MBA Graduate Student Financial Aid Checklist
•You must be degree seeking (accepted in a graduate program) and enrolled at least half-time (5 semester hours in the fall or spring semesters or 4 semester hours in the summer) to receive financial aid. Enrollment for Modules I & II is assigned to the Fall semester. Enrollment for Module III is assigned to the Spring semester.
•File a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov as soon as possible after January 1st. This application covers the fall, spring, and summer semesters (in that order).
•After filing your FAFSA, you will receive your Student Aid Report (SAR). Read it carefully. If the SAR states you have been selected for the verification process, you will receive an email from the Office of Student Financial Aid regarding the materials needed.
•After you are awarded, you will be able to view your Award Notification on MyUNIverse. Your Award Notification will state your eligibility for financial aid.
•If you are a first-time borrower of Direct Stafford Loans you will need to complete a Direct Loan Master Promissory Note (MPN) at www.studentloans.gov using your FAFSA PIN. The MPN is a legal document in which you promise to repay your loan and any accrued interest and fees to the U.S. Department of Education. The MPN explains the terms and conditions of your loan and is used for loans that you receive over a period of multiple academic years.
Commonly Asked Questions
Q: How much money can I borrow?
A: As a graduate student you may borrow up to the cost of attendance as determined by UNI or $20,500, whichever is less, per academic year. Only up to $8,500 of this amount may be in a subsidized Stafford loan.
Note: The amounts given above are the maximum annual amounts you can borrow in both subsidized and unsubsidized loans. You may receive less than these annual maximum amounts if you receive other financial aid that is used to cover a portion of your cost of attendance.
Q: When do I receive financial aid for Modules I & II?
A: Students enrolled for 5 or more semester hours in Modules I & II combined will receive financial aid at the beginning of the fall semester. However, if you drop below 5 semester hours, you will be required to pay back any financial aid you have received. Students enrolled for less than 5 semester hours in Modules I & II combined are not eligible for financial aid.
Note: Module II continues past December; however, no fall loan can be processed after the last day of classes in December. All paperwork must be completed prior to this time.
Q: When do I receive financial aid for Module III?
A: Students enrolled for 5 or more semester hours in Module III will receive aid after the first day of classes for Module III. Students enrolled for less than 5 semester hours in Module III are not eligible for financial aid.
Q: Why did I receive a Financial Aid Academic Progress Warning or Suspension notification at the end of the Fall semester?
A: Federal regulations require that a student’s academic progress is reviewed on a regular basis to determine if adequate progress has been made towards a degree. Currently the Office of Student Financial Aid reviews grades at the end of every Fall and Spring semester. Due to the unique nature of how the MBA Modules are scheduled, SOME students may be affected by their Module II enrollment not having yet been graded. (Module II courses are assigned to the Fall semester by the Registrar).
If a warning or suspension notification is received please contact Tim Bakula via email at firstname.lastname@example.org or by phone at (319) 273-2722.