Financial Aid For Degrees – Interest is calculated by the difference between your MSU budget and your EFC (Expected Family Contribution). The table below shows an example of this formula:
Your EFC (Expected Family Contribution) is a number that tells you how much you (and your parents if you’re a dependent student) must contribute towards your education costs. This number is calculated using a formula set by Congress that takes into account all the information you and your parents have submitted on the FAFSA (Free Application for Federal Student Aid).
Financial Aid For Degrees
If you suspect your EFC is incorrect, review the Student Aid Report (SAR) and correct the errors at studentaid.gov.
The Basics Of Financial Aid
Need-Based Aid The Financial Aid Office provides need-based grants (such as the Federal Pell Grant), loans, and tuition to eligible students through the FAFSA. Your MSU Award Notice will indicate your eligibility for these programs. Once a need-based award is made, the remaining budget can be met with a Direct Unsubsidized Loan or Parent Plus Loan. Graduate students may also qualify for Grade PLUS loans.
Generally, your financial aid amount cannot exceed your budget and your need-based aid amount cannot exceed your need.
Eligibility for any financial aid program depends on the degree received and the type of aid. Undergraduate students with a major thesis are eligible for all federal grant programs and MSU grant programs. Some types of aid are no longer available once you have completed the requirements for a bachelor’s degree or earned additional credentials. See this table to see the programs you are eligible for based on your degree category.
Once a student has completed all coursework required to graduate with a satisfactory GPA, they are not eligible for that degree aid. This applies regardless of whether the student applies for graduation. Financial aid does not pay for course work for a secondary, minor, or special education program in addition to the basic degree requirements.
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Students who have completed coursework for their first degree will be notified via their MSU email account that they are ineligible for financial aid once they have completed their degree requirements.
If the academic advisor determines that the student has not completed all requirements for the first degree, the academic advisor must request that the Financial Aid Office update this information by sending an email explaining the course(s) the student must complete. the requirements.
If a student is accepted into a master’s degree program, he or she is eligible for financial aid as an undergraduate student. See this chart for information on what aid is available based on your degree category.
Some programs at MSU allow students to complete graduate studies before earning a bachelor’s degree. A student can fall into one of three different categories, and a student’s financial aid eligibility is determined by the category they fall into.
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Compliance monitoring and adjustment. Students in programs 2 and 3 above are eligible for student aid until they have earned their 120th credit. (Most undergraduate programs require 120 credits for a degree. If you are pursuing a bachelor’s degree that requires additional credits, you should contact the Financial Aid Office for special consideration.)
The Financial Aid Office tracks aid during the “transition semester” (the semester in which the student earns 120 credits) and manually transfers financial aid using only those credits that bring the student up to 120 total credits. If the 120th credit is completed in a semester, the excess credits in the semester do not count toward financial aid and you may receive student aid to obtain the credits needed to reach 120.
You work less than half-time per semester when counting undergraduate credits and therefore may not be eligible for federal aid that semester. In addition, you may not receive student aid during the semester, even if you are ranked as a student, but your status did not change to graduate even if you earned 120 points in the previous semester.
You will be notified of support changes as soon as possible. You should be aware that your grade may change mid-semester. If an academic change goes back to the beginning of the semester, aid received earlier in the semester may trigger the bill.
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Courses that students must complete in a regular degree program are known as “preparatory coursework.” These courses do not count towards the requirements of this program, but may be covered by financial aid.
A student taking preparatory coursework must access Financial Aid services and work individually with a Financial Aid Officer unless the academic department has identified a group of students in this category. These students may be classified as Graduate Students (LG) or Graduate Students (GR).
Students who are not fully accepted into a graduate program may be admitted to the program on a provisional basis. Before a student’s degree program can be accepted, the department sets prerequisites that the student must meet.
Students enrolled in a degree program on a provisional basis are not eligible for federal, state or MSU financial aid, although they may be eligible for private student loans. This policy is based on federal regulations that require a student to be fully enrolled in a degree program as a condition for receiving financial aid.
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If you need to complete coursework before enrolling in a higher education program, you may qualify for a federal loan. To be considered for this exception, you must submit a FAFSA and provide documentation from your academic advisor to the Financial Aid Office. You must be at least half enrolled and your eligibility is limited to one consecutive 12 month period.
Federal laws limit the number of times a student can repeat a course and receive financial aid for that course.
By federal law, Michigan State University must monitor Satisfactory Academic Progress (SAP) for all federal financial aid recipients. Students may not be making satisfactory academic progress because they have a low GPA, are taking too long to earn a degree, or have not completed 67 percent of their courses.
Students who are recipients of federal financial aid are evaluated by SAP at the end of each semester of enrollment. To learn more about SAP requirements, visit the Satisfactory Learning Process main page.
Fafsa Tips & Important Dates For 2023 2024
Although the FAFSA (Free Application for Federal Student Aid) is designed to determine the amount of money a family can reasonably expect to pay for a student’s college expenses, there are occasional situations that make the FAFSA an inaccurate representation of family resources. Professional Judging (PJ) allows us to assess your current financial situation with an opportunity to increase your benefits.
Contact the Financial Aid Office to discuss your eligibility to complete the professional judgment form, which requires significant documentation on your part.
There is also a PJ request form on your student portal, but it is best to contact our office directly.
If you have unused financial aid from the current aid year (after aid is applied to the fall and spring semesters), it will apply to any summer semester fees and charges. For many students, all available aid is used up during the summer semester. If you need extra help for the summer, there are Federal Direct Parents PLUS or Grad PLUS summer loans. This PDF contains information on how to apply for PLUS Summer Loans.
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In addition to using your aid balance and PLUS loans, you can look to your department or other agencies for summer aid scholarships.
Financial aid has special rules and implications when applying for the summer session. Read all the information below and contact us if you have any questions.
Use this chart to find out what ‘offered’ award amount you can receive based on your summer enrollment level (assuming the award is part of a summer benefit package).
The Office of Financial Aid determines Pell Grant eligibility for the summer in accordance with federal regulations. Not all students may be eligible for summer scholarships, even if awarded in the previous fall and spring semesters.
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If a Summer Pell Grant is awarded, the actual cost is based on the total number of credits the student took during the summer semester and may differ from the dollar amount provided.
If you have any questions about Summer Pell Grant eligibility or the amount paid, please contact the Financial Aid Office.
Note. If you study abroad, most of your aid will be paid at the amount shown on your packet, but you must still enroll for at least half a day.
What happens to the summer aid if I quit? Students must complete their program by the first day of class. Withdrawal from courses after the course has begun may result in financial aid charges.
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