Now that you have reviewed your financial aid offer, you’ll need to take the next steps to finalize your financial aid and make sure it is ready to apply to your bill.
Terms and Conditions of Financial Aid
It is expected that you will carefully read the statement of Financial Aid Student Rights and Responsibilities and Terms and Conditions of Financial Aid. Active acknowledgment of the Terms and Conditions of Financial Aid is required. This form is located on the Student Portal under Financials/Terms and Conditions. Carefully review the terms and conditions before accepting your financial aid offer.
Additional Aid Form
You are required to notify the Marine Trades Institute Financial Aid Office in writing of any outside financial aid award you will receive during the academic year. All awards must be reported to the Financial Aid Office. The Additional Aid Report is a useful tool for reporting this information. If you are receiving a Direct to Consumer Loan (alternative or private loans that are disbursed directly to you), federal law requires that loan must be reported to our office. Since federal loans have a lower interest rate, students should always consider those first.
Accept or Decline Your Aid
Log in to the Student Portal to Accept or Decline each item on your Financial Aid Offer. You can reduce the amount of your loan offer by clicking accept and then entering a lower amount. You cannot increase the amount offered. Any financial aid you plan to use should be accepted prior to your tuition bill due date.
Loan Entrance Counseling
Under federal regulations, if this is your first loan at Marine Trades Institute, you must complete Loan Entrance Counseling before funds can be disbursed. Entrance Counseling is located on the U.S. Department of Education’s Federal Student Aid website under the “Complete Entrance Counseling” link. You must log in with your FSA ID and select Marine Trades Institute as the school name in order for Marine Trades Institute to be notified that you have completed the counseling.
Entrance Counseling helps you understand your rights and responsibilities in taking out a loan and provides information about the loan process, managing education expenses, and other resources. Allow approximately 30 minutes to complete the reading and take a short quiz. We encourage you to fulfill the loan counseling requirement prior to the first day of classes.
Loan Master Promissory Note
Federal loans require the completion of a Master Promissory Note (MPN), a legal document in which you promise to repay your loans and any accrued interest and fees to the U.S. Department of Education. It explains the terms and conditions of your loans, and authorizes Marine Trades Institute to disburse federal loan funds to your account. You must log in with your FSA ID and select Marine Trades Institute as the school name in order for Marine Trades Institute to be notified that you have completed the MPN. Your federal loan funds will not be disbursed without a valid MPN.
Federal Direct Parent PLUS Loans or Private Loans
Your Financial Aid Offer may show a “Max Parent or Private Loan” amount. This is for informational purposes, and shows how much you (or your parent, if you are a dependent student) could borrow after all other aid is accepted. If you accept this offer, further steps are required to secure the funds. It is not a guarantee that you will qualify for those funds.
To apply for a Federal Direct PLUS Loan (for the parents of dependent students only), complete the PLUS application and the Master Promissory Note for Parents of Dependent Undergraduate Students. If you are looking for an alternative, non-federal loan, go to ElmSelect to review options for Marine Trades Institute students. You have the right to choose a private lender that is not listed at ElmSelect. Contact the Marine Trades Institute Financial Aid Office for a copy of the Private Education Loan Self-Certification form. A lender must obtain a self-certification form, signed by the applicant, before disbursing a private education loan.If you plan to use a private or parent loan, you should apply several days prior to your tuition bill due date to allow sufficient processing time.
Federal Work Study Offer
If you accept an offer of Federal Work Study, you must complete a Work Study Application form. Students will be interviewed for open positions. If hired, you will complete any required human resources forms, such as federal and state W-4 forms and the I-9 form. Work study earnings are paid directly to you, via direct deposit, on a bi-weekly basis. Work Study Application forms may be picked up in the Operations Office.
Transcripts
Submit a copy of your final high school transcripts and transcripts from all prior post-secondary education.
Additional Documents
You may be chosen for a process called verification by the federal processor and/or the school at any point in the award year, even if you have already received financial aid funds. Students who are selected for verification must complete the verification process to remain eligible for federal funds. After completion of the verification process, your financial aid offer may change or be reduced because of a change in your Student Aid Index (SAI).
In order to complete the verification process, we may request additional documents. We will email you to let you know, and a list of required documents is also available on the Student Portal under Financials/Missing Documents. Be sure to respond as soon as possible – your financial aid could be delayed or canceled if you do not complete this process. If you need a copy of a form, you may download it from our Forms page.
Aid Payments and Maintaining Your Aid
When and how you receive your financial aid depends on the type of aid and whether you have completed all of the requirements. You are responsible for ensuring that your tuition bill is paid on time each semester, so you should check your Student Portal frequently.
