Students enrolled in a Title IV eligible program at MUD may apply for federal financial aid assistance. The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. The FAFSA is used to apply for federal aid such the Federal Pell Grant, Federal Stafford Loans and Federal Parent PLUS Loans. Apply free online at http://www.fafsa.ed.gov. Make-up Designory’s federal school code is 040924 for LA and E01739 for NY. Make-up Designory will guide the student through each step of the financial aid process.
Federal financial aid is paid directly to the school by electronic funds transfer in two disbursements. The first disbursement occurs after the student begins classes and all requested documentation is completed, submitted and approved by the Financial Aid Office. Students selected for verification must complete the verification process before funds are disbursed. Thirty-day delayed disbursement is required on first disbursements of Stafford Loan funds for first-time borrowers. The second disbursement of aid is paid upon completion of one half of the academic year and it is verified that the student is maintaining Satisfactory Academic Progress. Students and parents (as applicable) will receive disbursement notices by email as funds are received by the school and credited to the student’s school account.
Rights and responsibilities for student loan borrowers include: entrance counseling for first time Stafford loan borrowers; attending Stafford exit counseling, pre-payment of loan without penalty, the right to apply for a deferment or forbearance (must meet eligibility requirements), repayment of the loan including accrued interest and fees, notifying the lender within 10 days of personal changes including a change of school status.
It is possible to have your student loan debt canceled or reduced but only under certain specific circumstances such as: you die or become totally and permanently disabled; you file for bankruptcy (this cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship); you work in certain designated public school service professions; your school closed before you could compete your program; or for FFEL and Direct Stafford Loans only: your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn’t have the ability to benefit from the coursework.
