FINANCES AND BASIC NEEDS

KEITH WILLIAMS

CHERYL WHITMAN

JUSTIN ST. CHARLES

CHAD SANDERS

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FEBRUARY 22, 2024

FINANCIAL AID OVERVIEW

• Financial aid is any money or payment in kind that a person obtains by virtue of being a student
• $2B offered to ~65,000 for FY23 at MSU
• About $871M actually paid to 42,710 students

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TYPES OF FINANCIAL AID

GIFT AID AND FEDERAL WORK-STUDY

scholarships.msu.edu

SPARTAN TUITION ADVANTAGE

• New for 2024
• Michigan resident
• Pell-eligible
• New high school grad
• Family income <$65,000

finaid.msu.edu/spartan-tuition-advantage

• The Support Our Spartans (SOS) Students Emergency Needs Fund was created to provide students with immediate financial support to cover educational costs and unanticipated expenses during crises such as accidents, illness, death of a family member, fire damage or need for temporary housing. 
• Funding comes from donations and university support. In 2022-23, MSU received two $100,000 donations to assist students in times of need to ensure student success.
• Application can be found at sle.msu.edu at the bottom of page. Committee tries to make decision within two weeks and not to affect applicant financial aid package.

SUPPORT OUR SPARTANS

• In the 2022-23 academic year, we awarded just over 400 students with financial assistance for a total of $630,000. The average was $1575 per student.
• Fall Semester 2023, SOS had 398 requests with $130,000 distributed. The average was $798.50 per student.
• Additional donor funds on a case-by-case basis. Visit OFA in 252 Student Services.

SUPPORT OUR SPARTANS

RETENTION FUNDS

• All students are eligible, though priority is given to students who are graduating seniors (within 1-2 semesters).
• Students must have an overdue student account hold.
• Administered in collaboration with Undergraduate Education and the Office of Financial Aid
• You can email or teams me directly to request us to review the file – in the review, we will look at need, previous aid, and more.
• Collaboration is key!

PROFESSIONAL JUDGMENT

If any of the following has occurred, please contact our office over the summer to request the review worksheet

• Change in income
• Death of a parent or spouse
• Significant medical & dental expenses
• Other unusual circumstances

Typically, tax information and other documentation is required to be submitted for review

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FEDERAL FINANCIAL AID STARTS WITH THE FAFSA

• Apply online at fafsa.gov
• 2023-24 FAFSA for programs through summer
• Early FAFSA Filing Period
• FAFSA for the 2024-25 aid year became available December 31, 2023 (use income information from 2022 calendar year)
• We will begin loading this information from the federal website in early March

DETERMINING DEPENDENCY

Are you:

• 24 years of age or older?
• A graduate or professional student?
• Married?
• Supporting dependents?
• A veteran or active-duty military?
• An orphan, ward of the court, or unaccompanied youth?

If the answer is YES to any of the above, you are an INDEPENDENT student.

If the answer is NO to all the above, you are a DEPENDENT student.

HOW NEED IS DETERMINED

• Information from the FAFSA (income, household size, assets, etc.) is used to calculate the Student Aid Index (SAI)
• Cost of Attendance (COA) at the school
• Direct costs – billed by the school, such as tuition and fees, and food and housing.
• Indirect costs – books & supplies, transportation, and misc. costs.
• COA – SAI = Gross Financial Need

2023-24 UNDERGRADUATE COA AT MSU

• Direct cost + Indirect cost
• Michigan Undergraduate Student, for 23-24 aid year=$32,731
• Domestic Non-resident Student, for 23-24 aid year=$61,041

ACADEMIC/OFA LIAISONS

To download this

PDF handout, visit:

bit.ly/ofaliaisons

KEITH: WILLI398@MSU.EDU �JUSTIN: STCHAR10@MSU.EDU�CHERYL: WHITMAN@MSU.EDU�CHAD: SANDER26@MSU.EDU

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QUESTIONS?

LOANS

Rates effective as of 6/30/2023