Understanding Your Financial Aid Award

Award Letter

Award Letter

Your EFC

Gift Aid

Student Loans

Student Loans

Federal Direct Stafford Subsidized Loans3.76% for new federal loans

Interest does NOT accrue during enrollment.

Subsidized Loan Limits for 2016-2017First-Years $3,500Sophomores $4,500Juniors $5,500Seniors $5,500

Student Loans

Federal Direct Stafford Unsubsidized Loans (Not need based)

3.76% for new federal loans

Interest DOES accrue during enrollment.Loan values are subject to annual limits less the subsidized loan.

Unsubsidized Loan Limits for 2016-2017First-Years $5,500Sophomores $6,500Juniors $7,500Seniors $7,500

Additional Financial Resources

Employment

Total Financial Aid

Estimated Cost of Attendance (COA)

Estimated Cost of Attendance (COA)

• Federal Parent PLUS Loans– 6.31% Interest Rate

• Alternative Loans

• Payment Plans– 4-payment plan ($50 enrollment fee)– 5-payment plan ($35 enrollment fee)

Options to Finance the Remaining Annual Cost

• Verification is the process of validating FAFSA Data

• Turn in any requested documents as soon as possible

• Financial aid will not appear on your bill until all documents are returned and reviewed

Verification

Paying Your Bill

• Guest Access allows us to share a student’s information with other people.

• Request Guest Access using the link in your Enrollment Checklist in MyMichiganTech

Guest Access

• Create a budget• Manage student loans• Use credit cards wisely• Watch out for identity theft• Beware of Scholarship Scams • Do not pay for FAFSA

mtu.edu/finaid/aid/literacy

Be financially savvy!

Thanks for tuning in!

Questions?Student Financial Services Center

finaid@mtu.edu888-688-1885