Campus Computing News

A new self-service Web application for financial aid applicants

By Ed Turney, Administrator for Computing Student Financial Aid and Scholarships

The Student Financial Aid and Scholarships office (SFAS) has made some outstanding technological achievements in the last several months. My Financial Aid (MFA) moved into production around the first of the year. MFA (https://www.admin2.unt.edu/Webapps/myfinaid) is the Student Financial Aid and Scholarships’ new self-service Web application that allows students interactive access to their financial aid information. Most of the financial process can now be completed online which increases efficiency, understanding, and student control. MFA began as Financial Aid Voice Response System (FAVORS) programming with a Web interface. However, the flexibility of the Web interface will afford many enhancements not possible with voice response.

MFA allows aid recipients to complete their requirements online. They can use MFA to update their mainframe data in real time and complete their aid package. The following options include:

• Check Document Status - This option allows students to see what documents have been requested and whether or not they are complete. If requirements can be completed online, a link is provided for them. If they do so, the requirement will be moved from Incomplete to Complete (with all the necessary mainframe updates) instantly.

• Check the Next Step in Processing - Much like a check-off list, this page will indicate where the student is in the process of applying for aid and what to expect next.

• Complete Loan Management Counseling - By law every borrower is required to complete Loan Management Counseling before borrowing their first Federal Stafford Loan. My Financial Aid offers an interactive, easy to understand entrance counseling session.

• List Awards — Students can list their award and view the status of each award. Award statuses are:
  • Offered — Students would either need to Accept or Reject the award.
  • Accepted — The student had Accepted this award.
  • Disbursed — This award has been posted to the student’s account.
  • Rejected — The student had Rejected this award.

• Accept Terms & Conditions - Before money can be disbursed to student accounts, they must accept the terms and conditions of the award(s). Accepting the terms and conditions of the award will provides them with important information about their rights and responsibilities.

• Read Important Payment Information — General payment information based upon student status.

• Choose a Lender — Students accepting Stafford loans can choose a lender or view their previously selected lender.

• Submit a Summer Application - Previously, the Summer Aid Application was required to be submitted in the SFAS student lab. Now students are allowed to submit the Summer Application from any PC with Internet access.

• Change Award Period - This option allows students to view financial aid information for prior terms.

MFA places UNT way out in front of its national competitors. Very few other institutions can offer a totally interactive process for their aid applicants. UNT should be proud of MFA and the convenience it offers our students.

My Financial Aid represents many hours of hard work and tedious attention to detail. SFAS would like to thank Mahshid Grooms, Jenny Brooks, Jana Crews, and Allen Akers for their efforts to bring My Financial Aid to life.

In the month of May 2000, over 200,000 individual transactions were processed on My Financial Aid. June's total was 342,349.We expect that number to increase greatly as our students begin to understand the power and convenience of My Financial Aid.

Note: My Financial Aid is currently available Monday-Friday, 7:00 a.m. to 7:00 p.m. and most Saturdays 8:00 a.m. to 2:00 p.m.