Midwestern State University Financial Aid What is Financial

Midwestern State University Financial Aid

What is Financial Aid? Money from a source, other than the family, to assist with the cost of attending college, which includes: Scholarships Grants Loans Employment Tuition Exemptions

https: //studentaid. ed. gov/sa/fafsa 2020 -21 FAFSA on the Web available October 1, 2019

my. Student. Aid 2020 -21 FAFSA on the APP October 1, 2019 Download the my. Student. Aid app and complete your FAFSA on your phone/tablet

SUBMITTING THE FAFSA Submit a FAFSA® : You are able to file your 2020– 21 FAFSA as early as October 1 each year. Income Information: You will provide income information from 2018 income information; you can complete your FAFSA using income information from the IRS Data Retrieval Tool (DRT). Award Notification: Submission of your 2020 -21 FAFSA application will allow us to determine your financial aid eligibility earlier as well. AT MSU, we anticipate 2020 -21 awarding to begin in mid-February 2020.

What is the FAFSA? “FREE Application for Federal Student Aid” • A standard form that collects demographic and financial information about the student and family • Information used to calculate the Expected Family Contribution (or, EFC) • Students must complete FAFSA for each school year • Colleges may set FAFSA filing deadlines • Title IV School Code – MSU is 003592; other school codes are available from your counselor or the FAFSA online search

Tips for the FAFSA ü At MSU, the FAFSA email address is the Financial Aid Office’s mode of communication with student ü Know your school’s PRIORITY deadline date; MSU = January 15 for Fall/Spring ü MSU will continue to award through March 1 as priority for most institutional grants. ü Utilize the IRS Data Retrieval Tool to download your tax information onto the FAFSA; otherwise, you may be selected for ‘verification’.

IRS Data Retrieval Tool (DRT) Students completing a 2020– 21 FAFSA are STRONGLY ENCOURAGED to utilize IRS Data Retrieval Tool Student/parent will transfer 2018 income tax return onto the FAFSA while completing the application. But, income earned from work must be entered manually on FAFSA. NEW: to address privacy and security concerns, the DRT will encrypt the taxpayer’s information and hide the information from the applicant’s view on both the IRS DRT webpage and on the FAFSA webpages.

IRS Data Retrieval Tool (DRT) Students NOT using the IRS DRT will most likely be selected for ‘verification’ and, if selected, student/parent MUST submit an IRS TAX TRANSCRIPT to the MSU Financial Aid Office. NOTE: copies of signed tax returns cannot be accepted unless a foreign tax return is filed or identity theft has occurred.

Submitting Documents to the Financial Aid Office Be sure to include Student and/or Parent name AND Student’s Mustangs ID # on all paperwork submitted to the Financial Aid Office. *tax transcripts sent to the Financial Aid Office from the IRS will have redacted Personal Identifiable Information so FAO does not know who the paperwork belongs to! OR, some colleges/universities will allow you to upload your documents into a secure file which will allow the Financial Aid Office to download the documents for your financial aid file. * Instructions will be provided by your college of choice.

IRS TAX TRANSCRIPT Options • Online – www. IRS. gov • Click “Get Your Tax Record” • Then click “Get Transcript Online” • NOTE: be sure to request the IRS Tax Return Transcript, NOT the IRS Tax Account Transcript! • By Mail – www. IRS. gov (5 -10 calendar days) • Click “Get Your Tax Record” • Then click “Get Transcript By Mail” • NOTE: be sure to request the IRS Tax Return Transcript, NOT the IRS Tax Account Transcript!

IRS TAX TRANSCRIPT Options • By phone – 1 -800 -908 -9946 (5 -10 calendar days) • Paper Request Form – IRS Form 4506 T (up to 10 calendar days)

Signing your FAFSA Signature page needed OR Electronic Signature Option with FSA ID#

Apply for an FSA ID now! You will need a FSA ID to electronically sign your FAFSA. You can also check the results of your processed FAFSA, make corrections to your FAFSA, or print an electronic copy of your Student Aid Report (SAR). Go to https: //studentaid. ed. gov/sa/fafsa/filling-out/fsaid to apply. Students and parents of dependent students should apply! Each student must have his/her own FSA ID, but parents can have one FSA ID for multiple, dependent students. FSA ID's do not expire, so student and parent can use the same FSA ID's each year to complete the FAFSA electronically. Provide an email address and receive your FSA ID's even quicker!

