Financial Aid Award Notice Messages

 

Congratulations on receiving a financial aid award notice! Please select the program of interest below to learn more about the type of aid you have been offered, as well as to complete any forms or steps necessary to accept the aid. We are utilizing an on-line financial aid award process. Please log into your e-campus account to view your financial aid package, accept or decline offered awards.

 

Supplemental Information Sheet (complete if you are receiving a scholarship or other form of financial aid not listed on your award notice)

Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal AC Grant Year 1

Federal AC Grant Year 2

Federal SMART Grant Year 3

Federal SMART Grant Year 4

Virginia Guaranteed Assistance Program (VGAP)

Commonwealth Award (CA)

University Grant

Centennial Scholarship

Federal Perkins Loan

Federal Work Study Program (FWSP)

Federal Subsidized Direct Loan

Federal Unsubsidized Direct Loan

Federal Grad PLUS Direct Loan

Federal Parent PLUS Direct Loan

Loan Processing Change
Beginning with the Summer 2009 session, James Madison University will participate exclusively in the Federal Direct Loan (subsidized and unsubsidized student loans), Federal Parent PLUS Direct Loan, and Federal Grad PLUS Direct Loan programs.

The traditional FFELP loans (i.e., Stafford Loan, Parent PLUS Loan, and Grad PLUS Loan) through banks, credit unions, and other student loan lending companies will no longer be processed at JMU, as we will stop doing business with these lenders and join the Federal Direct Lending program. Under this program, students borrow from the federal government through their colleges and lenders are eliminated from the picture.

Please visit our website at www.jmu.edu/finaid/directloans.shtml to learn more about this change and the benefits of Direct Loans.

 

 

Pell Grant

Federal Pell Grants are funds from the federal government that do not need to be repaid. You do not need to take any action to accept this award.   This award may be renewed each year based on your FAFSA eligibility.  For more information on this program, please visit our web site at http://www.jmu.edu/finaid/aidprog.shtml.

 

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FSEOG

The Federal Supplemental Educational Opportunity Grant (FSEOG) may be renewed, but is not automatically renewed.  An FSEOG does not have to be repaid. You do not need to take any action to accept this award.  For information about program requirements, review the fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Federal AC Grant Year 1

Federal AC Grant Year 1 awards are funds from the federal government that do not need to be repaid. You do not need to take any action to accept this award. Students may only receive this award for one academic year during their undergraduate career. For information about program requirements, review the fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Federal AC Grant Year 2

Federal AC Grant Year 2 awards are funds from the federal government that do not need to be repaid. You do not need to take any action to accept this award. Students may only receive this award for one academic year during their undergraduate career. For information about program requirements, review the fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Federal SMART Grant Year 3

Federal SMART Grant Year 3 awards are funds from the federal government that do not need to be repaid. You do not need to take any action to accept this award. Students may only receive this award for one academic year during their undergraduate career. For information about program requirements, review the fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Federal SMART Grant Year 4

Federal SMART Grant Year 4 awards are funds from the federal government that do not need to be repaid. You do not need to take any action to accept this award. Students may only receive this award for one academic year during their undergraduate career. For information about program requirements, review the fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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VGAP

To remain eligible for the Virginia Guaranteed Assistance Program (VGAP), you must maintain continuous full-time enrollment, a 2.0 cumulative GPA and pass at least 24 credit hours each year.  This award is a grant that does not have to be repaid, but you may not receive it for more than eight semesters. You do not need to take any action to accept this award.  For more information about program requirements, review the VGAP fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Commonwealth Award

The Commonwealth Award may be renewed, but is not automatically renewed.  This award is a grant, which does not have to be repaid. You do not need to take any action to accept this award.  For information about program requirements, review the Commonwealth fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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University Grant

The University Grant is a grant awarded by JMU.  This grant is a non-renewable award and no action is needed on your part to accept these funds.  A University Grant does not need to be repaid.

 

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Centennial Scholarship

Congratulations on being selected as a Centennial Scholar! The Centennial Scholarship is a grant awarded by JMU. This grant, which does not need to be repaid, is a renewable award and no action is needed on your part to accept these funds. The combination of any grants, scholarships, and the Centennial Scholarship you may receive is designed to provide enough funds to pay 100% of your in-state, full-time, tuition, mandatory fees, room, and board costs. The board costs are based on a 14 meal plan.

