The Financial Aid Process
You should first apply for a PIN through the US Department of Education (ED). The PIN will be used as an identifier and electronic signature within ED systems, including the FAFSA. PINs should be kept for future use throughout your academic career.
Certain documents are needed to complete your FAFSA. Typically, these documents include your and your parents’ federal income tax returns and W-2s for the previous calendar year. A full list of documents is available through the FAFSA website. Students should check their BanWeb account periodically to see if they have documents which are outstanding. A student's aid will not appear on their bill if these documents are not submitted to the financial aid office in a timely fashion.
You should complete and submit the FAFSA between January 1 and March 1. Though the FAFSA can be completed after this date, it could reduce the amount of financial aid you will receive. You may submit your FAFSA online or mail it. Include Michigan Tech’s school code (002292) in the appropriate area on your FAFSA for consideration of aid from the University. Complete the FAFSA at www.fafsa.ed.gov.
The SAR will summarize the information you submitted in your FAFSA and include your Expected Family Contribution (EFC). You may also access your SAR online.
Michigan Tech may request verification of federal tax data. See FAFSA Verification for the new requirements for submitting 2011 federal tax information. Requested documents will be listed on your BanWeb account. Please submit these documents soon after the request has been made to ensure timely processing of your financial aid.
Financial Aid Package is Offered
Michigan Tech will send you a financial package showing the types and amount of financial aid you qualified for in the upcoming academic year. The Office of Financial Aid has several example aid packages available for students to review.
It is important to know that some aid types require enrollment in a certain number of credits. Full-time status (12 credits) is required to receive most types of financial aid. Federal grants will be prorated for less than full-time enrollment. Be sure to register for enough classes to keep all of your financial assistance. First-year students are automatically registered for certain classes; returning and current students may register for classes through BanWeb.
Financial aid is awarded on an annual basis. Students must reapply for financial aid each year if they wish to continue receiving aid. To reapply for financial aid, complete and submit the FAFSA between January 1 and March 1 for the following school year.