Financial Arrangements

Financial aid

If you are an MSU student and you receive financial aid, you must indicate on your application that you plan to use financial aid to pay for your study abroad experience.  The Office of Study Abroad will forward an estimated cost sheet to the MSU Office of Financial Aid for processing.  This form will include all anticipated costs associated with the program, including airfare.  Non-MSU students should request financial aid from their home institution.  If your university is unable to award you financial aid, you may be able to apply for loans through MSU.  In this case, contact the MSU Office of Study Abroad, and you will be provided with instructions on how to proceed.

If you are currently receiving aid, make sure your Free Application for Federal Student Aid (FAFSA) is up-to-date for the period when you wish to study abroad. 

If you are not currently receiving financial aid, you may apply for aid, including Stafford Subsidized/ Unsubsidized Loans, by completing the FAFSA for the same academic period when you plan to study abroad, and mailing it to the federal processing center. The FAFSA is available after January 1 for the academic year beginning the following fall. As soon as possible after January 1 complete the FAFSA and return it to the federal processor.  Applications are available at the FAFSA Web site or from the Office of Financial Aid, 252 Student Services Building. 

If you plan to participate in a summer program, the previous academic year FAFSA will apply.  Contact the Office of Financial Aid by March 1 in order to be considered for funds available during the following summer semester.  Financial aid for summer session is not automatically included in a regular financial aid package.

The Office of Financial Aid will notify you directly of your award.  You may be eligible to collect your maximum annual award for your study abroad semester with the understanding that no funds will be available for the semester following your study abroad experience.  If you find that your award does not adequately cover the cost of participation, you may wish to consider Alternative Student Loans.  Such loans tend to have higher interest rates but allow you to borrow up to the amount of your educational costs minus any financial aid resources.

For scholarships and grants you must maintain the enrollment level required for each aid program listed on your award letter. Credit level required for Stafford Subsidized/Unsubsidized Loan eligibility for all semesters is at least half-time. For undergraduates half-time is 6-8 credits; ¾-time is 9-11 credits; and full-time is 12 or more credits.  The Office of Study Abroad will report to the Office of Financial Aid the number of credits you indicated on your application.  If you change this number of credits so that it changes your status (half-time, ¾-time or full-time) it is your responsibility to report this change to the Office of Financial Aid. Some loans require full-time enrollment, and in some cases part-time enrollment reduces eligibility. If you are a non-degree student or intend to enroll for less than half-time, check Citiassist Loans for funding support.  Check the Office of Financial Aid Web site for award details.

Once financial aid funds are available for disbursement, they will automatically be first applied to your tuition & fees charge, with the remaining funds applied to your program fee.  If there is NOT enough money to cover both charges, you are responsible for paying the difference.  If there is MORE than enough money, the remainder will be issued to you.

The cost of your airfare will be reported to the Office of Financial Aid so it can be included in your financial aid package, but you will most likely need to cover your airline bill from the travel agency/airlines before your financial aid funds are released.  You will also be required to pay the $200 deposit before your financial aid is disbursed.  Therefore, you will need to make arrangements to pay these bills in advance.  For instance, if you are studying abroad in the summer, your summer aid cannot be used to cover the $100 application fee and $200 deposit since these charges will be posted to your account during the spring. You may wish to use your spring financial aid to cover these costs. MSU students who foresee problems covering these payments should contact the MSU Office of Financial Aid, (517) 353-5940, for short-term loan options. Please plan accordingly since you are allowed to take out only one short-term loan.

Award disbursements (refunds) are distributed by the Student Accounts division of the Controller's Office beginning ten days prior to the start of a semester (or for summer semester, ten days prior to YOUR first day of class).  Federal law prohibits an earlier disbursement of federal loans. This disbursement is done automatically for semester programs, but if you would like this disbursement for your summer program, contact Student Accounts. Additional questions regarding your refunds should be directed to Student Accounts, 140 Administration Building, (517) 355-3343 or 800-775-4323. Refunds are made by direct deposit or by a check mailed to your local address.  If you would like to have your refund direct deposited into the bank of your choice, sign up through STUINFO under Direct Deposit Enrollment. If you do not wish to use this service or have an outside source of funding, you may wish to arrange for a Power of Attorney to handle your funds.

If you are a Michigan Education Trust (MET) recipient, contact your OSA Program Coordinator to discuss use of these funds.

The International Education Finance Corporation is an organization that helps students with loans for study abroad programs. They may be helpful for students who don't qualify for financial aid at their institution.  They can be contacted at International Education Finance Corporation, 222 Forbes Road, Suite 406, Braintree, MA 02184, (781) 843-5334, or toll free (888) 296-4332.