Graduate Student Types of Financial Aid
Eligibility is based on demonstrating financial need by completing the Free Application for Federal Student Aid (FAFSA). Awards are prorated for less than full-time enrollment (six or seven credits). Application deadline is July 31; early applications receive priority. Departments refer nominations to the Office of Scholarship and Financial Aid for review.
Complete the FAFSA to borrow through the Federal Direct Unsubsidized loan program. Unsubsidized loans are not based on financial need. Students taking at least 6 graduate credits each semester can borrow up to the total cost of the annual MSUM financial aid budget or $20,500 per year. Additional borrowing is available in the Expanded Unsubsidized Direct Loan program. Entrance Loan Counseling must be completed prior to receiving the first loan disbursement at MSUM. Contact the Office of Scholarship & Financial Aid for more information on obtaining a federal student loan.
SELF is a low-interest loan available from the State of Minnesota, which allows annual borrowing up to $20,000 per year (minimum loan $500). A co-signer, enrollment for six or more credits, and Entrance Loan Counseling is required. Private Educational Loans are offered by many lending institutions. They typically are interest bearing from the point of disbursement and rates are usually variable. A co-signer may be required. Private loans cannot be combined (or consolidated) with federal loans for repayment.
Funds may be available through private agencies. Scholarships available through MSUM are listed on the scholarships page.
Federal and state regulations require that all students make satisfactory academic progress toward completion of degree or certificate requirements to receive student financial aid. All prior terms of attempted graduate enrollment, including summer, are considered in determining satisfactory progress regardless of whether aid was awarded for the term. Students must complete and pass a minimum of 67% of attempted graduate credits. The GPA requirement for continuation in good standing in graduate programs is found in the official Graduate Bulletin. Failure to meet satisfactory progress standards results in ineligibility for state and federal aid programs (including all loans, the campus Work Program, Vocational Rehabilitation, Indian Scholarships, and University Scholarships). Standards are published yearly. The university reserves the right to withdraw aid if it becomes readily apparent that a student has not maintained satisfactory academic progress.