Financial Aid Information
Financial Aid Information
Financial Aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. The amount of financial aid that a student receives is determined through federal, state and institutional guidelines. Grants include aid the student receives that need not be repaid; loans must be repaid. Interest rates and repayment terms vary by program. Student employment is aid based on an hourly rate for work performed.
All students applying for financial aid must complete the Free Application for Federal Student Aid (FAFSA) prior to March 1, 20XX.
Morgan State University priority date is March 1, 20XX as well as Maryland State Scholarships priority, date to submit your FAFSA. Applying early gives students a better opportunity to receive federal state and institutional funds that are available.
Students FAFSA information will be reviewed and an after will be sent to New First time students at MSU via mail. All continuing students will receive their award after via Websis. All offers must be accepted or declined on Websis for all students, before aid can be posted to student accounts initially 10 days prior to the start of each semester’s classes.
Students selected for verification by the Department of Education are required to submit additional forms to the office of Financial Aid as listed below:
Verification forms and documents:
2. IRS Tax Transcripts and W-2 forms (if applicable)
3. Other forms and documents as listed:
· Unemployment verifications (letter of termination)
· Unemployment benefit statements
· Online benefit account print out
· Termination letter from employer
· Food Stamp verification (upon request)
· Child Support verification (upon request)
4. Verification if required of citizenship:
· U.S. birth certificate
· Passport- verify admittance date to United States
· Permanent Resident Card
· I-94 card-indication Refugee, Asylum and other per Financial Aid Review
5. Dependency Override Documentation including MSU’s Dependency Override forms.
Determining Your Financial Need
The cost of attendance (budget) is used to establish a student's financial need, as it sets a limit on the total aid that a student may receive in total aid. Calculating your financial need, your Expected Family Contribution(EFC) is used to determine your financial need.
Example: Cost of Attendance $20,000
- Expected Family Contribution 5,000
Family need= $15,000
To determine what your family is able to contribute to the total college cost, you must complete the Free Application for Federal Student Aid (FAFSA). This standard application form guarantees that every family is treated equally and fairly when schools are considering financial aid eligibility.
The FAFSA information is used to calculate your Expected Family Contribution (EFC), which reflects what you and your family can contribute to your education for one year. The Financial Aid Office calculates your financial need or eligibility by subtracting your EFC from the estimated costs for one year of education.
Please refer to your student WebSIS account to view your cost of attendance (budget).