Understanding scholarships and financial aid on your tuition statement
If you have already received financial aid to assist with the cost of attending Calvin, please review the following information in conjunction with your Tuition, Room, and Board Statement. If you have questions about your financial aid after reviewing this information, feel free to contact the Financial Aid Office.
- Your financial aid is based on your enrollment status as of July 30, 2014, if you were registered at that time. If you were not registered by that date, your financial aid is based on full-time attendance unless otherwise indicated on your Financial Aid Award Notice. Your enrollment status will be confirmed at the end of the fall add/drop period. If your enrollment status changes, your aid may be adjusted.
- Your Tuition, Room, and Board Statement reflects financial aid activity on your account through August 7, 2014. Any financial aid applied to your account after this will be reflected on the next billing statement.
- If your FAFSA data was selected for Verification and that process is not yet complete all need-based aid has been temporarily removed from your account.
- If you submitted an Accept Awards Form accepting your Federal Direct Loan(s) by August 1, 2014, your tuition statement will show a pending loan amount. Because of a loan fee charged by the U.S. Department of Education, the actual loan amount that will credit to your account is 1.072% less than the amount on your statement. Accepted loans will credit to your account after the fall add/drop period. If you have not previously borrowed through the Federal Direct Loan Program, you are required to complete Entrance Loan Counseling and sign a Master Promissory Note. To see if you need to complete these requirements, select “Check for missing items” under the Award Actions heading at www.calvin.edu/finaid/current.
- If you have received a Financial Aid Package showing Federal Direct Loan eligibility, but a pending loan amount is not shown on your tuition statement, your loan was not processed at the time the statement was produced. If you wish to accept your loan but have not completed the Accept Awards Form, please do so at www.calvin.edu/finaid/current. You will then receive information indicating what you need to do to complete the loan process.
- If your tuition statement shows a pending Federal Perkins Loan, it is because a Perkins Loan Promissory Note has not been signed. The promissory note can be completed and signed online. Select “Check for missing items” under the Award Actions heading at www.calvin.edu/finaid/current to see if you need to complete this requirement.
- Important Loan Note: Your statement may show an amount credited for the Federal Perkins Loans, the Federal Subsidized/Unsubsidized Loan, and/or the Federal PLUS Loan. You have the right to cancel all or part of any of these loans. If you elect to cancel your loan(s) the borrower must notify the Financial Aid Office, in writing, within 14 days of receipt of this statement. If you do cancel your loan, you will need to immediately make the appropriate payment on your account.
- If the tuition statement shows an Expected Michigan Scholarship/Grant the State of Michigan has not confirmed the award with Calvin. As the State provides additional information, awards are confirmed and credited to accounts.
- Federal Pell Grants are shown as pending and will credit to your account after the fall add/drop period. No action on your part is required.
- Alternative Loans are not shown on this statement. Approved Alternative Loans will disburse after the beginning of the fall semester.
- If you have received a private outside scholarship from a source other than Calvin, but it does not appear on your tuition statement, please contact the organization/agency awarding the scholarship to confirm a check has been sent to the Calvin College Financial Aid Office on your behalf. These scholarships will not appear on your statement or credit to your account until the funds are received and processed.