Financial Aid for MISST
Graduate Students
2007-2008 Academic Year



General Information for the Master of Information Strategy, Systems and Technology (MISST) program
For tuition information regarding the Master of Information Strategy, Systems and Technology (MISST) program please contact us at 740-826-6128 or misst@muskingum.edu. Contact Jan Vejsicky at 740-826-8139 with Financial Aid questions.

The 2007-08 academic year for the MISST student that is in the 07 FALL Cohort will consist of Fall,Spring and Summer. The 2008-09 year will consist of 08 Fall and 09 Summer.

Federal Stafford Loan

Students who are enrolled in the MISST program may be eligible for Federal Stafford Loans to assist with their costs. Students must be enrolled at least half-time to receive the Federal Stafford Loan and students in a Cohort will be considered to be at least half time.

Students seeking a Federal Stafford Loan must first file the Free Application for Federal Student Aid prior to the academic year for which the loan proceeds are intended. For Fall 07, Spring 08 and Summer 08, you should file the 2007-08 form. You may complete the FAFSA on-line. Be sure to list Muskingum in the school section. Our federal school code is 003084. Students must also complete a Federal Stafford Loan Master Promissory Note (MPN) the first time they take out a loan. The MPN will then be on file in Student Financial Services.

The maximum amount of Federal Stafford Loan for an academic year is $20500. The maximum possible "subsidized" ( the government is paying the interest during periouds of enrollment that are at least half time) amount is $8500, the remainder being "unsubsidized" (the student is responsible for the interest.) Most MISST students who file the FAFSA will be eligible for this amount for the 3 terms unless the student has borrowed previously in the 2007-08 academic year or is nearing aggregate Federal Stafford Loan limits. Financial aid is awarded for the year and disbursed by terms, with the academic year amounts divided over the terms in the year. The in-school interest rate is 6.8%. For the MISST program, if a student borrows in the fall for the year, the loan will be disbursed half in September and half in January.
The 2007-08 academic year will consist of three terms: Fall (9/09/07 - 12/09/07); Spring (1/06/08 - 05/25/08) and Summer (06/01/2008- 08/10/08). The 2008-09 academic year will consist of two terms: Fall (08/11/08 - 02/01/09); Spring (02/02/09 - 06/21/09).

If borrowing only in the Federal Stafford Loan program to cover expenses, the student in most cases will need to borrow in two academic years. The costs of the residencies ( hotel rooms), travel expenses, etc can also be incorporated into the amount the student wants to borrow. The Business Office ( Janet Nesselroad and Phil Laube) will need to know a student's financial plan for the two year period, including any employer contribution and what loans the student will be pursuing.

To apply for the Federal Stafford Loan

Students who wish to borrow a Federal Stafford Loan may complete the Federal Stafford Loan Master Promissory Note (MPN) online. Muskingum will be notified by Great Lakes Higher Education Corporation or Sallie Mae Corporation regarding receipt of your MPN and will certify the loan for the amount which you have indicated you want to borrow. This is done upon the student’s return of the award letter or contact with Jan Vejsicky in Student Financial Services. An MPN does not have to be completed each year unless the student changes lenders. For subsequent years If there is an active MPN on file and the student is currently enrolled and eligible for a loan ( they have filed the correct FAFSA), one will be done to cover the student's balance due unless the student notifies Student Financial Services that they do not want the loan or they want a different amount.

When completing a Stafford Loan Master Promissory Note it will be necessary to select a lender. While we have listed lenders on the FAST Choice program because of the borrower benefits they offer, a student may borrow from any lender that is approved by the Department of Education for Federal Stafford Loans. The lenders listed are the ones most of our students use. We feel that they are able to offer our students the best overall package of pricing, service, technology, and counseling on loans and paying for college. If you would like to select a different lender there is an option to do that on the FAST Choice program.



Other Financing Options

Payment Plan

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 janetn@muskingum.edu.

Students must have either made payment for a year or have made satisfactory arrangements with the Student Accounts Office in order to register for the subsequent academic year. Students must have cleared balance for all terms in order for a transcript to be issued.

Grad PLUS Loan

As a graduate student, if you use all your yearly Federal Stafford eligibility, you may be able to borrow in the Grad PLUS Loan. Generally, if after your Federal Stafford Loan is processed for a year and you have more costs, you, if you do not have adverse credit, may be approved for a Grad PLUS Loan. Contact Jan Vejsicky in Student Financial Services or you may apply directly for a Grad PLUS Loan by going to FAST Choice.

Alternative Loans/Private Educational Loans

If you are not interested in filing the FAFSA form or want to borrow more than you can in the Federal Stafford Program ( you may want to borrow the full amount of the program), you may be eligible for one of the Alternative Loans which have been developed for students to pay for educational costs.

Alternative Loans are private loans to students or to a student and credit worthy co-borrower. There are a variety of interest and payment options, though in most cases either the interest or both principle and interest can be deferred. A credit check is performed on the borrower (or co-borrower, if applicable) which is a credit scoring process. In most cases lenders will do “instant preapprovals” by phone or on-line, and most lenders prefer on-line application processing. Students may borrow up to the cost of education minus other financial aid for which they are eligible, and in some cases may borrow for a previous balance due the school. Listed below are The lenders we are most familiar with are listed under the Private Loan tab on FAST Choice.

 

Repayment of Student Loans

Student Loans are serious obligations which must be repaid. Repayment of loan principal begins after a student graduates, withdraws, or drops below half-time enrollment, and there is a six-month grace period between the time a student’s enrollment stops and repayment begins. Under certain conditions, such as full-time enrollment in college (both undergraduate and graduate), repayment of loans can be deferred. The repayment period for student loans is generally ten years, although this may be extended through a process called loan consolidation if total loan amounts exceed $7,500. For more specific information regarding repayment of loans, contact Sallie Mae or Great Lakes Higher Education Corporation.

Entrance Counseling

For first-time Federal Stafford Loan borrowers at Muskingum College, the federal government requires that Entrance Loan Counseling be completed before loan funds can be disbursed to the student’s account. During entrance counseling you will learn more about your loans and receive advice on managing them during and after college. You may complete Entrance Loan Counseling on-line. If you are completing an MPN on-line through FAST CHOICE, then the Entrance Counseling will be part of that process.

Exit Counseling

All loan borrowers at Muskingum College who graduate, withdraw, or otherwise cease to attend at least half-time study are required to complete Exit Loan Counseling. During counseling you will receive information about repayment of your loans. You may Complete Federal Stafford Loan Exit Counseling on-line.

Graduate Financial Aid Policies