Financial Aid Award Notice (eFAAN)
What is an eFAAN?
The eFAAN is your formal offer of financial support from the University of Minnesota. It lists the financial aid you may be eligible to receive to attend full time for one academic year (fall and spring semesters). The total aid is divided equally between semesters, one-half for fall expenses and one-half for spring expenses.
How do you get an eFAAN
As soon as your financial aid awards are determined, you will receive an email directing you to Financial Aid Status, a secured website where you view your Financial Aid Award Notice (eFAAN) and respond to your award offers electronically.
Respond to your Financial Aid Award Notice
When your electronic Financial Aid Award Notice (eFAAN) is ready, you will receive an email directing you to Financial Aid Status, where you view your eFAAN. There you can respond to your award offers electronically.
For each award offer listed on the eFAAN, you must indicate one of three responses: accept, decline, or reduce. You may accept aid from one source and not another. You must also authorize the use of your Financial Aid to pay any charges other than tuition, fees, and on-campus room and board charges.
Automatically accepted aid
Some gift aid awards (money you do not have to repay, such as grants and scholarships) are already accepted for you. Other gift aid, such as fellowships or waivers, may be accepted or declined.
Work-study income offers an additional benefit, unlike regular student employment. Work-study earnings are considered financial aid and are not included as income when your financial need is determined for the coming year, improving your eligibility for financial aid.
The loan amount(s) offered on your eFAAN is your maximum annual loan eligibility. Consider your needs carefully before deciding whether to accept the full amount, a reduced amount, or decline the offer completely. For instance, if you borrow the maximum Direct Loan amount during fall and spring semesters, you will not be eligible for a summer loan from that program. Keep in mind that you must accept any subsidized loan in full before you may accept an unsubsidized amount. If you accept a reduced loan amount and later realize you need to borrow more, you can usually request an additional loan in writing later in the school year, if you have remaining eligibility. Check out the loan comparison chart to better understand the different loan programs.
You will report the terms you plan to attend during the academic year. Your financial aid awards are calculated on the assumption that you will attend full time both fall and spring semesters. If you will not attend fall and/or spring semesters, please let us know so that your aid can be revised accordingly. You do not need to inform us now if you plan to enroll for less than a full-time credit load. We will read your enrollment automatically at the beginning of the semester and revise your aid at the end of the cancel/add period. Understand the consequences of your planned enrollment:
If you want financial aid to pay any and all charges that exist in your student account at the time of financial aid disbursement, check 'yes.' If you prefer that financial aid payments be restricted to pay only tuition, required fees, and on-campus room and board charges (if any exist), check 'no.'
Warning: If you check 'no,' you may receive a financial aid credit balance refund check (or direct deposit to your bank checking or savings account) for the balance remaining in your account and still have a balance due to the University.
The legal disclaimer that details your responsibilities as an undergraduate student receiving financial aid
The legal disclaimer that details your responsibilities as a graduate/professional student receiving financial aid
Details what to expect upon submitting your eFAAN
What can cause your awards to change? What should you do, if your awards change?