Michigan State Financial Aid 101

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Financial Aid 101

Estimate your costs for a year at MSU
Estimate your costs by semester and school year using the cost estimator.

Apply for financial aid
As soon as possible after the January 1 preceding your fall semester, file the FAFSA. If you or your parents haven't filed taxes yet, use estimated data on the FAFSA and correct it later if necessary.

Keep all the records you use to file the FAFSA, like tax returns, W-2's, child support payment records, etc. You may need to send copies to MSU later, but please don't send them until you are asked to do so.

Filing the FAFSA gives you access to grants, scholarships, loans and work-study. In addition to filing the FAFSA you may want to conduct your own scholarship search. Also ask any organizations you belong to if they offer scholarships.

Review your SAR and make any corrections
You will receive your SAR from the federal processor a few weeks after you apply. Look it over carefully, making any needed corrections immediately. If you have questions, call the federal processor at (800) 433-3243 (4-FED-AID) or contact OFA. You can check the status of your application online.

Set up your MSU NetID and email account
Open your MSU NetID account as soon as you receive instructions. You won't want to miss any information that is sent by MSU via email. OFA sends email only to your MSU email account.

Enroll in classes
If you are a new student, attend AOP during the summer and enroll in your classes.

Watch for your financial aid offer
Beginning in March OFA starts sending award notifications which list the financial aid for which you are eligible. This assumes that:

you listed MSU on your FAFSA
your SAR is acceptable to the feds, and
you have been admitted to MSU
Follow all directions carefully. This is also a good time to compare your expected costs (remember the cost calculator?) to your anticipated resources (savings, summer job, financial aid, and family help).

New students will receive their first financial aid notification by paper. Subsequent notifications will be by email.

View your aid in StuInfo/eFinaid
Your aid notification will include instructions on how to finalize your aid in StuInfo/eFinaid, MSU's secure student information system. You will be able to view your aid and take actions to accept your loans.

Your aid may be reviewed/revised so watch for mail or email from OFA
If your financial aid application is selected for review, we'll notify you. Send all requested documents promptly. Your aid may change as a result of the review, and you will want to know the actual aid you will receive as soon as possible.

Financial aid can change
OFA must follow Federal, state, and MSU guidelines which can affect your aid. Report any significant changes to OFA, such as a change in your residency classification, a graduate assistantship, other scholarships you receive, a loss of employment, or any severe situation that may affect your ability to pay for your education.

Your MSU bill
You will receive your registration bill once you enroll in classes, and your initial payment will usually be due in August if you attended AOP. If you don't pay at least the MAD and return the bill stub, your classes will be dropped, you'll have to reenroll and pay an additional enrollment fee. There's no guarantee you'll be able to get the same classes.

Any financial aid that is "ready" when the bill is produced will appear on the bill and reduce the amount you owe. You can defer part of the payment, but each semester's charges are due in full before the end of the semester.

If you need more money for school
Work
Many students earn $3000 or more in a school year.
Apply for a Parent PLUS loan
Parents of dependent students may apply for the PLUS. Just because "Parent Loan (PLUS)" appears on your award offer does NOT mean you'll receive the PLUS. The borrower (a parent) must apply through MSU and receive a credit approval from the PLUS servicer.
Apply for a Grad PLUS Loan
Graduate students who file the FAFSA may be eligible for the Grad PLUS loan, which also requires a loan application and credit check.
File a Special Condition Application
If after reviewing your SAR and receiving your financial aid offer you believe your application data does not represent your current situation, you may be eligible for reconsideration.
Apply for a private alternative loan
File a new/revised FAFSA each year and apply separately for MSU summer aid
You must reapply for aid each year, and separately for summer semester. Each January file the new year's FAFSA, and let our office know (in StuInfo/eFinaid) before March 1 if you want aid for summer semester.

If you have questions
Remember OFA is here to help you sort through the financial aid process. We want you to receive all the aid you're entitled to.