Financial Aid
Graduate Students

IMPORTANT

• It is the responsibility of the student to make sure that they have all the correct forms completed and/or submitted to Student Financial Services in a timely manner for a for a semester that they want assistance. Student loans can only be processed within the semester dates. After a student is awarded, it is also their responsibility to notify Student Financial Services of any changes to their credit hours in that semester.
• 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require that students who did not attend class beyond certain periods of the semester are considered to have withdrawn regardless of any official notice or withdrawal.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.
• Aide awards will reflect the total amount of loan a student may borrow in that semester. Remember that the maximum total amount of Federal Direct Stafford Loans for an award year (summer, fall and spring) is $20500, so the amount a student borrows in summer will affect the amount the student has left for fall and spring.
• 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 for 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.

• Financial Aid for MISST

2013-14 Award Year

COSTS:

Financial Aid Eligibility for MAE and MAT
Students who are enrolled in either the Master of Arts in Education, the Master of Arts in Teaching programs, or those who are pursuing teacher licensure, may be eligible for Federal Loans to assist with their costs. Students must be enrolled at least half-time to receive the William D Ford Federal Direct Stafford Loan. Full-time enrollment is 9 credit hours per term and half-time is 4.5 credit hours per term. Students not enrolled at least half-time may be eligible for alternative loans.

Filing the FAFSA
Students who would like to borrow a William D Ford Federal Direct Stafford Loan must first
file the Free Application for Federal Student Aid (FAFSA). Be sure to list Muskingum in the
school section. Our code is 003084.

To file the FAFSA go to www.fafsa.gov

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. 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. The upfront fees will be 1.051% taken off the disbursed amount for loans disbursed after July 1, 2013. The interest rate is 6.8%. Student has the right to cancel their Federal Direct Stafford Loan within 14 days. Contact the Business office or Student Financial Services.

Verification

If your FAFSA is selected for verification for the 2013-14 year, 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.

Special Circumstances

The 2013 Special Conditions and Circumstances Form is available to students whose current financial situation differs significantly from the financial data which either has been submitted or will be submitted on the most recent FAFSA due to extraordinary circumstances such as unemployment, divorce, unusually high medical expenses, etc. Appropriate documentation of the condition must be submitted with the form.

Financial Aid Award
A Financial Aid Award Letter is sent to the student upon Muskingum’s receipt of FAFSA results and the student's registration for the term. Financial aid is awarded and disbursed by terms, with the academic year amounts divided over the terms in the year. The award letter will reflect the hours and tuition costs for the appropriate term and the maximum Federal Direct Loan eligibility for that semester. 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 www.studentloans.gov 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.

3. As there is no place on the MPN to indicate how much you want to borrow you will need to contact Jan Vejsicky to let her know the amount you want to borrow.

Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

The Teach Grant program provides up to $3716 per year or grade level (dependant on enrollment status) in grant assistance ($8,000 total) to a graduate student who are enrolled in an eligible program and agrees to teach om a high-need field, at a low-income elementary or secondary school for at least four years within eight years of completing the program for which the TEACH grant was awarded. A TEACH Grant recipient who does not complete their required teaching within a specified time frame or fails to meet certain other requirements of the TEACH Grant program will be required to repay the TEACH Grant as a direct unsubsidized loan under the William D. Ford Federal Direct Loan 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.
Students who have reviewed the TEACH Eligibility Form and want to apply for the grant must complete the 2013-14 for terms starting in summer,TEACH Grant Agreement to Serve and Entrance Counseling at www.teach-ats.ed.gov. The student must have the 2013-14 FAFSA form filed. After Student Financial Services receives notification of the ATS, the student's file is reviewed. If the college determines that the student is eligible for TEACH, the student will be awarded the grant, the amount being determined by grade level and credit hours. Generally if the student is full-time in a term, the TEACH amount is $1239 per term. Three quarter, half time and less than half time amounts are $928, $619, $309. These amounts are due to the federal sequestor. The address for checking if your school is considered low income is:
https://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jsp

If a student receives the TEACH grant they can decline it within 14 days by notifying the Business Office or Student Financial Services.

