To supplement the funds provided by the federal and state governments, Ferris State University (FSU) has a number of institutional sources of aid available to its students. FSU provides all types of aid - scholarships or grants, loans, and employment. The funds for institutional aid come from the University's General Fund or from private donors, given as either gifts or bequests. While most institutional aid is need-based, a few programs are merit-based. Many institutional scholarships and loans are related to specific academic programs. Some have a specific application, (which are available from the Academic Department or the Office of Scholarships & Financial Aid), but most are applied for simply by filing the Free Application for Federal Student Aid (FAFSA). Individual academic areas also give a form of aid called Special Ability Scholarships.
After the Financial Aid office starts the awarding process for a new award period (Summer or Fall/Winter academic year), the Loan Disbursement office will send to the Institutional Loan recipients a return envelope and the following documents:
Promissory note,
Disclosure statement,
Rights and Responsibilities Questionnaire.
Before the loan can be applied to the student's account, the above listed documents must be signed and the questionnaire must be completed IN FULL. Once Institutional Loan paperwork is received and verified as complete, the Institutional Loan process will be completed. The Institutional Loan will be disbursed and placed on the student's account with the next application of Financial Aid.
If the Institutional Loan paperwork is not complete or there is missing forms, the Loan Disbursement office updates the students account to indicate missing information. The Financial Aid office will send out a Missing Information Letter (MIL) for the academic year (Fall/Winter) semester only. For the Summer semester, the Loan Disbursement will notify the student of the missing information.
The student's permanent address will be used for
mailing purposes unless other arrangements have been made by the student with
the Business Office.
Your PROMISSORY NOTE is evidence that you received a loan. The note specifies your rights and responsibilities in detail and may include optional features such as a minimum repayment amount, late charges and collection charges. A copy of your promissory note will be provided by the lending institution (e.g., Ferris State University).
