How and when will I receive my aid?
Assuming you have completed each item of your "to-do" list in the Financial Aid Portal of the Student Information System (e.g., signed all of your master promissory notes, accepted your loans, etc.), your financial aid will be "disbursed" to you as follows:
- Financial aid is applied to your MSU student account 10 days before your first day of class.
- Your tuition, fees and other charges listed on your MSU bill are paid.
- If excess financial aid remains after your bill is paid, you will receive a refund from the Controller's Office the week prior to your first day of class.
- Disbursements of aid in the financial aid module happen on a daily basis. The Controller’s Office processes refunds of excess financial aid above university charges weekly.
Why do I have anticipated financial aid on my account?
No federal aid can be paid earlier than 10 days before your first day of class, so those programs are paid as anticipated financial aid as long as the student or parent, in the case of a Parent PLUS loan, has taken all necessary actions. Scholarships checks that have not been sent to the University generally will neither be paid nor produce anticipated financial aid credits to the student’s account until the funds have arrived at MSU.
What happens when I receive additional aid from outside resources?
All of your financial aid must fit within your budget. If we become aware of additional aid that you have received, we may be required to reduce or cancel a portion of your original aid package. If those original awards have already been paid to you, we may be required to bill you back for a portion of that paid amount.
Cancellation of loans
You have the right to cancel all or a portion of your Stafford (Direct), PLUS or Perkins loans, even after the loan funds have been disbursed to you. If you wish to cancel an already disbursed loan, you must notify OFA within 14 calendar days of the billing statement notifying you that the funds have been applied to your account.
Parent borrowers have the right to cancel all or a portion of their Parent PLUS loan, even after the loan funds have been disbursed to your MSU student account. If the parent wishes to cancel an already-disbursed PLUS loan, the borrower must notify OFA within 14 calendar days of the billing statement notifying you that the funds have been applied to your student account.
Changes in enrollment
You may be billed for a portion or all of your financial aid if you drop credit hours or are not at the minimum credit level required for aid eligibility. If you'll be attending as a part-time student or if you're considering dropping a class, it is important to discuss it with an OFA staff member first.
Withdrawal from MSU
You may be billed for a portion or all of your financial aid if you withdraw from the university. The bill calculated as a result of withdrawal will depend on the effective date of withdrawal, the percentage and amount of institutional refund, and/or the last date of class attendance. See Financial Aid (Title IV) Refund Policy for more information about the effects of withdrawing from MSU.