When and how to apply
A Free Application for Federal Student Aid (FAFSA) is required if you choose to apply for federal student loans. FAFSA applications are available beginning in October for the following Fall term and covers Fall, Spring, and Summer terms. For example, the FAFSA for 2020-21 will be available in October 2019 for enrollment in Fall 20, Spring 21, and Summer 21. A FAFSA is not required for private loan applications only.
The FAFSA is found at the Federal Student Aid Office of the U.S. Department of Education. Metropolitan State University’s Federal School Code is 010374.
What to expect after applying
After the university receives the results of the FAFSA, students will receive either a Financial Aid Award Notification via their student email account or a request for additional information from the Financial Aid Office. Return any requested information timely. Login to Student eServices to view the state of your application and/or the official Award Notice. An official Award Notice will be produced for Fall and Spring terms, and an additional Award Notice will be processed specifically for Summer term.
Types of financial aid available
William D. Ford Federal Direct Unsubsidized Loans- Though no payments are required while the student is enrolled at least halftime (4cr at the Graduate course level), interest does accrue for the life of the loan for which the student borrower is responsible. Any interest accrued while enrolled will be added to the principal balance. Federal Direct Loans are disbursed in equal amounts for Fall and Spring. Loans for Summer term will require a separate application.
Federal Direct PLUS Loans for Graduate Students
Also known as the Graduate PLUS Loan, this loan program is available to graduate students that need funding beyond their Federal Direct loans. It is recommended that a student applies for their annual loan maximum eligibility under the Federal Direct Loan Program before applying for a Federal Direct Graduate/Professional PLUS loan. The loan is taken in the student's name and the student is responsible for repayment of the loan and will require a credit check. Grad PLUS loans are disbursed in equal amounts for Fall and Spring. Loans for Summer will require a separate online loan request via eServices.
Private Educational Loans
Many banks and credit unions provide educational loan options, commonly referred to as private or alternative loans, some of which are specifically tailored to students enrolled in health-related fields of study. These loans may have higher interest rates than federal loans and should only be considered as a borrowing option after all federal loan eligibility has been exhausted.
Eligibility for private loans is based on the creditworthiness of the borrower and/or co-signer. Selecting a lender is the sole right of the student. FASTChoice is a website provided as a way to compare loan options for a number of common lenders and then choose the loan that best fits your needs. Metropolitan State University does not endorse any one lender; you may choose any lender you wish that currently offers an educational loan product. The lenders listed on the FASTChoice website are lenders who have most commonly provided private loans to Metropolitan State University students over the past three years. The lender list is updated each spring with the most current information.
Under the Truth in Lending Act rules, private education loans are subject to self-certification, three consumer disclosures at specific times in the application process, and a three-day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of three weeks for processing.
More about student loans
Financial aid is disbursed beginning approximately the 17th day of each semester based on enrolled credits. Funds are credited to the account created for you by the university's Financial Management Office. Students are required to attend all courses before financial aid is disbursed.
Financial aid that is over and above the student's tuition, fees and, if applicable, bookstore charge is refunded by BankMobile according the student's instructions. Refund options include electronic deposit to your bank, disbursement to a BankMobile Vibe account, or check.
If you have questions about BankMobile or disbursement of financial aid, contact Gateway Student Services.
Changes in enrollment/withdrawal from all courses
If a student withdraws from all courses before the 60 percent point of the semester, the federal financial aid disbursed is subject to the “Federal Return to Title IV” refund policy. Read complete details.
Satisfactory academic progress
Metropolitan State University, the Minnesota State Colleges and Universities and Federal and State law require that a student make satisfactory academic progress towards a degree to remain eligible for financial aid. The standards are cumulative and include all periods of enrollment, whether or not a student received financial aid. Students bear primary responsibility for their own academic progress and for seeking assistance when experiencing academic difficulty. Read the full policy.
Financial aid for summer
Summer financial aid consists of unused financial aid eligibility from the prior fall and spring terms. If a student is offered and accepts the annual maximum limit of the amount of loans for the academic year, there would be no eligibility left for enrollment in a summer term. Private educational loans can be a source of funding for summer courses.
Summer term is considered the last term of the academic year for financial aid purposes. The Financial Aid Office will process a Summer Term Award Notice approximately one week after the student has registered for summer courses provided a FAFSA is on file and all requested documents have been received.