CMU's Title IV School Code is 002243.
CMU SUMMER AID
Summer applications are available at the Student Service Court or on the OSFA web page from February 18, 2008 through May 1, 2008. You must complete a CMU Summer Financial Aid Application to apply for financial aid to cover your expenses associated with attending CMU, on-campus, summer school courses. Applicants with remaining federal student loan and federal Pell grant eligibility will be packaged accordingly. You (and/or your parents) may also be eligible for the federal Parent Loan for Undergraduate Students and alternative loans from private lenders. Generally, undergraduate students must be enrolled in 6 credit hours and graduate students must be enrolled in 5 credit hours to be eligible for summer financial aid.; credit hours in both the First and Second Sessions may be added together to meet the minimum. Graduate students may be eligible for the federal GRAD/Professional (PLUS) Loan http://financialaid.cmich.edu/forms/summer/PLUSGradApp.pdf or alternative loans from private lenders
Revised Satisfactory Progress Policy
The CMU Office of Scholarships and Financial Aid has recently revised its federally required Satisfactory Progress policy. In almost all cases the revised policy is to the advantage of the student. Please be aware of the Satisfactory Progress policy and how it may affect your eligibility for federal and most state and institutional aid. Progress is measured in three ways:
- Length of time to complete your degree - Students must complete all degree requirements within 150% of the minimum number of credit hours required to complete their program of study.
- Required GPA level - Students must maintain the required cumulative GPA level as defined by their program of study to maintain matriculation at CMU.
- Required percentage of attempted credits completed - All students must complete 75% of all CMU credits attempted each academic year. Click here for CMU’s complete Satisfactory Progress policy
Be Wary of Private Loan Offers
The growing problems with private loans has led the House Education and Labor Committee to question the $85-billion-a-year student loan industry by asking the Federal Trade Commission to investigate the unfair and deceptive practices that lenders use to market their products and services to students. Following is a quote from the announcement of their request.
"Every day, millions of students receive marketing letters from private lenders - letters that are often intentionally designed to confuse or mislead students. These tactics are nothing short of predatory lending. No company should be able to get away with using aggressive scare tactics to profit off students who are already taking on enormous amounts of college loan debt. Just like any other group of consumers, students and their families deserve to be protected from any fraudulent or manipulative marketing practices."
College students are cautioned to be suspicious of unsolicited loan offers. Student loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards, and home mortgages. Private loans also can reduce eligibility for more desirable federal, state and college aid programs. To avoid these problems, read and understand the terms and conditions of all loans.
Michigan students are bombarded by media advertisements and mailings about private student loans. The Michigan Student Financial Aid Association (MSFAA) reminds students and families to beware of loan offers you did not initiate. Deceptive marketing tactics are not illegal in the world of private student loans. It is always in a student’s best interest to explore federal loan options before applying for private loans. Here are some simple rules to follow when considering a private loan.
1. All students should file the Free Application for Federal Student Aid (FAFSA) to determine eligibility for grants, work-study, federal loans, and other desirable forms of student aid.
2. Students should only consider a private education loan if they have reached their federal loan borrowing limit.
3. Undergraduate students and parents should compare private loan costs with costs for the Federal PLUS Loan.
4. Graduate students can borrow under the Federal Graduate PLUS Loan and should compare PLUS costs to private education loan costs before applying for a loan.
5. The financial aid offices at Michigan colleges and universities are staffed with knowledgeable people with years of experience who will be happy to answer your student aid questions.