MSC Financial Aid
Frequently Asked Questions
1. How do I apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA).
You may complete this online at
http://www.fafsa.ed.gov
or you may obtain a paper form by calling 1(800)433-3243. The Financial
Aid Office has computers available for student use to complete online financial
aid applications. The FAFSA is the application for federal and state financial
aid. The most recent year’s taxable and nontaxable income is used to
complete the FAFSA (i.e. for 2008-2009 the 2007 federal tax information is
used). Scholarships and other outside aid must be applied for separately.
2. What is a PIN and do I need one?
A PIN allows you to electronically sign the FAFSA online,
make corrections to the FAFSA online, and access various government websites
that have information about your financial aid. Every student and at least
one parent of dependent students should apply for a PIN.
3. How do I apply for a PIN?
Apply online at
http://www.pin.ed.gov.
If you provide an email address, you should receive a PIN in about 48 hours.
If you do not provide an email address, you will be mailed a PIN in approximately
one week.
4. When should I apply for aid?
The FAFSA should be completed once each academic year as
soon after January 1 as possible. Tax information should be estimated if it
has not been filed yet. The student and/or parent should update the tax information
once the tax return has been filed. The FAFSA must be completed and the results
received by the school while the student is still enrolled.
5. What types of aid are available?
The basic types of aid are grants, loans, work-study, and other outside
aid sources such as voc. rehab., BIA, scholarships, etc. Grants are aid
that do not have to be repaid. Examples of grants are:
-
Federal Pell Grant
- Federal Academic Competitiveness Grant
-
Federal SEOG Grant
-
Oklahoma Tuition Aid Grant (state grant)
Loans are aid that must be repaid with interest. MSC is
in the FFELP loan program which consists of the Federal Subsidized Stafford
Loan, Federal Unsubsidized Stafford Loan and Parent Loan for dependent students.
The difference between the subsidized and unsubsidized Stafford loan is that
the government pays the interest on the subsidized loan while the student
is in school and during grace and applicable deferment periods. Work-study
is aid that must be earned through on-campus employment.
6. How does the college get my FAFSA results?
The student must list MSC’s school code on the FAFSA.
MSC’s school code is 003158.
7. What happens after I complete the FAFSA?
The college receives the results electronically in about
one to four weeks. The college reviews the information for accuracy and determines
if all eligibility requirements are met. This process takes about three weeks.
More information may be requested depending on if the government randomly
selects your application for verification or if inconsistent information is
provided. Once your information is complete and accurate, an award notice
will be provided. This details the types of aid and amounts that you have
been awarded. You do not need to return the award notice; however, you must
review and understand the conditions of award, satisfactory academic progress policy,
and other information on the financial aid link of the MSC website at
http://www.mscok.edu
or in the MSC catalog. You must submit the completed loan confirmation
form and complete loan entrance counseling to receive a student loan. Additional
steps are also necessary for work-study.
8. Do I have to enroll full-time?
No, students can receive aid for full-time (12+ hours),
three quarter time (9-11 hours), half-time (6-8 hours), and less than half-time
(1-5 hours). However, the state grant, OTAG, only funds full-time or part-time
(6-11 hours). The only type of aid that will fund less than half-time is
the Federal Pell Grant. Many outside aid types require full-time enrollment. The Academic Competitiveness Grant requires full-time enrollment.
9. What happens if I change my enrollment?
The amount of financial aid a student may receive is based
on enrollment at the end of the add/drop period each semester provided the
student has already submitted a valid FAFSA result to Financial Aid prior
to the end of the add/drop period. Students submitting the FAFSA results late
should contact the Financial Aid Office to determine the amount of aid. The
add/drop period is ten days for regular semesters (fall and spring), five days for summer, and two
days for other terms. Students are required to complete 75% of the hours they are enrolled in at the end of add/drop each semester. Dropping classes may lead
to financial aid probation or suspension.
10. What is probation?
A student is placed on financial aid probation the first
time he/she does not meet the requirements of the Satisfactory Academic Progress
Policy. Students on probation are eligible for financial aid.
