Financial Aid Menu

What's New in Financial Aid

 

2014-2015 FAFSA 

Don't forget to fill out your FAFSA for 2014-2015!

 

150% Subsidized Stafford Direct Loan Limit

Starting on 7/1/2013 for all new loans, undergraduate students can only receive subsidized Stafford loans through 150% of their educational program. Once the student has attempted 186 credit hours for a Bachelor's degree, the student will only be eligible for unsubsidized Stafford loans. Students with previous loans are not impacted by this rule. Only students taking their first loan 7/1/13 or after.

 

 Current loan rates for 2013-2014 academic year:

The interest rates for Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans will be established each year.  Once a loan is established, it will apply for the life of the loan- that is, the loan will be a fixed-rate loan.  As a result, it is likely that many borrowers will have a set of fixed-rate loans, each with a different interest rate, including the 3.4% and/or 6.8% Direct Subsidized and Direct Unsubsidized loans made prior to July 1st, 2013.

*Please note that the current loan interest rates apply to those loans first disbursed on or or after July 1st, 2013 and before July 1st, 2014.

Undergraduate Students

Loan Type

Interest Rate Interest Rate Cap
Subsidized Stafford Direct Loan 3.86% 8.25%
Unsubsidized Stafford Direct Loan 3.86% 8.25%
Parent PLUS Direct Loan 6.41% 10.50%
Graduate Students
Loan Type Interest Rate Interest Rate Cap
Unsubsidized Stafford Direct Loan 5.41% 9.50%
Graduate PLUS Direct Loan 6.41% 10.50%

 

Direct Consolidation Loan applications received on or after July 1st, 2013

 The interest rate remains the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent.  However the new law removes the 8.25% cap.

 

 Unusual Enrollment History

The Department of Education is addressing possible fraud and abuse in the Title IV student aid programs. MSSU will review all academic transcripts from previous institutions to ensure the student completed credits/hours at institutions that provided federal Pell Grant funds.

Students who have received federal Pell Grant funds at 3 or more schools in the past three years (including MSSU) will be reviewed.

 

 Shopping Sheet

Any student can request a Financial Aid Shopping Sheet to review/compare aid offered at MSSU. The Shopping Sheet gives a summary of costs at MSSU, financial aid awards offered, graduation rates, and loan default rates.

All new students to MSSU (freshman and transfer students), as well as all veterans will receive a Shopping Sheet by mail as awards are offered.

 

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