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  • Financial Aid Application Process

Office of Scholarship & Financial Aid

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  • Financial Aid Process

    1. Apply and be accepted for admission to MSUM in a degree program as early as possible, or be a continuing student in good standing.

    2. Complete the Free Application for Federal Student Aid (FAFSA) to be considered for all types of financial aid (grants, work study, loans).
      • Apply for a PIN to sign your FAFSA electronically www.pin.ed.gov.  The student and one parent will need a PIN.
      • Submit your application online for faster processing www.fafsa.gov .
      • List MSUM School Code: 002367
      • Apply as soon after January 1 as possible to be considered for campus-based aid (Work Study, SEOG, Federal Perkins loan).
      • Priority date is February 15th for Work Study, SEOG and Federal Perkins loan.
      • Keep a copy of your FAFSA information for future reference.

    3. Receive your Student Aid Report (SAR)
      • SAR will be mailed if the student did not provide an email address on the FAFSA; otherwise, SAR will be sent by email.
      • Review SAR for incorrect or missing information

    4. Additional Documents
      • Submit any requested documentation to MSUM.
      • Perform data retrieval  through fafsa.gov of federal tax returns.
      • Resolve discrepancies by responding to clarification and information requests from our office.
      • Students may also be requested to provide documentation to verify unique circumstances.
      • Complete the MSUM Information Release and Authorization form listing who, besides yourself, may have access to your financial aid file.  MSUM follows the requirements of the Family Educational Rights and Privacy Act and releases information only to those you provide access.

    5. Receive Official Award Notice
      • Notification that your award notice is ready will be sent by email using the official mnstate.edu email address assigned to all registered students.
      • Review your Award Notice by logging on to eservices .
      • Click on "Financial Aid" tab.
      • Click on the appropriate semester at the top of the screen.
      • Choose from the options to check awards or reprint the original award notice.
      • Determine your costs for fall and spring semesters. Summer is considered a part of the current academic year (Fall, Spring, Summer).  Keep this in mind when budgeting for your entire school year needs.
      • Grants will be applied after the fifth class date on the credits you are enrolled in at that time.
      • Accept or reduce your Federal loans through eservices. It is not automatically accepted and applied to your bill.
      • First time borrowers must complete Entrance Loan Counseling and Master Promissory Note at www.studentloans.gov (Click on "sign in").

    6. Accepting your Federal Loans
      • Log on to eservices using your Dragon ID and Dragon PIN
      • Click on "Financial Aid" menu options(left side of screen)
      • Click "Loans"
      • Click on "Loan Period" (on top) then change the year
      • Click "continue."
      • Indicate the TOTAL amount of subsidized/unsubsidized Direct Loan you are requesting. Your loan request will be processed first for Subsidized Direct Loan and if there is remaining eligibility, for Unsubsidized Direct Loan.
      • Click the "Submission" tab, read the information, click "Check this box to indicate you read and understand the above," then click "Submit Loan Request"

      You may view the progress of your loans on the "Loan Status" tab. Remember loan disbursement begins after the five day drop/add period each semester.

      • To accept Federal Perkins Loan access the Statement of Rights and Responsibilities Application form. Print, complete, sign and date the form on both sides. Return it to the Office of Scholarship and Financial Aid. Perkins Loan will not be processed until this form is received. Instructions to sign a promissory note through ESCI will follow. To reduce or decline Perkins Loan email: finaid@mnstate.edu.

    7. Apply for Private Loans, if necessary
      • If additional loans are necessary to fund your educational costs, review the private loan options available.
      • Calculate what you need to borrow for the full academic year.  Half of the funds will arrive in the fall semester and the other half in the spring semester.  This means less paperwork and more timely receipt of the loan funds.  If you will only be enrolled for one term at MSUM, the loan period should be only for the term for which you are enrolled.
      • After reviewing the terms of each loan program, apply online or request a paper loan application from the Lender.  By applying online you will quickly know if you are pre-approved for the loan.
      • Submit completed private loan application/promissory note and disclosure statements to the Lender at least one month prior to the start of the semester, if possible.  Private loans can take up to 6 weeks to process.
      • Follow up immediately with your lender if they require additional information or documentation.

    8. Disbursement of your aid
      • No financial aid is disbursed to students who are on financial aid or academic suspension.
      • No financial aid is disbursed to students not enrolled in a degree seeking program or to students with "SPECIAL" status.
      • There is a five day free drop/add period at the beginning of each semester. Your financial aid will be applied to your bill after the fifth date.
      • Balances must be paid in full to the MSUM Business Services. For payment dates, visit the MSUM Business Services Office.
      • For direct deposit of your financial aid overage funds, complete the Direct Deposit setup in eservices through the financial aid tab. The Business Services will disburse overages after financial aid has been applied to your bill.