Federal Aid Programs
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What Am I Applying For??

Except for the Federal PLUS (Parent) Loan, eligibility for the federal financial aid resources listed below depends on submission of the FAFSA. The Student Aid Report, resulting from the FAFSA, provides an Expected Family Contribution (EFC), which is used to determine eligibility for federal need-based financial aid. The types of aid you are applying for are as follows.

The Programs

Federal Pell Grants, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. The maximum Pell Grant for the 2008-2009 award year is scheduled to be $4731. You can receive one Pell Grant in an award year. How much you receive will depend on your cost of attendance, whether you are a full-time or part-time student, and whether you attend school for a full academic year or less, You may not receive Pell Grant funds from more than one school at a time. Pell Grant funds will be credited to your expenses in the registration process in the Business Office.

Federal Supplemental Education Opportunity Grants (FSEOG) are awarded to students with exceptional financial need. FSEOG funds are limited.

Work-study employment opportunities are available through the need-based Federal Work-Study (FWS) Program. Limited funds are awarded on a first-come, first-served basis, in accordance with Northern policy. Awards are for a maximum award of $2500 for the 2008-2009 School year. For most jobs, the hourly pay rate is minimum wage (currently $6.55 per hour). Work-study funds are calculated as part of your financial aid package but are not paid until the hours are worked. Northern pays work-study students monthly.

Loan monies at federally regulated interest rates are available to you and your parents. Federal loans, except the Federal PLUS (Parent) Loan, are awarded on a need and non-need basis as documented through the FAFSA.

• Federal Perkins Loan - awarded to the most needy student, must be a Sophomore, and are awarded on a first come first serve basis. Funds are limited.
• Federal Stafford Loan - available on either a need (subsidized) or non-need (unsubsidized) basis. Interest rates are set annually in accordance with federal regulations. Both loans are funded from a bank that you choose from our lender list. Subsidized loan interest is paid by the Federal Government while the student is attending school. Unsubsidized loan interest is paid by the student while attending school.
  

  Federal Stafford Loan Limits
  Grade Level	Dependent Undergraduates Loan Limits	Independent Undergraduates Loan Limits
  Freshman	$3500 Sub + $2000 Unsub = $5500 per annum	$3500 Sub + $6000 Unsub = $9500 per annum
  Sophomore	$4500 Sub + $2000 Unsub = $6500 per annum	$4500 Sub + $6000 Unsub = $10500 per annum
  Junior or Senior	$5500 Sub + $2000 Unsub = $7500 per annum	$5500 Sub + $7000 Unsub = $12500 per annum

  Aggregate Dependent Undergraduate Loan Limits	$23,000 Sub + $8,500 Unsub = $31,500	Aggregate Independent Undergraduate Loan Limits	$23,000 Sub + $34,500 Unsub = $57,500
  Graduate and Professional Students		$8500 Sub + $12,000 Unsub = $20,500 per annum
  Aggregate Graduate and Professional Loan Limits		$65,000 Sub + $73,500 Unsub = $138,500

• Federal PLUS (Parent) Loan - for parents of dependent students who want to borrow to help pay for their students' education. Interest rates are set annually in accordance with federal regulations. PARENTS: Complete the application for a Parent Plus Loan (click now to print out a copy). Send a completed copy of application to the Financial Aid Office at MSU-Northern and click on the link below to sign the Parent PLUS MPN

  SIGN MY PLUS MPN NOW

Further information can be found in THE STUDENT GUIDE Financial Aid published by the U.S. Department of Education. The booklet is available from in the Financial Aid Office, Room 213, Cowan Hall or through the World Wide Web at the Depatment of Education's Student Aid web site.

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Central source for financial aid resources that defines terminology, lists governmental grants and introduces aid for special populations.

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