• Financial Aid Application Process

Office of Scholarship & Financial Aid

  • Print

  • Financial Aid Application Process

    [ printable pdf ]

    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 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 PIN/FSA ID at www.pin.ed.gov to electronically sign your FAFSA. The student and one parent will need a PIN/FSA ID.
      • Submit your application at www.fafsa.gov. The MSUM School Code is 002367.
      • Apply as soon after January 1 as possible to be considered for campus-based aid (Work-Study, SEOG, and the Federal Perkins loan).
      • The MSUM Priority Date is February 15th. Submit your FAFSA by the Priority Date to be considered for Work-Study, SEOG, and the Federal Perkins loan.
      • Submit your FAFSA to MSUM even if your admission application is not yet submitted or is pending.
      • Do not wait to file tax returns before submitting the FAFSA. Instead, submit the FAFSA with estimated income and update the FAFSA once taxes are accepted by the IRS.
      • Utilize IRS data retrieval to import federal tax information to the FAFSA.

    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 incorrect or missing information.

    3. Additional Documentation
      • MSUM will begin notifying you in March 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 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.

    4. Receive your 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 admitted students.
      • Log in to eServices to review your Award Notice.
      • 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.

    5. Accept or reduce your Federal loans (Loans are not automatically accepted and applied to your bill.)
      • Log in to eServices
      • Select ‘Financial Aid’ (left side of screen)
      • Select ‘Loans’
      • Select ‘Loan Period’ and change the year to 2015 (for fall 2014, spring 2015 and summer 2015) or 2016 (for fall 2015, spring 2016 and summer 2016)
      • 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.’
      • First time borrowers and transfer students must complete Entrance Loan Counseling and a Master Promissory Note at www.studentloans.gov.
      • 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 PIN/FSA ID is your signature. To reduce or decline your Perkins Loan, send an email to finaid@mnstate.edu.

    6. Work Study (if awarded)
      • Students awarded work study will need to apply for a position through Dragon Jobs. The work study amount on your award will not automatically apply to your bill. This is the amount you can earn each semester through a work study position. All student employment opportunities (work study and non-work study) are posted to Dragon Jobs.
      • Use eServices to cancel or reduce your work study award.

    7. Apply for Private Loans (if necessary)
      • If additional loans are necessary to fund your educational costs, review private loan options. 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.
      • Follow up with your lender if they request additional information or documentation.

    8. Financial Aid Disbursement
      • We will begin to apply financial aid (scholarships, grants, and loans) to your bill after the fifth class day.
      • Balances must be paid in full to MSUM Business Services or a late fee will be assessed. Visit MSUM Business Services for payment-in-full dates.
      • 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.
      • Financial aid is not disbursed to students on financial aid or academic suspension.
      • Financial aid is not disbursed to students admitted with a ‘SPECIAL’ status.
      • Financial aid is not disbursed after students cease enrollment at MSUM.