Understanding University Charges & Payments Financial Aid < - - PDF document

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Understanding

Financial Aid

Minnesota State University, Mankato Student Financial Services

Student Financial Services

 Student Financial Aid

< Application Assistance & Advising Services < Application Processing < Awarding Grants, Scholarships, Work-Study and Loans < Disburse awarded funds to cover charges, other living expenses

 University Charges & Payments

< Tuition & Fees < Residence Hall Room, Board, Flex Dollars < Other: Health Services, Library, Parking, etc. < Cashier Services/Bill Payment/Payment Plans

 MavCard Student ID Card – Financial Features

Campus Hub

The Campus Hub assists students with billing and financial aid questions, direct deposit, & dozens of other services!  Visit in person – main level of Centennial Student Union  Email – campushub@mnsu.edu  Call – 507.389.1866 or toll-free 800.722.0544

Funding Your Investment

 Student Resources < Personal savings < Employment earnings  Family Resources < Savings & investments < Household income/budget  Student Financial Aid < Grants, scholarships, work-study employment, loans

The Financial Aid “Process”

 Interactive: two-way communication is key

 Starts with Free Application for Federal Student Aid (FAFSA)  School confirms application data sent from FAFSA < E-tracking status < Documentation from student  Award package - Notice of Eligibility  Student Response / Online acceptance processes  Financial aid funds disbursed after enrollment period each semester

Free Application for Federal Student Aid (FAFSA)

 Available beginning January 1st  Pre-application worksheet  Student PIN – Parent PIN  School code 002360 for Minnesota State

Mankato

 Apply by March 15th to receive priority consideration  Annual process – Renewal FAFSA

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Definition of Financial Need

University’s Annual Cost of Attendance (COA) Minus Student’s Expected Family Contribution (EFC) _________________________ Equals Financial Need

Cost of Attendance

2010-2011 Cost of Attendance (COA) for MN Resident Undergraduate Students = $16,314 COA includes:  Tuition and fees  Room and board  Books and supplies,  Miscellaneous personal expenses such as transportation, laundry, clothing, medical

Expected Family Contribution

 For dependent students, the EFC is calculated based on a formula that considers: < Parent Income < Student Income < Untaxed Income < Assets < Family Size < Number Attending College

Need-Based Aid

 Federal Pell Grant  Federal SEOG  Minnesota State Grant  Minnesota Child Care Grant  Minnesota Achieve Scholarship  Federal and State Work-Study  Federal Subsidized Loan  Federal Perkins Loan  Scholarships

Non Need-Based Aid

 Scholarships  Talent Grants  Federal Unsubsidized Loan  Federal PLUS Loan  Alternative Loans (Other Loan Options)

Scholarships

Factored in to overall financial aid eligibility Be sure to notify us of any private scholarships

 MSU Presidential Scholarship  Maverick Scholarships  Other scholarships offered through Minnesota State University, Mankato departments – online search tool  Additional scholarship opportunities < Online search engines - fastweb.com and finaid.org < High School < Community, Civic Organizations < Parent’s employment

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Student Loan Programs

 Federal Subsidized Loan  Federal Unsubsidized Loan  Federal Perkins Loan  Federal PLUS Loan  Alternative Loans (Other Loan Options)

Example: Zack filed the FAFSA on February 10th. His EFC is $2,000.

 COA: 16,314 (MN, Undergrad)  EFC: 2,000  Award Package: Pell Grant 3,400 State Grant 1,608 SEOG 800 Work Study 3,328 Federal Subsidized Loan 3,500 Perkins Loan 1,678 Federal Unsubsidized Loan 2,000

• Total Award =

16,314  COA: 16,314 (MN, Undergrad)  EFC: 18,000  Award Package: Federal Unsubsidized Loan 5,500 Other Loan Options 10,814

• Total Award =

16,314

Example: Amanda filed the FAFSA on February 10th. Her EFC is $18,000.

What Makes This Work?

 Information: Adequate & Accurate  Availability for Assistance & Advising  Timely Communications  Personal Responsibility  Confidentiality Keep in mind: The University’s primary relationship is with the student.

We’re Here to Help!

Campus Hub

• Visit in person
• E-mail
• Telephone
• Web page: www.mnsu.edu/campushub

Financial Aid TV Student Guide to Policies and Information

• “Ask A Question” – Maverick OneStop
• Facebook posts:

www.facebook.com/campushub.mnsu

We’re Here to Help!

Campus Hub service hours

• Fall & Spring Semester

Monday-Thursday 8:00 am–5:00 pm Friday 9:30 am–5:00 pm

• Summer

Monday-Friday 8:00 am–4:00 pm