Issue link: http://denverseminary.uberflip.com/i/137527
Additional Steps Students who accept a student loan offer for the first time at Denver Seminary must also complete entrance counseling and a master promissory note (MPN) at www.studentloans.gov. Both documents are valid for up to ten years, and thus generally do not need to be completed again. These documents need to be completed no later than three weeks prior to the start of the semester if a loan is needed to cover tuition and fees, as the student needs to have the award letter signed by the financial clearance deadline (typically six business days before the start of the semester). Penalties and interest on the student account may be applied if applications are not completed before that deadline. Scholarship recipients must also submit a thank you letter and picture to the Financial Aid Office each academic year that a scholarship, grant and/or tuition discount is received. Content requirements and deadlines will be linked to the award letter. AWARDING AND DISBURSING AID Scholarship Committee Beginning in April for those beginning their program in the fall semester, and November for those beginning in the spring semester, the Scholarship Committee (made up of various departmental representatives, such as admissions, student life, and faculty) meets on a monthly basis leading up to the applicable semester to award grants and scholarships (tuition discounts are not competitive, and thus are awarded not by the committee but based solely on eligibility) to applicants who completed their application by the applicable deadline (see the application section for details on deadlines). All applicants are notified of results via email (award recipients via an electronic award letter) by the end of the applicable month (for example, if the completed application is submitted by the April 1st priority deadline, the notification of results will be emailed by the end of April). Award Letters Award recipients will be required to return a completed and signed award letter to the Financial Aid Office in order to become eligible for disbursements. Those accepting loans are required to accept the debt literacy statement, a customized summary of the student's aggregate student loan debt (taken from the National Student Loan Data System, or NSLDS, upon submission of the FAFSA), anticipated monthly payment, and annual salary required to reasonably manage that debt. Additional required application steps are also listed on the award letter (such as entrance counseling for first-time loan recipients, or the thank you letter for scholarship recipients; see the application section for additional details). Financial Clearance All students must be financially cleared by the financial clearance deadline (typically by 12:00 noon, ten calendar days (six business days) prior to the start of the semester, with the exception of the intersession and summer terms, when clearance is required the Friday before the first class starts). Clearance can be obtained by having 100 percent of the tuition/fees balance covered by a combination of direct payment, payment plan, and/or financial aid. Awards accepted through the award letter will appear on the student's course and fee statement on MyDenSem as pending aid within one week of submission of the award letter (but no earlier than June 15 for fall-starts or December 15 for spring-starts). Students are financially cleared for all pending aid. 39