MSU Resources
Where in MSU can you answer any questions specifically about scholarships, financial aid, costs, and/or study abroad?
MSU Office of Financial Aid (556 E Circle Dr #252, East Lansing, MI 48824)
Today, the U.S. spends ____ (MORE/LESS) on college than almost any other country, according to the 2018 Education at a Glance report, released this week by the Organization for Economic Cooperation and Development (OECD).
Today, the U.S. spends MORE on college than almost any other country, according to the 2018 Education at a Glance report, released this week by the Organization for Economic Cooperation and Development (OECD).
What is a job?
a. a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc.
b. a paid position of regular employment, a task or piece of work, especially one that is paid, a thing of a specified kind
c. money that an individual or business receives in exchange for providing a good or service or through investing capital
A job is...
b. a paid position of regular employment, a task or piece of work, especially one that is paid, a thing of a specified kind
What does FAFSA stand for?
FAFSA stands for the Free Application for Federal Student Aid
Which special website/database could you look to check your financial aid, bills, transcripts, and account details?
StuInfo
What does it mean to spend?
a. pay out (money) in buying or hiring goods or services
b. a duty or obligation to pay money, deliver goods, or render service under an express or implied agreement
c. to charge usually of money imposed by authority on persons or property for public purposes
Spending means that one would...
a. pay out (money) in buying or hiring goods or services
What is revenue?
a. a charge usually of money imposed by authority on persons or property for public purposes
b. income, especially when of a company or organization and of a substantial nature
c. a statement of money owed for goods or services supplied
Revenue is...
b. income, especially when of a company or organization and of a substantial nature
What is FAFSA?
a. an undergraduate college admission application that applicants may use to apply to any of more than 700 member colleges and universities in 49 states and the District of Columbia, as well as in Canada, China, and many European countries.
b. a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education
c. a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid
FAFSA is...
c. a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid
Which building is the Office of Financial Aid located in?
a. MSU Office of Financial Aid
b. MSU Student Union
c. Student Services Building
The Office of Financial Aid is located in...
c. Student Services Building (Room 252)
What is a budget?
a. an estimate of income and expenditure for a set period of time
b. an arrangement made with a bank whereby one may deposit and withdraw money and in some cases be paid interest
c. money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
A budget is...
a. an estimate of income and expenditure for a set period of time
According to The College Board, in 2011, people with a bachelor’s degree who worked full-time earned _______ more, on average, than full-time workers with only a high school diploma.
a. $21,100
b. $16,400
c. $10,500
According to The College Board, in 2011, people with a bachelor’s degree who worked full-time earned a. $21,100 more, on average, than full-time workers with only a high school diploma.
What is the difference between a subsidized and unsubsidized loan?
The federal government pays the interest on a subsidized loan while the student is in school at least half-time. After the student drops below half-time or leaves school, interest will begin to accrue.
Interest does accrue on an unsubsidized loan while you are in school. You may choose to pay interest while in school in order to avoid "paying interest on interest" (capitalizing interest).
What is the Michigan Education Trust (MET) Program?
a. provides comprehensive training to a select group of highly motivated finance and accounting students at Broad
b. allows parents, grandparents, and others to prepurchase undergraduate tuition
c. reduces the educational loan debt of our neediest Michigan students
The MET program...
b. allows parents, grandparents, and others to prepurchase undergraduate tuition
(MET offers three tuition savings choices: a full benefits plan, a limited benefits plan, and a community college plan)
According to The College Board, students spend around ______ per year on books and school supplies alone.
a. $650
b. $400
c. $1168
According to The College Board, students spend around c. $1168 per year on books and school supplies alone.
The student should be able to earn at least _____ per year at the federal minimum wage of $7.25 per hour. Most college students can earn more. An hourly wage of $11 to $12 should be sufficient to earn _____ per year.
a. $7400, $20000
b. $7050, $20000
c. $6380, $10000
The student should be able to earn at least c. $6,380 per year at the federal minimum wage of $7.25 per hour. Most college students can earn more. An hourly wage of $11 to $12 should be sufficient to earn c. $10,000 per year.
Name 3 types of student loans that are available to you AND require a FAFSA form?
Stafford (Direct) Loan, Parent PLUS Loan, Grad PLUS Loan are available to you AND require a FAFSA form.
(loans such as the Private [Alternative] Loan and the Short Term Loan do not require a FAFSA)
How do does one get his/her aid transferred from the other school to MSU?
Financial aid cannot be "transferred" from one school to another - each college or university assesses your need and eligibility based upon its own costs and its own aid programs.
Make sure that your FAFSA data gets released to your new school. You may do this by adding the new school's school code to your FAFSA. MSU's code is 002290. If you are going to a new school, contact them to get that school's code.
What is the average cost of college (including tuition, fees, and room and board) for in-state freshmen (2 semesters)?
a. ~$15,000
b. ~$20,000
c. ~$25,000
The average cost of college (including tuition, fees, and room and board) is...
c. ~$25,000 (approx. $24,844)
What is a credit score?
a. a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date with consideration, generally with interest
b. a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual
c. information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts
A credit score is...
b. a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual
What does it mean to "default" a loan?
Simply put it means that a borrower who has promised to repay a loan has failed to meet his or her obligation. An unpaid student loan is "delinquent" until it is 270 days (roughly 9 months) overdue, at which time it becomes defaulted.