11. What is suspension?
Students who do not meet the requirements of the Satisfactory
Academic Progress policy during the probationary semester or who reach the
maximum timeframe for financial aid are placed on suspension. The student
may be eligible to enroll at the college but will not be eligible to receive
financial aid.
12. What is the Satisfactory Academic Progess Policy?
This policy has three main requirements:
-
GPA Requirement:
-
1.7 cumulative GPA for 0 to 30 hours attempted
-
2.0 cumulative GPA for 30+ hours attempted
-
Completion Requirement:
-
Must complete 75% of hours attempted each semester.
For example, a student attempting 12 hours must complete at least
9 hours.
- Maximum timeframe:
- Student must complete an associate degree within 96 attempted hours.
Transfer hours that apply to the student’s MSC major will be counted
toward the maximum timeframe. Students whose transfer grades fall below these
requirements will be placed on probation.
13. Do I have to pay financial aid back?
Loans must be paid back with interest. Other types of aid
only have to be repaid if the student receives funds he/she is not eligible
for or completely withdraws from school (drops all classes) prior to the end
of the 60% point of the semester. For example, a student who withdraws midway
through the semester must repay 50% of the financial aid received. This occurs
for both official and unofficial withdrawal. Official withdrawal occurs when
the student completes the withdrawal process at the Registrar Office. Unofficial
withdrawal occurs when the student stops attending all classes or fails to receive a single passing grade for the term.
14. What are the financial aid deadlines?
The FAFSA should be filed as soon after January 1 as possible.
The final deadline is June 30 each year. Valid FAFSA results must be received
by the school while the student is still enrolled and eligible. The student
must submit all required documents in a timely manner.
Students wishing to be considered for OTAG and SEOG must complete the FAFSA
prior to April 30 each year (funds may run out before this date). The priority
deadline for the next academic years’ MSC scholarships is April 15.
However, the funds may be exhausted prior to April 15.
15. What is disbursement?
Disbursement is when the student may pick up financial aid
that exceeds his/her MSC costs. The first disbursement date each semester
is usually four to six weeks into the semester. The first fall disbursement
date is September 23, 2008. The first spring disbursement date is February
24, 2009. After the first disbursement date, funds received by the second Tuesday of each month are disbursed to students the following Friday. Students may pick up disbursements in either
the MSC Business Office or the MSC Advisement Suite at AHEC.
Students must have a photo ID to pick up aid checks.
16. What is an Academic Competitiveness Grant?
Academic Competitivenes Grants: Grants that do not have to be paid back. These grants are for students who receive Pell grants, are U.S. citizens, and enroll full-time. Students must have completed a rigorous high school program of study and graduated after January 1, 2005. First year grants are $750 for the year. Second year grants are $1300 for the year. Second year grant students must have completed a minimum of 24 credit hours with a 3.0 cumulative gpa. Students are only eligible for oen first year grant and one second year grant.
17. What is Work-Study?
Work-study is aid that must be earned through on-campus employment.
A list of the available work-study jobs is posted outside the Financial Aid
Office. A book of job descriptions is available in the Financial Aid Office.
Students must complete a work-study packet and interview for the available
jobs. Work-study jobs are usually 12 hours per week and pay $6.55 an hour.
Community service jobs are also available. Most jobs are through the Federal
Work-study Program (students must demonstrate need). A very limited number
of jobs are available through institutional work-study (not need based). Contact
Financial Aid for more information.
18. Is the FAFSA the only form I need to complete for Financial
Aid?
No. Students must also submit academic transcripts from all prior colleges to the Registrar Office. Students
randomly selected for verification by the federal government must submit signed
copies of federal tax forms (student, spouse, and parent(s) if dependent),
Worksheets A, B, and C, and a Verification Worksheet). Students may be required
to submit other documents to verify inconsistent information. For early awarding, students are required to submit a student data form. The data form is waived after the student is admitted and enrolled.
