Understanding University Charges & Payments Financial Aid < - PDF document

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 Understanding  University Charges & Payments Financial Aid < Tuition & Fees < Residence Hall Room, Board, Flex Dollars < Other: Health Services, Library, Parking, etc. < Cashier Services/Bill Payment/Payment Plans Minnesota State University,  MavCard Student ID Card – Financial Features Mankato Student Financial Services Funding Your Investment Campus Hub The Campus Hub assists students with billing and financial aid  Student Resources questions, direct deposit, & dozens of other services! < Personal savings < Employment earnings  Family Resources < Savings & investments < Household income/budget  Student Financial Aid < Grants, scholarships, work-study employment,  Visit in person – main level of Centennial Student Union loans  Email – campushub@mnsu.edu  Call – 507.389.1866 or toll-free 800.722.0544 Free Application The Financial Aid “Process” for Federal Student Aid (FAFSA)  Interactive: two-way communication is key  Available beginning January 1st  Pre-application worksheet  Starts with Free Application for Federal Student Aid (FAFSA)  Student PIN – Parent PIN  School confirms application data sent from FAFSA  School code 002360 for Minnesota State < E-tracking status Mankato < Documentation from student  Apply by March 15th to receive priority  Award package - Notice of Eligibility  Student Response / Online acceptance processes consideration  Financial aid funds disbursed after enrollment period  Annual process – Renewal FAFSA each semester 1

Definition of Financial Need Cost of Attendance 2010-2011 Cost of Attendance (COA) for MN University’s Annual Cost of Resident Undergraduate Students = $16,314 Attendance (COA) COA includes: Minus Student’s Expected Family  Tuition and fees Contribution (EFC)  Room and board _________________________  Books and supplies, Equals Financial Need  Miscellaneous personal expenses such as transportation, laundry, clothing, medical Expected Family Contribution Need-Based Aid  Federal Pell Grant  For dependent students, the EFC is calculated  Federal SEOG based on a formula that considers:  Minnesota State Grant < Parent Income  Minnesota Child Care Grant < Student Income  Minnesota Achieve Scholarship < Untaxed Income  Federal and State Work-Study < Assets  Federal Subsidized Loan < Family Size  Federal Perkins Loan < Number Attending College  Scholarships Non Need-Based Aid Scholarships Factored in to overall financial aid eligibility Be sure to notify us of any private scholarships  Scholarships  Talent Grants  MSU Presidential Scholarship  Federal Unsubsidized Loan  Maverick Scholarships  Federal PLUS Loan  Other scholarships offered through Minnesota State  Alternative Loans (Other Loan Options) 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 2

Example: Zack filed the FAFSA on February 10th. Student Loan Programs His EFC is $2,000.  COA: 16,314 (MN, Undergrad)  Federal Subsidized Loan  EFC: 2,000  Federal Unsubsidized Loan  Award Package: Pell Grant 3,400  Federal Perkins Loan State Grant 1,608 SEOG 800  Federal PLUS Loan Work Study 3,328  Alternative Loans (Other Loan Options) Federal Subsidized Loan 3,500 Perkins Loan 1,678 Federal Unsubsidized Loan 2,000  Total Award = 16,314 Example: Amanda filed the FAFSA on February 10th. What Makes This Work? Her EFC is $18,000.  Information: Adequate & Accurate  COA: 16,314 (MN, Undergrad)  Availability for Assistance & Advising  EFC: 18,000  Timely Communications  Award Package:  Personal Responsibility Federal Unsubsidized Loan 5,500  Confidentiality Other Loan Options 10,814  Total Award = 16,314 Keep in mind: The University’s primary relationship is with the student. We’re Here to Help! We’re Here to Help! Campus Hub Campus Hub service hours • Visit in person  Fall & Spring Semester • E-mail Monday-Thursday • Telephone 8:00 am–5:00 pm Friday • Web page: www.mnsu.edu/campushub Financial Aid TV 9:30 am–5:00 pm Student Guide to Policies and Information  Summer • “Ask A Question” – Maverick OneStop Monday-Friday • Facebook posts: 8:00 am–4:00 pm www.facebook.com/campushub.mnsu 3