Instructions for Final Financial Aid Awards
After you have reviewed the How To Read Your Financial Aid Award Notice, follow the steps below:
1. Check “Costs in the 2013-14 year” on your financial aid award notice.
The information here is based on the assumption that first year students will reside on campus and that transfer students will be commuters. If our assumption is incorrect, contact us.
2. Determine your bottom line.
- Use the financial aid calculator to determine what portion of direct costs (those billed by the University) will be covered by grants and scholarships.
3. Make a plan to pay your remaining balance by reviewing the section on your award notice labeled “Options to pay net costs.”
- Work options – If you are eligible for work study and funding is available it will be listed in this section. Students must apply for jobs and be hired in order to earn these funds. Information is available online.
- Loan Options
Federal Perkins Loans - If you are eligible and funding is available it will be listed in this section. In order to accept the funds you will be contacted to sign a promissory note after classes have begun. More information is available in the Perkins Loan section of our website.
Federal Direct Subsidized Loan – the maximum amount you are eligible for is listed here. To apply for the loan, complete the steps as outlined on the Federal Direct Subsidized and Unsubsidized Loans section of our website between May 1 and June 10.
Federal Direct Unsubsidized Loan – the maximum amount you are eligible for is listed here. To apply for the loan, complete the steps as outlined on the Federal Direct Subsidized and Unsubsidized Loans section of our website between May 1 and June 10.
To reduce or cancel offered loans, you must complete the appropriate loan paperwork on our website.
- Other Options
Family Contribution - this number is generated from your FAFSA application and is used to determine your eligibility for financial aid. The amount may not reflect what you/your family needs to pay to cover your costs.
Payment Plan offered by the institution
Parent PLUS loan
Military and/or National Service Benefits
Private/Alternative Education loan
4. Notify our office if you receive a scholarship or other educationally related financial assistance from any source other than that which is indicated on your award notice by submitting a copy of the notice. We will then notify you of any impact on your financial aid package.
5. Sign a FERPA form to give permission for the office of financial aid to speak with parents or anyone other than the student.
6. Apply for External Scholarships to reduce out-of-pocket costs.
Financial Aid and Your Student Bill
The business office sends an invoice for fall and spring semesters. If all necessary activation steps have been completed, the financial aid appears on the invoice as pending aid. Any aid left over after paying your bill is issued to you in a refund check. Refund checks are mailed to the mailing address on record with the University. Please contact the business office at 410-532-5440 about billing questions, payment plans or refund checks. Click here to visit the website of the Business Office.
Changes in Your Award Package
If you receive disbursement for any aid sources that later must be revised or canceled, you MAY BE LIABLE for partial or full repayment of the funds. Your financial aid may be revised or canceled:
if aid was based on false or inaccurate information.
if an error was made in determining your eligibility or in disbursement of aid.
if the amount of aid you receive will exceed your financial need or budget. (This may occur if you
receive additional aid or as a result of verification).
if you withdraw from one or more classes.
if you do not submit all required documents.
if you fail to maintain Satisfactory Academic Progress.
if additional funds become available.
if extenuating circumstances warrant an adjustment in
your eligibility for financial aid.
if you fail to achieve the required standards for merit based aid you receive from Notre Dame.
if you do not achieve the proper grade level needed for student loans that were initially awarded.