Types of AidGrants: Aid that does not require repayment or that work be performed. Eligibility is based on need, cost of attendance, enrollment status, and the date the FAFSA was filed for SEOG and OTAG. MSC participates in the following grant programs:
Federal Pell Grant - this grant is the foundation of federal financial aid and provides grants to low-income undergraduate students with the greatest demonstrated need as determined by the Free Application for Federal Student Aid (FAFSA). Grants range from $555 to $5550 and the amounts students receive are based on their educational costs, family income, assests, and other factors. It is the only type of funding available to students who enroll less than half-time. Federal Supplemental Educational Opportunity Grant (SEOG) - this grant is awarded to undergraduate students with exceptional need. Funding is limited and priority must be given to Federal Pell Grant recipients with the lowest expected family contributions (EFC). Oklahoma Tuition Aid Grant (OTAG) - this is a state grant for Oklahoma residents. Students must demonstrate need through the FAFSA, have an EFC of 1700 or less, and complete the FAFSA by March 15, 2011 for the 2011-2012 school year and by March 1, 2012 for the 2012-2013 school year. Students who are active duty military or dependents of active duty military and who listed a state other than Oklahoma on the FAFSA, should contact the MSC Financial Aid Office and the MSC Registrar Office to ensure their residency status is correct so they can be considered for state aid programs such as OTAG and scholarships. Tribal Higher Education Grants - grants available to tribal members who have financial need as determined by the FAFSA. Application for the grants is made through the Tribal headquarters with which the student is affiliated. Vocational Rehabilitation Grants - grants available to students who have an employment handicap because of a physical or an emotional disability may apply for payment of tuition and other services to the Rehabilitation Services Divison of the Department of Human Services, P.O. Box 25352, Oklahoma City, or to the Division's District Office. In order to be eligible for this assistance, the handicap must be medically established, and the vocational objective must be approved by the appropriate counselor of the Division.
Loans: Aid provided to students that must be repaid with interest. Generally, student loans have low interest rates and permit a long-term repayment. Students should borrow only what they need so that they have a manageable level of debt when they graduate and should keep track of paperwork. Loans must be repaid even if the student does not complete their education, are not able to get a job after they complete their program, or are dissatisfied with the education for which they paid. First-time MSC borrowers must complete loan entrance counseling and a master promissory note before loans will be certified. MSC borrowers who drop below half-time (6 credit hours), graduate, or transfer to another school must complete loan exit counseling. MSC participates in the following loan programs:
Federal Direct Stafford Student Loans (subsidized and unsubsidized) - low-interest loans funded by the federal government who is the sole lender for federal student loans. Borrowing is subject to annual and aggregate loan limits. Credit history is not a factor; no credit check is done to qualify for these loans. The interest rate for loans first disbursed after July 1, 2011 is as follows: Effective July 1, 2011 to June 30, 2012 Repayment normally begins six months after graduating, leaving school, or dropping below half-time (6 credit hours). The monthly repayment amount depends on the total amount borrowed, the length of the payment period, and the repayment option chosen. The average loan indebtedness of MSC student borrowers is $17,340. Based on a standard 10-year repayment schedule, the average monthly payment would be approximately $200 and the borrower would pay approximately $6,606 in interest. Borrowers with previous student loans may access their loan borrowing history at http://www.nslds.ed.gov/. The amount of the loan is determined by the Financial Aid Office. Some of the variables that determine the loan amount are the expected family contribution as determined by the FAFSA, the cost of attendance, the grade level, and other types of financial aid the student is receiving. Students must be enrolled half-time (6 credit hours) to receive any loan disbursement. The federal government requires MSC delay disbursement for at least 30 days to first-year students who have not previously borrowed a student loan. The federal government also requires a minimum of two disbursements for each loan period. Student loan borrowers who need to withdraw from all classes before the end of a semster must withdraw in writing to the MSC Registrar Office, must complete loan exit counseling, and must contact the Financial Aid Office to determine if funds must be returned to the federal aid programs - Return of Title IV. Subsidized Stafford -- The U. S. Department of Education pays interest accrued on subsidized loans while the student is in school, and during the six-month grace period. This is a need-based loan and students must have unmet need as determined by the FAFSA. Unsubsidized Stafford -- Interest begins accruing when the loan is disbursed. Students may choose to pay the interest quarterly, or they can allow the interest to accrue and be added to the principal amount of the loan (capitalize the interest). Stafford Loan Limits (subsidized and unsubsidized combined)
The loan amounts listed above are the annual maximums for the grade levels indicated. Not all students will qualify for these amounts. The cost of attendance, number of hours enrolled, and other financial aid received are also factors in determining loan eligibility. Students are encouraged to keep debt manageable and borrow only what is needed to cover educational costs. Students planning to transfer to a four-year school need to keep track of total borrowing to ensure they have loan eligiblity remaining to complete a bachelor's degree. Borrowers may reduce or cancel student loans at any time prior to disbursement and up to fourteen days after disbursement by notifying the MSC Financial Aid Office in writing. National Student Loan Data System (NSLDS) -- The National Student Loan Data System (NSLDS) is a centralized databse that stores information on all federal loans and grants and contains borrowers' school enrollment information. All federal student loans will be submitted to this database and will be accessible by guaranty agencies, lenders and schools who are authorized users of this system. Borrowers can access their information online using their PIN at www.nslds.ed.gov. Private Lender List & Arrangements -- Murray State College does not recommend, promote, or endorse any lenders and does not have any preferred lender lists. The federal government is the sole lender for the Federal Direct Student Loans: Federal Direct Subsidized Stafford, Federal Direct Unsubsidized Stafford , and Federal Direct Parent loans. Students should only consider obtaining private education loans after maxing out all eligibility for federal aid: Federal Pell Grant, Federal SEOG Grant, Federal Work-study, and Federal Direct Student Loans. To determine federal aid eligibility, students should complete the Free Applciation for Federal Aid (FAFSA). Federal student loans often have more favorable terms than private loans. Private education loans are a last resort to meet education costs and should only be considered after exhausting all other aid options (federal, state, and institutional). Students should contact the Financial Aid Office prior to considering private education loans. Go to the following website to find information about private education loans: http://www.finaid.org/loans/privatestudentloans.phtml.
Rights and Responsibilities Your Rights as a Borrower:
Your Responsibilities as a Borrower:
Consequences of Default:
For more information on loans and the application process, review the loan section on the Conditions of Award link.
A list of available jobs is posted on the bulletin board outside the Financial Aid Office. MSC offers a variety of community service employment opportunities funded through the federal work-study program. These jobs are available in the Fitness Center, pool, auditorium, pre-school, and tutor positions in family literacy and America Reads and America Counts programs.
PSP applicants must submit a typed essay of at least 300 words in which he/she describes himself/herself with emphasis on the people, places, and experiences that shaped him/her. As part of the description, the applicant must describe a significant educational experience.
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| Last Updated on Monday, 20 February 2012 09:05 |
Murray State College, in compliance with Titles VI and VII of the Civil Rights Act of 1964, Executive Order 11246 as amended, Title IX of the Education Amendments of 1972, Americans with Disabilities Act of 1990, and other Federal laws and regulations, does not discriminate on the basis of race, color, national origin, sex, age, religion, handicap, or status as a veteran in any of its policies, practices, or procedures. This includes but is not limited to admissions, employment, student financial aid, and educational services.
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