There are three steps in the student loan process.
- Filling out the FAFSA
- Being awarded the loan
- Accepting the loan
You must complete all three steps; students often forget to do the third step. Please follow the detailed instructions below.
ITEMS NEEDED AND STEPS TO TAKE WHEN APPLYING FOR AND RECEIVING AID:
* Intent to Enroll Form - return to the Executive MBA Program office as soon as possible to begin the student loan process (fax or scan and email)
1.) Fill out the FAFSA Form online
Enter the W&M code (003705) and the W&M Financial Aid Office (FAO) will receive your FAFSA form electronically in about one week.
a. To receive VA benefits, indicate your eligibility on the FAFSA, and then complete and return the Veterans Benefits Certification form that the FAO sends you.
NOTE: You will receive notice of your Expected Family Contribution (EFC). Your EFC does NOT need to be paid, and does NOT affect your eligibility for Stafford loans. All your EFC affects is whether your Stafford loans will be subsidized, meaning that the federal government pays the interest on the loan while you are in school and for 6 months afterwards. If your EFC is too high, your Stafford loan will be unsubsidized, which means interest will begin to accrue at disbursement.
* W&M FAO "packages the loan" - you will receive by mail a financial aid award letter listing the maximum amount you may borrow for the academic year - your spring and summer semesters. (Please note that you will need to fill out a second FAFSA to borrow for the academic year. See further instructions below.)
* William & Mary Database/Banner Number - in the meantime, you will be entered into the W&M database, named "Banner." Once you are entered into Banner, you will receive a "Banner number," which is your Student ID number. The Executive MBA Program will send you your student ID number with your Admissions Letter.
* "myWM" user name and password - will be mailed to you in a "secure mailer" (which looks something like a pay stub). It contains your user name and password that you will need to log into "myWM," which is your student portal to the W&M website. You will also use this information for checking grades, etc.
2.) Apply for your loans - we are also sending you W&M FAO instructions specific to Executive MBA students (see below).
a. Briefly, to apply for your loan, log onto myWM on the W&M website, and go to the "Self-Service" tab. Follow the instructions in the letter step by step, for the particular loans you are taking out. There is one set of instructions for each type of loan. Follow only the instructions in the sections that apply to you, whether you are using Stafford, GradPlus, or private loans, or some combination.
3.) ACCEPT your loan after it is awarded. Don't skip this step! If you do not complete the process by "accepting" your award, you will not receive the financing. Please notify the EMBA Program Office when you have completed this final step.
* Funds Disbursement - once you accept your award, your funds will be disbursed to W&M. (Stafford and GradPLUS loans are disbursed in 2 equal installments per year.) For W&M Executive MBA students, this means January and May for your first year's loans. You will receive a statement from Lisa Hill, the Executive MBA Program accountant, every semester updating you on your payment status.
* FAFSA Form for 2nd year loans - to receive your second academic year loans, you must file another FAFSA, this time the FAFSA. Complete the second FAFSA by July 1, for the time period of fall through August. Your second year of funds will also be disbursed in 2 equal installments, in August and January. Again, don't forget to ACCEPT the second FAFSA award!
For the final semester, some students may need to borrow, but you have now exhausted your Stafford loan eligibility for the time period of the Executive MBA Program. You can still borrow via a GradPLUS loan or a private loan.
For further information, contact [[email@example.com, Jennifer Meier]] in the Financial Aid Office at 757.221.2426.