Free Application for Federal Student Aid
The Free Application for Federal Student Aid (FAFSA) is for U.S. citizens or permanent residents.
- Your student loan eligibility will be determined after you file a FAFSA,which is used nationwide to determine aid eligibility.
- The 2010–11 FAFSA can be completed online (federal deadline is June 30, 2011).
- FAFSA data are sent to MSU electronically and are used to determine your eligibility for financial aid.
- You must be admitted to MSU before your financial aid will be processed.
- There are certain aid programs designated by federal, state, or institutional policy as being need-based. You must have a need amount equal to or greater than the award amount to receive them.
- If you do not qualify for need-based aid, you may be eligible for an Unsubsidized Direct Loan, a Grad PLUS loan, or an alternative loan.
- The MSU Office of Financial Aid recognizes special circumstances that affect the amount you would be expected to contribute to your education, such as loss of employment, divorce, or a reduction in income due to returning to school. Contact our office for a Special Condition Application to review your special circumstance.
Federal Direct Loan Program
The Broad Graduate School of Management participates in the U.S. Department of Education’s Federal Direct Loan Program, which offers low-interest loans to graduate and professional students. Three types of direct federal loans are available.
Direct (Stafford) subsidized loans
- Up to $8,500 per school year
- Based on need
- 6.8 percent fixed interest rate
Direct (Stafford) unsubsidized loans
- Up to $20,500 per year, minus any Subsidized Stafford Loan
- 6.8 percent fixed interest rate
- Can be used to meet your remaining education costs
- Interest begins accruing at disbursement
Direct Grad PLUS loan
- 7.9 percent fixed interest rate
Grad PLUS loans are available if you need to borrow beyond the maximum of the subsidized and unsubsidized loan amounts to cover your education expenses not covered by other financial aid.
In addition to the FAFSA, this program has a separate application, with approval based on a review of your credit history and a loan fee on the borrowed amount with an upfront rebate. Interest begins accruing at disbursement.