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.

Grad PLUS Loan

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. The interest rate is 7.9 % and the origination fee is 4.204%. Repayment begins within 60 days of full disbursement.

To apply, a student completes a Grad PLUS master promissory note (GPMPN), which is valid for 10 years. If you need help with determining the amount you need to borrow, please contact Jan Vejsicky. The lender will check for adverse credit on the student borrower. Once the loan is approved loan proceeds are disbursed by term. You will need to let Jan Vejsicky know how much you are borrowing and for which term.

Go to www.studentloans.gov to complete your Direct Loan Grad PLUS MPN and do Entrance Counseling.

Alternative 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.
There are hundreds of alternative loans available to students and you have the right to use any you choose. However, we have selected the ones that we are most familiar with and that we feel over good service and good terms. If you go to FASTChoice you will be able to compare alternative loans and select the one that best meets your needs.

Click here to Start your Alternative Loan

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

Credit Balance Refunds

If a student has a credit balance on their account and wants excess funds sent to them, they should apply for the Sallie Mae Debit Card and then a refund will be processed within 14 days automatically. The proceeds will be put on the card. Contact the Business office for details.

Exit Counseling
All loan borrowers at Muskingum University who graduate, withdraw, or otherwise cease to attend at least half-time study are required to complete Exit Counseling. During counseling you will receive information about repayment of your loans. Go to studentloans.gov and click on Exit Counseling under Tools and Resources.

The Department of Education has also created an EXIT Counseling Guide for Federal Student Loan Borrowers (pdf) which provides you with the information you need to successfully repay your federal student loans.

Repayment of Student Loans
Student Loans are serious obligations which must be repaid. Repayment of principal begins after a student graduates, withdraws, or drops below half-time enrollment. There is a six-month grace period between the time a student’s enrollment stops and repayment begins. During your grace period you should prepare to enter repayment by following these 3 steps to ensure successful repayment of you loans:

1. Know who you owe and how much. Your loans may have been sold to other lenders or to the Department of Education. Visit nslds.ed.gov to see who holds your Federal loans and how much you have borrowed. To see how much you borrowed in private loans, go to annualcreditreport.com to receive a listing of your private loans on a free credit report. (There is a fee if you want to view your FICO score.)

2. Determine the right repayment plan. For more specific information regarding repayment of loans including available repayment options go to studentloans.gov. You may also visit www.ibrinfo.org for information on income-based repayment. If you are interested in consolidating your loans, you may be able to extend your repayment period up to 30 years.  Consolidation will reduce your monthly payments but will greatly increase the total amount of interest you will pay. Visit the Direct Loan Consolidation website for more information.

3. Stay on top of your loans. Stay in contact with your lender to update your contact information or to change your repayment plan. If you are having trouble making a payment contact your lender to see if a deferment or forbearance is available. DO NOT SKIP A PAYMENT!

Stafford Loan Forgiveness Program for Teachers
You may receive up to $17,500 in loan forgiveness if you meet certain criteria. For more information visit www.studentaid.ed.gov. Select Repaying, click on Cancellation and Deferment Options for Teachers, then click on Cancellation for Stafford Loans.

Cohort Default Rate
The FY 2009 cohort default rates represent the percentage of borrowers in the Federal Family Education Loan and William D. Ford Federal Direct Loan programs who began repaying their loans between Oct. 1, 2008, and Sept. 30, 2009, and who defaulted on or before Sept. 30, 2009.

The FY 2009 national student loan cohort default rate is 8.8%. Muskingum's FY 2009 cohort default rate is 3.3%.

Student Loan Indebtedness
The average amount of indebtedness of MAT students who graduated in spring of 2012 who borrowed in the Federal Direct Loan program was $29830 for their Master's degree. The average amount of indebtedness of MAE students who graduated in spring of 2012 and who borrowed in the Federal Direct Loan program for their Master's degree is $18795.