1. Student Financial Services Financing Your Education

2. Who We Are Campus Hub for One-Stop Service Financial Aid Billing Parking Permits/Bus Passes How to Reach Us: 1-800-722-0544 (507) 389-1866 (Campus Hub) www.mnsu.edu/campushub campushub@mnsu.edu Summer Hours: Monday-Friday 8am to 4pm

3. Privacy & You Educational Records Restrictions: Family Educational Rights and Privacy Act (FERPA), Minnesota Government Data Practices Act, & University Policy Authorization for Release of Information Form: Can be completed by visiting the Campus Hub

4. Cost of Attendance For a Minnesota Resident for 2009-2010: $15,602 (estimated) For a Non-Resident for 2009-2010: $22,034 (estimated) Direct Costs: Tuition, Fees, Books Indirect Costs: Room, Board (Rent, Food), Parking, Personal Expenses

5. Cost of Attendance In-State Tuition: $5,632 Fees: $798 Books: $856 Room & Board: $5,822 Transportation/Parking: $906 Laundry: $270 Clothing: $638 Personal/Health/Miscellaneous: $680

6. Financing Your Education Savings for College Grants and Scholarships Employment Loans

7. Financial Aid Options Free Aid: Grants, Scholarships Employment: Work Study, Part-Time Employment Low Cost Aid: Perkins Loans, Stafford Loans, PLUS Loans Higher Cost Aid: SELF Loans, Alternative Loans

8. To Receive Financial Aid Free Application for Federal Student Aid (FAFSA) Online at www.fafsa.ed.gov MSU priority application date: March 15th Award Notice: Sent electronically Accessed through MSU e-services account Student Response Form: Fill out online to accept your Financial Aid Satisfactory Academic Progress: Maintain Cumulative 2.0 GPA Maintain 67% Completion Rate Stay within 150% of Degree Credit Timeframe

9. Award Notice

10. Student Response Form Free Application for Federal Student Aid (FAFSA) Student Response Form: Fill out online Satisfactory Academic Progress: Maintain Cumulative 2.0 GPA Maintain 67% Completion Rate Stay within Maximum Timeframe

11. Free Aid Federal Grants: Pell, SEOG, Academic Competitiveness, SMART, TEACH Minnesota State Grant Maximum award at 15 credits Scholarships: Alliss Achieve Application at http://ohe.state.mn.us

12. Work Study Typically On-Campus Employment Some off-campus community service opportunities available $8.00 per hour base Paid bi-weekly Awards are $1,280-$3,840 per year Average of 15 hours per week Accept in Student Response Form online Complete Work-Study Questionnaire online Notified early August of work-study assignment location

13. Non-Work-study Part-Time Employment On-Campus and Off-Campus Jobs: www.mavjobs.com Career Development Center: (507) 389-6061 www.mnsu.edu/cdc cdc@mnsu.edu

14. Low Cost Aid Perkins Loans: High Need Basis Submit FAFSA by priority deadline 0% interest while in school 5% interest after school Some cancellation provisions exist Accept in Student Response Form online Complete Loan Entrance Counseling online Complete Master Promissory Note

15. Low Cost Aid Subsidized Federal Stafford Loans: Federal Government pays the interest while you are in school Interest Rate when you are out of school currently 5.6% Unsubsidized Federal Stafford Loans: The interest accrues while you are in school Unsubsidized Interest Rate is 6.8% Accept in Student Response Form online Complete Loan Entrance Counseling online Complete Master Promissory Note online

16. Low Cost Aid Stafford Loans: TypeFirst Year Second Year Third and Fourth Years Overall Maximum Limits Subsidized Stafford Loan $3,500 max $4,500 max $5,500 max $23,000 Unsubsidized Stafford Loan $5,500 max $6,500 max $7,500 max $31,000 Total Limit for Dependent Students $5,500 max $6,500 max $7,500 max $31,000

17. Lower Cost Aid PLUS Loans: The Parent is the Borrower No minimum income requirement Grace period available Deferments are possible Additional Unsubsidized Stafford eligibility for PLUS denials Interest is fixed at 8.5% http://www.mnsu.edu/campushub/loans/ Complete Master Promissory Note online

18. Lower Cost Aid Type Principal Amount Borrowed Interest Rate Monthly Payment # of Monthly Payments Total Amount Repaid Extra % Paid Subsidized Stafford Loan $5,5006%$100 65 (5.4 years) $6,44817% Unsubsidized Stafford Loan $5,5006.8%$100 66 (5.5 years) $6,61020% PLUS Loan$5,5008.5%$100 70 (5.8 years) $6,69327%

19. Higher Cost Aid SELF Loans: Interest rate currently 4.7%, reviewed quarterly May increase up to 2% per year Must pay interest while in-school Must have credit-worthy co-signer Apply online at www.selfloan.org Alternative Loans: Co-signer generally required Interest rates can vary from 4-12% Compare online at www.mnsu.edu/campushub

20. Comparing Other Loan Options TypeBorrower Interest Rate Origination Fees Repayment Options FAFSA Required PLUS LoanParent8.5%YesVarietyYes SELF Loan Student w/ Cosigner 4.7% (Variable) NoLimitedYes Alternative Loan Student w/ or w/o Cosigner Based on Credit Possible Vary by Lender Yes

21. Tracking Your Loan Amounts Start a file for your Financial Aid paperwork: File a FAFSA each calendar year MSU priority deadline is March 15 th Check Your Loan Totals: Check online at www.nslds.ed.gov

22. Tracking Your Loan Amounts First Year Interest Second Year Interest Third Year Interest Fourth Year Interest TimeTime $$$$$$

23. Money Management Suggestions Check your bank account statements Buy used books Borrow only what you need in student loans Use your credit card wisely Personal Financial Management: www.mnsu.edu/campushub/pfm

24. Credit Cards 20% of college graduates have $7,000 + in credit card debt 22% of college students make minimum monthly payments 17% pay in full each month 82% carry balances each month, thereby paying finance charges

25. New Credit Card Laws Co-signer required for individuals under 21 Unless ability to repay debt is demonstrated Co-signer approval on increase in credit level Prohibition of “give-aways” for signing up for credit cards on or near college campuses

26. Loans vs. Credit Cards Type Principal Amount Borrowed Interest Rate Monthly Payment # of Monthly Payments Total Amount Repaid Extra % Paid Unsubsidized Stafford Loan $5,5006.8%$100 67 (5.6 years) $6,61020% Credit Card$5,50019%$100 130 (10.8 years) $13,028137% Difference 63 (5.2 years) $6,418117%

27. Protect Your Credit Prevent Identity Theft: Don’t give out your personal information to strangers, including your SSN, credit card numbers, and other financial information Shred unneeded credit card offers, financial statements, and billing statements Opt Out of Unwanted Credit Offers: www.optoutprescreen.com | Call (800) 5OPTOUT Check Your Credit Report: Check online at www.annualcreditreport.com

28. Protect Your Credit Prevent Phishing:

29. Review & Accept Aid Online Student Financial Services staff available: 2-3:45pm Today Lower Level CSU Student Computer Workstations

30. Questions How to Reach Us: 1-800-722-0544 (507) 389-1866 (Campus Hub) www.mnsu.edu/campushub campushub@mnsu.edu Summer Hours: Monday-Friday 8am to 4pm