TABLE OF CONTENTS

• General Questions
• Documentation Questions
• Loan Program Questions
• Student Employment Questions

GENERAL QUESTIONS

Q. Who do I need to contact to get information concerning financial assistance for International Students?
A. International Students who are interested in obtaining information pertaining to scholarships should contact Ray Tatum.

Q. Do I have to file for need-based aid every year? When are the deadlines?
A. Yes! Mercer's priority deadline is April 1 for the following academic year. That means we must receive all of your information for the following academic year in the Office of Student Financial Planning by April 1 each year.

Q. What determines whether or not I will receive financial aid?
A. The primary factor for receiving funds other than merit and athletic aid is financial need. Financial need is computed by determining the educational costs (tuition and fees; plus estimates for room and board, books and supplies, and miscellaneous expenses) less family contribution (based on federal aid formula). The difference between these is the need for financial assistance.

Q. What are some of the mistakes people make regarding financial aid?
A. Four of the most common are:

• Not filing early enough
• Not reading the instructions
• Not fully completing the applications
• Not using correct Social Security Numbers

Q. Does a large family or a family with more than one student in college at the same time have increased eligibility?
A. When there is more than one child in college (undergraduate) at the same time, your family contribution is divided among the college students. So, if there were two children in college one year and only one the following year, 100 percent of the family contribution would be expected to be available for the remaining student. The Office of Student Financial Planning verifies attendance with each sibling's college.

Q. Will my award change each year?
A. At Mercer, eligibility for financial aid is based on Federal estimates of your family's ability to contribute to the cost of education. A typical financial aid package includes grant, loan and work. Also, consistent with federal guidelines, students are asked to assume a larger portion of their expenses as they move closer to graduation.

Keep in mind that your award is likely to change each year for one or more of the following reasons:

• The Cost of Education will increase.
• Your family's income may change.
• Your loan eligibility may increase as you continue through school.
• The number of children in college may change.
• You may forget to reapply for financial aid and miss the priority deadlines.

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DOCUMENTATION QUESTIONS

Q: How do I know my application was processed? How can I verify that Mercer will receive the results?
A: FAFSA: About four weeks after sending in the FAFSA, we should receive your 2008-2009 FAFSA if it has been processed. Check to make sure Mercer is one of the schools listed in Section H. Questions about FAFSA processing can be directed to the Federal Student Aid Information Center (1-800-433-3243).

Q: My SAR isn't accurate. Do I need to correct it?
A. Students who want corrections sent to any other schools (besides Mercer) which are listed on the SAR should process the corrections through the Central Processor. Students who are only concerned with Mercer receiving corrections can submit the corrected SAR directly to us.

Q: Mercer isn't listed on my SAR, but I called the processor and they said you could request my record if I gave you the PIN number?
A:  If Mercer was not listed, contact the Federal Student Aid Information Center (1-800-433-3243) or call Mercer's Office of Student Financial Planning at (800) 342-0841 (inside GA) or (800) 637-2378 (outside GA).

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LOAN PROGRAM QUESTIONS

Q. What is the William D. Ford Federal Direct Loan?
A. This is a Federal loan, backed by the federal government. Interest rates on this loan are variable but will not exceed 8.25 percent.

Q. What is the difference between the Subsidized and Unsubsidized Direct Loan?
A. With the Subsidized Direct Loan, the interest is paid by the government while you are in school. The interest on the Unsubsidized Direct Loan is not paid while you are in school. You have the option of paying the interest or deferring it until after you graduate at which time it will be added to the principle of the loan.

Q. It's likely I'll have to borrow every year to pay for my college expenses. How much should I borrow so that I know I can afford to pay it back?
A. Planning ahead is essential to managing debt. If you plan to borrow each year that you are in school, estimate the total amount you will borrow. Then use a sample loan repayment table to calculate how much you will have to pay each month. To decide how much to borrow, you can use the criteria lenders use when they consider an applicant's ability to repay: the total monthly payment for all debts should not exceed eight percent of your anticipated gross monthly salary.

Q. What if my educational or career plans change, or something happens after I'm out of school and working?
A. A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loan more difficult than you expected. In some cases, and at the lender's option, you may be permitted to temporarily stop making your payments, or you lender may accept smaller payment than scheduled. This is called a forbearance. In addition, for some loans, you may defer repayments temporarily which may help. The promissory note for each loan you borrow outlines the specific terms under which you may be granted a deferment.

Q. What happens if I don't pay back my loan?
A. Not paying back your student loan can have serious consequences. If you go into default your lender can require you to repay the entire amount immediately, including all interest plus collection and late payment charges. The lender can sue you and can ask the federal government for help in collecting from you. The Internal Revenue Service may withhold your income tax refund and apply it toward your loan. You cannot get any additional federal student aid until you make satisfactory arrangements to repay your loan. Also, the lender may notify credit bureaus of your default. This may affect your credit rating which will make it difficult to obtain credit cards and/or car loans.

Q. If I borrow from more than one loan program, I may have to pay several different lenders at the same time. May I consolidate my payments?
A. If you've borrowed from more than one type of loan program, you may be able to consolidate some of the loans and use one payment plan to repay the loans. In general, federal loans may be consolidated into one new loan at an interest rate of the weighted average of the original interest rates of the loans being consolidated. The length of the extension depends on the total amount of the loans consolidated. PLUS and Mercer University Loans are not eligible for consolidation.

Q. How can I find out about my credit history?
A. Since approval of some non-need-based student loans and most parent loans is based upon credit history, you may want to order a credit report if you will need these loans to finance part of your family share. Check the report closely for accuracy and resolve any erroneous information prior to applying for educational loans. The following agencies can provide you with a credit report: Equifax Credit Information Services, 1-800-685-1111; TRW Consumer Assistance, 1-800-682-7654; Trans Union Corporation, (601) 933-1200.

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STUDENT EMPLOYMENT QUESTIONS

Q. Who should I contact if I have additional questions regarding student employment?
A. If you have questions about the Student Employment Program at Mercer University, please contact the Office of Student Employment at (478) 301-5104 or email Brandi Davis.

Q. Can I have two Federal Work-Study jobs at the same time?
A. Typically, students at Mercer are assigned to one Federal Work-Study position.

Q. How many hours may I work per week?
A. Twenty (20) hours per week is the maximum recommended for academic reasons as well as tax reasons. If you work more than 20 hours per week (among all your campus jobs) FICA (Social Security) will be deducted from your wages.

Q. Can I change Federal Work-Study jobs?
A. Yes, at any point during the academic year, you may change federal work-study jobs. However, it is recommended that you give your employer at least two weeks notice to process all necessary paperwork. If you wish to change jobs, visit the Office of Student Employment's Success Track web site to determine if there are additional job openings.

Q. Isn't Federal Work-Study money nontaxable?
A. Work-study earnings are taxable income. If taxes were withheld from your paycheck you probably are eligible for a refund depending of course on your total annual earnings. It is in your best interest that you file a tax return with the Internal Revenue by April 15.

Q. Can my fall/spring Federal Work-Study award be used in the summer?
A. No, Federal Work-Study funds are typically not available in the summer. Students must apply separately for any summer funds.

Q. What happens when I reach my award maximum?
A. Your department should notify you when you reach your Federal Work-Study award maximum. The Office of Student Financial Planning also monitors your earnings. The department has the option of either continuing your assignment and paying you 100 percent from their departmental budget or ending your assignment altogether. 

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