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Financial Aid Resources for Michigan Residents Studying at Michigan Tech

Michigan Tech offers a variety of financial aid options for its undergraduate students, including federal, state, and institutional aid. In the last year, approximately $79 million was awarded to Michigan Tech undergraduates. Students can receive merit-based scholarships, need-based grants, and work-study opportunities, with the FAFSA being the critical first step. Key scholarships include the Leading Scholar Award, Michigan Alumni Legacy Award, and Michigan Tech Transfer Scholarship. Students are encouraged to explore various resources to maximize their financial aid and reduce their college expenses.

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Financial Aid Resources for Michigan Residents Studying at Michigan Tech

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  1. Financial Aid @

  2. Michigan Residents

  3. Paying for College • Financial aid – federal, state, institutional • Approximately $79 million awarded last year to Michigan Tech undergraduates • Reduce Cost Prior to Enrollment • Parents, Savings, Employment • Other Sources • Web Sites

  4. Types of Aid • Merit Based Academic achievement, talent • Need Based Eligibility is based solely on the assets and income of the prospective student and his or her family

  5. Know the Buzz Words • COA - Cost of Attendance • FAFSA - Free Application for Federal Student Aid • SAR - Student Aid Report • EFC - Expected Family Contribution

  6. Merit Based University Scholarships – MI Residents • Leading Scholar Award Full tuition, room and board, + $1000 • October 15 deadline • Teacher recommendation and essay • Additional info in packet • Presidential Scholars Program $1500 to $4500 per year • Automatic consideration when a student applies for admission • Award levels are based on GPA, Class Rank and ACT or SAT • www.mtu.edu/admissions/tuition/estimate

  7. Merit Based University Scholarships – MI Residents • Michigan Alumni Legacy Award $1000 over 4 years • Parent or grandparent that attended Michigan Tech • Michigan Tech Transfer Scholarship $1500 to $4000 • For resident students who attended a college • 3.0 to 3.49: $1,500 • 3.5 and above: $4,000

  8. University Scholarships and Grants For all StudentsMerit and Need Based • University Student Award- $150 to $12,000 • Need-based grant • EFC determines annual award value • Must submit a FAFSA to be considered • Sponsored Scholarships – varying values Automatic consideration upon admission application • Summer Youth Diversity Incentive Award (SYDIA) • Application required, details on website

  9. Searching for Scholarships Scholarship and financial aid information should be free Scholarship Source • Federal, state, institutional • Regional organizations and foundations • Parent and students workplace • Local community: high school, professional, business, fraternal, religious Web Searches • www.finaid.org • www.fastweb.com • www.scholarshipcoach.com

  10. Applying for Need Based Financial Aid is an Annual Process • File Free Application for Federal Student Aid (FAFSA) after Jan 1 • State deadline (Michigan – March 1) • File electronically at www.fafsa.gov • Both student & parent must apply for a PIN prior to filing • Stop by the Administration Building (#1 on your campus map) today to apply for your FAFSA PIN

  11. FAFSA Results ● Expected Family Contribution (EFC) - derived from FAFSA results • communicated via the Student Aid Report (SAR) ● Use the Financial Aid Estimator (Calculator) • www.finaid.org to get an EFC estimate or determine possible changes in future year EFC

  12. Types of Need-Based Aid ●Grants – gift awards that are not repaid • Federal Programs – Pell Grant, Supplemental Grant, Academic Competitiveness Grant • State of Michigan Programs – Michigan Competitive Scholarship (merit and need-based) * State and Federal Grants are subject to change

  13. Types of Need-Based Aid ● Work-study – employment based upon unmet need • Work-study awards are earned in the form of a paycheck for hours worked • Student employment is also available without being awarded work-study

  14. Types of Loans ●Federal Direct Stafford Subsidized Loans – (6.8% for new 2012-2013 federal loans) • Federal Perkins Loan (5%) These are need-based loans. Interest does not accumulate until graduation, Federal government pays interest while student is enrolled

  15. Unsubsidized Loans - not need-based Federal Direct Stafford Unsubsidized Loan-(6.8% fixed for new federal loans) • Interest accrues during enrollment, student may elect to pay interest while enrolled • Loan values are subject to annual limits less the subsidized loan

  16. Unsubsidized Loans - not need-based ● Parent PLUS Loans • available to parents to pay COA (minus other aid) of their students (currently fixed at 7.9%), grace period available upon request ● Alternative Loans – cosigner required • available to COA (minus other aid) • varying limits, fees, interest rates, repayment terms, restrictions • allow 3 to 4 weeks processing time

  17. Financial Aid Award Letters • Financial Aid awards show the estimated COA, the EFC and the aid offered • New student award notifications sent mid-March for FAFSA’s processed by March 1 • New student award notifications sent mid-April for FAFSA’s processed after March 1 • www.mtu.edu/admissions/tuition/estimate

  18. By the Numbers • Average financial aid package (including loans, grants, & scholarships): $11,421 • Average grant: $6,587 • Average scholarship: $4,072 • Number of Parent Plus loans: 556

  19. Cost of Attendance for Michigan Residents * Tuition is based on 15 credits and two semesters of enrollment

  20. Financial Literacy • www.cashcourse.org/michigantech • Create a budget • Manage student loans • Credit and credit card usage • Watch out for identity theft • Beware of scholarship scams that ask for money and guarantee funds

  21. Frequently Asked Questions • What if I have a change in my ACT or GPA? • What if my school does not use rankings? • What if I get a scholarship from my school, will my financial aid get reduced? • Who should I list on my FAFSA?

