Types of Financial Aid
UNDERGRADUATE CATALOG INDEX

GRANTS
Grants are considered gift aid, or aid that does not have to be repaid. To qualify for grant programs, you must show significant financial need and maintain satisfactory academic progress. Mountain State University participates in the following grant programs:

Federal Pell Grant. A federally funded grant available to eligible undergraduate students with financial need. The amount is determined on the basis of your EFC, the number of credit hours for which you are enrolled, and the University’s cost of attendance, and is dependent on congressional funding levels. Federal regulations require that you be enrolled in at least 3 credit hours a semester to be eligible. You must apply for a Pell Grant before you can qualify for any other need-based aid.

Federal Supplemental Educational Opportunity Grant (FSEOG). A federally funded grant available to students with exceptional financial need. Any applicant for the Federal Pell Grant is automatically considered for the FSEOG.

Academic Competitiveness (AC) Grant.
A federally funded grant available to U.S. citizens who are first- or second-year students, enrolled full time, and receiving a Federal Pell Grant, and who have completed a rigorous secondary school program of study as approved by the U.S. Department of Education. First-year students cannot have been previously enrolled in an undergraduate program; second-year students must have a cumulative grade-point average of 3.0 or better.

National Science and Mathematics Access to Retain Talent (SMART) Grant. A federally funded grant available to U.S. citizens who receive a Federal Pell Grant. To be eligible, you must be enrolled full-time in your third or fourth academic year of study in computer science, engineering, or mathematics, with a cumulative grade-point average of 3.0 or better.

West Virginia Higher Education Grant (WVHEG). A state-funded and
-administered grant program. Eligibility is determined and students are contacted by the West Virginia Higher Education Grant Program office in Charleston. To be eligible for the WVHEG, you must have a FAFSA on file with the Central Processor by March 1 for the following academic year. If you are a first-time student, you are also required to complete the common application at www.wvapply.org.

You must be enrolled for at least 12 credit hours a semester and maintain a grade-point average of at least 2.0 to be eligible. To renew eligibility, you must successfully complete 12 credit hours for each semester that you receive the grant and demonstrate satisfactory academic progress.

Higher Education Award for Part-Time Students (HEAPS). A West Virginia grant program to encourage and enable residents who desire to continue their education on a part-time basis. Contact the Financial Aid Office for detailed information and
an application.

Pennsylvania State Grant Program. A Pennsylvania grant for eligible residents who are enrolled as undergraduate students. Requires completion of a FAFSA by May 1 for the following academic year; online and individualized study classes are ineligible. Contact the Pennsylvania Higher Education Assistance Agency at www.pheaa.org for additional information.

Workforce Investment Act (WIA) grant. Awarded on a yearly basis to assist full-time degree-seeking students who have been determined to be eligible by the West Virginia Department of Employment Security. Grants may pay for required textbooks and fees, program counseling, and other personal services.

Loans
Mountain State University participates in three federal loan programs. At the undergraduate level, students may qualify for the Federal Stafford Loan (subsidized and unsubsidized) and the Federal PLUS Loan for parents of dependent students. The third loan program, the Federal Grad Plus Loan, is available only to graduate students.

If you enroll in traditional or online classes and individualized study classes, check your current and future status with a financial aid representative before each enrollment. Loans for individualized study enrollment may affect your loan eligibility for other aid in the following semester.

Federal Subsidized Stafford Loans. Available to students who demonstrate financial need; provided by lending institutions with the interest paid by the federal government until you begin repayment. Repayment begins six months after you leave school or when you drop below half-time enrollment. Under certain circumstances, repayment may be deferred by the lender.

Under federal default management regulations, release of the first disbursement to first-time borrowers may not occur until after the thirtieth day of enrollment in the loan period.

All borrowers must complete exit loan counseling when they graduate or leave college. Failure to do so will affect the release of student records and diplomas. You can complete exit loan counseling through the graduation section of the MSU website.

In accordance with federal guidelines, Stafford loans are released to the University in one disbursement per semester. The loan amount is then posted to the student account and any credit balance is refunded.