 

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Perkins Loan

A Federal Perkins Loan has a fixed interest rate of 5% as compared to the 6.8% fixed rate of the Federal Stafford Loan.  Interest does not accrue on the Perkins until nine months after you graduate, leave school or drop below half-time status.  In contrast, interest on the Subsidized Stafford Loan begins to accrue after six months.  Each year you receive a Perkins Loan, you must complete a "Rights and Responsibilities" statement and "Entrance Questionnaire."  These forms are available for downloading from the Web at the following URL: http://www.jmu.edu/finaid/forms.shtml.  Each form must have your original signature. You must submit the required paperwork for your loan(s) within 30 days of the date of the Financial Aid Award Notice. We cannot guarantee the availability of loan funds for students who submit information after this period.  Before we release your loan, the University Business Office will contact you to complete a promissory note. 

 

Perkins Loan funds are limited, so if you are offered a Perkins Loan and wish to accept, please do so quickly.  For information about program requirements, review the Perkins Loan fact sheet at the following URL: http://www.jmu.edu/finaid/aidprog.shtml.

 

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Federal Work Study Program

The Office of Financial Aid & Scholarships may award FWS to eligible students as part of their financial aid package. In addition to establishing financial need through the Free Application for Federal Student Aid (FAFSA), eligible students must be degree-seeking undergraduate or graduate students enrolled at least on a half time basis who are maintaining good academic standing. An offer of Federal Work Study does not guarantee employment.

FWS eligible students are not limited to applying for FWS jobs only. Many additional employment opportunities are offered through the non-Work Study program (Institutional Employment IE). Job vacancies and application instructions are posted on the student employment web page under "Job Announcements On Campus" at http://www.jmu.edu/stuemploy which will connect students with the JobLink system in which students can submit an online application to the available student job postings.

On campus FWS positions typically have a rate of pay of $7.25 per hour in such positions as office assistants, peer counselors, graphic designers, video projectionists, etc. for an average of 10 hours per week. At the end of the academic year, a FWS student’s earnings should not be greater than their award. A FWS student’s earnings are paid on a bi-monthly basis and direct deposited into a designated checking account. Earnings are not directly applied to tuition.

Community Based Federal Work Study

The Community Based Federal Work Study program places eligible JMU students in community based agencies (Nursing Homes, Day Care Centers, Legal Agencies, Clinics, Retirement Communities, and more). Eligible students identify community agencies they would like to serve and arrange for an interview. Agencies select students they feel are best qualified for their needs. Once the selection is made, the student is assigned to the agency.

The Community Based Federal Work Study program pays the student $7.35 per hour to serve in the agency and students can work a maximum of eight to nine hours weekly unless approved for additional hours through the Financial Aid Office. The agencies participate in the training, supervising, and mentoring of the students that are employed. Most agencies are accessible by the Harrisonburg Transit Bus System. To learn more about this program, go to http://www.jmu.edu/csl/fws/community-based-fws.html.

 

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Federal Direct Loan

Federal Direct Loans are long-term loans available to students enrolled for at least a half-time basis in a degree or teacher certificate program. The federal government pays the interest on subsidized loans while the borrower is in school, during the borrower's grace period and during authorized periods of deferment. The federal government does not pay the interest on unsubsidized loans during these periods. You are responsible for paying the interest. If you opt not to pay the interest, then it will be capitalized, or added back into the principal amount of your loan. All Federal Subsidized Direct Loans for undergraduate students disbursed after July 1, 2009 will carry a fixed rate of 5.6%. Federal Subsidized Direct Loans for graduate students and Federal Unsubsidized Direct Loans for undergraduate and graduate students disbursed after July 1, 2009 will carry a fixed rate of 6.8%.

 

Repayment begins six months after you drop below half time enrollment, which is graduation for most students. The basic repayment period for Direct Loans is ten years; however, in some cases you can extend this. You will need to contact the Direct Loan Servicing Center to discuss extending a ten year repayment period.

 

Please visit our website at www.jmu.edu/finaid/directloans.shtml to learn more about this change and the benefits of Direct Loans.

