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Financial Aid FAQ's

Select an item below for more information.

How do I apply for Financial Aid?

Answer:   Complete the Free Application for Federal Student Aid (FAFSA) using 004673, Baker College's school code.  Remember that you must apply for financial aid every year (new applications are available after October 1st each year).  Always complete your FAFSA as early as possible.  The FAFSA website allows you and/or your parent or guardian to link to the IRS website in order to retrieve tax information.

Note: Students and parents of dependent students are required to obtain an FSA ID in order to sign the FAFSA application electronically. Please visit fsaid.ed.gov for more information.

How do I check the status of my Financial Aid?

Answer:  

To view the status of your Financial Aid:

  • Go to MyBaker https://my.baker.edu
  • Select 'OneStop'
  • Select 'View My Financial Aid'
  • Log in to the Student Financial Aid Portal using your Baker College credentials.

 

How do I submit requested documents to Financial Aid?

Answer:   Return all of the requested information by utilizing one of the following options:

  • Upload: via the Student Financial Aid Portal - *Preferred Option*
  • Fax: 989-729-3901
  • Mail: Baker College Financial Aid Processing Center, P.O. Box 77000, Owosso, MI 48867-7700

Financial aid documents will be accepted via email, however, it is the responsibility of the sender to secure any personally identifiable information when using this method. Any message and attachments must be less than 10 MB to be accepted by Baker email servers.

How do I know when my financial aid eligibility has been determined?

Answer:  Once your eligibility for financial aid has been determined, you will receive an award offer notification by email.  Log into your Student Financial Aid Portal and select the appropriate year to view your award offer.

What are the minimum requirements to maintain Financial Aid eligibility?

Answer:   Every award has unique requirements that must be maintained. In order to remain eligible for most types of Financial Aid, you must maintain an enrollment status of half-time or greater for each term. You must also continue to meet Satisfactory Academic Progress (SAP) requirements.

What is the IRS Data Retrieval Tool and how do I use it?

Answer:   The IRS Data Retrieval Tool allows you to link your Federal Income Tax information to your FAFSA. For more information on this process review the IRS Data Retrieval document.

How is my eligibility for Financial Aid determined?

Answer:  Eligibility is determined based on data provided to Baker College as a result of completing the FAFSA. There are two types of financial aid: need-based and non-need based. The amount of need-based aid (grants, subsidized loans) you are eligible to receive is based upon your Expected Family Contribution (EFC) and your cost of attendance. Non-need based aid (unsubsidized loans) is available to all students who are otherwise eligible to receive financial aid funding.

How do I apply for a Pell Grant?

Answer:   Completion of your FAFSA serves as an application for the Federal Pell grant. If it is determined that you are eligible to receive a Pell grant, the award will be listed on your student financial aid portal.

How do I accept my Student Loans? 

Answer:  (Please scroll down.)

 

  1. Awards in yellow mean action is required. You only need to Accept, Decline or Request a Reduction on Federal Stafford loans.  Click on the line to expand the details for the award and to take action.

  2. Click on the words ‘Accept, Decline or Reduce total award’ to begin the process of finalizing your awards.  Note: After making your selection, click the purple box with a check mark to confirm your choice.

    1. Select ‘Accepted’ to accept the total amount of the Stafford Loan that is being offered to you.
    2. Select ‘Declined’ to decline the total amount of the Stafford Loan that is being offered to you.
    3. Select ‘Reduction Requested’ to request a reduction on the Stafford Loan that is being offered to you.  If this option is selected you will be prompted to key in the amount that you would like to request.  The amount you select will be divided by the semesters included in the loan.  The request is submitted to the Financial Aid Office for review.
  3. Awards in green mean no action is required.

Borrowing conservatively will reduce the amount you must repay, and will help ensure you have loan funds available in future terms and academic years.  Student loans that are received during fall and/or spring terms may affect your eligibility to receive loan funds for summer.  If you are planning to attend summer term, and want to ensure you will have remaining loan funds available, you should borrow conservatively.  Contact the OneStop Office for further details.

When do I receive my loan refund and where do I view my refund information?

Answer:   Before funds can be applied to your account, you must meet the federal requirements:

  • Complete a Master Promissory Note (if not previously completed)
  • Complete Entrance Loan Counseling (if not previously completed)
  • Enroll at least half-time (6 credits for undergraduate and 5 credits for graduate students)
  • Demonstrate academic activity
  • Meet the required delay for first-time loan borrowers

Refund dates vary.  Please review our Important Dates and Information page for current term information.  You can view your course and fee statement by logging in to the Student Finance Center.

Note:  Students, who receive financial aid or loans in excess of their charges, will be issued a refund through BankMobile.  In order to receive your excess aid refund timely, be sure to activate your refund preference (you can select to have your refund applied to a BankMobile Vibe debit card account, or have the funds sent directly to your bank account).  Additional information about the BankMobile process is available on the OneStop Portal by selecting BankMobile.

My application was selected for verification. What does this mean?

Answer:  Financial aid will review your FAFSA application to ensure the accuracy of information reported and make corrections, if needed. During the process, you and your parent (if applicable) will be required to submit specific documentation. You will receive notification of the additional information that needs to be submitted via your Baker College email.

How do I complete my Federal Direct Loan Master Promissory Note (MPN), Entrance Loan Counseling or Exit Counseling?

Answer:   You can complete your Direct Loan Master Promissory Note (MPN), Entrance Loan Counseling or Exit Loan Counseling, by visiting https://studentloans.gov.  

When do I have to start repaying my student loans?

Answer:   You are responsible for repaying the principal balance of your student loans after you have completed your degree or cease to be enrolled on at least a half-time basis (half-time enrollment for most undergraduates is defined as 6 credit hours per semester). Federal loans allow you a six-month grace period after you cease enrollment on at least a half-time basis before you have to begin repayment. Your lender will notify you when repayment is scheduled to begin. Be sure you keep your lender informed of any change in your permanent address so you will not miss this important communication.

I completed my FAFSA what happens next?

Answer:  Once your FAFSA has been processed, you will receive an email notification from the U. S. Department of Education.  The information will also be sent to Baker College if you listed our school code when completing the FAFSA.  Once we receive your FAFSA information, we will review your application and determine your award eligibility or we will request additional documentation if you are selected for verification.  You must be enrolled in the college and meet all other eligibility requirements to receive a financial aid offer.

Can I get financial aid during the summer?

Answer:   It depends on what aid you already received during the academic year either at Baker College or another institution. Student loans that are received during fall and spring terms may affect your eligibility to receive loan funds for summer.  If you are planning to attend summer term, and want to ensure you will have remaining loan funds available, you should borrow conservatively.

I am considering withdrawing from a class. What must I do and how does it affect my financial aid?

Answer:   Withdrawing from a class could result in a loss of financial aid. You should contact the OneStop Office to determine how this may affect you.

A student may withdraw from a course up to the end of the week that precedes the final week of the course. The student is required to submit a notice of withdrawal by using the Withdrawal Request option located on my.baker.edu. Tuition refunds are based on the official withdrawal date, which is the date the student submits his/her withdrawal request via this option.

Exit Loan counseling is required if you have student loans and your enrollment status drops below half-time. Per federal regulations, Baker College must notify your loan servicer regarding changes to your enrollment status, which may cause your six month grace period to be activated.

How do I use my financial aid to pay for books?

Answer:   Financial aid funds are automatically available in the bookstore as long as you have excess funding available.

 

 

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