After completing your FAFSA, you will receive a copy of your Student Aid Report (SAR). Review it and make any necessary corrections. If no further action is needed, Molloy College will utilize the SAR report to award you financial aid based on your eligibility. Just complete the following steps to ensure the completion of your aid:
- Review your financial aid award letter representing your financial aid eligibility for the current academic year. These awards are based on the information provided by you on your Student Aid Report. An award letter will be generated by the Financial Aid Office for all matriculated students registered at least half-time (six credits for undergraduate or 4 credits for graduate) or full-time (12 credits or more). Upon receipt of the award letter, the student must sign and return the Terms and Conditions Acceptance form to the Financial Aid Office.
- Complete the verification process. The Financial Aid Office may request tax returns or other additional information before making a student's financial aid package final. Such requests are made in accordance with established federal rules for awarding financial aid. Failure to respond promptly may jeopardize a financial aid award. Please be sure all required documentation is submitted to the Financial Aid Office promptly.
- Complete the loan requirements upon receipt of the signed acceptance form. All loan recipients will be required to complete a Master Promissory Note (MPN). First time borrowers at Molloy College must complete an online entrance counseling session. (See the direct loan instruction sheet). All steps are required before the school can release any loan funds.
- Make sure your student account is paid. Financial aid awards, including loans, are disbursed to the student's account on a semester basis. All Stafford loans are disbursed by the lender in two disbursements, the second disbursement coming no earlier than the mid-point of the semester.
To continue to receive federal and state aid all students must reapply for financial aid every academic year. This is required of students applying for need-based and scholarship aid. To be considered for maximum funding, students must apply by the published priority-filing deadline of May first.
- FAFSA deadline: May first (5/1) of each academic year
- APTS deadline: September eighth (9/8) of each academic year
- MPN deadline: Upon receipt
- Scholarship deadline: Check with the Admissions Office
- Financial aid documents: Within 10 days of the date of your award letter. The verification process can take two weeks or more for completion.