Frequently Asked Questions (FAQs)
Q1. How do I apply for financial aid?
You can complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov
When filing your FAFSA, be sure that Morehead State University's Federal School Code of 001976 is on your FAFSA. In addition to us receiving the results of your FAFSA, you also must be accepted for admission.
Back to Top
Q2. On my Award Letter, I received both subsidized and unsubsidized loans. What's the difference?
You must have financial need to qualify for the subsidized loan. The federal government does not charge interest on a SUBSIDIZED loan while the borrower is enrolled in school at least half time, during a six-month grace period after the borrower leaves school or graduates, or during authorized periods of deferments. However, interest is charged throughout the life of an UNSUBSIDIZED loan, and it starts to accrue on the date of disbursment.
Back to Top
Q3. What is the first-priority deadline for completing the FAFSA?
Our priority deadline for receiving the results of a student's application for financial aid (FAFSA) is March 15.
Deadline filing dates are designed to inform the student when to apply for financial aid and to assist the financial aid staff in processing applications. Applying before the deadline increases the student's chances of receiving the aid requested.
Funds are limited in many programs, so those students applying early will get priority consideration for available funds. Students may apply after the priority deadline date, but may not be able to receive funds from the programs for which they apply. For example, the student may be awarded a loan instead of a grant because grant funds may be exhausted.
Back to Top
Q4. I have submitted my Free Application for Federal Student Aid (FAFSA). When will I know if I am eligible to receive financial aid?
When the Office of Enrollment Services receives all documents necessary for application (Morehead State University Student Financial Aid Personal Data Sheet, FAFSA results) the student's financial aid award will be calculated. An award letter will be mailed to the student at the permanent address currently on file in the Registrar's Office. The award letter will indicate the amount of aid the student is eligible to receive from the various programs.
Back to Top
Q5. Do I need to return my Award Letter?
No. You are not required to return your Award Letter unless you are declining an award(s).
Back to Top
Q6. What is the maximum family income cutoff for financial aid?
There is no specific income cutoff. The formula (Federal Methodology) used to analyze the data on the FAFSA takes into account the family's adjusted gross income, nontaxable income, taxes paid, assets in some cases, number of household members, number of family members in college, age of the older parent to determine how much the family should be saving for retirement, etc. The formula makes an allowance for the family's basic expenses of shelter and food, state and local taxes paid, etc.
Back to Top
Q7. How is financial need determined?
First, the data on the FAFSA is analyzed by the federal government to determine the Expected Family Contribution (EFC) from the total family (student and parents or student and spouse if applicable). That number (EFC) is then subtracted from the Cost of Attendance at Morehead State University to determine financial need. Unfortunately, the amount of financial aid you receive will not always meet your total financial need.
Back to Top
Q8. When I received my Student Aid Report, it said I was selected for verification. What does this mean and what do I need to do to complete verification?
Every year the U.S. Department of Education selects a percentage of financial aid applicants for a review of their financial aid information. This process of review is know as verification.
If the student's application is selected for review, they may be requested to submit certain information regarding:
Adjusted Gross Income ( a copy of the federal tax return will be requested)
Parent's Taxes
Household Size
Number in College
Sources and Amounts of Untaxed Income
The student will be contacted by the MSU Office of Enrollment Services requesting the necessary documents. This information is compared to the student's financial aid application. If there is a discrepancy, corrections will be made through the Federal Processor.
The student cannot receive any federal financial aid funds until the verification process has been completed.
Back to Top
Q9. How long does it take to complete verification and will I be awarded aid if verification is not complete?
Normally, the Office of Enrollment Services can complete verification within a few days of receiving all of your verification materials. During peak processing times, it may take longer--up to two weeks or more. If changes are required because of the results of verification, more time will be required because we must send the correct information to the federal government to reprocess your FAFSA results and recalculate your eligibility for aid.
Once verification is completed, eligibility for aid will be determined. If a student was awarded aid prior to being selected for verification, eligibility for aid will be re-evaluated, and adjustments made in the aid package if necessary, after verification is completed. We do not disburse any aid until verification has been completed.
Back to Top
Q10. What if my financial situation changes after I apply?
If the change in your financial situation involves a loss of income earned from work (due to unemployment, plant closing, termination, retirement or other); loss of taxable income (alimony, unemployment, etc.); loss of untaxed income (such as social security benefits, child support, worker's compensation or other); or a loss of income due to a disability, separation or divorce, death of a parent or spouse, or any other reason, please contact the Office of Enrollment Services in writing, advising them of the change.
Back to Top
Q11. How can I be "independent" for financial aid purposes?
In order to be independent for financial aid purposes, you must be able to answer "yes" to at least one of the following questions (Step Three) on the 2008-2009 FAFSA:
Were you born before January 1, 1985?
Will you be working on a degree beyond a bachelor's degree in school year 2008-2009?
As of today, are you married?
Do you have children who receive more than half of their support from you?
Do you have dependents (other than your children or spouse) who live with you and and who receive more than half of their support from you, now and through June 30, 2009?
Are you an orphan or ward of the court or were you a ward of the court until age 18?
Are you a veteran of the U.S. Armed Forces?
If you can not answer "yes" to at least one of these questions, then you are considered dependent for the purpose of determining your eligibility for financial aid. You are considered dependent even though you may not live with your parents and/or your parents may contribute little or nothing towards your education.
Back to Top
Q12. How do I receive Federal Student Employment?
You apply for Federal Student Employment by completing the FAFSA and MSU's Personal Data Sheet (PDS). You must request to be considered for Federal Student Employment on the PDS. How much financial need you have and how many positions we can fund, will determine whether or not we award you Student Employment. If you want Student Employment and we do not award it to you, you can contact our office. If you appear to be eligible, we may be able to put you on a waiting list.
Back to Top
