FAQs: Financial Aid | Mount St. Joseph University

What is your Title IV School Code?

Our six-digit Title IV Code is: 003033.

My dad lost his job and won’t have as much income as he had last year. What do I do?

After you file the FAFSA, you will need to visit www.msj.edu/aid-forms to complete the Special Circumstance Form. It enables you to describe your situation and provide documentation.

What are Federal Direct Loans?

Federal Direct Loans are a special type of loan made to university students. They can be subsidized or unsubsidized based on your financial need. You must have demonstrated financial need to qualify for a subsidized loan, which has the interest paid by the federal government while you are enrolled in school at least half time and during deferment periods.

You may also be awarded an unsubsidized loan (interest accrues on this loan while you’re in university). Some students are awarded both – a portion of a loan might be subsidized and the balance unsubsidized.

What other loans are available?

Your parents may take a Federal PLUS loan to cover your remaining balance. Parents are required to begin the repayment process immediately after the last disbursement is received for the academic year unless they opt to defer payment while the student is enrolled at least half time. Parents have 10 to 25 years to repay a PLUS loan depending on the selected repayment plan. Alternative loans are available to students to cover any remaining balance.

When does the repayment begin?

Repayment terms vary. You will have a grace period of six months after graduation or after you drop below half-time status (6 credit hours) before you must begin making payments on your Federal Direct Loan. With the Perkins Loan, you will have a nine-month grace period.

How much time do I have to repay my student loans?

Generally, you will have from 10 to 25 years to repay principal and interest for both of the Federal student loan programs we administer depending on the selected repayment plan.

Does Mount St. Joseph University have a payment plan?

The Mount works with Tuition Management System (TMS) to offer you an option to budget semester tuition over three to six months with no interest. An enrollment fee is applied to each semester to enroll in the program. For more information or an application, go to https://msj.afford.com or call (800) 264-6017.

We’re not going to fill out the FAFSA because people have told us that we probably won’t qualify for any financial aid. What do you suggest?

You should still complete the form. The FAFSA takes many things into consideration. Also, keep in mind that every student is eligible for a Federal Direct Loan.

After I send in my FAFSA, how long will it be before I receive an award letter?

If you have been accepted to the Mount, we will notify you in approximately two weeks.

If I have financial aid at the school I’m currently attending, can I (or how do I) transfer it to the Mount?

When you add our code to your FAFSA record, the results are sent to the Mount. Once you’ve been admitted as a transfer student, we put together a financial aid package based on our awarding policy and available funding. You may receive some of the same types of financial aid, and even the same amounts, but packages can vary.

I play a sport. What scholarships or grants do you offer to athletes?

A student's participation in NCAA Division III athletics at the Mount cannot be considered in the assessment or awarding of financial assistance. This is prohibited by NCAA Division III rules.

My dad makes over $100,000 per year, but we have six kids in the family. Would our family’s size increase our chances of receiving financial aid?

The needs analysis makes an adjustment to your income called the “income protection allowance” based on your family size and the number attending university. The larger your family, the higher the income protection allowance will be. It protects a portion of your income for the living expenses of your family.

I filled out the FAFSA and have received my financial aid award letter. I’ve already been awarded my academic and other scholarships from the Mount. I still need more financial aid in order to attend. What else can I do?

This would be a good time to schedule an appointment to speak with ;a representative from Student Administrative Services, so we can ensure you have considered local scholarships and that you have accurate figures for your estimated costs. We’ll also discuss other options such as the Federal PLUS Loan, the alternative loans and the TMS payment plan.

Will the amount of need-based financial aid I’ve been awarded decrease as a result of receiving an academic scholarship from the Mount?

Typically we know about academic scholarships before we package need-based aid. We adjust scholarship amounts as we get new ACT and/or SAT scores, when transcripts come in with recalculated grade point averages or when we receive final grades from previous university work. Some scholarships are awarded after the need-based process. These increases in scholarship amounts can result in a reduction in need-based funding.

What if I receive a scholarship from an organization other than the Mount?

We need to take a look at your need-based financial aid package to see if any adjustments are necessary. Changes to the self-help aid, such as student loans or work study, are made before we adjust any grant or scholarship funding.

What if I’m receiving assistance from my employer or from a scholarship organization? Do I need to pay this amount up front?

If you provide Student Administrative Services with documentation of the assistance the third party has agreed to pay by the payment confirmation due date, we will not expect you to pay it up front. We will bill outside parties as long as we receive original authorization from the provider. You will continue to receive monthly statements for this amount until it is paid in full.

Are employment opportunities available to students to assist with tuition charges?

The Mount has partnered with Education at Work, a new non-profit organization that operates a call center for large businesses and is staffed by local university students. Education at Work is dedicated to helping university students get the foundational job skills and education needed to compete for 21st century jobs as they earn a paycheck and tuition-assistance funds. Participating students must be enrolled at least half-time and can earn up to an additional $6,000 annually toward their university tuition costs based on GPA and course load. To learn more please visit www.education-at-work.org.