Overview of MSU Financial Aid for 2005-06

All MSU students who received institutional need-based grants last year, and who remain eligible, will receive an increase in those funds for fall of 2005. Gift awards for our neediest students will increase by an average of 25 percent, which is significantly greater than the percent rise in costs. This actually decreases out-of-pocket costs. Our needy entering undergraduate students will similarly benefit from the enhanced gift aid.

Students who do not qualify for need-based gift aid still qualify for low-cost federal loans, as do parents of dependent students. Both students and parents can borrow through a special no-fee, no-interest for seven years program offered by the State of Michigan, called Michigan Students First. All students are eligible to borrow through this program.

Many students work to help meet expenses and the university actually employs about 17,000 students each year. Others work for local merchants.

More private scholarships are available to more students than ever before. Our students received over $12 million in private awards last year alone and this amount has risen each of the last many years.

The per student amount for federal and state need-based gift money has not increased for the past five years, so the increase in gift aid for needy students can be attributed entirely to MSU’s commitment to these students and to the generosity of our many donors.

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