How Do I Apply for Financial Aid?

What is the Financial Aid Application Process?

We use the FAFSA to collect financial and other information to determine your eligibility for federal, state, and institutional funds. It is the only application you will need to complete to apply for Federal Student Aid, however we may need additional information to clarify your eligibility. The steps in the application process, from creating your FSA ID to the disbursement of funds, is below.

1. Apply for a Federal Student Aid ID (FSA ID)
   • The FSA ID is a username and password used to log in the U. S. Department of Education online systems. It also functions as your legal signature for financial aid purposes.
   • You and each of your contributors will need an FSA ID.
2. Submit the Free Application for Federal Student Aid (FAFSA)
   • Submit the FAFSA at studentaid.gov to be considered for all types of financial aid (grants, loans, and work-study). The MSUM Federal School Code is 002367. Submit the FAFSA even if your MSUM admission application is not yet submitted or is pending.
3. Review your FAFSA Submission Summary (FSS)
   • The FSS is a summary of the FAFSA data submitted on the application. Review it for accuracy.
   • The FSS will be emailed or if you did not provide an email address on the FAFSA, sent by mail.
4. Additional Documentation
   • We will contact you by email to the go.mnstate.edu email account assigned to all admitted students if additional information is needed to complete your financial aid application.
   • The email will direct you to review your Financial Aid Status Letter in eServices.
5. Complete the MSUM Release of Student Information
   • The Release of Student Information (ROSI) lets us know who, besides yourself, can access your financial aid information.
6. Financial Aid Offer
   
   • Notification that your Financial Aid Offer is ready will be sent by email to your go.mnstate.edu account.
   • The email will direct you to view your offer on eServices to accept, reduce, or decline your federal student loans and your work-study (if offered).
   • The work-study amount is the amount you can earn through a work-study position. All student employment opportunities are posted to the Career Development Center Job Search.
   • Additional scholarships or other sources of funding may change the amounts and types of aid you are eligible to receive.
7. Entrance Loan Counseling and Master Promissory Note
   • First time borrowers and transfer students must complete Entrance Loan Counseling and a Master Promissory Note at studentaid.gov.
8. Apply for Private Loans (if necessary)
   • Review private loan options. Select ‘Private Loan’ and ‘List of Private Loan Programs.’
   • Calculate what you need to borrow for the full academic year. Half of the loan funds will apply to your fall semester balance and the other half to spring semester. If you will be enrolled at MSUM for only one semester, the loan period is the semester when you will be enrolled.
   • Submit your application to the lender at least one month prior to the start of the semester.
9. Financial Aid Disbursement
   • MSUM will begin to apply financial aid (scholarships, grants and loans) to your semester balance after the fifth class day.
   • Complete the Direct Deposit setup in eServices for direct deposit of your financial aid overage funds.
   • MSUM Business Services will disburse the excess financial aid if funds remain after financial aid has been applied to your bill.
   • If you have a remaining balance, pay it by the payment-in-full date to avoid a late fee.
10. Special or Unique Circumstances
    • Sometimes students or their FAFSA contributors have special or unique circumstances and their FAFSA does not accurately reflect their current circumstances. These may include a loss of income, death of a parent or spouse after submitting the FAFSA, or the inability to provide parent information on the FAFSA. Financial aid administrators have the authority to make professional judgment decisions based on documented circumstances and adjust a student’s eligibility or FAFSA dependency status. Submit the Special Circumstances Appeal or contact our office if you feel you have a unique circumstance.