Financial Aid Process
Step 1: Applying for financial aid
You need to complete the 2007-2008 Free Application for Federal Student Aid (FAFSA). There are several ways to file a FAFSA, but the most efficient is online at www.fafsa.ed.gov. Be sure to include the Mayo Clinic Title IV School Code (017114) in Step 5 of the application.
Mayo Financial Aid Application
You will also need to complete the Mayo Financial Aid Application, which is included in your financial aid packet. This form requests basic demographic information about you. In addition, it is used to identify your student loan preference. Please return this form to the Mayo Financial Aid Office.
Step 2: Review your processed application (SAR)
Two to four weeks after you file your FAFSA, you will receive a Student Aid Report (SAR) from the Department of Education central processor. At approximately the same time, the Mayo Financial Aid Office will receive this information electronically. The Financial Aid Office uses this information to determine your eligibility for financial aid. Review your SAR for accuracy. If changes are necessary, please log on to www.fafsa.ed.gov and submit the corrections.
The Federal Department of Education mandates that certain applications be checked for accuracy. This process is called verification. If your application is selected for verification, the Mayo Financial Aid Office will send you a tracking letter requesting the necessary information. Additional information may include copies of 2002 federal tax returns, W-2 forms and/or institutional verification forms.
Step 3: Accept your Financial Aid Award
After your financial aid file is complete, the Student Financial Aid office will send you an Award Notification letter. This letter will list the types and amounts of aid for which you qualify. This award letter allows you to reject any of the aid you have been awarded.
You must sign and return a copy of the Award Notification letter. Subsequent revised award notification letters will be sent if your financial aid is updated.
The Award Notification will also contain information on the required steps necessary to initiate the student loan process.
Step 4: Disbursement of Financial Aid
Student financial aid disbursements coincide with the tuition billing cycle. It is important to update your mailing address and bank deposit information to ensure that the disbursement process goes smoothly. Failure to do so could result in a delay in receiving your financial aid disbursement.