial aid notification, financial aid conversations can be scheduled through the Office of Admissions. Financial aid conversations will be conducted via Teams, telephone or in-person. Admissions staff is available during standard office hours (8-5, M-F) and on select evenings (5-8 PM). Please connect with an admissions counselor if additional times are needed. Remember, a financial aid conversation is required to enroll at MU!

     

• What if my parents have lost their job? What if they are divorced? What about other situations?
  • If special circumstances arise which impact a student’s ability to pay for school, they may qualify to undergo a financial aid review process. Students should contact their assigned admissions counselor to begin the process. Staff may ask questions regarding the situation and can help to determine eligibility for review. If a circumstance qualifies, the Student Financial Services office will contact the family for additional information and documentation to determine any necessary changes to the financial aid notification.

     

• Who do I contact with questions, and how do I contact them?
  • Students and families should contact their assigned admissions counselor with questions regarding their financial aid notification. Students may text, email or call their admissions counselor directly, or they may utilize the main admissions phone line at 260-982-5055.

     

• Does Manchester University accept VA benefits?
• Manchester University does accept VA and National Guard benefits.  Job training with the National Guard needs to be completed for eligibility.
• To determine benefits and eligibility, apply at www.va.gov. Click on “Apply for Benefits” under the Education tab at the bottom. Once a Certificate of Eligibility is received from the VA, please forward that to MU. This lets us know the type and length of your benefits. After we receive the certificate, we will reach out with any additional information we need to complete certification.

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