Dependency Status Questions on FAFSA determine whose information is required on FAFSA – Student (and spouse) – Student and parents

Dependent/Independent Student? ? ? 2020 -21 FAFSA - Born before January 1, 1997? - Married? - Graduate or Professional Student? - Active duty military? - Veteran of the US armed forces? - Have Children who receive more than half of their support from the student? - Have dependents (other than spouse or children) who live with the student and receive more than half of their support from the student? - In foster care or ward of the court at age 13 or older - Since age 13, both parents were deceased? - Emancipated minor by a court in the student’s state of legal residence? - In legal guardianship as determined by a court in state of legal residence? - Homeless or at risk of being homeless as determined by agency specified in FAFSA instructions?

Who is NOT a parent? • Foster Parents • Legal guardians who have not adopted the student • Relatives (including grandparents) who have not adopted the student • Stepparents who have not adopted the student AND who would be the only person providing parental information

Undocumented Students “SB 1528” This law permits some non-citizens to be classified as Texas residents for financial aid and admission purposes. May receive • In-state tuition • Texas Financial Aid (NOT federal aid) Application • Submit a Texas Application for State Financial Aid (TASFA) and submit to the financial aid office at the institution for processing • TASFA application is available NOW • http: //www. collegeforalltexans. com

What is the Expected Family Contribution (EFC)? *The amount of money a student and his/her family may reasonably be expected to contribute toward the cost of education for an academic year *Stays the same regardless of college you choose, but is calculated with new information each new year you file the FAFSA *Calculated using data from the FAFSA and a pre-set federal formula

Definition of Need Cost of Attendance (COA) - Expected Family Contribution (EFC) - ________________ - = Unmet Need - Receipt of additional grants/scholarships can affect awards.

MSU’s Cost of Attendance 2019 -20 Off Campus / In Dorm: • Tuition and Fees • Books and Supplies • Room & Board • Transportation • Personal/Miscellaneous • Loan Fee Allowance • TOTAL With Parent: • Tuition and Fees • Books and Supplies • Room & Board • Transportation • Personal/Miscellaneous • Loan Fee Allowance • TOTAL $9, 601 1, 050 9, 564 1, 800 150 $23, 965 $9, 601 1, 050 3, 554 1, 800 1, 034 150 $17, 189

Cost of Attendance Estimates Two-Year College $15, 695 Private University $57, 610

Scholarships Free Money!!!! Does not have to be repaid Academic Talent Athletic Community Groups

MSU Scholarship Considerations • Students admitted to MSU are automatically considered for General Merit scholarships which can range from $500 to $2500 per academic year. • Award consideration is based on SAT/ACT entrance exam scores. • Incoming freshman are encouraged to apply by our priority application date of January 15 • At MSU, scholarships will not be awarded after April 1 st. • For additional information contact MSU Admissions at admissions@msutexas. edu or (940) 397 -4334

MSU Scholarship Considerations • Information regarding Athletic scholarships can be obtained from the Head Coach of the particular sport. • Or seek additional information from the academic departments and university Donor Services.

Grants and Workstudy Free Money!!!! Does not have to be repaid Federal Grants Workstudy State Grants Institutional Grants

Federal Grants § Pell Grant = 2019 -20 ranges from $657 - $6195 per year for a full-time student. Amount is based on EFC and enrollment status. Student may receive Pell for no more than 6 years!!!! (2020 -21 not known yet) § SEOG Grant = Schools receive limited amount of money; must be Pell-eligible and zero EFC (at MSU). § TEACH Grant = assist students that are seeking degrees in the high need fields which can vary from state to state http: //www. msutexas. edu/finaid/teach-grant § U. S. Department of Veteran Affairs (GI Bill, Chapter 30, etc. . . ) – Contact MSU Veteran Affairs Office

Federal or State Workstudy ü Need-based work program ü Typically pays minimum wage, but wage varies at college/university ü Student allowed to work up to 20 hrs/week and must be enrolled at least half-time ü Typically on-campus jobs ü Can exclude this income on following year’s financial aid application ü Apply early!! Jobs go fast!

