JYM recognizes that each school has its own policy regarding financial aid, and we can work with each individual's circumstances.
Almost all home schools will now process your Federal Financial Aid for you as a participant in the JYM Program. Contact your Study Abroad or Financial Aid Office regarding your school's policy.
Most schools will issue a Consortium Agreement to Wayne State University by which they agree to process your aid and Wayne State agrees not to. All Consortium Agreements should be sent to Louise Speed in the JYM Detroit Office for completion. Please note that you can still apply for JYM private scholarships even if your Federal Financial Aid is processed through your home school.
If you have never applied for student loans or other financial aid before, you should know that the first thing to do is to fill out the Free Application for Federal Student Aid (FAFSA). You should do this as early as possible at http://www.fafsa.ed.gov There is a lot of other information on this site, too.
The FAFSA is the loan request form for Subsidized Federal Direct Loans. Subsidized Federal Direct Loans are need-based, but Unsubsidized Loans are not. Most Juniors are eligible for $5,500 through a combination of both loan types, although amounts will depend on individual circumstances and other financial aid awards.
Student Aid Report (SAR)
You will receive your SAR about 2 weeks after submitting the FAFSA, and the results will be transmitted to your college. Check your Report carefully: if there are any errors or omissions, your aid will be delayed until they are corrected.
Postponement of Payment to JYM
Students expecting scholarship or loan awards from their home schools which they wish to transfer to the Program may request postponement of payment for a portion of the fees until those funds are received.
If scholarships and loans are transferable, students should ask their Financial Aid Officer to notify JYM when payment will be made.
Please feel free to contact Louise Speed in Detroit to discuss any questions you may have about payment-related issues. You can contact Louise at the JYM Office in Detroit at (313) 577-4605.