Page Title

Financial Aid FAQ's

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1. How do I apply for financial aid?
2. What is a PIN and do I need one?
3. How do I apply for a PIN?
4. When should I apply for aid?
5. What types of aid are available?

6. How does the college get my FAFSA results?
7. What happens after I complete the FAFSA?
8. Do I have to enroll full-time?
9. What happens if I change my enrollment?
10. What is probation?

11. What is suspension?
12. What is the Satisfactory Academic Progress Policy?
13. Do I have to pay financial aid back?
14. What are the financial aid deadlines?
15. What is disbursement?

17. What is Work-Study?
18. Is the FAFSA the only form I need to complete for Financial Aid?
19. What happens if I withdraw from school?
20. How much income can I have and still receive aid?

21. Who gets federal student aid?
22. What are my responsibilities?
23. How much aid can I receive?
24. Who do I contact if I have questions about financial aid?
25. Where can I find more information about financial aid?

26. Where can I obtain financial aid forms?
27. Do I have to pay a fee to apply for aid?
28. Should I borrow the entire loan amount on my award notice or use a credit card to pay my bill?
29. Can I use my financial aid to pay for my MSC Charges?
30. Can I receive aid from two schools at the same time?

31. I am transferring to MSC from another college. What do I need to do for my financial aid?
32. I am transferring from MSC to another college. What do I need to do for my financial aid?

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.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 2014-2015 the 2013 federal tax information is used). Scholarships and other outside aid must be applied for separately.  Students desiring assistance to complete the FAFSA may contact the Educational Opportunity Counselors located on the Tishomingo and Ardmore campuses.

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.  Don't forget your PIN and don't share your PIN with anyone.

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 and eligible for payment.

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., Tribal, scholarships, etc. Grants are aid that do not have to be repaid. Examples of grants are:
  • Federal Pell Grant
  • Iraq Afghanistan Service Grant
  • Federal SEOG Grant
  • Oklahoma Tuition Aid Grant (state grant)
Loans are aid that must be repaid with interest. The Direct Loan program 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 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 two weeks. When the student file is complete and accurate and the student is admitted and enrolled, the college reviews the information for accuracy and determines if all eligibility requirements are met. This process takes about two to 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.

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 drop period each semester provided the student has already submitted a valid FAFSA result to Financial Aid prior to the end of the drop period. Students submitting the FAFSA results late should contact the Financial Aid Office to determine the amount of aid. The 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 70% of the hours they are enrolled in at the end of the drop period each semester. Dropping classes may lead to financial aid probation or suspension.

10. What is probation?

Financial aid probation is a status assigned to a student who fails to make satisfactory academic progress and who has appealed and has had eligibility for aid reinstated. Students on probation are eligible for financial aid but must meet the requirements of the Satisfactory Academic Progress Policy at the end of the probationary semester or be placed on financial aid suspension.  The Financial Aid Appeals Committee may place a student on an Academic Plan if the committee does not think the student can regain compliance with the Satisfactory Academic Progress Policy in a single semester.   Students on Academic Plans must meet the conditions of the plan each and every semester until the student regains overall compliance with the Satisfactory Academic Progress Policy.  Students who do not meet the terms of the Academic Plan will be placed on financial aid suspension.

11. What is suspension?

Students who do not meet the requirements of the Satisfactory Academic Progress policy during the probationary semester, do not meet the conditions of the Academic Plan, 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 Progress Policy?

This policy has three main requirements:

  • GPA Requirement:  2.0 gpa
  • PACE:  Complete 70% of classes attempted
  • Maximum timeframe:   Student must complete the first MSC associate degree within 96 attempted hours.  Students earning a 2nd MSC associate degree must complete it within an additional 40 hours attempted.

Review the entire Satisfactory Academic Progress Policy in the policy section of the Financial Aid webpage for more detailed information.


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 or submits written documentation to 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 March 1 each year (funds may run out before this date). The priority deadline for MSC Tuition Waiver scholarships is March 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. For the 2014-15 school year, the first fall disbursement date is September 25, 2014 and the first spring disbursement date is February 19, 2015.  A list of disbursement dates is available on the Disbursement Date link of the MSC Financial Aid webpage. Students may pick up disbursements in either the MSC Business Office or the MSC Advisement Suite at Ardmore. Students must have a photo ID to pick up aid checks.

17. What is Work-Study?

Work-study is aid that must be earned through on-campus employment. Contact the Financial Aid Office for a list of the available jobs.  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 15 hours per week. The pay is $9 per 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?

Yes. However, students must also submit academic transcripts from all prior colleges to the MSC Registrar Office.  Students selected for verification by the federal government or by the college must submit verification documents as requested such as IRS Tax Transcripts for the most recent tax year, verification worksheets, etc.  Students and parents should use the IRS Data Retrieval Tool, if eligible, at http://www.fafsa.gov/ to avoid delays in obtaining IRS Tax Transcripts. Students may be required to submit other documents to verify inconsistent information.  Students must be admitted and enrolled at Murray State College before the financial aid file will be reviewed.  When the financial aid file is complete and accurate, the student will be sent an award letter.

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 or notifies the Registrar Office in writing.  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 need to review the Satisfactory Academic Progress Policy to determine how withdrawing will impact their eligibility for future aid. For 2014-2015, students must attend through October 28, 2014 for fall and March 31, 2015 for spring to avoid repaying aid.

20. How much income can I have and still receive 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 been home schooled. 
  •     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 receive?

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 Student Services Building, Room 108. The general telephone number is 580-387-7220 and the general email is mscfao@mscok.edu.

Students attending at the Ardmore campus may contact our Financial Aid Advisor at 580-220-2861 or email us at mscfao@mscok.edu.  They may also contact their Financial Aid Advisor on the Tishomingo campus for assistance.  Every student is assigned a Financial Aid Advisor based on his/her last name:

A - G
Tammy Jackson
Phone: 580-387-7222
Email: tjackson@mscok.edu

H - M
Paula Michael
Phone:  580-387-7223
Email:  pmichael@mscok.edu

N - Z
Joy Russell
Phone: 580-387-7224
Email: jrussell@mscok.edu

Students receiving aid through a consortium agreement should contact Machelle Ellis, phone: 580-387-7221, 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.gov. Institutional forms such as the 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 campus, 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. If you utilize the MSC Book Voucher Process, you are authorizing the college to charge your books and supplies to your financial aid. Review the Book Voucher Policy for more information. 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 campus 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, IRS Tax Transcripts, 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, IRS Tax Transcripts, 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.
 

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