TEXAS Grant (Toward Excellence, Access & Success) ü Need-Based Award for Texas Residents ü Must meet state priority FAFSA deadline of March 15 üAt MSU, Fall/Spring awards will not be offered after Oct 1 ü Completed the ‘Foundation’, ‘Recommended’ or ‘Distinguished’ Achievement Program in high school ü EFC must be 5875 or less (for 2019 -20) ü Enroll at least three-quarter-time in a baccalaureate degree program within 16 months of HS graduation ü Not been convicted of a felony or crime involving a controlled substance ü “Renewal” TXG awarded if all requirements are met.

MSU Mustangs Guarantee Program ü Beginning freshman student OR new Transfer student ü Pell Grant eligible student ü Texas Resident ü Must submit FAFSA and have a completed financial aid file (including all verification documents) on/before May 31 (for Fall semester) or December 15 (for Spring semester) ü Family’s combined AGI is $50, 000 or less ü (cont’d)

MSU Mustangs Guarantee Program ü Covers remaining balance of tuition & mandatory fees (for 15 credit hours or more) that are not paid by other grants, scholarships, exemptions, benefits or waivers ü Maintain a minimum of 15 credit hours through 12 th class day for each Fall and Spring semester ü Earn at least 12 hours AND maintain a cumulative grade point average of 2. 0 at end of EACH fall and spring semester. ü Available up to 4 academic years (excluding summer terms)

Other MSU Grant Programs “Need” must be established by filing the FAFSA; may be received in addition to, or in place of, the Pell Grant. Funds are limited so awarded as ‘first come-first serve’. *TPEG Grant * MSU GOLD Grant *Student Property Deposit Grant – must be at least half-time *FDR Grant/Scholarship – must be full-time & maintain 3. 0 cum gpa *DAR Grant/Scholarship – must be full-time & maintain 2. 75 cum gpa *Boren Grant/Scholarship – must be at least half-time.

Student Loans Must Be Repaid!!!! Federal Loans State Loans Alternative / Private Loans

Federal Direct Loans Subsidized Unsubsidized Need-based Current Interest: Fixed – 4. 53% for loans disbursed after July 1, 2019 Government pays interest while student enrolled at least half time (changes each July 1) Not need-based Current Interest: Fixed – 4. 53% Student responsible for all interest that accrues (changes each July 1) Repayment begins 6 months after graduation or dropping below half-time enrollment. The “lender” is the Department of Education

Annual Loan Limits $3, 500 Freshman + $2, 000 Unsubsidized $4, 500 Sophomore + $2, 000 Unsubsidized $5, 500 Jr. & Senior + $2, 000 Unsubsidized

Maximum Eligibility Period to Receive SUBSIDIZED Loans Eligibility period is measured in academic years and student may not receive Direct Subsidized Loans for more than 150% of the published length of the academic program (also referred to as “maximum eligibility period”). If the student is enrolls in a 4 -year bachelor’s degree program, the maximum period for which the student can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). If the student is enrolls in a 2 -year associate degree program, the maximum period for which the student can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years). TIME IS LIMITED!

Federal Direct Parent (PLUS) Loans § Loan in Parent’s Name/SSN § Max eligibility can cover up to Cost of Attendance § Based on parent’s credit-worthiness § Current Fixed Interest Rate = 7. 08% § Payments begin 60 days after 2 nd disbursement The parent, upon his or her request, can defer payments on a PLUS loan if the student is enrolled at least half time.

Federal Direct Parent (PLUS) Loans If a parent applies for the PLUS Loan and is DENIED due to credit worthiness, the student would then be eligible for an Additional UNSUBSIDIZED Direct Loan: Fr/Soph = in the amount of $4000. Jr/Sr = in the amount of $5000. This $4000/$5000 would be in addition to the initial Subsidized and/or Unsubsidized Direct Loans the student has been offered.

STATE & ALTERNATIVE/PRIVATE Student Loans STATE College Access Loan ALTERNATIVE/PRIVATE

College Access Loan (CAL) A STATE loan available to Texas students • NOT Need-Based Loan but FAFSA must be filed • Texas Resident • Enroll at least half-time • Student must have a credit-worthy co-signor • Fixed interest rate is determined by the Texas Higher Education Coordinating Board; currently, 5. 3% • Availability of funds is determined by the Texas Higher Education Coordinating Board

Alternative/ Private Loan • Private consumer loans • Provided without consideration of financial need • Usually a last option after other more economical sources are exhausted • Credit checks are required • Variable interest rate – usually VERY HIGH!

