Financial Aid Guide 2008-2009 |
| Download the 2008-2009 Guide (pdf) The belief that you or any other student should not be denied an education because of financial need is the cornerstone of the student financial aid program at Murray State. Upon this cornerstone is built a foundation of financial opportunities which include grants, loans, part-time employment and scholarships. This foundation supports Murray Sdesire to provide educational opportunities for all qualified students.
Applying for Financial Aid To apply for the Federal
Perkins Loan, Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford
Loan, Nursing Loan, Federal Supplemental Educational Opportunity Grant,
Federal Pell Grant, Federal Academic Competitiveness Grant (ACG), National
SMART Grant and Federal Work-Study, please follow the instructions below:
The priority filing date is April 1for students seeking aid during the fall and spring semesters. October 15 is the priority date for spring semester, and March 1 is the date for filing for the summer term. If you need financial help, we urge you to complete the forms immediately although the date may have passed. Senior in High School or a Transfer Student Filing If you are in your senior year of high school or if you are a transfer student you are eligible to apply. You do not have to be accepted at Murray State University to apply for aid, but you will have to be enrolled in school before you receive your financial aid. Re-filing You must complete a new MSU financial aid application and a new FAFSA or a Renewal Free Application for Federal Student Aid for each academic year. If you plan to attend summer sessions, a Summer MSU financial aid application is required. However, if a FAFSA for the academic year before the summer sessions is on file, you do not need to complete another FAFSA for the summer sessions. Types of Financial Aid Opportunities Types of aid include grants, loans, student employment and scholarships. Grants Among the non-repayable grants available are the following:
Loans The
Federal Subsidized Stafford Loan offers loans up to $3,500
annually for freshmen; $4,500 for sophomores; $5,500 for juniors and seniors;
and $8,500 per year for graduate students. Students will have to meet
a federal needs test which determines if the student receives a full loan,
a reduced loan or nothing. The amount of other financial aid will also
be considered in determining the loan amount. Borrowers pay up to a 1.5
percent orgination and up to a 1 percent default fee when the loan is
made. Student borrowers must maintain enrollment on at least a half-time
basis throughout the loan period. Borrowers withdrawing or dropping below
half-time status will have their loan checks returned to the lender. A
new loan application will be required for the next enrollment period.
The interest rate for new Stafford borrowers after July 1, 2006 is a fixed rate of 6.8 percent. The federal government pasy the interest while the borrower is in school, in grace or in deferment. Repayment is determined by the total amount borrowed. Repayment begins six months after the student leaves school or drops below half-time attendance. A $1,000 loan would require monthly payments of $50. The total debt you may have outstanding under this program as an undergraduate is $23,000. The total for both graduate and undergraduate study is $65,500. The Federal Unsubsidized Stafford Loan is a program that has essentially the same provisions as the subsidized Stafford Loan, except it is available for all students regardless of income, and the interest accrues at all times. The loan amount is determined by the cost of attendance less other financial aid. Interest may be paid while you are in school or capitalized (accumulated and added to the principal) and paid after leaving school, as agreed by you and your lender. This means that the federal government does not pay any interest or subsidy for you. Borrowers pay 1.5 percent origination and up to a 1 percent default fee when the loan is made. Independent students may qualify for additional annual loan amounts as stated in the U.S. Department of Education publication Funding Education Beyond High School. The Federal PLUS (Parent Loan) program provides loan funds to the parent of a dependent undergraduate student and to graduate/professional students. The amount of this loan cannot exceed the cost of attendance less other financial aid. Interest begins to accrue upon disbursement, and the first payment is due within sixty (60) days, although deferrment/forbearance options are available. The interest rate is fixed at 8.5 percent. The Federal Perkins Loan offers a low-interest (5 percent) loan. No interest accumulates while you are in school at least half time. Eligible students may borrow up to $2,000 per year. The loan is repayable beginning after the borrower leaves Murray State. Loan repayments, deferments or cancellation provision will be outlined in the promissory note. The Nursing Loan Program offers a low-interest (5 percent) loan to students in the nursing programs. Eligible students may borrow up to $4000 per year with a maximum for all years of study not to exceed $10,000. Loan repayment will be made according to the provisions outlined in the promissory note the borrower signs at the time of each disbursement. The Norris Loan provides small loans to students to purchase books. An interview with the director of student aid is required. Loans are available only at the beginning of the fall and spring semesters until all funds have been loaned. These loans are repayable (with 6 percent interest) in one to four months. Student Employment on Campus The Federal Work-Study Program offers on-campus employment to eligible students who are enrolled at least half time and who meet a federal needs test. Students are encouraged to seek employment in the following areas: community services, service to students with disabilities, and in activities in which they serve as mentors. The University Student Employment Program offers jobs to students who are enrolled at least half time and who normally do not qualify for the Federal Work-Study Program. On-campus employment through either program is not guaranteed. All student employees are paid bi-weekly and are required to perform their duties in a satisfactory manner. They are to follow their work schedule diligently, and they should be prompt and regular in attendance. Scholarships Scholarships are available through Murray State University, its alumni association, foundation and various academic and athletic departments. Amounts range from $100 to $17,326. For academic scholarship information, contact the University Scholarship Office, Ordway Hall, Murray State University, 122 Ordway Hall, Murray, KY 42071-0009. Factors such as class rank, grade point, ACT scores, and school involvement are usually considered. University and non-university scholarship dollars received will be included in determining your eligibility for any federal or state grant, loan, or Federal Work-Study program. The deadline for application is February 1. For athletic scholarships, your coach should write or call Murray State’s head coach of the sport that interests you. Other
