Financial Aid Process
MSU’s School Code: 003807
The first step is to complete the Free Application for Federal Student Aid (FAFSA).
When you submit the FAFSA you will be provided your Expected Family Contribution (EFC) score. Your EFC score will determine how much need-based financial aid you receive. The Pell Grant is an example of need based aid.
The following assumes the student is enrolled full time and working toward their first Bachelor's degree.
Federal Student Aid
There are two types of Federal Financial Aid available to MSU students pursuing the ATP Pilot Operations degree.
Pell Grant
The Max Pell Grant available each semester is $2,775.
Students with an EFC score of 0 should receive the max Pell Grant.
Students with an EFC score of more than 5273 will receive no Pell Grant.
Stafford loans
Stafford Loans are provided through the federal government. Stafford loans are available as subsidized and unsubsidized. The maximum Stafford loan amount per semester is determined by the student's total number of credit hours earned and status as a dependent or independent student. Generally students under 24 years (DOB on or after 1/1/1988), not married and have no children are dependent students.
| Credit Hours Earned | Per Semester Dependent | Per Semester Independent |
|---|---|---|
| 0-26 | $2,750 | $4,750 |
| 27-64 | $3,250 | $5,250 |
| 65+ | $3,750 | $6,250 |
Credit Based loans
The table below shows the minimum funds the student will need to provide from sources other than Federal Student Aid (Minimum Funds Needed). Numerous private loans are available to assist students with the additional funds needed. In addition, the parents of dependent students may apply for the Federal Parent Plus Loan. Both the Private Loans and Parent Plus Loan have minimum credit requirements, so not all dependent students' parents will be approved.
| Cost | Federal Student Aid Max* | Minimum Funds Needed** | |||
|---|---|---|---|---|---|
| Dependent | Independent | Dependent | Independent | ||
| First Semester | $24,370 | $5,525 | $7,525 | $18,845 | $16,845 |
| Second Semester | $33,675 | $5,525 | $7,525 | $28,150 | $26,150 |
| Third Semester | $20,390 | $6,025 | $8,025 | $14,365 | $12,365 |
*Federal Student Aid - is calculated based on an EFC score of 0. If your EFC score is higher than 0 your total Federal Student Aid will be lower and your Funds Needed will be higher.
**Minimum Funds Needed - This number was calculated using an EFC score of 0. If your EFC score is higher than 0 your funds needed will be higher.