  22. For more information: Please contact the Michigan Tech Financial Aid Office at 1-888-688-1885 or www.finaid.mtu.edu

  23. Financial Aid @

  24. Non-Michigan Residents

  25. Paying for College • Financial Aid – federal, state, institutional • Approximately $79 million awarded last year to Michigan • Tech undergraduates • Reduce Cost prior to Enrollment • Parents, Savings, Employment • Other Sources • Web Sites

  26. Types of Aid • Merit based Academic achievement, talent • Need based Eligibility is based solely on the assets and income of the prospective student and his or her family

  27. Know the Buzz Words • COA - Cost of Attendance • FAFSA - Free Application for Federal Student Aid • SAR - Student Aid Report • EFC - Expected Family Contribution

  28. Merit Based University Scholarships Non-Michigan Residents • Leading Scholar Award Full tuition • October 15th deadline • Teacher recommendation and essay • Additional info in packet • National Scholars Program $7,000 to $12,500 per year • Automatic consideration when a student applies for admission • Award levels are based on GPA, Class Rank and ACT or SAT • www.mtu.edu/admissions/tuition/estimate

  29. Merit Based University Scholarships Non-Michigan Residents • Alumni Legacy Award – Children of alumni receive in-state tuition • Transfer Award • 3.0-3.49 = $3,000 • 3.5 and above = $7,000 • Military Family Education Award – Children and spouses of active duty military personnel receive in-state tuition

  30. University Scholarships and Grants For all StudentsMerit and Need Based • University Student Award- $150 to $12,000 • Need-based grant • EFC determines annual award value • Must submit a FAFSA to be considered • Sponsored Scholarships – varying values Automatic consideration upon admission application • Summer Youth Diversity Incentive Award (SYDIA) • Application required, details on website

  31. Searching for Scholarships Scholarship and financial aid information should be free Scholarship Source • Federal, state, institutional • Regional organizations and foundations • Parent and students workplace • Local community: high school,professional, business, fraternal, religious Web Searches • www.finaid.org • www.fastweb.com • www.scholarshipcoach.com

  32. Applying for Need Based Financial Aid is an Annual Process • File Free Application for Federal Student Aid (FAFSA) after Jan 1 • State deadline (Michigan – March 1) • File electronically at www.fafsa.gov • Both student & parent must apply for a PIN prior to filing • Stop by the Administration Building (#1 on your campus map) today to apply for your FAFSA PIN

  33. FAFSA Results ● Expected Family Contribution (EFC) - derived from FAFSA results • communicated via the Student Aid Report (SAR) ● Use the Financial Aid Estimation (Calculator) • www.finaid.org to get an EFC estimate or determine possible changes in future year EFC

  34. Types of Need-Based Aid ●Grants – gift awards that are not repaid • Federal Programs – Pell Grant, Supplemental Grant, Academic Competitiveness Grant * Federal and university grants are subject to change

  35. Types of Need-Based Aid ● Work-study – employment based upon unmet need • Work-study awards are earned in the form of a paycheck for hours worked • Student employment is also available without being awarded work-study

  36. Types of Loans ●Federal Direct Stafford Subsidized Loans – (6.8% for new 2012-2013 federal loans) • Federal Perkins Loan (5%) These are need-based loans. Interest does not accumulate until graduation, Federal government pays interest while student is enrolled

  37. Unsubsidized Loans - not need-based Federal Direct Stafford Unsubsidized Loan-(6.8% fixed for new federal loans) • Interest accrues during enrollment, student may elect to pay interest while enrolled • Loan values are subject to annual limits less the subsidized loan

  38. Unsubsidized Loans - not need-based ● Parent PLUS Loans • available to parents to pay COA (minus other aid) of their students (currently fixed at 7.9%), grace period available upon request ● Alternative Loans – cosigner required • available to COA (minus other aid) • varying limits, fees, interest rates, repayment terms, restrictions • allow 3 to 4 weeks processing time

  39. Financial Aid Award Letters • Financial Aid awards show the estimated COA, the EFC and the aid offered • New student award notifications sent mid-March for FAFSA’s processed by March 1 • New student award notifications sent mid-April for FAFSA’s processed after March 1 • www.mtu.edu/admissions/tuition/estimate

  40. By the Numbers • Average financial aid package (including loans, grants, & scholarships): $11,421 • Average grant: $6,587 • Average scholarship: $4,072 • Number of Parent Plus loans: 556

  41. Cost of Attendance for Non-Michigan Residents * Tuition is based on 15 credits and two semesters of enrollment

  42. Financial Literacy • www.cashcourse.org/michigantech • Create a budget • Manage student loans • Credit and credit card usage • Watch out for identity theft • Beware of scholarship scams that ask for money and guarantee funds

  43. Frequently Asked Questions • What if I have a change in my ACT or GPA? • What if my school does not use rankings? • What if I get a scholarship from my school, will my financial aid get reduced? • Who should I list on my FAFSA?

  44. For more information: Please contact the Michigan Tech Financial Aid Office at 1-888-688-1885 or www.finaid.mtu.edu

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