Federal Unsubsidized Stafford Loans. Provided by lending institutions; available to students regardless of EFC or need. The loan amount cannot exceed the maximum amount allowed by the Department of Education or the cost of attendance.

The federal government does not make interest payments on an unsubsidized Stafford Loan. The interest may be capitalized (that is, added to the loan principal) or paid according to the lender’s payment schedule.

Like the subsidized Stafford, unsubsidized Stafford Loans require completion of exit counseling. Repayment begins six months after you leave school or when you drop below half-time enrollment. As with subsidized loans, you are not required to pay the principal while you are in school or during a grace or deferment period.

Federal Parent PLUS Loan. Available to parents of students who are considered dependent for financial aid purposes (that is, students whose FAFSA is required to include parents’ income information). Detailed information on the loan is available online at www.federalstudentaid.ed.gov.

To apply, complete the first four steps listed in “Applying for Financial Aid” earlier in this section. In the final step, at the “Applying for a Loan” screen the parent should enter his or her own Social Security number and apply for a Parent PLUS Loan.

If the parent is denied a Parent PLUS Loan, the student is considered independent for loan purposes and may be eligible for a Federal Unsubsidized Stafford Loan. Contact the VFAO for additional information on this option.

Private Educational Loans (Alternative Loans). It is recommended that you make use of any available Federal Stafford Loans before pursuing other loan sources, since they have lower interest rates and better payback requirements.

Private educational loans require a credit check and in some cases a co-borrower, and are subject to federal cost of attendance guidelines. MSU requires that you complete a FAFSA and financial aid interview for the school certification that is part of the private loan application process.

Loan applications may take four to six weeks to process. If you use a lender that is not one of the University’s preferred lenders, it is recommended that you contact the VFAO with the loan information and contact information for the lender to ensure that the application is processed in a timely manner.

Federal Work-Study
Work-study provides part-time employment to qualifying students enrolled for at least 6 hours of credit. Eligibility is based on University employment needs and your demonstrated financial need after all other financial aid is calculated.

Work-study employees are paid based on an established University rate. The maximum number of hours is determined by the Financial Aid Office.

To apply for federal work-study, you must complete the VFAO process. You must also file a work-study application, which is available from the Financial Aid Office.

International Fellowships
International Fellowship positions provide part-time employment on campus to qualifying international students who are enrolled for at least 12 hours of credit. Eligibility is based on University employment needs and a cumulative grade-point average of 3.0 or better.

Participating international students are paid the established hourly minimum wage. The number of hours is determined by the Office of Student Affairs and Campus Life.

For an application and additional information, contact the Office of Student Affairs and Campus Life.

Scholarships
Scholarships are gifts of money to pay educational expenses. They do not have to be repaid. Scholarships are awarded on the basis of academic merit, financial need, or both. Most scholarships have specific criteria regarding program of study, residence, community service, high school attended, grade point average, etc.

New students who wish to be considered for a scholarship award must submit an application for admission together with an official transcript from a regionally accredited high school, and must also complete the steps under “Applying for Financial Aid,” all by March 1. You must also complete all the steps . Applicant files then go to the scholarship committee, which is made up of faculty, staff, and administration representatives who make awards based on each scholarship’s stated criteria.

Applicants who are selected for a scholarship are notified by mail. Scholarships must be accepted in writing within 10 days of notification. If selected, you will also be required to provide a thank-you letter for the sponsor of your scholarship.

Scholarship recipients are required to be enrolled full time, maintain a GPA of at least 3.0, and notify the Financial Aid Office of any change in name or address as well as any additional funds they receive from other sources. They must also notify the Financial Aid Office if they intend to withdraw from classes. Withdrawal from classes may require that some of the scholarship funds be repaid and may also affect future scholarship awards.

University merit-based scholarships. The following merit-based scholarships are available to Mountain State University students:

• Ambassador Scholarship
  
• Presidential Scholarship
  
• Salutatorian Scholarship
  
• Trustee Scholarship
  
• Valedictorian Scholarship

The Ambassador Scholarship requires a separate application, which is available upon request or on the Financial Aid section of the MSU website.