Tuition Exemptions/Waivers • An exemption allows an individual to enroll in a Texas public institution while paying a reduced amount of tuition and fees – example Valedictorian tuition exemption, Foster Care exemption, etc. • The State of Texas has authorized more than 30 exemption programs • NOTE: MSU does not participate in all exemption programs; please contact your school to confirm participation. • Exemptions have different eligibility requirements • For a complete listing and eligibility requirements, see http: //www. collegeforalltexans. com

Awarding Process Award Notifications and Web. World

2020 -21 Awarding In MSU’s portal (“Web. World”), students will: • ‘Accept’ or ‘Do Not Accept’ Terms and Conditions AND Electronic Consent • Accept or Decline awards; read special award messages. • If loans are accepted, complete student loan process at https: //www. studentloans. gov to include Master Promissory Note and Entrance counseling. REMEMBER, MSU anticipates 2020 -21 awarding to begin in mid-February 2020.

Award Notification Process Award notifications usually contain • Types and amounts of aid offered • How and when aid will be disbursed • Terms and conditions of offer Students should • Accept or decline (if required) • Sign and return (if required) • Complete student loan process (if applicable)

Complete the Loan Process Students receiving Direct Loans must complete the Direct Loan Entrance Counseling session and the Electronic Master Promissory Note online at https: //www. studentloans. gov. Parents start the PLUS application process at this site as well.

Disbursement of Financial Aid Awards At the beginning of each semester, grants, loans and/or scholarships will be disbursed to the student’s university account and deducted from university expenses (tuition/fees and room/meals, if applicable). Ø If financial aid awards are more than university expenses, the student will receive a ‘refund’ from the Business Office. Ø If financial aid awards are less than university expenses, the student must pay the difference to the Business Office.

Evaluating Aid Packages *Biggest is not always best –compare to cost of attendance for each school *Renewable vs non-renewable scholarships *Loans vs grants *Terms and conditions of loan(s) *Balance work with academic responsibilities

Family Educational Rights and Privacy Act (FERPA) The student’s rights under FERPA transfer from the student’s parents to the student when the student attends a postsecondary institution. A student must provide written consent before an education agency or school may disclose personally identifiable information from the student’s education records. MSU’s “Release of Information” form: https: //msutexas. edu/Assets/documents/finaid/fao_55. pdf

MSU’s Short-Term Payment Plans ü Installment Contract ü Emergency Tuition/Fee Loan Administered by the MSU Business Office https: //msutexas. edu/busoffice/payment-plans. php ü Book Loan Administered by MSU Bookstore https: //msutexas. edu/finaid/book-voucher. php

Monitoring Satisfactory Academic Progress (SAP) To retain eligibility, financial aid recipients must show academic progress in your program of study. The following will be monitored at the end of every semester: 1. Cumulative Grade Point Average (GPA) 2. Maximum Time Frame for Program of Study 3. Successful Credit Hour Completion Rate MSU’s current SAP rules are available at http: //www. mwsu. edu/finaid/sap NOTE: At MSU, Financial Aid Warning/Suspension differs from Academic Probation/Warning/Suspension

Title IV Refund Calculation “ 60% Rule” Students who receive Title IV assistance (Pell Grant, SEOG Grant or Student/Parent Loans) and withdraw from the University or cease to attend classes before completing more than 60% of the enrollment period may be required to repay money to these Title IV programs. Class attendance and participation is IMPORTANT!

Helpful Websites https: //msutexas. edu – Midwestern State University https: //msutexas. edu/finaid – MSU Financial Aid Office http: //www. collegeforalltexans. com – state-specific information about higher education, financial aid https: //studentaid. ed. gov/sa - federal site regarding student financial aid

Contact Information: Midwestern State University Financial Aid Office 3410 Taft Blvd. Wichita Falls, TX 76308 (940) 397 -4214 (office) (940) 397 -4852 (fax) https: //msutexas. edu/finaid/ Email: financial-aid@msutexas. edu

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