LATEST INFORMATION ON STUDENT FINANCIAL AID
The Office of Student Financial Assistance is working expeditiously to process and disburse financial aid funds for the fall 2006 semester. In an effort to communicate with the University community on the current status
of disbursements, please read the answers below to these
Frequently Asked Questions (FAQs). We will keep you informed.
--Office of Student Financial Aid, Florida A&M University
11/14/06
What is the delay on the “Graduate PLUS” Loan for professional and graduate students at FAMU?
A new federal loan called the “Graduate PLUS” was instituted by the U.S. Department of Education for the 2006-2007 academic year. The final official regulations for this program were delivered to colleges and universities during July 2006. This program allows graduate and professional students to borrow additional funds for educational expenses.
As a result of student need, the University has had an overwhelming number of requests for this new loan program. Due to the large volume of requests, the processing time of these loans continue. Students should call the Financial Aid Office at (850) 599-3730 or toll-free at 1-866-238-2318 to check on the status of their loan requests and to ensure that all paperwork is in complete order.
What is the disbursement status on loans awarded through private or alternative lenders?
In an effort to improve student services, FAMU has transitioned from managing student loan programs with the Federal Direct Student Loan Program to
managing those with the Federal Family Education Loan Program (FFELP). The University selected EdAmerica and AmSouth/Sallie Mae as preferred lenders to provide student loans for the 2006-2007 academic year.
Using the approved lenders assists the Financial Aid Office with providing timely
disbursement of student loan proceeds. Students who elect to use lending
Student Financial Aid FAQs (continued)
institutions outside of the preferred lenders have generally experienced a longer processing time. For processing purposes, these lending institutions have to be added to the University’s student information system. Establishing these lenders into the student information system will generally result in a longer processing
time for student loans.
Please note that federal loan certification takes priority over private or alternative loan certification. Students are encouraged to start with the federal loan process prior to applying for a private or alternative loan.
What are other reasons for processing delays for student loans, both federal and private/alternative?
The Financial Aid Office is working expeditiously to process student loan disbursements. However, if a student has changed his or her enrollment status
by dropping or adding courses (dropping to less-than-half-time or moving from part-time to full-time status), there has been some delay in the calculation and
awarding of loan disbursements. The timing of departmental grants and student assistantships that are awarded to students in the middle of fall term are also delaying processing time for disbursements.
Students must be reminded that in all cases the Financial Aid Office must communicate any changes in enrollment status to lenders.
How much longer will it be before all student loan disbursements are made?
Approximately 90% of the student population at Florida A&M University receives financial assistance, primarily in the form of student loans. Our staff is working swiftly to process this high volume of requests. We encourage students to call or stop by the Financial Aid Office at any time to check on their individual status. Students can also get immediate account information by checking their account online through the “Our FAMU” portal at www.famu.edu.
If a student is informed that additional support documentation is needed, then he
or she should submit the information to the Financial Aid Office as soon as possible.
The processing of student financial aid is an ongoing activity throughout each academic term. We are working aggressively to process and disburse all funds, and we apologize for any inconvenience.
Thank you.
