Financial Aid Resource Guide
COVERING YOUR REMAINING BALANCE
Now that you have received and reviewed your financial aid offer, it is time to start planning on how to cover any remaining balance you may have. Following are some self-help aid options that you and your family can consider if your financial aid offer does not cover your balance due.
FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOANS
Subsidized Loan: This is a need-based loan that does not accumulate interest while you are enrolled at least half-time.
Unsubsidized Loan: This is a loan that is not based on need and it does accumulate interest while you are in school.
Included in your aid offer is an estimate of the amount you are eligible to borrow through the Federal Direct Loan program. The amount you can borrow is determined by your grade level; as your grade level increases, your loan amount will increase. These loans have a fixed interest rate and can be deferred while you’re enrolled at least half-time. There is an origination fee of approximately 1%, which is deducted before the loan is disbursed. Repayment on these loans begins 6 months after graduation or if you cease to be enrolled at least half-time. These loans have a 10-year repayment plan.
Once you have made your enrollment deposit, if you wish to accept the Federal Direct Loan(s), you can do so online through Student Banner Self Service:
+ Log into my.kettering.edu
+ Under Tools and Applications, select Student Banner Self Service
+ On the left side menu, select Financial Aid
+ Verify you are in the correct aid year on the upper right of the screen (July 2025-June 2026)
+ Accept your Terms & Conditions
+ Click Award Offer
+ Next to your loan offer(s), there is a Take Action drop down menu, select Accept
+ Click Submit
FIRST TIME BORROWERS MUST ALSO COMPLETE A MASTER PROMISSORY NOTE (MPN) AND ENTRANCE COUNSELING:
+ Log into studentaid.gov
+ Under the Loans and Grants menu, select Master Promissory Note (MPN)
o Then select I'm an Undergraduate Student
+ Under the Loans and Grants menu, select Loan Entrance Counseling
o Then select I am an Undergraduate Student
FEDERAL DIRECT PARENT PLUS LOAN
This is a credit-based loan available to the parents of dependent students who have completed the FAFSA. Parents may borrow up to the difference between the student’s cost of attendance and all financial aid received. Interest on the PLUS loan begins accruing once the loan disburses. There is an origination fee of approximately 4%, which is deducted before the loan is disbursed. A payment deferment option is available if it is requested by the parent. Otherwise, payments will begin 60 days after the final disbursement of the academic year.
APPLYING FOR A FEDERAL DIRECT PARENT PLUS LOAN
Only one parent can complete the parent PLUS Loan application process.
+ Go to studentaid.gov
+ Under the Loans and Grants menu, select PLUS Loans: Grad PLUS and Parent PLUS
+ Under I am a Parent of a Student select Learn More
o Be sure the parent logs in using their FSA ID and password.
This parent will also need to complete the MPN for parents located on this same site.
+ Under the Loans and Grants menu, select Master Promissory Note (MPN)
o Then select I'm a Parent of an Undergraduate Student
NON-FEDERAL PRIVATE LOAN
A credit-based loan offered to students by a third-party lender. Interest on a private loan begins accruing once the loan disburses. Repayment on most loans begin 6 months after graduation or when you cease to be enrolled at least half-time, but can vary depending on the lender. It is your
responsibility to know your lender’s repayment terms and policies. These loans can have variable or fixed interest rates depending on the lender. For more information, or to apply, please follow the steps below.
+ Go to kettering.edu/finaid-private-loans
+ Select Financial Aid 101 (left hand side)
+ Select Private Loans
+ Under Private Loan Notice, select the private loan information link
Frequently Asked Questions
A wide range of individuals can be a cosigner as long as they are creditworthy, understand and accept the responsibilities of being a cosigner, and meet any specific cosigner requirements of the lender. A creditworthy cosigner is an individual with good or extremely good credit and the ability to repay the loan. Individuals you may want to consider asking to be a cosigner include:
+ A parent or guardian;
+ A relative such as a grandparent, aunt, uncle or cousin;
+ Another individual who is supportive of your higher education goals
Your options include:
+ Research private scholarship opportunities on Scholarship Universe (kettering.scholarshipuniverse.com)
+ Use Co-op earnings and savings to help pay your balance
+ Obtain financial support from other family members
+ Continue trying to find a cosigner
+ The Financial Aid Office uses the FAFSA to determine your eligibility for federal, state, and institutional need-based aid. If you don’t file your FAFSA, you may miss out on aid opportunities. We recommend that you file a FAFSA each year, but it is not required if you choose not to do so.
+ The FAFSA for the next academic year opens on October 1. We recommend that you apply as early as possible to maximize your eligibility for aid.
+ If you are a Michigan resident, be sure to complete your FAFSA by May 1 to be considered for the Michigan Achievement Scholarship.
Payment for the term is due the first week of the academic term. You will be emailed a weekly billing statement from Student Accounts. It is important you view each billing statement that you receive. Unpaid balances may result in a late payment charge and a registration hold for future terms.
OTHER IMPORTANT INFORMATION TO KNOW
+ The academic year begins July 1 and ends June 30 regardless of your section. However, your academic term start date is based on your section assignment (July for A Section and October for B Section).
+ If you have questions related to your financial aid, please have your student ID number ready when you contact our office.
+ Your file may be selected by the U.S. Department of Education for a process called verification. If you’re selected for verification you will be asked to provide additional documents to the Financial Aid Office. These documents will be used to either confirm or correct information submitted on the FAFSA. Since your financial aid eligibility is based on information provided on the FAFSA, changes in the data may affect your financial aid eligibility. For this reason, aid will not be finalized until verification has been completed.
+ Requested verification documentation can be submitted directly to the Financial Aid office or faxed to 810.762.9807.
+ To receive financial aid, you must maintain Satisfactory Academic Progress (SAP) per financial aid guidelines:
o Cumulative GPA of 2.0
o Pace of Progression of 67%
(www.kettering.edu/satisfactoryacademicprogress)
+ Your aid offer is based on the assumption that you will be enrolled full-time each term. This requires at least 15 credits per academic term. If you enroll less than full-time, your aid will be prorated as follows:
| Number of Credit Hours | Amount of Disbursement |
| 15+ | 100% |
| 9-14 | 75% |
| 6-8 | 50% |
| <6 | Not eligible |
| A-Section | June-September A-Section Payment Plan Sign-up | June A-Section Bills Posted | July A-Section Payment Summer Tutition Due |
| B-Section | September-December A-Section Payment Plan Sign-up | June B-Section Bills Posted | July B-Section Payment Summer Tutition Due |