What does it mean if I am selected for Verification?
The U.S. Department of Education selects approximately 30% of all aid applicants for verification. Eligibility cannot be determined until the Verification process is completed.
- Students selected for Verification will receive an email from the Financial Aid office directing them to Net Partner.
- Net Partner will list any required document that must be submitted.
- Make sure to sign all of the required forms.
- Submit documents to the financial aid office.
Verification
Verification is a Federally mandated process to confirm that the information on your FAFSA is accurate.
Ministers of the Gospel
If your parent is a Minister of the Gospel we will need Tax Forms AND Additional Documents
Not all of the information we are required to review is on the Tax Transcript (or imported through the Data Retrieval Tool).
Additional forms we will need:
- SIGNED copy of the federal 1040 tax form
- ALL Schedules for form 1040
- FAFSA Housing Allowance Worksheet (from Net Partner)
Ministers of the Gospel
If your parent is a Minister of the Gospel we will need Tax Forms AND Additional Documents
Not all of the information we are required to review is on the Tax Transcript (or imported through the Data Retrieval Tool).
Additional forms we will need:
- SIGNED copy of the federal 1040 tax form
- ALL Schedules for form 1040
- FAFSA Housing Allowance Worksheet (from Net Partner)
Contributions to retirement
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What to expect for expenses
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Direct Student Loans
Institutional
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Outside
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Direct Subsidized Loans
- Subsidized Direct Loans are need based loans.
- Eligibility is determined by results of the FAFSA.
- The federal government pays the interest while you are in school.
- Scholarships and grants received may result in a change in the loan eligibility amount shown on your award letter from subsidized to unsubsidized.
Direct Unsubsidized Loans
- Unsubsidized Direct Loans are non need-based loans.
- The FAFSA must be completed in order to borrow this loan, but the expected family contribution does not impact eligibility.
- Interest accrues from the date of disbursement and throughout the entire life of the loan.
- Borrowers are not required to make payments on the interest while in school, but any payment towards accrued interest will reduce the overall debt amount – saving the student money in the end.
Loan Limits
The Direct Subsidized and Unsubsidized loan programs limit the amount a student may borrow each year based on the student’s grade classification and dependency status.
| Grade Level | Subsidized Maximum | Total Amount |
|---|---|---|
| Freshman | $3,500 | $5,500 |
| Sophmore | $4,500 | $6,500 |
| Junior | $5,500 | $7,500 |
| Senior & beyond | $5,500 | $7,500 |
| Cumulative Limit | Maximum: $23,000 | Maximum: $31,000 |
| Grade Level | Subsidized Maximum | Total Amount |
|---|---|---|
| Freshman | $3,500 | $9,500 |
| Sophmore | $4,500 | $10,500 |
| Junior | $5,500 | $12,500 |
| Senior & beyond | $5,500 | $12,500 |
| Cumulative Limit | Maximum: $23,000 | Maximum: $57,500 |
Interest, Fees & Additional Information
- Interest Rates for 2021-2022: 3.75%
- Origination Fees:
1.057% (disbursed after October 1, 2020 and before October 1, 2022) - Fees are deducted from each disbursement:
For example, on a $5500 loan, $58 is subtracted resulting in a net disbursement of $5442. - Graduate Students are eligible for unsubsidized loans only.
The interest rate for graduate student loans is 5.28% - Half of your loan is disbursed each semester. Funds are paid to your account as they are received.
- The Standard Repayment Plan is the basic plan with a 10 year repayment and a $50 minimum monthly payment.
The monthly payment of a $10,000 loan is approximately $115 per month.
| Academic Year | Interest Rate |
|---|---|
| 2020-21 | 2.75% |
| 2019-20 | 4.53% |
| 2018-19 | 5.05% |
| 2017-18 | 4.45% |
| 2016-17 | 3.76% |
| 2015-16 | 4.29% |
| 2014-15 | 4.66% |
| 2013-14 | 3.86% |
Loan Forgiveness
- TEACHER LOAN FORGIVENESS
- $5,000 loan forgiveness
- Five years full-time teaching in an eligible elementary or secondary school
- $17,500 loan forgiveness
- Five years full-time teaching secondary mathematics or science in an eligible school or five years full-time teaching special education in an eligible school
- Check to see if your school is on the list
- Detailed information on the Student Aid website
- PUBLIC SERVICE LOAN FORGIVENESS
- Remaining balance of the loan forgiven after 120 qualifying monthly payments
- Full-time employment with a non-profit organization
- Loan is in a qualifying repayment plan: income-driven payment plans, standard repayment
- Cannot include time preaching (to congregation or classroom)
- Detailed information on the Student Aid website
FIRST TIME Direct Loan Borrowers:
1. ENTRANCE COUNSELING
First time borrowers must complete Direct Loan entrance counseling before receiving loan funds.
This process is done electronically on the Federal Student Aid website.
You will need your FSA ID username/password.
If you don’t remember your password, you can retrieve it by going to the FSA ID website.
2. LOAN AGREEMENT/MASTER PROMISSORY NOTE
First time borrowers must complete the Loan Agreement/Master Promissory Note (MPN) before receiving loan funds.
This process is done electronically on the Federal Student Aid website.
You will need your FSA ID username/password.
If you don’t remember your password, you can retrieve it by going to the FSA ID website.
You can complete your application faster if you have the following information ready:
*Driver’s license number
*Names and complete addresses for two people you will use as personal references
One reference should be a parent or guardian (if living). References cannot have the same address.
3. COMPLETE AND SUBMIT THE DIRECT LOAN REQUEST FORM
All students who plan to borrow a Federal Direct loan for 2020-21 must submit the Loan Request Form. You may download and print it here: Direct Loan Request Form.
Detailed instructions for Entrance Counseling & Loan Agreement
REPEAT Direct Loan Borrowers:
1. COMPLETE AND SUBMIT THE DIRECT LOAN REQUEST FORM
All students who plan to borrow a Federal Direct loan for 2020-21 must submit the Loan Request Form. You may download and print it here: Direct Loan Request Form.
Department Directory
Email: mlcaid@mlc-wels.edu
Phone: 507-233-9154
Department Directory
MLC Direction Instagram
Follow us on Instagram for Financial Aid information such as dates/deadlines and scholarships!
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Grants (need/FAFSA)
Option 1
more information coming soon
Option 2
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Loans
Federal
more information coming soon
Alternative
more information coming soon
Parent vs. Student
more information coming soon
Military Aid
Title
more information coming soon
Work Study
Available jobs
more information coming soon
Department Directory
Email: mlcaid@mlc-wels.edu
Phone: 507-233-9154
Department Directory
MLC Direction Instagram
Follow us on Instagram for Financial Aid information such as dates/deadlines and scholarships!
MLC Direction Facebook
Follow us on Facebook to stay on top of important Financial Literacy topics!
