Understanding your Award Letter

Understanding your 2007 – 2008 Award Letter

Your award letter indicates your eligibility for the programs for which you qualify. All awards are based upon eligibility which is calculated by using the information you provided on your 2007-2008 Free Application for Federal Student Aid (FAFSA).

This aid offer is based on Fulltime attendance. Please contact the Financial Aid Office if you will not be taking at least 12 credit hours in each semester.

Description of Aid:

Federal Pell Grant and Federal SEOG (Supplemental Educational Opportunity Grant): These are federal grants that do not have to be repaid.

PHEAA State Grant: This is a grant for Pennsylvania residents and does not have to be repaid. Beginning in May 2007, PHEAA will send you an official notification of your award. If you do not receive notification directly from PHEAA, your award on our letter is only an estimate.

Federal Perkins Loan: A loan that must be repaid with interest (currently 5%). The loan is interest-free until you enter repayment. You must sign a promissory note before any funds will be disbursed. If you accept this loan, you will be sent a notice instructing you when and where to sign the promissory note.

Federal Stafford Loan: A loan from a participating lender. If a Federal Stafford Subsidized Loan and/or a Federal Stafford Unsubsidized Loan is listed on your award letter, it is only an estimate of what you may be eligible to borrow.
In order to apply for a Federal Stafford Loan, you must complete the Master Promissory Note located at www.aessuccess.org

Subsidized Stafford Loan: A need-based loan for which the government pays the interest on the loan while you are in school. Repayment and interest begins six months after leaving school or graduating.

Unsubsidized Stafford Loan: The student is responsible for the interest on the loan. You have the option to either pay the interest while in school, or have the interest capitalized (deferred) until six months after leaving school or graduating. You will be asked your preference when you apply at www.aessuccess.orgwww.aessuccess.org

The amount borrowed under the Federal Stafford Loan program will be issued via electronic funds transfer to Shippensburg University. Loans are disbursed in two equal disbursements over the course of the loan period. The funds are generally received within the first few weeks of the semester.

Federal Parent Loan for Undergraduate Students (PLUS): This is a loan that one of your parents may apply for to help with educational costs. This loan does require a credit check. If your parent is denied a PLUS loan you may be eligible for an additional Federal Stafford Unsubsidized Loan of $4,000. PLUS Loans CAN NOT be used as a credit toward a bill unless the loan has already been approved.

Student Employment: This is an on-campus job working 8-10 hours per week. Your assigned employer will contact you and provide training for the position. Student employment is intended to assist in paying for books and personal expenses. It can not be used as a credit on the billing statement.

Other Aid NOT Appearing on Your Award Letter: If you will be receiving any other aid from an off-campus source (such as a private scholarship, grant, or another type of loan), you must provide written confirmation of this aid to the Financial Aid Office as soon as possible. It is important that you report the source of the aid and the amount of the aid because this could impact upon your eligibility to receive the other awards listed on your award letter.

Estimated Costs

The estimated costs for the 2007-2008 school year is listed in the table below:

	In-State	Out-of-State
Tuition **	$ 5,240	$ 13,102
Fees **	$ 1,540	$ 1,606
Room **	$ 3,480	$ 3,480
Board **	$ 2,390	$ 2,390

Please Note: BOLD items are expenses paid directly to the university
** Tuition, Fees, Room and Board based on actual amounts from 2006/2007 academic year and are subject to change.

Other Costs

	In-State	Out-of-State
Books and Supplies	$ 1,080	$ 1,080
Personal Expense	$ 2,570	$ 2,844
Transportation	$ 1,200	$ 1,500

The figures listed for books and supplies, transportation and personal expenses are estimates and will vary among students. These expenses ARE NOT paid directly to the University.

Paying Your Bill:

You will be billed each semester for one-half of university charges. Students who live off-campus will be billed for tuition and fees only. Bills are sent out in July for the Fall semester, and in November for the Spring semester. If your charges are more than the amount of financial aid--- you need to pay the difference by the printed due date. If your charges are less than the amount of financial aid you will receive a refund check for the difference, after the semester begins. This refund may then be used to help pay for any additional educational expenses.

You may take credit on your billing statement for the amount of financial aid shown per semester on your award letter. You MAY NOT take credit for work study awards, Stafford Loan(s) that you have not yet applied for, Plus Loans that have not yet been approved and any aid you have refused.

In order for you to get registered and keep your classes, you must return your bill by the printed due date.
The bill must be returned even if you will be getting a refund,

Refunds are issued after the amount due for the semester is paid. You should plan to arrive at school with enough money to make early semester purchases such as books and other necessary personal items.
You should not rely on your refund for these purchases.

Making Satisfactory Academic Progress:

Federal and State regulations require that you make satisfactory academic progress toward the completion of a degree. Please see the minimum requirements listed on our web page at http://www.ship.edu/finaid/index.html as well as in the Financial Aid section of the Undergraduate Catalog.