Student
Financial
Services
Summer
Orientation 2007
Financing Your
Education
Student Financial Services—The Details
 Where are we?
 In the Centennial Student Union…
Campus Hub/MavCard Offices
 When are we open?
 Monday-Thurs 8am to 6pm
Friday 9:30am to 5pm
 Summer hours: Monday-Friday
8:00am to 4pm
 How to reach us
 1-800-722-0544
 (507)389-1866 (Campus Hub)
 www.mnsu.edu/campushub
 campushub@mnsu.edu
The Financial Aid Process
Determining Cost of Attendance (COA)
(Institutional Budget)
 Each year, Student Financial Services determines
average costs for living expenses and tuition
 It is NOT the amount you will be billed from
MSU
2007-2008 COA for a MN Resident = $14,774
2007-2008 COA for a Non Resident = $20,834
Your Award Letter
 Review your award letter carefully and decide
which loans you would like to accept and/or
decline
 Make sure to submit in all requested response
forms promptly
 Can also be completed online
 Minnesota Grant considers 15 credits full-time
Cost of Attendance Cont’d
(Institutional Budget)
COA= Direct Costs + Indirect Costs
 Direct Costs
 Indirect Costs
 Expenses resulting from
 Expenses not directly a
enrollment in an
educational institution
result of enrollment in
an educational
institution
 Tuition
 Rent
 Fees
 Laundry
 Books
 Parking
 Misc.
Stafford Borrowers
 Must complete Entrance Counseling, fill out a Master
Promissory Note, and complete a Loan Transmittal
Form
 Can be completed online
 Disbursement takes place approximately 10 days after
the first day of classes for each semester
“Other Loan Options”
Alternative Loans
 Terms of Alternative loans vary from one lender to
another
 Most have fees attached to the loan along with
interest
 Most loans require a creditworthy co-signer
 MSU requires that a FAFSA be on file in order to
process an alternative loan
 You are allowed to borrow up to the COA minus
any financial aid you are already receiving.
 You fill out the lender’s application and MSU will
certify the loan.
Understanding Work-Study
 Awarded on a first come first serve basis depending on
financial need
 The average award is $1,280-$3,840 per year
 Students must complete the online work-study
questionnaire before they can be assigned
 Minimum wage is $8.00 an hour and students are paid
bi-weekly
 Students should budget their money for the school
year
Keeping Track of Your Loans
■ Start a file for all your
financial aid paperwork
■ File your FAFSA each year
by March 15th for full
consideration of available
financial aid.
■ New school year=
new financial aid file
■ Borrow smart…stay
within your means
■ Use your PIN to check your
loan amounts-go to:
www.nslds.ed.gov
and click on “financial
aid review”
Satisfactory Academic Progress(SAPS)
 In order to remain eligible to receive funds from us,
undergraduate students must maintain SAPS
requirements which are:
 2.0 or higher GPA
 67% completion rate
 Maximum of 192 attempted undergrad credits
Consequences of Not Meeting SAP
Standards
 Financial Aid Probation- A student who does not meet
one or more of the SAP standards will be placed on
probation for one academic term provided that s/he has
not been placed on financial aid probation or suspension
for a prior term.
 Financial Aid Suspension- Students who do not meet
SAP Standards after the probation period has ended, will
be ineligible for financial aid.
 All students who have been suspended have the right to
appeal their suspension.
 Submitting an appeal does not guarantee re-instatement of
financial aid
Budget Your Money, Including Your
Financial Aid
 Look at your income (savings, financial aid,
paychecks)
 Plot your expenses…Fixed and variable
 Do the math and live within your means
Budget Busters...No Matter
How Well You Plan
 The late night snack
favorite…
 The 8:00 class rush
 Clubs and
organizations at MSU
 Going out---and the
mall
 Things you can’t live
without…
Credit Cards 101: A Lesson in
Plastic
Credit Cards and the College
Student
 76% of undergraduate students
have at least one credit card
 48% of students carry average
credit card debt of $3,176
 Two-thirds of undergraduates
make only the minimum payments
 Students double their average
credit card debt and triple the
number of cards in their wallet
from the time they arrive oncampus until graduation
Source: Nellie Mae, April 2005; College Board, 2005
College Students:
Why and How You are the Target
 You are a large group of
consumers
 To establish relationships
with you at a younger age
 Look where they set up
their tables: Sporting
events, stores and even in
the Student Union…
 FREE STUFF: T-shirts, CD
holders, bags of candy,
coupon books
How Credit Cards Can Get You in
Trouble…Without Realizing it!
