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Aid for Advanced Baccalaureate Learning Experience (ABLE) Program

 

Before committing to the ABLE Program, we want you to understand your funding options.  You should apply for federal and institutional aid (see below) but you may also need to look to private loans, savings, and family assistance to fund your expenses for the program.

 

The funds listed below are only available when you are officially registered as a full-time student (i.e., FS12 and SS13).  You will need to cover costs associated with summer 2012 or summer 2013 as ABLE students typically are not registered for any classes during those time periods.

 

Feel free to contact Judi Marks (marksjud@msu.edu)  or Diane Batten (batten@msu.edu) for assistance or help in answering any questions you may have.  It is important to plan your funding carefully so you are not caught by surprise when the bills arrive.

 
Apply for financial aid
  • Complete the 2012-13 Free Application For Federal Student Aid (FAFSA) at www.fafsa.gov and release results to MSU (school code 002290).
  • The ABLE program in considered a second undergraduate degree program (ABLE is not a graduate/professional program), so you must answer “NO” to the dependency question “are you enrolled in a graduate/profession program” during the time period as an ABLE student.  If you are unable to answer “YES” to one of the other dependency questions on the FAFSA, you will be considered a dependent student for aid purposes and must include your parental income and asset information for aid consideration.
 
Cost of Attendance (COA)

Use 2011-12 COA as an guideline to estimate costs for 2012-13 aid year (actual costs typically determined around July 2012).

2011-12 COA  (includes tuition/fees, books, and living expenses)

  • $23,882 Dependent resident
  • $42,680 Dependent non-resident*
  • $24,588 Independent resident
  • $43,446 Independent non-resident*

*Note:  Residency is determined by the Registrar.  If you start your studies at MSU as a non-resident it is probable you will remain a non-resident for the remainder of your studies at MSU.  For more info regarding residency see:  www.reg.msu.edu/ROInfo/Notices/Residency.asp

 
Aid Options

Grant

MSU Student Aid Grant (SAG) - FAFSA required.  The MSU Student Aid Grant (SAG) is available to ABLE students based on need.  Students must be Michigan residents.  There is no separate application, and the award will disburse automatically once you are registered.

Loans

Federal Direct (Stafford) Subsidized and Unsubsidized Loans  - Federal loan, FAFSA required, available to ABLE students who have not received the annual and program maximum.  For annual and program maximum see table below:

Stafford Eligibility

Student Level and dependency

Annual subsidized Maximum

Annual Stafford (sub and unsub) Maximum

Program Maximum

(sub/unsub)

Program Maximum with PLUS override

Dependent junior/senior

$5.500

$7,500

$23,000/$31,000

$57,500

Independent junior /senior

$5,500

$12,500

$23,000/$57,500

 N/A

 

Perkins – Federal loan, FAFSA required.  $5500 loan maximum based on need.  5% fixed interest rate.

Private Alternative Loans – FAFSA not required, lender application required.  Student creditworthiness or co-signer usually required.  Terms and interest rates vary by lender.  For more info see:  http://www.finaid.msu.edu/altloans.asp

 

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