Matching scholarships. MSU matches up to $250 a semester for selected civic and organizational scholarships. Contact the Financial Aid Office for a list of eligible scholarships.

The University will match any scholarship awarded by the Ruritan National Foundation for students attending MSU. Application for these scholarships is made through Ruritan.

Need-based scholarships. Additional scholarships are awarded on the combined basis of merit and need subject to donor participation:

• Alumni Scholarship
  
• Ashton, Bledsoe, McCulloch, Tieche
  Doctors Fund Scholarship
  
• BB&T Scholarship
  
• T. Arlene Beasley Memorial Endowed Scholarship
  
• Beaver Coal Company Scholarship
  
• A. G. Bowles Memorial Fund Scholarship
  
• Scott Brown Memorial Scholarship
  
• Carter Family Foundation Scholarship
  
• A. C. and Ellen Coleman Scholarship
  
• Robert L. Kosnoski Scholarship
  
• Leslie E. Lilly Scholarship
  
• Jessie R. McDonnell and Hilda R. Crickmer Memorial Endowed Scholarship
  
• Lewis N. McManus Scholarship
  
• Claude Phillips Memorial Scholarship
  
• Physician Assistant Scholarship
  
• Dennis Aaron Plumley Memorial Scholarship
  
• Matthias W. Powers Memorial Scholarship
  
• Alma Davenport Shroyer Endowed Scholarship
  
• W. A. Stanley Scholarship
  
• Albert M. Tieche Memorial Scholarship
  
• J. R. Van Meter Athletic Scholarship
  
• Vecellio Family Foundation Scholarship
  
• The West Virginia Society of Washington D.C. Scholarship Fund
  
• Wiseman Family Scholarship
  
• William Yates Memorial Endowed Scholarship
  
• Dr. Nicholas D. Zambos Memorial Scholarship

PROMISE Scholarship. Mountain State University participates in the West Virginia PROMISE (Providing Real Opportunities for Maximizing In-state Student Excellence) Scholarship Program. The PROMISE Scholarship is available to students who graduate from West Virginia schools with a minimum GPA of 3.0 in core classes and a competitive ACT or SAT score. To apply, you must complete a FAFSA as well as the Common Application at www.wvapply.com. PROMISE award amounts are determined by the state legislature and may change from year to year. PROMISE scholars must complete at least 30 undergraduate semester hours a year, preferably in the fall and spring semesters, and maintain a minimum 3.0 GPA. Additional information, including current scholarship amounts and complete eligibility requirements, is available at www.promisescholarships.org.

McKelvey Foundation Scholarship. MSU is a partner institution that accepts McKelvey Foundation Scholars. For more information, contact your high school guidance counselor or see the foundation’s website (www.mckelveyfoundation.org).

WVICU scholarships. West Virginia Independent Colleges and Universities Inc. provides donor-funded scholarships to Mountain State University and other member institutions. These scholarships, funded by individual and corporate donors, are available only to West Virginia residents.

Tax Credits
While not actually sources of financial aid, federal income tax credits are available to qualifying students for the 2008 tax year. Tax regulations are subject to change; check with the IRS or a tax professional for current information.

Hope Scholarship Tax Credit. Students in their first two years of postsecondary education in a degree or certificate program may be eligible for a nonrefundable tax credit equal to 100 percent of the first $1,000 in tuition and required fees paid, plus 50 percent of the next $1,000 in tuition, for a total maximum yearly credit of $1,500. The credit is phased out for joint filers with a modified adjusted gross income between $83,000 and $103,000 and for single filers between $41,000 and $51,000.

Lifetime Learning Tax Credit. Adults who are returning to school, college juniors and seniors, and graduate students may qualify for a nonrefundable tax credit equal to 20 percent of up to $10,000 in tuition and fees, for a maximum credit of $2,000. The credit is phased out at the same income levels as the Hope Scholarship.

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