19. What happens if I withdraw from school?
Students who completely withdraw from school (drop all classes)
prior to the end of the 60% point of the semester will be required to repay
a portion of the financial aid received. For example, students who withdraw
midway through the semester must repay 50% of the financial aid received.
This occurs for both official and unofficial withdrawal. Official withdrawal
occurs when the student completes the withdrawal process at the Registrar
Office. Unofficial withdrawal occurs when the student stops attending all
classes or fails to receive a single passing grade for the term. Students who withdraw from school do not meet the requirements of
the Satisfactory Academic Progress policy and may be subject to probation
or suspension. Students must attend through October 28, 2008 for fall and
April 6, 2009 for spring to avoid repaying aid.
20. How much income can I have and still recieve aid?
There is no way to determine this unless you complete the FAFSA
application. The formula to qualify looks at more than just income. The formula
looks at household size, number in college, untaxed income, assets, and other
items to determine eligibility.
21. Who gets federal student aid?
Some of the basic requirements to get aid are:
-
Show financial need (determined by FAFSA).
-
Be a U. S. citizen or eligible noncitizen.
-
Have a high school diploma, GED, or pass an approved ability
to benefit test.
-
Maintain satisfactory academic progress.
-
Not be in default on a student loan or owe a grant repayment.
-
Must be enrolled as a degree-seeking student in an eligible
program.
-
Must be registered with Selective Service, if required.
-
Must not be suspended from federal aid eligibility due
to drug-related convictions.
22. What are my responsibilities?
Some of your responsibilities are:
-
Follow financial aid policies. Students must review and
understand the policies located in the MSC Catalog and on the financial
aid link on the MSC website at http://www.mscok.edu.
-
Complete financial aid forms accurately and submit them
in a timely manner.
-
Attend classes.
-
Notify financial aid immediately if you receive aid that
is not on your award notice.
-
Notify financial aid if your address or name changes.
-
Complete required entrance and exit loan counseling if
you borrow loans.
23. How much aid can I recieve?
Your total financial aid cannot exceed your cost of attendance.
MSC has calculated an average cost of attendance that includes components
for tuition and fees, books and supplies, room and board, transportation,
and miscellaneous/personal expenses. Tuition and fees, books and supplies,
and on campus room and board are direct expenses that you pay to the college.
Off campus room and board and the other expenses are indirect and vary from
student to student. The cost of attendance also differs based on enrollment
status (full-time, part-time, etc.), living arrangements (on campus, off campus,
with parents), and residency status (Oklahoma resident or out-of-state). Students
may document that their expenses exceed those of the average student to qualify for additional aid.
24. Who do I contact if I have questions about financial
aid?
You should always contact the financial aid office for help.
The Financial Aid Office is located in the lower level of the administration
building. The general telephone number is (580) 371-2371, Ext. 143 and the general
email is
mscfao@mscok.edu.
Students attending at the Ardmore Higher Education Center may contact Rhonda
Glenn, Assoc. Financial Aid Director at (580) 220-2861 or at rglenn@mscok.edu.
Every student is assigned a Financial Aid Advisor based on his/her last name.
Students receiving veterans benefits, enrolled in the FastTrack CIS program, or receiving aid through a consortium agreement should contact Michelle Ellis, phone ext. 143, email: mellis@mscok.edu.
25. Where can I find more information about financial aid?
The student guide is an informational booklet provided by
the federal government. These free guides are available in the financial aid
office. Additional information may be obtained on the federal government’s
website at
http://studentaid.ed.gov.
Financial aid information specific to Murray State College may be obtained
on the financial aid link at
http://www.mscok.edu.
26. Where can I obtain financial aid forms?
The FAFSA is available online at
http://www.fafsa.ed.gov.
Institutional forms such as the Student Data Form, Verification Worksheets,
Scholarship Applications, work-study packet, etc. may be obtained in the financial
aid office on the main campus, at the MSC Advisement suite at the Ardmore
Higher Education Center, or on the
MSC website,
financial aid link, on the downloadable forms link.
