Financial AidPage address: http://www.mnsu.edu/studyabroad/aid.html
Can I use my financial aid for Education Abroad and Away?
Yes, you can!!! Federal Financial Aid, state and university scholarships you currently receive may be used to pay for education abroad programs. A process also exists for you to work with the EAA and the Financial Services Office to determine whether or not you qualify for an adjustment to your financial aid package based on any added education abroad and away expense. Students interested in completing this process should follow the steps below:
- MSU's Financial Aid Page
- FAFSA (Free Application for Federal Student Aid)
- Finaid's tips on Financial Aid
- FAFSA School Code Search
- Financial Aid for Education Abroad and Away: An Undergraduate Student's Resource (from NAFSA: Association of International Educators)
Steps for Financial Aid for Education Abroad and Away
1) If you have not already, file a FAFSA application through https://fafsa.ed.gov/!!! Remember, Minnesota State Mankato's FAFSA priority deadline each year is March 15th.
2) Finish all elements in your MNSU online education abroad and away application by the appilcation deadline date, especially the "Class Planner." https://mnsu.studioabroad.com/
3) Create a cost estimate budget sheet with the EAA (make an appointment through the front desk of the Kearney International Center, CSU 250). http://www.mnsu.edu/studyabroad/about/
4) Print out the "Request for Budget Adjustment" form at: http://www.mnsu.edu/campushub/programs/budgetadjust/index.html.
5) If you are participating in a summer education abroad and away program and already have an active FAFSA on file, you can apply for summer financial aid by fililng out the brief summer financial aid form at: http://www.mnsu.edu/campushub/summer/index.html.
6) Go to the Hub to make an appointment with a Financial Aid Counselor. If you have not already completed the Budget Adjustment form in #3 (to the best of your abilities), you will be asked to do so at the Campus Hub.
7) Meet with a Financial Aid Counselor. Be sure to bring the following to your meeting:
- A copy of your completed EAA "Class Planner"
- A copy of your program budget printed from the EAA website
- The Budget Adjustment Form printed from #4 above or received at the Campus Hub, completed to the best of your abilities
If you are participating in a education abroad and away company program, you will also be asked to complete a "Consortium Agreement" either at the Campus Hub or by the Financial Aid Counselor (required for education abroad and away company programs). If you are participating in a faculty-led program, exchange program, or the Spanish Language Abroad program through the Spanish department, no "Consortium Agreement" is needed.
8) The Financial Services Office will notify you of the adjustment amount for which you are approved. Most Award Adjustment approvals are granted through private or alternative loans which must be applied for through a bank or private student loan lender. Approval for financial aid award adjustment does not mean you will simply receive more money with you August/January/May finacial aid award disbursement. YOU WILL NOT RECEIVE YOUR ALTERNATIVE/PRIVATE LOAN FUNDS UNLESS YOU COMPLETE THE REQUIRED ALTERNATIVE/PRIVATE LOAN APPLICATION PROCESS THROUGH YOUR BANK OR A PRIVATE STUDNET LOAN LENDER. If you have questions about how this process works or where to apply for alternative/private loan, please have a conversation with the Financial Services Office.
9) Go to your bank of choice to arrange for loans as per your award package.
10) Once your alternative/private loan application is approved, it will be disdursed through MNSU's usual financial aid disbursment process in late-august, late-January, or late-May (typically the 2nd Friday of the semester). The money will be first used by MNSU to pay off any charges on yur eServices account. Any remaining funds will be sent to you directly either by check or direct deposit (depending on what you have set up with the university; if you have not already, you can apply for direct deposit through your eServices account).FINANCIAL AID, EVEN ALTERNATIVE/PRIVATE LOANS, CANNOT BE DISBURSED EARLIER THAN THE PREVIOUSLY MENTIONED DISBURSEMENT SCHEDULE. Any education abroad and away program payments or purchases you need to make proir to the financial aid disbursement dates should be made by credit card or other means. You will be able to pay off any credit charges when you recieve your disbursment.
11) Make all your education abroad and away program fee payments by the set deadlines. If you are participating in a education abroad and away company program, the company should have some sort of "Financial Aid Verification Form" available for you to submit by the final payment deadline in liue of submitting a check/credit card payment. This form is usually available through your personalized studnet account with the education abroad company, or on thier website. If your financial aid package through MNSU does not cover the full program fee due to the education abroad company, by their final program payment deadline the company will expect you to turn in both the "Financial Aid Verification Form" AND full payment be check or credit card on the amount not covered by financial aid. Most education abroad companies also offer payment plans through which you can attange to pay in installments. Call your education abroad and away company to ask about this option.
12) Be aware that your host university and/or education abroad and away company will not release your education abroad and away transcript to you or to MNSU if you have outstanding fees remaining at the end of your term abroad. If MNSU does not receive your transcript in a timely manner after the end of your education abroad and away program, without proof of your successfully completed term abroad, based on the Financial Services Office's compliance requirements, they could require you to begin repaying your loans with immediate affect.
13) Be aware that you will not receive a transcript for your education abroad and away experience if you have outstanding bills at the end of your semester abroad. If this happens, you could be required by Student Financial Services to begin repaying your loans immediately.