<p>Let me start off by saying that I will call my school first thing Monday, but seeing as it's a weekend, the financial aid office isn't open.</p>
<p>I am currently a third year (senior status) at my public MI university. Last night, my financial aid package (which ALREADY met my need- EFC 0- with less than the full Stafford loans) was updated to include the Michigan Competitive Scholarship. I received this award before, in my first year (amount $510), in my second year ($600) and now ($575). It always seems to be added late in the year and it puts my FA package over the COA. One year the school just let me keep the amount over the COA and the next year they reduced my loans by the amount of the award. Who knows what will happen this year.</p>
<p>Does anyone know why it doesn't get added until this late? One year I didn't get it until January, the next not until November, and now October. It's never in our financial aid package, it just kind of shows up. I'm very grateful for the extra grant, it just always leaves me a little confused. </p>
<p>Just wondering if anyone else has experienced this or knows why this happens.</p>
<p>Unless your state’s budget just passed, it may have something to do with the timing of the payment authorization by the state agency that awards the grant. As the public schools have been stretched thin by state budget cuts they may not be willing/able to credit the students’ accounts until the anticipated/estimated grants are actually approved and authorized. Another thought is that the grant may require you to maintain full-time attendance and the point at which students reach 100% tuition liability is usually about 5 weeks into the semester. Adding a week or so for certification and processing time and it’s roughly mid-October. My D was asking me the same question about her state grant - her school has changed their FA policies for this year - and those are the best answers that I could come up with after talking with someone at the state agency (ironically, it’s easier to communicate with them than the school). YMMV</p>
<p>Hmm, that would make sense for this year. And the state’s major budget issues could account for why it hasn’t been there until very late in the last few years. Thanks :)!</p>
<p>Are you kidding? We didn’t get the MCS roster until the middle of December last year. We didn’t post awards until the roster arrived … heck, the budget was up in the air, and our school wouldn’t put awards on until the rosters were received.</p>
<p>It’s probably earlier this year because the budget was set earlier. And the school will not post until it’s on the roster … so they can’t package you with it until the roster is received. If full need is met, then the package has to be adjusted once the state notifies the school of the award. Just another day in the life of financial aid!</p>
<p>Yes, just checked again. My work study has been reduced (to bring my FA back down to COA). Pooh, I was hoping they would reduce my loans before my work study as I have a work study job.</p>
<p>Contact them right away about reducing your loan in place of work study … as you know, work study can be hard to come by. You’ll want it put back on right away. And good for you for choosing the work study instead of the loan. I wish more thought the way you do!</p>
<p>I contacted them already. Since my work-study job is only compensated 50% by work study (it’s an off-campus job so different rules), I’m actually not going to even come close to my $3k amount in work-study (I only work 8 hours a week with this WS job. My other jobs are non-work-study). I chose to reduce my loans next semester by the amount of the grant, but I gave up the work study to someone who would actually use it (or at least I hope they redistribute it… I’m sure they will.). Hope that makes sense.</p>
<p>Just a quick question (hope someone looks back at this so I don’t have to make a new thread): </p>
<p>This will be the first year that my income counts because every other year we’ve had auto-0 EFC. This year, my parents’ income nearly doubled from $25k to ~$45k. I know that the income protection for students next year will be around $6k and I know that work-study doesn’t count against your EFC. However, would the $6k include my work study or is the $6k income protection solely for non work study jobs? I ask because I’ve probably made around $3k in work study this year and somewhere are $7k in non work study jobs. Just want to know if I’m looking at my EFC being pushed up about $500 or $2500.</p>
<p>You have to report all income, but then there is a place to input the amount you earned from work study. So if you earn $6000 in work study and $7000 in non work study, you would report income from work as $13,000 and then you would report the $6000 as work study in the appropriate section. The effect is that only the $7000 non work study is included in the formula (so the whole $7000 is protected).</p>