MSU OFA News

 

August 2, 2013

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faq

Q: I was selected for verification. How long will it take to process my documentation?

A: The answer to this question can depend on the time of year and volume of paperwork sent to the Office of Financial Aid. This week we are on about a 1 to 2 week turn around for most reviews.

Q: When will I get my financial aid refund for Fall 2013?

A: Students with direct deposit should expect to see their financial aid refund in their bank account around Wednesday, August 21st. Students who do not have direct deposit will receive a paper check in the mail to their local mailing address. These checks will go in the mail beginning August 19th.

fanews

 

 

Congress Passes Bill Tying Federal Student and Parent Loan Rates to the Market

"A House vote Wednesday puts a decisive end to months of congressional wrangling over federal student loan interest rates.

The House overwhelmingly approved tying student loan interest rates to market rates and reversing an interest rate hike that took effect for some new loans July 1. The 392-31 vote comes a month after the interest rate for new, federally subsidized Stafford loans doubled." Read more: http://www.politico.com/story/2013/07/house-passes-student-loan-rate-fix-95018.html

What Does This Mean for My Loans?

The new interest rates would be effective for all Federal Stafford Direct Subsidized, Unsubsidized, Federal Parent PLUS and Grad PLUS Loans borrowed on or after July 1, 2013. The interest rates for 2013-2014 would be:

Federal Stafford Direct Subsidized and Unsubsidized Loans for Undergraduates- 3.86%

Federal Stafford Direct Subsidized and Unsubsidized Loans for Graduate Students - 5.41%

Federal Parent PLUS and Grand PLUS - 6.41%

No action will be necessary. The interest rates will be adjusted by the federal loan servicer behind the scenes.

 

FA Videos

This week we have added a video on How to Accept Your Federal Student Loans. Check out our Financial Aid Video Library at https://vimeo.com/user19079518. We will continue to add new videos weekly.

Contact Us

Office of Financial
www.finaid.msu.edu
E-mail: finaid@msu.eduMSU Seal
Phone: 517-353-5940
Fax: 517-432-1155
In-Person or Mail:
556 E Circle Dr, Room 252

East Lansing, MI 48824

Walk-In Advising Hours:
Monday-Friday
9:00am to 4:45pm

Phone Hours:
Monday-Thursday
8:00am to 5:00pm
Friday
9:00am to 5:00pm

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