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Prospective Students

Types of Financial Aid


Aid that does not require repayment or that work be performed. Eligibility is based on need, cost of attendance, and enrollment status. The date that your FAFSA was filed is also used for SEOG and OTAG. Grant programs curently available at MSC include:

  • Federal Pell Grant

  • Federal Supplemental Educational Opportunity Grant (SEOG)

  • Oklahoma Tuition Aid Grant (OTAG)

  • Tribal Higher Education Grants

  • Vocational Rehabilitation Grants

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). For 2020-2021 the maximum Pell grant award is $6345. The amounts students receive are based on their educational costs, family income, assets, and other factors. It is the only type of funding available to students who are enrolled less than half-time (less than 6 hours). The annual award is the maximum amount a student may receive for an single award year, which starts July 1st and ends to June 30th. At MSC the Summer semester in included as the last semester for an academic year.

Students may recieve Pell Grant monies during the summer semester, but this eligibility is dependent upon their Fall and SPring enrollment.  Students enrolled full-time for the Fall and Spring semesters will  need to be enrolled in at least 6 hours in order to be eligible for Pell Grant monies for the Summer semester. If a student was enrolled part-time for either the Fall or the Spring semster, student may be enrolled un less than 6 hours to be eligible for summer Pell grant Monies. 

Students need to be aware of their Pell Grant usage.  Pell Grant monies do have a life-time limit of 600%.  If you have questions about your remaining Pell Grant eligibility, please contact your MSC Financial Aid Adviser.  

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). FSEOG is limited to $600 per student for the academic year.

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 October 1, 2018 for the 2019-2020 academic year. Students must meet the MSC Satisfactory Academic Progress Policy to qualify for this state grant. 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

Tribal based grants available eligible students. Application for the grants is made through the Tribal headquarters with which the student is affiliated.

Vocational Rehabilitation Grants

Grants are available to students who have an employment handicap, because of a physical or an emotional disability. Eligible students may apply for financial assitance as well as other services to the Rehabilitation Services Division of the Department of Human Services, P.O. Box 25352, Oklahoma City, or one of the Division's District Offices. 


This type of aid must be repaid. While student loans generally have low interest rates and potentially have long-term repayment plans, students should borrow only what they need to cover educational costs.  The student should also take time to research financial literacy and the impact that student loans can have on future income, so that they can make an educated decision on what represents a manageable level of debt upon graduatation. 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. 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 Subsidized Stafford Student Loans

  • Federal Direct Unsubsidized Stafford Student Loans

  • Federal Direct Plus (Parent loan)

  • Private Loans

Federal Direct Stafford Student Loans (subsidized and unsubsidized)

Low-interest loans funded by the federal government and the Department of Education. 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 disbursed between July 1, 2019 to June 30, 2020:

  • Subsidized loans - 4.53%

  • Unsubsidized loans - 4.53%

  • PLUS (Parent loans) - 7.08%

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 on the NSLDS website.

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, annual and aggregate loan limits, 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 semester 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 Loans

The U. S. Department of Education pays interest accrued on subsidized loans while the student is in school. This is a need-based loan and students must have unmet need as determined by the FAFSA. Borrowers who receive their first student loan after July 1, 2013 are subject to the 150% Direct Subsidized Loan Limit. These borrowers may not receive Direct Subsidized Loans for more than 150% of the published length of the program of study. Since MSC is a two-year school, the maximum timeframe for receiving Direct Subsidized Loans at MSC is three years. Contact the Financial Aid Office for examples of how this limit may affect eligibility.

Unsubsidized Stafford Loans

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)

  • Dependent Freshmen may borrow up to $5,500 per year. Up to $3,500 may be subsidized loan.

  • Dependent Sophomores may borrow up to $6,500 per year. Up to $4,500 may be subsidized loan.

  • Independent Freshmen may borrow up to $9,500 per year. Up to $3,500 may be subsidized loan.

  • Independent Sophomores may borrow up to $10,500 per year. Up to $4,500 may be subsidized loan.

  • Aggregate undergraduate maximum is $57,500. Up to $23,000 may be subsidized loan.

  • For borrowers who receive their first loan after July 1, 2013, the Direct Subsidized Loan is limited to 150% of the program of study which for MSC borrowers is three years.

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, annual and aggregate loan limits, 150% loan limits, 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 eligibility 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 or MSC Business Office in writing.

