Are you enrolled in a short course, which includes any course whose start and end dates do not span the full length of the semester? If so, and if you drop/withdraw/stop attending any of your courses during the semester, you may be affected by regulations that require the University to reverse all or part of your financial aid.
The amount of financial aid reversed will depend on your attendance plans during the rest of the semester. If you are enrolled in a short course that has not yet begun at the time you drop/withdraw/stop attending another course, information is needed about your future plans for attendance:
Without written confirmation from the student indicating plans to attend a future short course in the semester, even if the student is registered for that future short course, the University is required to determine the financial aid reversal amount assuming the student will not be attending short courses that have not yet begun.
A new Student eServices function allows students to assign proxy access to designated individuals to view University account information and make payments on the student’s behalf. A student who wishes to provide this access can do so by logging in with Tech ID and Password at mnsu.edu/eservices, selecting the Bills and Payment menu item, and clicking on the “Give Someone Access to Pay My Bill” button on the Bills and Payment summary screen. The first time the student is required to read and accept the Terms and Conditions. Once accepted, the name and e-mail address of the alternate payer may be provided. Clicking on the “Send or Renew Access Request” button will initiate an e-mail message sent to alternate payer with instructions to activate his/her access within five days. Proxy bill pay access remains active for six months; a student may revoke access at any time, as well as renew access after it expires or is revoked.
The proxy bill payer will have access to functions within the Bills and Payment section of eServices, which includes viewing the student’s class schedule through the Account Activity PDF form. The proxy bill payer will not be able to enroll in a Nelnet/FACTS payment plan, will not have access to other sections of eServices, nor can s/he designate anyone else to have proxy bill payer access. Students may also designate more than one individual as assigned alternate bill payers with proxy access to their account. It is recommended that access is limited to family members such as a parent, spouse, or legal guardian. It should also be noted that providing access to alternate payers is not considered a guarantee of payment; the student retains sole responsibility for timely payment of all account charges.
Important Dates information related to student accounts.
Graduate and professional students who use federal student loans to fund their education will be affected by a change to the Federal Stafford (Direct) loan program for the 2012-2013 academic year.
Currently, graduate students with demonstrated financial need can borrow Subsidized loans for which the interest is paid by the federal government until after graduation. For periods of enrollment (loan periods) that begin after July 1, 2012, the federal subsidy will no longer be available to graduate students. If you already have a Subsidized loan, you will not be responsible for the interest that accrues until after you graduate, but any new federal Direct loans taken out will be Unsubsidized loans. Unless you make interest payments while you are in school, those federal loans will accrue interest at a fixed rate of 6.8% while you work toward graduation.
The annual loan limit remains unchanged at $20,500 but this amount will now be limited to Direct Unsubsidized Loans; the aggregate limit remains unchanged as well, at $138,500.
There are alternative borrowing options available beyond the Unsubsidized loan. The government also offers Grad PLUS loans, which have a fixed rate of 7.9%. Students also have a wide variety of private educational loans to consider. While the new subsidy change may make these private loans look more attractive – comparing a 6.8% fixed rate to a 3% variable rate – caution is recommended; a rate increase can set in at any point with a variable rate, and private loan holders are not eligible for some post-graduate financial aid programs, including Public Service Loan Forgiveness, which only requires professionals working for the government, a nonprofit, or a variety of other public service organizations to make loan repayments for 10 years. Students are encouraged to fully research loan program features to determine the best approach for their individual situations.
Please contact us if we can provide any further information about this change to the Federal Direct Loan program.
Students registered for summer term through April 23, 2012, are reminded to meet minimum payment criteria by Monday, April 30, 2012, to guarantee their registration and prevent registration cancellation for non-payment.
All students registered for summer term through May 25, 2012, will need to meet minimum payment criteria to guarantee their registration as well.
Accounts meeting the minimum payment criteria as of May 25, 2012, will not have registrations cancelled for non-payment; students are obligated for tuition and fees charges, regardless of attendance, according to timelines published for summer term’s official withdrawal and dropping courses procedures.
All summer term account balances are required to be paid in full or be covered by a Nelnet/FACTS payment plan by June 25, 2012, to prevent past due penalties.
Click here for more information on billing and payments, including available Automatic Payment Plan options.
The enrollment period for summer term FACTS payment plans begins March 15, 2012. Convenient monthly payment options are offered through Nelnet Business Solutions, a third-party tuition payment service provider for Minnesota State University, Mankato students.
Automatic payments can be authorized from designated checking, savings, or credit card accounts. Credit card options include: VISA, MasterCard, Discover, American Express and internationally-issued credit cards. Enrollment in a Nelnet/FACTS monthly payment plan is done on semester-by-semester basis, at a cost of $25 per semester.
Students with active Nelnet/FACTS payment plans protect their accounts from Registration Cancellation for Nonpayment, past due registration holds and semester late fees.
Summer Financial Aid Applications will be available online March 14 when the registration period begins. 2011-12 FAFSA and Summer Applications submitted by April 27 will meet the priority processing timeline for the first disbursements on June 1. More information.
Students planning to attend Minnesota State University, Mankato during the 2012-2013 school year are encouraged to submit their Federal Application for Federal Student Aid (FAFSA) as early as possible to determine eligibility and allow sufficient time for required award acceptance processes. The FAFSA on the Web Worksheet (PDF) provides a preview of the questions that you may be asked while completing the FAFSA online at www.fafsa.gov.
Students can now provide consent to receive student-related annual tax documents electronically for quicker access. If consent is not provided, the forms will be printed and mailed in January to student address on file as of the end of December. Students providing consent will receive an e-mail and see an update to Action Items on Student e-Services indicating the availability of tax forms for downloading.
To sign up for electronic tax forms, log in to Student e-Services and click on the Action Items links for Tax Form 1098-T Tuition Statement and Tax Form W-2 Wage and Tax Statement. Once consent is provided, the Action Items links will disappear. The consent is only needed one time for each tax form and covers current and future years of enrollment at all Minnesota State Colleges and Universities.
