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Applying for Financial Aid
Step 1: Application
Complete the Free Application for Federal Student Aid, or FAFSA, at the FAFSA website. Be sure that you indicate the correct academic year for which you are requesting aid, as well as MSU's school code (003807). Once you have submitted the FAFSA, be sure to print a copy for your records. You will need the EFC (Expected Family Contribution) amount from the form for later processing. Call the Federal Student Aid Information Center toll-free at 800.4FED.AID with any questions about completing the FAFSA.
Because it can take up to six weeks for your financial aid to be processed, it is important that you submit your FAFSA as early as possible. You must complete a new FAFSA for each academic year (which at MSU is defined as fall semester, spring semester, and two summer sessions). The FAFSA for each academic year is available on January 1 before the fall semester; the deadline for submitting the FAFSA for state aid eligibility is March 1.
If you would like to have an estimate of the federal aid you will receive, use the financial aid estimator available on the VFAO website. The estimator gives annual amounts (two semesters). For loans, it also assumes that you are an independent student. If you are a dependent student, you should only look at the subsidized loan amounts. As a dependent you are not eligible for the unsubsidized loan amount. Please remember that this is an estimate only and is subject to change once your file is processed.
Step 2: Interview
Complete an online financial aid interview at the VFAO website. This interview provides MSU with such information as the semester for which you need aid, your grade level, and other background required for processing your application. You must complete a FAFSA before beginning the interview.
You must complete an interview for each semester in which you wish to obtain financial aid. Make sure that you select the correct semester for which you are applying for financial aid.
The interview requires that you enter a grade level, which is used in determining loan eligibility. The VFAO will use your current transcript to verify your hours.
The interview will also request information about other financial resources that you will be using to help cover your educational costs. It is important that you report all financial resourcesincluding scholarships, vocational rehabilitation benefits, veterans benefits, state grants or loans, private educational loans, and employer educational benefits, on the interview form. Federal guidelines limit the total of all resources to an amount that may not exceed the University's cost of attendance (an amount that includes average tuition, fees, books, living expenses, transportation, and miscellaneous costs).
Step 3: Master Promissory Note
If you are applying for a Federal Direct Loan and have never had a loan before at MSU, you must complete a master promissory note (MPN). Keep in mind that you must be enrolled at least half time (6 credit hours for undergraduate students or 3 credit hours for graduate students) at the time of disbursement to be eligible for a Federal Direct Loan. This step is part of the interview process. To sign your master promissory note using your FAFSA PIN, log on to theVFAO website, click "Student Interview Center," and then click the link for MPN.
The Department of Education cannot legally disburse your loan funds unless you have completed an MPN.
Verification
Federal regulations may require verification of your financial aid application. If your application is selected for verification, you will receive a notification of required documentation (for example, a tax return, W-2, or verification worksheet). This notification will be sent to the e-mail address that you provided in your interview - and, if you’re already an enrolled student, to your student e-mail address.
It is important that you submit any requested documentation as quickly as possible; your financial aid award cannot be completed until it is received and processed. You can upload your documents on the VFAO website (go to the "Forms/Documents" tab and click "Tracking Documents"), fax them toll-free to 888.536.4915, or mail to Mountain State University VFAO, PO Box 17709, Greenville SC 29606.
Processing and Award Notice
Once you have completed all three steps and are registered for classes, MSU will begin processing your financial aid.
Once processing is complete, you will receive an award notice that will include aid awarded by the University and other resources you have included on the interview form. It also includes estimated disbursement dates for Pell grants and federal student loans. Your notice will be sent to the e-mail address listed on your FAFSA.
You can review the status of your aid by visiting the VFAO and choosing the "Interviews" section. There will be a link on this page where you may view your financial aid status.