Info for New MSU COM Students

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For the class beginning summer semester 2010

How to apply for aid

It is not too late apply for financial aid. To be considered for aid you need to file the Free Application for Federal Student Aid (FAFSA).

• For summer 2010 complete the 2009-10 FAFSA (deadline: June 30, 2010)
• For fall, spring, summer 2010-11 complete the 2010-11 FAFSA (deadline: June 30, 2011)

Cost of education (financial aid "budget")

Once we receive the information from your FAFSA we will package you for financial aid. The cost of education will include tuition and fees (Note: US10 tuition is prorated for summer/fall so this summer's tuition is much lower than subsequent semesters), books and supplies, health insurance, housing, food, transportation and other personal expenses.

Summer 2010 financial aid budget

	Resident	Non-resident
Tuition/fees	$2,869	$5,991
Books	335	335
Health Insurance	176	176
Living expenses	3,856	3,856
Total budget	$7,236	$10,358

After tuition/fees, books/equipment, and health insurance, you have approximately $462 per week for 8 weeks of summer living expenses. It is important to live within the living allowance, as federal guidelines do not allow financial assistance to exceed your budget. In other words, your aid resources are limited and you need to plan carefully.

Note: it is too early to estimate costs for the 2010-11 academic year. The actual budgets are typically finalized in July. Use the figures listed for 2009-10 at www.finaid.msu.edu/read/budcom.pdf for planning purposes. You will have approximately $1928 per month for 12 months of living expenses.

Budget increase for computer purchase

If you decide to buy a computer after admission to medical school, you may request an increase in your financial aid budget to cover the cost. More about the budget increase…

eConsent and your award notice

MSU must receive your permission (eConsent) in StuInfo to conduct financial aid business with you electronically.

• In the Financial Aid section StuInfo menu, select "eConsent for Financial Aid". To give your eConsent you MUST use this website -- you cannot consent by phone call or mail or email. You can revoke your eConsent at any time.

We strongly encourage all students to say "YES" to eConsent once you receive your Personal ID (PID) and Personal Access number (PAN) and activate your MSUNET ID (email ID).

• Giving your eConsent means you will be able to access your financial aid information and accept or decline loans online. You will also receive timely email notifications when your financial aid package is awarded or revised.
• Withholding your eConsent means you will be denied access to financial aid services in StuInfo/eFinaid, and you will receive paper award letters through the mail. Paper documents will not reach you as quickly as email and web information, especially when you have a change of address.

Acceptance of loan(s)

After reviewing the financial assistance offered, carefully consider your expenses and your responsibilities as a borrower before you accept any of the loans. Loans do have to be repaid and you are not obligated to take the full amount of the loan offered. To accept/reduce/decline the amount of loan offered, logon to StuInfo, click on eFinaid, click on "View 2009-10" and follow the instructions. Step 5 is where you can take action on your loans. Be sure to click on each link and complete the Master Promissory Note (MPN), if it is listed.

MSU registration bill and excess aid (refunds)

• You will receive your MSU registration bill via email in April for summer 2010 and your payment is due May 7th (this date may vary depending on when you enrolled for class). Any financial aid that is "ready" when the bill is processed will appear on the bill either as actual aid or a temporary credit and reduce the amount you owe. Note: if your aid is awarded after the registration bill is processed you can contact the Office of Financial Aid to have aid applied to the bill online.
• If you do not pay at least the "Minimum Amount Due" (MAD), and confirm your attendance in StuInfo, your class will be dropped. You must confirm your attendance if the MAD is zero
• According to federal guidelines federal aid cannot be disbursed to your MSU charges earlier than 10 days prior to the beginning of the semester. Therefore, you can anticipate receiving any excess financial aid remaining after paying your MSU charges as a refund for living and book expenses around June 24, 2010 for summer 2010.
• You will need to plan to have your own cash reserves for monthly expenses that occur prior to your refund.