Student Financial Services Checklist
Step One: Apply!
To apply and be considered for federal student aid, students must complete the Free Application for Federal Student Aid (FAFSA) using Rochester University’s Federal School Code 002288. Both the 2019-2020 and the 2020-2021 FAFSA forms are available now on the official website from the United States Department of Education. To apply for grants, Direct Loans and work-study, you will need to complete the FAFSA using one of the following formats:
- online at studentaid.gov
- on the new mobile app myStudentAid – available on the App Store (iOS) or on Google Play (Android)
- paper FAFSA – note: PDF FAFSAs must be mailed for processing.
Filing the FAFSA early allows students to take advantage of all available funding options. Additional forms may be required. To ensure eligibility for the Michigan Tuition Grant/Michigan Competitive Scholarship, Rochester University’s federal school code must be first on the list of schools on the student’s FAFSA.
IMPORTANT: Note the State of Michigan has a preferred deadline of March 1, 2020 for State of Michigan student aid programs for the 2020-21 award year.
Step Two: FAFSA Processing
After submitting the FAFSA application, the student will receive a Student Aid Report (SAR), which is a summary of the information provided on the FAFSA. Student Financial Services at RU will have access to the FAFSA application within approximately 3-5 business days after submission. If additional information is required, the student will receive an email from Student Financial Services detailing what is needed. The financial aid award letter is emailed to students outlining financial awards, the annual cost of attendance and information on next steps.
Step Three: Cost of Attendance
Learn about college costs and plan for educational expenses. As dictated by Congress, the cost of attendance is the average cost to attend one academic year (Fall through Spring) of college. It includes tuition and fees, books and supplies, room and board, transportation and personal expenses. Colleges adjust the cost of attendance annually to reflect changes to these costs.
Outlined below are the estimated costs for attendance at Rochester University for a full-time, traditional undergraduate student for the 2020-2021 academic year:
- Residential student (including all educational expenses): $36,386
- Residential student (tuition, fees, room and board billed to account): $33,560
- Commuter student (including all educational expenses): $33,192
- Commuter student (only tuition and fees billed to account): $24,720.
Step Four: Accept/Decline Financial Aid Awards
New students will create a username and password for their Rochester University student portal (my.rochesterU.edu). Students may accept/decline financial aid awards by logging on to their student portal, clicking on “Financial Services” then “My Award Letter.” It is important to accept/decline ALL awards for the 2020-2021 academic year.
Step Five: Entrance Counseling and Master Promissory Note (MPN)
First-time loan borrowers MUST complete Entrance Counseling and sign the Subsidized/Unsubsidized Master Promissory Note (MPN) online at studentaid.gov. The MPN is an agreement to repay your Direct Loans. Be prepared to provide contact information for two references.
There entire MPN process must be completed in a single session. Most people complete the MPN in less than 30 minutes. The one note covers continuous enrollment for up to 10 years. Student Financial Services at RU will receive your entrance counseling and MPN approximately 5-7 business days after submission.
Step Six: Book Voucher
Students with a credit balance on their account will be emailed a book voucher each semester after financial aid documents are complete. The financial aid book voucher allows students to purchase books and required materials out of their expected refund, prior to receiving their refund check in the mail. The voucher may only be used at the RU online bookstore.
To opt out or with questions, please email firstname.lastname@example.org.
Step Seven: Additional Financial Aid Resources
- Parents of dependent students may apply for a federal Direct Parent PLUS Loan at studentaid.gov to help pay for their child’s educational expenses. If approved for the loan, the parent must complete the PLUS Master Promissory Note (MPN) and the loan must be accepted on the student’s portal. Note, there is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct Parent PLUS Loans.
- When a parent is denied for a PLUS loan, the dependent student may then be eligible for additional unsubsidized loans. The student may be awarded as much as an independent student at the same grade level. Independent students in their junior or senior year are eligible to receive up to $12,500 per year in federal Direct loans, with a limit of $5,500 in subsidized loans.
- Students may apply for a private, or alternative, student loan. Private loans available from private lenders and vary in their interest rates, terms and eligibility requirements. Find more information here.
- Students may pay the out-of-pocket cost in full by the due date.
- RU offers a payment plan option, breaking down the balance into affordable monthly payments. Students are required to enroll or re-enroll in the payment plan ($75 enrollment fee) each semester. Students are never penalized for paying off the balance early.
Step Eight: Payment Due Date
Summer 2020 Traditional/Graduate Student Due Dates:
- 4/30/2020 – Pay in full or first installment of payment plan due (prior to moving in to the residence halls for residential students)
- 5/15/2020 – second installment of payment plan due
- 6/15/2020 – third installment of payment plan due
- 7/15/2020 – fourth installment of payment plan due
Fall 2020 Traditional/Graduate Student Due Dates:
- 8/27/2020 – Pay in full or first installment of payment plan due (prior to moving in to the residence halls for residential students)
- 9/20/2020 – second installment of payment plan due
- 10/20/2020 – third installment of payment plan due
- 11/20/2020 – fourth installment of payment plan due
Spring 2021 Traditional/Graduate Student Due Dates:
- 1/7/2021 – Pay in full or first installment of payment plan due (prior to moving in to the residence halls for residential students)
- 2/20/2021 – second installment of payment plan due
- 3/20/2021 – third installment of payment plan due
- 4/20/2021 – fourth installment of payment plan due
Summer 2021 Traditional/Graduate Student Due Dates:
- 4/30/2021 – Pay in full or first installment of payment plan due (prior to moving in to the residence halls for residential students)
- 5/20/2021 – second installment of payment plan due
- 6/20/2021 – third installment of payment plan due
- 7/20/2021 – fourth installment of payment plan due
Please contact Student Financial Services with any questions at email@example.com or 248-218-2127.