Muskingum College: Financial Aid

Credits
All finalized financial aid listed on the Award Notice, with the exception of campus employment earnings, Federal Stafford and PLUS Loans, Veterans Benefits and external awards, will be credited directly to the student's Business Office account for appropriate fall and spring semester billing purposes. Credits are finalized upon verification of enrollment and financial eligibility. Students are responsible for securing payment for any other types of aid.
Federal Pell, OCOC, OIG, and PA Grants
In addition to Muskingum College resources, we project your eligibility for Pell, Ohio College Opportunity, Ohio Instructional, and Pennsylvania Grants, where applicable. If these grants are not listed on the Award Notice, then we have projected that you are not eligible. These awards are initially estimates; the amounts will be finalized in late summer, as official notification will come directly from the government agencies. The accuracy of the estimates is dependent upon funding levels and eligibility criteria set by the specific agency. If actual award amounts differ significantly from estimated figures, appropriate adjustments will be made to the package except in situations where the estimate was based on inaccurate information provided by the applicant or the government programs are not fully funded, in which case it may not be possible for Muskingum to make up entire funding shortages. Awards are credited to student accounts each semester upon official notification from the governmental agency, pending verification of enrollment and financial eligibility. A Student Aid Report (SAR) is sent to Financial aid applicants notifying them of their eligibility for the Federal Pell Grant; Muskingum receives this information electronically from the federal processor. Ohio and Pennsylvania state programs send notification of eligibility to both students and colleges directly.
Muskingum Scholarships and Awards
Students are recognized for their academic performance through the John Glenn, Presidential, Faculty and Science Division Scholarships. Special talents are recognized through performance scholarships in Art, Music, Print and Broadcast Journalism, Forensics and Theatre. Entering students with exceptional levels of financial need, or those who represent under served populations may be considered for renewable Access Awards. Renewal of academic scholarships requires a 3.0 cumulative grade-point average. Renewal criteria for performance awards are set by the respective academic departments, and Access Awards require good academic and social standing for renewal.
Muskingum Awards of Circumstance
Students who are enrolled full-time and who meet stated Award of Circumstance criteria are automatically eligible for these awards. Awards of Circumstance include: Appalachian Regional Grants for students residing in the region defined as Appalachia; Presbyterian Grants to students who are communicant members of the Presbyterian Church, USA; Alumni Grants to children and grandchildren of Muskingum College alumni; Sibling Grants where two or more dependent children from the same family are enrolled at Muskingum; Clergy Grants for children of practicing ordained ministers in the Presbyterian Church, USA; General Motors/Equal Employment Opportunity Commission Scholarships for minority students and to female dependents of eligible GM employees; and Special Acknowledgement Awards for students not awarded academic scholarships who meet specific academic eligibility criteria. Renewal for the Special Acknowledgement Awards is a 2.5 cumulative grade-point average.
Muskingum Grants, Endowed Scholarships and Pooled Grants
Muskingum Grants are awarded to students demonstrating financial need. The amount of the grant is based primarily on need, although academic performance and abilities are considered. In cases of extreme financial need an Federal Supplemental Educational Opportunity Grant (SEOG) may be included as part of a student’s financial aid package. Muskingum PLUS Grants are awarded to students demonstrating financial need who are part of the PLUS Program. Endowed Scholarships are made available through the generosity of alumni and friends of Muskingum to provide financial support for the education of current and future students. Endowed scholarships are need-based awards, and may have certain eligibility requirements. Pooled Grants are a combination of endowed or restricted funds and unrestricted funds. Recipients of endowed or pooled grants may be required to communicate periodically with the donor and/or participate in college functions as conditions of the award.
Limits on Muskingum-Funded Assistance (2008-09)
Muskingum-funded financial assistance is limited to the value of full tuition. John Glenn Scholarship recipients and tuition remission/exchange recipients who are eligible for other academic, performance or circumstantial awards from Muskingum receive such awards designated as honorary awards with no monetary value. Other limits are also placed on the total amount of non-need Muskingum-funded assistance which students may receive. Recipients of Presidential Scholarships may also receive Science Division Scholarships, Performance Awards (Art, Music, Print or Broadcast Journalism, Forensics and Theatre) and Awards of Circumstance (Appalachian Regional, Alumni, Presbyterian, Clergy, General Motors/EEOC awards) up to $15,000 or $16,000 for students receiving the Sibling Grant. Recipients of Faculty Scholarships may also receive Science Division Scholarships, Performance Awards and Awards of Circumstance up to $13,000 or $14,000 for students receiving the Sibling Grant. In cases where academic, performance or circumstantial awards are made or increased after a need-based financial aid package has been awarded, the total increase in Muskingum-funded aid is limited to $500 (for a single increase or additional award), or $1,000 (for multiple increases or additional awards).
Ohio Student Choice Grants
All full-time students who are residents of Ohio are eligible. (estimated at $660 for 2008-09). Financial need is not a factor and there is no application. This grant is initially an estimate depending on funding levels and eligibility criteria as set by the state of Ohio. The award is dependent upon state funding; if the program is not fully funded, it may not be possible for Muskingum to make up funding shortages.
Verification
Muskingum will verify the accuracy of information supplied on applications for need-based financial aid. In some cases we are required to do so by the federal government. Students and parents must supply tax information and other documentation when requested, and appropriate adjustments to the student's aid award will be made if there are discrepancies between reported and actual information. All required information must be received within 60 days of the completion of the most recently attended term in order to permit finalization of awards.
Residency
Students must indicate the state of their legal residency on the admission application, as this is a consideration for state grant assistance. Legal residency generally requires that a student live in the state for a complete 12 month duration, pay taxes to that state, and have a driver's license in that state.
High School Diploma
Students must have earned a high school diploma or its equivalent (GED or passing score on an accepted Ability to Benefit measure) in order to be eligible for financial assistance.
Full-Time Enrollment
Students must generally be enrolled full-time (12 hours undergraduate) in order to receive all types of financial aid. Federal Title IV Aid (Pell, SEOG, Perkins, Federal Work-Study, Stafford) may be awarded to at least half-time students (6 credit hours undergraduate) and in special circumstances less than full-time students may receive Muskingum aid. Students with bachelors degrees may be considered only for Stafford Loans or alternative loans.
Repayment of Federal Stafford 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, 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 five to ten years, although this may be extended through a process called loan consolidation if total loan amounts exceed $7,500.