UNDERGRADUATE CATALOG — Financial Aid

Most Mountain State University students receive some form of financial aid from the federal and state government, the University, and other sources. Qualifying students benefit from the availability of grants, scholarships, and work-study employment, which do not have to be repaid, as well as student loans. Financial aid falls into two broad general categories: need based, in which awards are made to those with the greatest financial need, and merit based, in which awards are made in recognition of students’ academic or other achievements.

For most forms of financial aid, awards are based on a federal determination of need based on student and family resources. This determination is based on submission of the Free Application for Federal Student Aid, or FAFSA, to the U.S. Department of Education. Even if you think you are ineligible for financial aid, you are encouraged to complete and submit a FAFSA.

ELIGIBILITY
The following general eligibility requirements apply to all need-based financial aid programs. Additional requirements may apply to a specific program or source of aid; see program descriptions later in this section for details.

To be eligible for need-based financial aid, you must

• Maintain satisfactory academic progress.
• Not be in default on any loan made from a student loan fund at any institution or a loan made, insured, or guaranteed under the Direct Loan Programs or the Federal Family Education Loan Program (FFELP).
• Not owe a refund on grants previously received for attendance at any institution under the Pell Grant Program or Federal Supplemental Educational Opportunity Grant (FSEOG).
• Meet minimum enrollment standards.
• Be a United States citizen or an eligible permanent resident or noncitizen.
• Complete the admissions process and be enrolled in an eligible academic program at the University.
• Have a high school diploma or recognized equivalent. Students who are taking classes but who have not yet graduated from high school are not considered to be attending college for financial aid purposes.
• Be registered with the Selective Service, if applicable.
• Satisfy all program requirements.

HELPFUL INFORMATION
Here is a quick list of some of the numbers and information you will need throughout the financial aid process.

Virtual Financial Aid Office (VFAO)   
https://mountainstate.vfao.com
toll-free 877.906.1723

MSU’s school code (for FAFSA)   
003807

MSU’s OPEID number
00380700

Federal Student Aid Information Center
toll-free 800.4FED.AID
www.studentaid.ed.gov

APPLYING FOR FINANCIAL AID
The University collects financial aid information and processes applications through its financial aid website, which is known as the Virtual Financial Aid Office (VFAO). To apply for financial aid, including grants, loans, scholarships, and work-study, visit the VFAO website and complete the following steps:

Step One
Complete the Free Application for Federal Student Aid (FAFSA) at the VFAO 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 (Estimated 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. The University has established recommended submission dates of March 1 for the following fall semester, November 1 for the following spring semester, and February 1 for the following summer terms.

FAFSAs submitted after the recommended date are processed as time allows in the order received. You must complete all steps listed in this section before your FAFSA can be processed. Because many programs make awards available on a first-come, first-awarded basis, filing promptly may result in more awards.

You must complete a 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 FAFSA is also available as a paper form if you are unable to obtain or complete the electronic version. You can obtain a copy from the Financial Aid Office or by calling 800.433.3243.

Step Two
Use the financial aid estimator at the VFAO website for an estimate of your financial aid. The estimator gives annual amounts (that is, for two semesters). For loans, it assumes that you are an independent student; if you are a dependent student you are ineligible for the unsubsidized loan amount and should consider only the subsidized amount.

Step Three
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 the first two steps of the application process before beginning the interview.

You must complete an interview for each semester in which you wish to obtain financial aid, but you can complete interviews for up to two semesters at a time. Make sure that you select the correct semester or semesters 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 resources—including 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 Four
If you are applying for a Federal Stafford 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 Stafford Loan. This step is part of the interview process.

The lender cannot legally disburse your loan funds unless you have completed an MPN.

Processing
Once you have completed all four steps and are registered for classes, MSU will begin processing your financial aid.

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 tax worksheet). 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.

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.

[ Types of Financial Aid | General Financial Aid Information | Veterans Benefits ]