Freshman Applying for Financial Aid

  • Financial Aid Application Process

    [ printable pdf ]

    The financial aid application process can take 6-12 weeks. At each step we may ask for additional information or documentation; please respond to any requests promptly. The summary of the steps in the financial aid application process are below. We also offer this PDF version of the financial aid application process.

    1. Complete the Free Application for Federal Student Aid (FAFSA) to be considered for all types of financial aid (grants, loans and work-study).
      • Apply for a FSA ID at fsaid.ed.gov to electronically sign your FAFSA. You and one parent will need a FSA ID.
      • Submit your application at www.fafsa.gov. The MSUM school code is 002367.
      • The 2017-2018 FAFSA is based on 2015 income, so use the IRS Data Retrieval Tool to submit the FAFSA.
      • Apply beginning October 1 or as soon as possible to be considered for campus-based aid (Work-Study, SEOG and the Federal Perkins loan).
      • Submit your FAFSA early to be considered for work study, the Perkins Loan and the Federal Supplemental Opportunity Grant (SEOG).
      • Submit your FAFSA to MSUM even if your admission application is not yet submitted or is pending.
       
    2. Review your Student Aid Report (SAR)
      • The SAR is a summary of the FAFSA data submitted on the application.
      • The SAR will be emailed or if you did not provide an email address, sent by mail.
      • Review the SAR for accuracty.
       
    3. Additional Documentation
      • MSUM will begin notify you if additional documentation is required to complete your financial aid application.
        • Allow four weeks for processing once additional requested documentation is received.
      • Complete the MSUM Information Release and Authorization listing who, besides yourself, can access 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.
          
       
    4. Preliminary Award Notice (New Entering Freshmen Only)
      • We will notify students of their estimated financial aid eligibility with a Preliminary Award Notice.
      • The Preliminary Award Notice is a snapshot of your financial aid eligibility at that time. Your application may be incomplete and subsequent information may change your eligibility.
       
    5. Receive your Official Award Notice
      • Notification that your official award notice is ready will be sent by email using the official mnstate.edu email address assigned to all admitted students.
      • View your award through eServices.
        • Select the ‘Financial Aid’ tab.
        • Select the appropriate semester at the top of the screen
        • Select ‘Check Awards’ to view your current financial aid package.
        • Determine your costs for fall and spring semesters. Summer is considered a part of the previous academic year (fall, spring and summer). A supplemental summer financial aid application will be available in the spring, and you may be awarded any unused financial aid funds from the previous fall and spring semesters. Keep this in mind when setting your budget for the entire academic year.
         
       
    6. Accept, reduce or decline your Federal student loans
      • Loans are not automatically accepted and applied to your bill.
      • First time borrowers and transfer students must complete Entrance Loan Counseling and a Master Promissory Note at www.studentloans.gov.
        • Log in to eServices
        • Select ‘Financial Aid’ (left side of screen)
        • Select ‘Loans’
        • Select ‘Loan Period’ and change the year to 2017 (for fall 2016, spring 2017 and summer 2017).
        • Select ‘Continue’
        • Indicate the TOTAL amount of Subsidized/Unsubsidized Direct Loan you are requesting for the semester(s) indicated. 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 provided, click ‘Check this box to indicate you read and understand the above,’ and then ‘Submit Loan Request.’
         
      • If you are awarded and want to accept the Perkins Loan, you will need to complete the Perkins Entrance Loan Counseling and an electronic Master Promissory Note (eMPN). You will receive an email from Heartland/ECSI, the Perkins Loan servicer, with instructions to complete the EMPN or you can go directly to https://www.ecsi.net/promx7/. Your FAFSA FSA ID is your signature. To reduce or decline your Perkins Loan, send an email to finaid@mnstate.edu.
       
    7. Accept or decline your Work Study (if awarded)
      • Login to eServices to accept, cancel or reduce your work study award.
      • The work study amount on your award notice does not automatically apply to your balance. It is the amount you can earn through a work study position.
      • All student employment opportunities (work study and non-work study) are posted to Dragon Jobs.
       
    8. Apply for Private Loans (if necessary)
      • Review and apply for private loan. Select ‘Private Loan’ and ‘List of Private Loan Programs.’
      • Calculate what you need to borrow for the full academic year. Half of the funds will arrive fall semester and the other half in spring semester. If you will be enrolled for only one semester at MSUM, the loan period should be only for the semester when you will be enrolled.
      • Submit the completed private loan application, promissory note, and disclosure statements to the lender at least one month prior to the start of the semester. Private loans can take six weeks to process.
       
    9. Financial Aid Disbursement
      • MSUM will begin to apply financial aid (scholarships, grants and loans) to your balance after the fifth class day.
      • Pay your balance to MSUM Business Services by the payment-in-full date or a late fee will be assessed.
      • Complete the Direct Deposit setup in eServices for direct deposit of your financial aid overage funds.
      • Business Services will disburse overages after financial aid has been applied to your bill.