 

First Time JMU Borrowers:

 

Returning JMU Borrowers:
  • Submit the FAFSA. If you received a Financial Aid Award Notice, then you already completed the FAFSA.
  • Accept your loan(s) on e-campus
  • If you have not already done so at JMU, complete a Direct Loan Master Promissory Note per the instructions you will receive once you “Submit” your loan acceptance on e-campus.
If you one of the following scenarios applies, you also need to submit a Financial Aid Loan Change Form, which can be found at www.jmu.edu/finaid/forms notifying us of your situation.
  • Graduating in December of the current award year
  • Need loan for one semester

 

Students will receive notice from the government when the Direct Loan is approved. The University Business Office will notify the student by electronic mail when the loan funds have been credited to the student account each semester. Students have 14 days from the time a Direct Loan has been credited to request it to be cancelled.

 

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Federal Grad PLUS Direct Loan

As a result of the Higher Education Reconciliation Act (HERA) signed into law by President Bush on February 8, 2006, graduate students are now eligible to borrow under the Federal PLUS Direct Loan Program. This new loan is called the Federal Grad PLUS Direct Loan. Terms and conditions applicable to this loan include the following:


  • All Grad PLUS Direct Loan applicants must complete and submit the Free Application for Federal Student Aid (FAFSA).
  • A Grad PLUS Direct Loan borrower must not have an adverse credit history which is determined by a credit check conducted by the lender.
  • The repayment period for a Grad PLUS Direct Loan begins on the date of the final disbursement of the loan. The first payment is due within 60 days after the date the loan is fully disbursed.
  • A Grad PLUS Direct Loan borrower may receive a deferment while he or she is enrolled at least on a half-time basis at an eligible school. Contact the Direct Loan Servicing Center for details regarding this provision.
  • The interest rate on a Grad PLUS Direct Loan is a fixed 7.9 percent.
  • Grad PLUS Direct Loan borrowers may borrow up to the Cost of Attendance (COA) for the period of enrollment, minus other estimated financial assistance.
  • Students must meet the same general eligibility requirements for federal financial aid.

Students interested in this loan are encouraged to discuss the terms and conditions of this loan with the Direct Loan Servicing Center before submitting an application.



All students applying for a Grad PLUS Direct Loan at JMU needs to complete the following documents:


  1. Submit the FAFSA. If you received a Financial Aid Award Notice, then you already completed the FAFSA.
  2. Grad PLUS Direct Loan Application
  3. Grad PLUS Direct Loan Master Promissory Note

Students will receive notice from the government when the loan is approved. The University Business Office will notify the student by electronic mail when the loan funds have been credited to the student account each semester. Students have 14 days from the time a Grad PLUS Direct Loan has been credited to request it to be cancelled.

 

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Parent PLUS Direct Loan

Parents of students who are classified as dependent by the FAFSA can apply for the Federal Parent PLUS Direct Loan. Financial need is not a requirement; however, the student for whom the Parent PLUS Direct Loan is borrowed must be enrolled on at least a half-time basis and making satisfactory academic progress (see Understanding Satisfactory Academic Progress section for more details) in a degree or teacher certificate program. A FAFSA must also be filed in order for a parent to apply for a Parent PLUS Direct Loan. The maximum amount a parent may apply for is equal to the student's cost of attendance minus any other financial aid received. Parents are not guaranteed these funds upon application. The government will perform a credit check on the parent, and if the parent is not deemed "credit worthy" the loan will be denied. If the loan is denied, then the student can apply for additional Unsubsidized Direct Loan funds.

All parents applying for a Parent PLUS Direct Loan needs to complete the following documents:

  1. Submit the FAFSA. If your student received a Financial Aid Award Notice, then you already completed the FAFSA.
  2. Parent PLUS Direct Loan Application
  3. Parent PLUS Direct Loan Master Promissory Note

 

Parents will receive notice from the government when the Parent PLUS Direct Loan is approved for disbursement. Parents also have 14 days from the time a Parent PLUS Direct Loan has been credited to the student's account to request it to be cancelled. Parent PLUS Direct Loans carry a fixed interest rate of 7.9%.

 

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