Federal, State, and Local Programs
Federal programs through which aid is available form the basic core of assistance for most students. When you apply for aid from the federal programs, you must complete a Free Application for Federal Student Aid (FAFSA) form to have your eligibility for financial assistance determined.
The FAFSA form is available on the Web at: www.studentaid.gov. The FAFSA school code for Mayville State University is 002993. Normally to be considered for assistance in the fall semester, you should submit your completed FAFSA for processing as soon as possible after October 1st of the year prior to when you plan to enroll.
Federal Pell Grant Program
Federal Pell Grants provide a foundation of financial aid to which assistance from other federal and non-federal sources may be added. These funds do not have to be repaid.
Federal Pell Grants are awarded to undergraduate students who attend school with a minimum of one credit, demonstrate financial need, and meet the federal eligibility requirements.
The annual amount is determined by the Department of Education.
Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)
The Teach Grant program will provide up to $4,000 a year in grant aid to undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. Students may receive up to $16,000 for undergraduate study. Part-time students are eligible, but the maximum grant will be reduced.
Students must maintain at least a 3.25 cumulative GPA to receive a grant for each subsequent term. Each recipient of this grant must sign an “agreement to serve” contract before receiving the funds. Students who fail to complete the four-year teaching obligation within eight years of finishing the program will have to repay the grant with interest.
The high-need subject areas are determined by the Department of Education on a yearly basis. Currently both Mayville State University’s Mathematics Education and Science Education majors qualify as eligible programs of study. Go to www.ed.gov/about/offices/list/ope/pol/tsa.doc to view the list of high need subject areas per state. Go to www.tcli.ed.gov to search for the schools that serve low-income students.
For more information, or to complete the counseling and agreement to serve processes, visit: www.studentaid.gov.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Like the Federal Pell Grant, a SEOG does not have to be repaid. Unlike the Federal Pell grant, it is not received directly from the government. The federal government authorizes MSU a limited amount of money for the purpose of awarding supplemental grants to its students. Once distributed, there are no additional funds for that year. This type of award is called a campus-based program since it is administered by MSU.
FSEOGs are awarded to undergraduate students who demonstrate financial need and meet the federal eligibility requirements. Preference is given to Federal Pell Grant recipients and students with the highest demonstrated need.
Awards range from $200 to $800 per year depending upon need and availability of supplemental grant funds at MSU.
Federal Work Study Program (FWS)
Federal work-study is a federal, campus-based program offering students an opportunity to earn financial aid through work. FWS is available to undergraduate students who demonstrate financial need and meet the federal eligibility requirements.
The amount you will be able to earn will depend on your demonstrated financial need, the availability of Federal Work Study funds at MSU, and the amount of other assistance you are receiving.
Federal Direct Subsidized Loan
Federal Direct Subsidized Loans are government-subsidized loans available to students through the Department of Education.
Federal Direct Loans are available to undergraduate students who demonstrate financial need and meet the federal eligibility requirements. Undergraduate applicants are required to have their eligibility for a Federal Pell Grant determined before they may be certified for a Federal Direct Loan.
The current maximum annual Federal Direct Subsidized Loan limit for freshmen is $3,500; sophomore $4,500; and juniors/seniors $5,500. Accumulated Federal Direct/Stafford Undergraduate borrowing for dependent students cannot exceed $23,000 for an undergraduate degree.
A small loan fee is normally charged to the borrower and is deducted from your loan amount before you receive it.
While the borrower is in school at least half-time, interest on a Federal Direct Subsidized Loan is paid by the federal government on the borrower’s behalf.
Repayment begins six months after you leave school or drop below half-time status. The minimum annual repayment is $600 ($50 monthly). You may have up to ten years to repay depending upon your loan size.
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is designed to assist you in providing additional funds to meet the cost of funding your education when the federal need analysis requirements preclude you from borrowing under the subsidized loan program.
The interest on a Federal Direct Unsubsidized Loan accrues on a quarterly basis while you are enrolled in school, during the grace period following the in-school period, during any deferment period, and during repayment periods.
Repayment on the principal amount will begin six months after you cease to be enrolled at least half-time.
Deferments may be available to unsubsidized borrowers and are the same as those available for Federal Direct Subsidized borrowers.
The combined amounts borrowed under the Federal Direct Subsidized and Federal Unsubsidized programs cannot exceed the maximum annual levels for dependent students of $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors/seniors. For independent students, the maximum annual levels are $9,500 for freshman, $10,500 for sophomores, and $12,500 for juniors/seniors.
Like Subsidized loans, Unsubsidized loans have a small loan fee that is charged to the borrower and is deducted from your loan amount before you receive it.
Additional Unsubsidized Stafford Loan
Dependent students may be considered for an additional loan to help meet costs. Contact your financial aid administrator with additional concerns and for necessary application forms.
Federal Direct Parent Loans for Undergraduate Students (PLUS)
PLUS loans provide funds to parents to help meet the cost of your education. These funds are in addition to those received under the Direct Loan programs.
Parents of dependent undergraduate students may be eligible for a PLUS loan. The cost of education minus other financial aid equals the amount parents may borrow per year.
A loan fee is normally charged to the borrower and is deducted from the loan amount before you receive it. This fee is subtracted from the total loan before the funds are disbursed.
North Dakota State Student Incentive Grant (SSIG)
The SSIG provides grants to assist undergraduate students in need of financial assistance. State appropriations and the number of applicants determine the amount of the grant. Applicants must be North Dakota residents enrolled in a qualified institution of post-secondary education within the North Dakota University System. The University System Office in Bismarck makes the awards. Students who have a completed and processed FAFSA will be considered for the SSIG.
Currently the grants are for $2,200 per year.