Throughout college, Jill decided to put certain education
expenses on her credit card. Here is what is what it would
cost Jill to payoff her credit card balance IF she makes no
further credit purchases and makes only the minimum
required monthly payment (which decreases over time as
the outstanding balance decreases):
Principal
Loan
Amount
Borrowed
$5,000
Interest Rate
Monthly
Payment
# of Monthly
payments
Total Amount
Repaid
19%
3% of
balance
238 (20 years)
$10,360
(Initially $150)
What about Educational
Financial Aid Loans?
Sam decides to take out a student loan for his educational
expenses. Keep in mind that most students like Sam will
borrow loans for each school year. If he made the minimum
monthly payment on his loan for the next 10 years, he would
end up paying $1,904 in interest. Additionally, he would not be
required to make any payments on the loan until 6 months
after he graduates.
Principal
Loan
Amount
Borrowed
Interest Rate
Monthly
Payment
# of Monthly
Payments
Total Amount
Repaid
120 (approx.
$5,000
6.8%
$57
10 years)
$6,904
Do Your Research Before You Charge
 Look for low interest rates
(Aim for 15% APR at the
most)
 Look out for low intro rates
 Watch your finance
charges (late fee no higher
than $29)
 Low or no annual fee
 Make sure your credit card
has a grace period before
finance charges are
incurred (at least 25 days)
Once You Have a Credit Card…
 Pay off your balance in





FULL, every month
Set your own credit limit
READ all fine print
Keep your wallet trim…
Limit the number of direct
mail credit card offers you
get…Call1-888-5OPTOUT
to have your name
removed
BE SMART WITH YOUR
CREDIT…IT WILL AFFECT
YOU FOR THE REST OF
YOUR LIFE!!
Money Management Tips







Be clear of your needs and wants
Use your credit card wisely
Watch your checkbook
Buy used books
Buy supplies at discount stores
Find a roommate (or two) to share costs
Determine a food budget, plan your meals and USE
COUPONS
 Borrow only what you need in student loans
Don’t Get Phished
 Internet “Phishing” scams are one
of the fastest-growing frauds today
 Involves a bogus e-mail message
using legitimate material
(company’s logo) in an attempt to
get a person’s personal financial
information
 Never give out personal
information (SSN, credit card
number, etc.) in an unsolicited email
 If you’ve been Phished,
immediately contact your financial
institution
Scholarships
 www.mnsu.edu/campushub/scholarships
 This website includes information on university
scholarships, departmental scholarships and links to
other resources.
FERPA and MSU
 Parents are not permitted under the Family Education
Rights and Privacy Act to access their son or daughter’s
education record at the post-secondary level.
 However, with written permission from the student, the
University can release information to the student’s parent,
guardian or other individuals acting in a parental role in
the absence of a parent or guardian. Authorization for
Release of Information is available at The Campus Hub or
on the web at: www.mnsu.edu/campushub/.
 Only public information will be released to a parent
without written authorization from the student unless it is
an emergency situation.
Stafford Loan Counseling
 All first time Stafford Loan borrowers are REQUIRED
to complete Stafford Loan Entrance Counseling.
 Session today from 10-11 in right here in Ostrander
Auditorium.
 Parents are welcome to attend but only the student’s
attendance counts towards meeting the requirement.
Too Much Information?
 All of this information can be found on our website
www.mnsu.edu/campushub
 This presentation can be found at
www.mnsu.edu/campushub/presentations
Stop by the Campus Hub if
you have financial aid
questions or want to talk to
someone about money
management.
 Call us from home
1-800-722-0544
(507) 389-1866 (Campus
Hub)
 Check out our web site
www.mnsu.edu/campushub
 Email us at:
campushub@mnsu.edu