Transfer Student Applying for Financial Aid
Financial Aid Application Process for Transfer Students
The financial aid application process consists of several steps. At each step we may ask for information or additional documentation. The entire process can take 6-12 weeks. Please keep this in mind and respond to any requests promptly. The summary of the steps for a transfer student in the financial aid application process are below.
- Cancel your financial aid for the next semester at your previous school.
- Your MSUM financial aid file will be on hold until we receive confirmation from your previous school that your aid has been cancelled.
- Confirmation can be in the form of:
- Written documentation from your previous school
- An email from your previous school to the Office of Scholarship and Financial Aid
- A phone call from your previous school confirming your cancellation (800.593.7246 or 218.477.2251).
- Complete the Free Application for Federal Student Aid (FAFSA) to be considered for all types of financial aid (grants, loans and work study).
- The FAFSA is your application for all types of financial aid (grants, loans and work study).
- Submit your application at www.fafsa.gov.
- The MSUM school code is 002367.
- Submit your FAFSA now to be considered for work study and the Federal Supplemental Opportunity Grant (SEOG).
- The 2019-2020 FAFSA is based on 2017 income. You are not required to file a tax return before submitting the FAFSA.
- You can fill out the FAFSA even if your admission application is not yet submitted or is pending.
- If you have already applied for financial aid for the current academic year and MSUM was NOT originally listed to receive your application information, do ONE of the following:
- Add MSUM by making a correction to your FAFSA at www.fafsa.gov. You will need your FSA ID number and MSUM school code 002367. Make sure you receive a confirmation number. Your information will arrive at MSUM in approximately five business days.
- Call 800.433.3243 to request that MSUM be added to your application. You will need the Data Release Number (DRN) listed on the first page of your Student Aid Report (SAR).
- Add MSUM using your Student Aid Report (SAR), sign and send it to our office.
- PLEASE NOTE: If your previous school used professional judgment to change any information on your FAFSA (i.e. adjusted gross income, untaxed income received, independent status), you must also submit an appeal in writing to MSUM. Adjustments made by another financial aid office will not automatically transfer to MSUM.
- Review your Student Aid Report (SAR)
- The SAR is a summary of the FAFSA data submitted on the application. Review it for accuracy.
- The SAR will be emailed, or if you did not provide an email address, sent by mail.
- Additional Documentation.
- We will notify you if additional documentation is required to complete your financial aid application.
- Allow four weeks for processing once additional requested documentation is received.
- Financial Aid Offer
- Notification that your Financial Aid Offer is ready will be sent by email using the official mnstate.edu email address assigned to all admitted students.
- Accept, reduce or decline your federal student loans
- Loans are not automatically accepted and applied to your bill.
- First time borrowers must complete Entrance Loan Counseling and the Master Promissory Note at www.studentloans.gov. Transfer students who have borrowed through the Direct Loan Program at a previous school are encouraged to add MSUM to complete Entrance Loan Counseling and the Master Promissory Note at www.studentloans.gov.
- Accept or decline your Work Study (if awarded)
- Apply for Private Loans (if necessary)
- Review and apply for private loans. Select ‘Private Loans’ and ‘List of Private Loan Programs.’
- Submit the application to the lender of your choice at least one month prior to the start of the semester.
- Financial Aid Disbursement
- We 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.
- Business Services will disburse overage funds after financial aid has been applied to your bill, if applicable.
Transcript Request: Request that your previous school send a final academic transcript to MSUM Office of Undergraduate Admissions once grades from your previous school are posted. Students transferring in with fewer than 60 credits are required to have a final high school transcript to MSUM Office of Undergraduate Admissions.
MSUM automatically reports your enrollment to all lenders and servicers through the National Student Clearinghouse. Stafford/Direct Loan deferment forms are usually not required.