Financial Aid Policies

• All necessary financial aid paperwork must be complete prior to the first night of class. This paperwork may include, but is not limited to FAFSA, Master Promissory Note, Entrance Counseling, and verification paperwork.
• The student will receive an award letter once attendance has been verified after the first night of class.
• The award letter will detail the student's eligibility for all forms of financial aid and will include the academic year and disbursement dates.
• Students will be awarded their maximum eligibility for all financial aid, including Federal Stafford Loans. Students must immediately notify the Financial Aid office if they do not want part of the award.

• Federal regulations require that students must successfully complete all required credit hours for each disbursement. Students will be unable to receive a new disbursement of financial aid unless this regulation is fulfilled.
• Any schedule change — adds or drops — will affect a student's financial aid eligibility and a new award letter will be issued. It is the student's responsibility to contact MVNU to determine the impact of the change on your award.
• Students must meet Satisfactory Academic Progress to remain eligible to receive financial aid. This includes maintaining a specific grade point average and making continuous progress toward completing your program within a specific timeframe.

The Student Financial Services office is required to complete a Return of Funds Calculation if a student withdraws to determine what percentage of aid the student is eligible to keep. Based on the calculation, funds may need to be returned to the state or Department of Education. This may create an outstanding balance on a student's account. Student Accounts will adjust a student's bill once the calculation is complete.