MSN Award Types & Requirements

Award Types

There are two types of financial aid that students may be offered: grants and loans. When creating the award package students are automatically considered for both grants and loans.

Grants are considered gift aid. The amount of gift aid a student can receive depends on her/his financial need and enrollment status as well as a variety of other factors. If a student is eligible for gift aid, it will be included as part of her/his financial aid award package.

Loans are considered self-help aid. Students who accept loans must agree to the repayment and enrollment status terms specified for the loan.

Students are automatically considered for all types of financial aid. Student Financial Services will determine what aid students are eligible for and award accordingly. Regardless of the type of financial aid included in the award package, the total amount of financial aid cannot exceed the student's Cost of Attendance. Any outside resources (ex: outside scholarships, employer tuition reimbursement, and private/alternative educational loans) that a student receives must be included in the financial aid calculation.

Award Requirements

Federal Direct Stafford Loans

Up to $20,500 per year (cannot exceed COA)

$138,500 aggregate limit

The Federal Direct Unsubsidized Loan

The direct unsubsidized loan is not a need-based loan. Interest does accrue while students are enrolled, during the six-month grace period and during repayment. The interest rate is 6.60% and the lender is the Department of Education.

Federal Direct Loan Award Requirements
  • be a U.S. citizen or permanent resident
  • if the student is male, he must be registered with the Selective Service
  • must not be in default on a federal student loan
  • must not owe an overpayment for a federal grant
  • must not have reached or exceeded the annual or aggregate loan limits
  • be enrolled at half-time status
  • complete Loan Entrance Counseling and the Master Promissory Note
  • complete Loan Exit Counseling if student graduates, leaves college or drops below half-time enrollment

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