27. Do I have to pay a fee to apply for aid?
No! Applying for federal financial aid is free. Legitimate
scholarship sources do not charge a fee. An online scholarship search link
is available for free on the financial aid link of the MSC website at
http://www.mscok.edu.
Never pay a fee to apply for aid. There are a lot of agencies
that charge a fee – these are scams and should be avoided.
28. Should I borrow the entire loan amount on my award notice
or use a credit card to pay my bill?
No, unless you absolutely need it to pay your educational
expenses. Loans must be repaid with interest and the interest begins accruing
on the unsubsidized loans when the funds are disbursed. Budget carefully and
borrow only what you need. Avoid using credit cards whenever possible because
this is a form of loan and must be repaid with interest. After the low introductory
interest rate period is over, the interest rate on credit cards can be over
18%. If you make a purchase of $750 with a credit card and pay the minimum
payment required of $15, you will only be paying about $3 to the $750 balance
and about $12 to interest. Credit cards are very expensive loans.
29. Can I use my financial aid to pay for my MSC Charges?
Yes. Your financial aid will automatically be applied to your
MSC tuition and fees and on-campus room and board. You must give the college
permission to use your financial aid for books and other educational costs.
It is the student’s responsibility to obtain a statement showing the
amount due the college and insuring that all outstanding charges are paid.
Students who owe money to the college are unable to access his/her grades,
get a transcript, enroll in subsequent semesters, etc.
30. Can I receive aid from two schools at the same time?
No, the federal government only allows you to receive aid
from one school at a time. However, the school you plan to receive your degree
from may be able to provide you aid for the classes you are taking at another
school. The classes must apply to your degree and you must submit a completed
Consortium Agreement Form each semester that you are taking classes from more
than one school. This form is available at the financial aid office, MSC Advisement
Suite at the Ardmore Higher Education Center or on the Downloadable Forms link
on the financial aid link of the MSC website http://www.mscok.edu.
31. I am transferring to MSC from another college. What
do I need to do for my financial aid?
Students who are transferring to Murray State College need
to have all prior colleges submit an official academic transcript to the Registrar
Office. Make sure that the academic transcript is submitted after the college has posted
grades for all semesters attempted. If the student has already completed a
FAFSA for the current academic year, he/she needs to add MSC’s school
code (003158) to the FAFSA and submit all required documents to MSC (i.e.
verification documents, student data form, etc.). If the student has already
been awarded for the upcoming semester by the prior school, the student needs
to submit a written request to the prior school’s financial aid office
requesting cancellation of the upcoming semester’s aid. Student loan
borrowers must complete loan exit counseling at the prior school and loan
entrance counseling at MSC. Student loan borrowers should also contact the
lender to cancel the upcoming semester’s loan because MSC will need
to certify a new loan. Dependency overrides and professional judgment decisions
do not transfer from school to school so the student will need to provide
documentation to MSC so that we can determine if adjustments are warranted
based on our policies and guidelines.
32. I am transferring from MSC to another college. What
do I need to do for my financial aid?
Students who are transferring from Murray State College need
to have all prior colleges and the MSC Registrar Office send an official academic transcript
to the new school. Make sure that the academic transcript is submitted after the college
has posted grades for all semesters attempted. If the student has already
completed a FAFSA for the current academic year, he/she needs to add the new
school’s code to the FAFSA and submit all required documents to the
new school (i.e. verification documents, institutional forms, etc.). If the
student has already been awarded for the upcoming semester by MSC, the student
needs to submit a written request to the MSC financial aid office requesting
cancellation of the upcoming semester’s aid. Student loan borrowers
must complete loan exit counseling at MSC and loan entrance counseling at
the new school. Student loan borrowers should also contact the lender to cancel
the upcoming semester’s loan because the new school will need to certify
a new loan. Dependency overrides and professional judgment decisions do not
transfer from school to school so the student will need to provide documentation
to the new school so that they can determine if adjustments are warranted
based on their policies and guidelines.