We are starting on award letters for summer term enrollees if you have filed the 2015-16 FAFSA and have let us know your intended hours for the year.
Summer and fall are both 10 week terms that are now combined into one summer/fall semester of 20 weeks. Spring is still a 20 week semester consisting of spring1 and spring2 which are both 10 week terms.
If a student withdraws from a class, federal policies have changed and this might affect a student's eligibility for a loan that may have already been disbursed. Some of the loan may have to be returned to the lender, resulting in a possible balance due the university. In the past a withdrawal from a course did not change a student's eligibility for that semester. Now, if a student withdraws from just one class (even though he is still part time), R2T4 may have to be completed to determine the amount of loan the student can keep. The student will need to complete a course withdrawal form (available in the Graduate and Continuing Studies Office) when they withdraw.
Federal regulations require that students who did not attend class beyond certain periods of the semester are considered to have withdrawn regardless of any official notice or withdrawal. University policy requires notice be provided for withdrawal after the add/drop period. Therefore, students who receive a semester grade point average of 0.0, and were determined to have not attended class through 60% of the semester, will have their aid recalculated based on either the mid point of the semester or last date before the 60% date that can be documented. The student will be responsible for charges left after some of the aid is returned to the Department of Education.
All Federal Direct Stafford Loans will be unsubidized for Graduate Students.
Aid awards will reflect the total amount of loan a student may borrow in the academic year of June 8 - June 3. Remember that the maximum Federal Direct Stafford Loan for an award year (summer, fall and spring) is $20500, and the amount needs to be evenly disbursed between summer and spring, or if fall start, fall and spring, so the amount that is disbursed in the summer may have to be used also for fall, as there will not be fall disbursement for a summer start student.
HQT Classes (651,652,653,654) are considered Continuing Education, and therefore not eligible for Federal funding. If you are just taking those classes, you will have to pay out of pocket. If you are taking one or more HQT classes in addition to at least 5 credit hours in your master's or licensure program, you would be funded in the master's or licensure progam and might be eligible to borrow extra to pay for those HQT classes.
Graduate Financial Aid Policies Click here for a variety of policies regarding financial aid for graduate students.
The 2015-16 year will start with a 20 week term of summer/fall and will end with a 20 week term of spring 1 and spring 2. Financial aid will be out of the 2015-16 FAFSA which you should file after 2014 federal taxes are filed. Tuition costs per credit hr should be $470 for summer module and then $490 for fall, spring 1 and spring 2 modules.
2015-16 Award Year
Financial Aid Eligibility for MAE and MAT
Filing the FAFSA
Federal Direct Stafford Student Loans
Federal Direct Stafford Student Loans are available to all students who file the Free Application for Federal Student Aid (FAFSA) and who are enrolled at least half-time and in a degree porgram or teacher licensure. The maximum Federal Direct Stafford Loan amount for which the student is eligible is reflected on the award letter. All of the loan will be classified as "unsubsidized," meaning the student, rather than the government, is responsible for the interest while enrolled in school. Interest rates are variable and are set every July 1. Federal Direct Stafford Loans disbursed after July 1, 2014 and before July 1, 2015 have an interest rate of 6.21% and an upfront origination fee of 1.073%. The upfront fees will be taken off the disbursed amount. Student has the right to cancel their Federal Direct Stafford Loan within 14 days. Contact the Business office or Student Financial Services.
If your FAFSA is selected for verification you will be sent information about the process and what information we need completed. You may need to go back into your FAFSA and do the IRS Data Retrieval to bring your tax information into your FAFSA. If we need other information from you, we will request it.
A Financial Aid Award Letter is emailed to the student's Muskingum email address upon Muskingum’s receipt of FAFSA results and the student's registration for the term as well as the receipt of a student's enrollment plan for the year. Financial aid will be awarded and disbursed year with the academic year amounts divided equally, with the first disbursement in the summer/fall semester and the second disbursement in the spring semester. The award letter will reflect the hours and tuition costs for summer/fall and spring semesters based on the information the student has provided. If the student changes their plan, they must contact Amy Gooden immediately. Besides tuition, a student may borrow to also cover costs of books, child care, transportation and other educational related expenses. A student's eligibility for the TEACH grant could also be reflected on the award if the student completes the TEACH grant process and is eligible. In some cases this is a revised award.
How to apply for the William D Ford Federal Direct Stafford Loan
If you have been awarded a Federal Direct Student Loan there are 3 steps you need to complete in order for Muskingum to be able to process your loan if you do not have an active Direct Loan MPN on file.
1. Go to to complete your Direct Loan Master Promissory Note (MPN). Once on this site, you will sign in with your Federal PIN, your social security number and date of birth. After you are signed in, select Complete MPN, then choose the Subsidized/Unsubsidized.
2. If you have not had a Federal Stafford Loan or a Federal Direct Student Loan as a college student (here at Muskingum or elsewhere), you will need to complete Entrance Counseling on the same web site:www.studentloans.gov. Sign in as above in the MPN section, then select Entrance Counseling, then select Graduate student.
Teacher Education Assistance for College and Higher Education (TEACH) Grant Program
Students must check their eligibility by reviewing the TEACH Information Sheet.
Students who are just doing graduate licensure are not eligible to apply for the TEACH grant.
TEACH Exit Counseling
All TEACH recipients who graduate, withdraw, or otherwise cease to attend in a term as at least half-time are required to complete TEACH Exit Counseling. It is very important that you complete the exit counseling as it will remind you of the TEACH grant requirements and obligations. It will also explain how to keep in contact with the Department of Education regarding your teaching status.
As a graduate student, if you use all your yearly Federal Direct Stafford Loan eligibility, you may be able to borrow a Grad PLUS Loan. Generally, if after your Federal Direct Stafford Loan is processed for a term and you have more costs and you do not have adverse credit, you may be approved for a Federal Direct Grad PLUS Loan. Loan limits are up to the cost of education less any financial aid received per academic year. For loans disbursed after July 1, 2014 and before July 1,
2015 the interest rate is 7.21% with a cap of 10.50% and the origination fee is 4.292%. Repayment begins within 60 days of full disbursement.
Go to www.studentloans.gov to complete your Direct Loan Grad PLUS MPN, Grad PLUS application and do Entrance Counseling.
Alternative Loans/Private Educational Loans
Alternative Loans can be used to cover any educational expenses not covered by financial aid. This type of loan can be used if you are not interested in filing the FAFSA or will be enrolled less than half-time (4.5 hrs). The loan is in the student's name, but in some cases a credit-worthy cosigner is required. There are several payment options, though in most cases either interest or both principle and interest can be deferred. The credit check that is done on the borrower or cosigner is a credit scoring process. Students may borrow up to the cost of education minus financial aid. In some cases students may borrow to cover a previous balance.
Click here to Start your Alternative Loan
If a student would like to make payments to the college instead of taking a loan, they should contact Janet Nesselroad in the Student Accounts Office at 740-826-8118 or email@example.com.
Credit Balance Refunds
If a student has a credit balance on their account and wants excess funds sent to them, they should complete the information on the Business office website about refund procedure to let us know how the student wants the funds disbursed to them. Refund will be processed within 14 days automatically. Contact the Business office for details. 740-826-8118.
Loan Forgiveness Programs for Teachers and those in Public Service
Cohort Default Rate
Muskingum's FY 2012 draft three year cohort default rate is 5.9%
Student Loan Indebtedness
Cost of attendance budgets
Budgets are constructed for each term, using tuition, average loan fees, $100 per credit hr for books and $9000 per 10 weeks for all other expenses.