Parent PLUS Loans

The PLUS Loan is part of the Federal Family Education Loan Program (FFELP). Provided at a low interest rate of 7.%, a PLUS loan allows you to fund up to 100% of the cost of your student's education less any financial aid already awarded. It's a cost-effective alternative to using savings, income, retirement accounts or home equity loans for education costs. This loan is based on credit, but if a parent is denied the PLUS loan, the student may borrow additional funds up to $4,000 per year on their Unsubsidized Stafford Loan. Parents of students may borrow up to the total cost of education less any financial aid available to the student. Repayment begins within 45 days of disbursement, but may be deferred while student is in school. 

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is a centralized database 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 the NSLDS website.

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 Application 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. The following links represent student loan providers that service community college students:

Rights and Responsibilities

Your Rights as a Borrower:

  • You have the right to written information on your loan obligations, including loan consolidation and refinancing, and information on borrower rights and responsibilities. You have a right to a copy of the Master Promissory Note, and return of the note when the loan is paid in full.

  • You have the right to an explanation of default and its consequences.

  • If your lender assigns, sells, or transfers your loan to another servicer, you must be provided information on the identity of the purchasing lender, the name and address of the new lender or servicer, and the telephone number of both the purchasing and selling lenders and servicers.

  • Before you begin repayment, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe and available repayment options.

  • Your have the right to defer repayment for certain defined periods (refer to section on Deferment and Forbearance for additional information).

  • You have the right to request forbearance.

  • You may prepay your loans in whole or in part at any time without penalty.

Your Responsibilities as a Borrower:

  • You must attend exit counseling before you leave school.

  • You must repay your loan even if you do not complete your program, are unable to find employment, or are dissatisfied with the education you received.

  • You must notify the servicer of your loan if you move, graduate, withdraw from school or drop below half-time (6 credit hours), transfer to another school, or change your name.

  • You must notify your servicer of anything that might alter your eligibility for an existing deferment.

  • You must meet Satisfactory Academic Progress Requirements.

  • You must use your student loan only for expenses related to your education.

  • You must read and save all loan documents.

Consequences of Default:

  • If you fail to make timely payments on your loan, your delinquency and/or default will be reported to a credit bureau. This will seriously affect your credit rating and your ability to borrow from any source in the future.

  • The entire unpaid amount of your loan, as well as accrued interest, may become immediately due and payable.

  • Holds may be placed on your college records.

  • You may become ineligible to receive any additional federal student financial aid.

  • Your wages may be garnished.

  • Your professional licenses may be taken.

  • You may be charged reasonable attorney's fees and other costs of collecting your debt.

For more information on loans and the application process, review the loan section on the Conditions of Award link.

Student Employment:

An award for which the student must work. Money is earned hourly and paid monthly. Properly completed timecards are due in the Financial Aid Office on the 15th of every month and checks are available to student workers by the end of the month. The maximum amount a student can earn is determined by financial need and availability of funds. MSC participates in the following student employment programs:

  • Federal College Work-study

Contact the Financial Aid Office for a list of available jobs. MSC offers a variety of community service employment opportunities funded through the federal work-study program. Community service work-study jobs include the Fitness Center, sports complex, vet-tech, and tutor positions in family literacy and America Reads and America Counts programs.

Tuition Waivers:

Non-resident Tuition Waivers

For out-of-state students attending Murray State College, the college waives all of the non-resident portion of their tuition costs ($181 per credit hour).  This waiver is applied automatically, and as such, there is no need to apply. 

Resident Tuition Waivers

Tuition waivers are available to students in good academic standing. Eligibility for tuition waivers are determined based on academic merit, special talent, and financial need. Resident waivers require the student to be enrolled in a minimum of twelve semester hours. Students may apply for resident tuition waivers as well as scholrships through Academic Works.  The priority funding deadline for tuition waivers is February 1st.

Additional Aid Sources:

There are other types of assistance available to students who qualify. Some of these are:

  • Tribal scholarships for students of Native American Descent

  • Department of Rehabilitation Services for students who have physical, mental, or emotional disabilities

  • WIA (Workforce Investment Act) for students such as dislocated workers

  • Outside Scholarships. Available from numerous entities such as Elks lodges, churches, employers, Masonic lodges, etc. Students may also use the FASTWEB option to view scholarship information online. Scholarship and financial aid searches should be free.

  • Veterans Benefits. Contact the Veterans Administration at 1-888-442-4551 for more information.

  • US Army Scholarship. For information about the army's $50,000 scholarship and cash bonuses, call (580) 223-8090 or e-mail Learn more about the many opportunities available through today's army at