Types of Financial Assistance
Your family is
considered your main source for your college education. One goal of the
Student Financial Aid Office is to
Financial Aid Eligibility The main factor of eligibility is your financial need. All students, regardless of family income level, are encouraged to apply. By comparing the cost of attending Murray State University with your and your parents’ ability to finance your education, your need is evaluated. The Student Financial Aid Office then tries to meet that need. The information for making that decision comes from the Student Financial Aid Application and the FAFSA or other forms. Enrollment in a program of study abroad, approved for credit by Murray State, may be considered enrollment for purposes of applying for federal student financial assistance. Undergraduate credit hours will not count toward enrollment status for graduate students. By properly completing and submitting the appropriate financial aid forms on a timely basis, you will be considered for the Pell Grant and/or other state grants. Other awards will then be made based upon the program choices you listed on your MSU application. The MSU Financial Aid Office will follow federal guidelines giving priority to students having the greatest need. Preference will also be given to eligible Federal Perkins Student Loan and Federal Supplemental Educational Opportunity Grant applicants who file their forms by April 1. Federal regulations require that applicants for federal financial aid be citizens or eligible non-citizens ofthe United States, except the ACG and SMART Grants which require citizenship. Selection of students also depends upon the guidelines of each individual program and the availability of funds. Scholarships are given based on academic ability or performance. Over 70 percent of the student at Murray State receive some kind of financial aid from federal, state or university sources. You will be notified by a letter of the final decision on your application. Reporting ALL Financial Resources Federal and state regulations require the Student Financial Aid Office to monitor all student resources. Such resources include non-university scholarships and other financial benefits. If these resources are not reported and are later uncovered, the student’s aid package may be adjusted or repayment of financial aid received may be required. Payment and Repayment of Financial Aid All loan and grant payments administered by the university will be made by check or credit. Student employment paychecks are issued bi-weekly and are made payable to the student. All university fees and charges are due no later than the beginning of the semester. MSU has a payment plan available through the Bursar’s Office. Students receiving financial aid MUST sign up for the payment plan to have fees deferred based on financial aid. If you receive a university-administered scholarship, you will receive credit for your award. The amount you will owe to MSU will show your university scholarship credit. Any financial aid award is subject to the actual receipt of funds appropriated to Murray State University by federal and/or state governments. Withdrawal from School If you leave school before the end of the semester and you received financial aid, you may discover that you owe a refund or a repayment to the various aid programs which helped you. The policy on allocation of funds and repayments on student financial assistance programs is available in the Student Loan Accounting Office. Murray State makes special efforts to keep students in school. In addition to stressing academic excellence and classroom studies, the university also supports numerous extracurricular activities. The on-campus Learning Center offers free reading, writing and study skills programs and tutorial programs in special areas. In the fall of 2005 there were 10,274 students registered. During the 2005-06 school year, 443 students officially withdrew. For the last three years, an average of 2,045 students received undergraduate and graduate degrees each year. Repaying Student Loans Upon leaving school, whether by withdrawal or graduation, you must have an exit interview with the assistant bursar. If you do not make arrangements for your campus accounts, you may be charged a late payment penalty, a hold may be put on your student records, your enrollment may be cancelled and/or you may be denied future aid. Requirements to Receive Financial Aid To
remain eligible, you must: Federal regulations state that all students who receive assistance from the Federal Work-Study, Federal Stafford Loan, KHEAA Grant, ACG, SMART Grant, Federal Perkins Loan, Federal Pell Grant, Federal PLUS Loan, or Federal Supplemental Educational Opportunity Grant programs will be required to make measurable academic progress toward a degree. Failure to maintain satisfactory academic progress will result in the termination of your financial assistance. You may re-establish eligibility for financial assistance when the minimum requirements of the policy are satisfied. This policy also applies to the Nursing Student Loan; Norris Student Loan Program; and all KHEAA Teacher Scholarship, Work and Loan programs. If you do not meet these requirements, you should still file financial aid forms for future terms on a timely basis. This will permit you to be considered for financial aid once your appeal is approved. This policy applies to all students whether or not the student is receiving financial aid for the period being monitored. As an undergraduate student based upon full-time status (a minimum of 12 hours per semester), you will be required to earn a minimum of 24 semester hours within that academic year (fall and spring semesters). You will be permitted a maximum of six academic years for completion of a baccalaureate degree(s), three years for an associate degree(s), and two years for a certificate program for financial aid purposes. As a graduate student based upon full-time status (a minimum of nine hours per semester), you will be required to earn a minimum of 18 semester hours within that academic year. You will be permitted a maximum of three academic years for completion of a master’s degree program for financial aid purposes. In addition to the requirement to complete a minimum number of credit hours each academic year within a maximum time frame, you must also meet the minimum requirement for satisfactory academic standing as follows:
More information on Murray State is available in the Murray State University Bulletin (catalog edition), Student Life Handbook, departmental brochures, and the federal Student Guide. Remember that the Student Financial Aid Office looks forward to having you on campus. Feel free to visit or call the office in the basement of Sparks Hall whenever a question or need arises. Call Murray State University
Financial Aid Toll-Free
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