Frequently Asked Questions
- How much money can I earn and still have eligibility for financial aid?
There is no set income level. Various factors are taken into consideration to determine financial aid eligibility, such as household size, number in college, income, assets, etc. A student who is not currently in default on prior loans may apply for a Federal Direct Unsubsidized Loan regardless of income.
- Why must I include my parents' income on the FAFSA?
The Department of Education has determined that students who do not meet the criteria stated in Step Three of the FAFSA application are considered dependent and must provide parent information.
- What is an "EFC"?
The Expected Family Contribution, or EFC, is the amount you and your family are expected to contribute toward your education. If your EFC is within a specific range, as determined by the Federal Government and you meet all other eligibility requirements, you will be eligible to receive a Federal Pell Grant. The FAFSA4caster will assist you in estimating your EFC.
- How do I transfer my financial aid if I choose to transfer schools?
While you cannot transfer your financial aid awards from one school to another, you can transfer the FAFSA information to your new school. If the school you are transferring to is not listed on your SAR, you can add the new Title IV School Code to your FAFSA online or contact the Pell Grant processors (1-800-433-3243) to add the new school code. You must have your DRN# (which is indicated on your SAR) to add the new Title IV School Code by telephone. Your new school will then download the results from your FAFSA and you will then work with your new school to finish processing your financial aid. Remember to notify your previous school of your plans to transfer so your awards can be cancelled and, thereby, not cause a delay in your financial aid process at your new school.
- What is the difference between subsidized and unsubsidized loans?
a. Federal Direct Subsidized Loan - The Federal Government pays the interest while the student is in school (deferment).
b. Federal Direct Unsubsidized Loan - the student is responsible for paying the interest on the loan. Interest on the loan begins accruing at the time the funds are disbursed to the student. Interest may be paid while the student is in school or maybe added to the principal (capitalized).
- Can I receive my student loan in one disbursement?
Federal regulations allow schools to disburse the loan(s) in two (2) or more disbursements. A disbursement may not exceed one-half of the loan amount. A Fall/Spring loan will have one disbursement at the beginning of each semester. However, for 'Fall Only' or 'Spring Only' or 'Summer 1 Only' or 'Summer 2 Only' loan(s), the entire amount will be disbursed at the beginning of each semester/term.
- My SAR indicates that I was selected for "verification". What does that mean?
If your FAFSA application is selected for verification, via random selection by the Federal Government or in accordance with MSU's policies, you will be required to submit all requested information (such as tax returns, verification worksheet, etc...) to the MSU-FAO. Our Counselors will then 'verify' the accuracy of the information you reported on your FAFSA. If any discrepancies or incorrect information is reported, the MSU-FAO will make electronic correction to the information, if needed.
- My parents are divorced. Who's tax information do I submit?
Provide the information for the parent you lived with more during the past 12 months, or the parent who provided more support. If this parent has remarried, you must provide your step-parent's income as well.
- Do I have to apply for financial aid every year?
Yes. You must complete a new FAFSA or Renewal FAFSA every year. We suggest the FAFSA application be completed by February of each calendar year.
- What is MSU's school code?
MSU's Title IV school code is 003592.
- I received a SAR, but your school wasn't listed to receive the application information. How can I add your school?
You can contact the Pell Grant processor at 1-800-433-3242 and request MSU's Title IV School Code (003592) to added to your SAR. You must provide your DRN# from your SAR to request this. Or, you can access your FAFSA on the web and make corrections to add the new school code.
- Will I have to pay back financial aid if I withdraw from MSU before the end of the semester?
If a student withdraws or stops attending classes before completing more than 60% of the enrollment period, a portion of the total Title IV funds awarded to the student must be returned. The calculation of the return of these funds may result in the student owing a balance to MSU and/or the Federal Government.