2024-2025 Financial Aid Package
►For Blizzard T. Husky
M99999999 2425
November 28, 2023
Hello, Blizzard! We are pleased to present your financial aid information for Michigan
Tech.
Your Student Aid Index (SAI) is 0. Your SAI is used to determine your financial aid eligibility.
|
Fall |
Spring |
Summer |
Total |
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Gift aid is money you do not have to pay back. It usually comes in the form of scholarships and grants. Generally, students must maintain a minimum 2.5 GPA to have their merit-based scholarships renewed. Students receiving need-based grants must complete the FAFSA annually to have any grants renewed. Note: first-year students receiving a National Scholars Program, Presidential Scholars Program, or Leading Scholars Program award are required to live in University housing for the first two academic years (four academic semesters, not including summers). |
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The Distinguished Leader Award is one of the scholarships offered through Michigan Tech’s Leading Scholar Program. Incoming first-year undergraduate students apply for scholarships through this program by submitting an application and essay by November 1 of their senior year in high school. Scholarships awarded through the Leading Scholar Program are renewable for up to four years (eight semesters) for students who meet the renewal criteria. |
$500 |
$500 |
$0 |
$1,000 |
$3,698 |
$3,697 |
$0 |
$7,395 |
|
$100 |
$100 |
$0 |
$200 |
|
$6,500 |
$6,500 |
$0 |
$13,000 |
|
The University Student Aid Grant (USA) is awarded annually and is based on financial need. Continued receipt of the USA in future academic years is contingent upon completion of the FAFSA and an SAI that is less than or equal to your initial SAI as a first-year or transfer student. Students must also maintain a minimum 2.0 GPA. If you receive additional scholarships or grants, the USA will be reduced accordingly. |
$3,950 |
$3,950 |
$0 |
$7,900 |
Additional Financial Resources
Many students earn scholarships from non-Michigan Tech sources-such as their high school, local foundations, or companies-that can be applied towards their cost of attendance at the school they choose to attend. If you are awarded scholarships from non-Michigan Tech sources, you must notify the Financial Aid Office by following the steps below. Once entered, your scholarship(s) will take 2-3 business days to appear under the 2024-2025 Outside Resources section.
Repeat this process as you are notified of additional non-Michigan Tech awards. |
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Carter Scholarship for Academic Excellence |
$1,000 |
$1,000 |
$0 |
$2,000 |
Total Gift Aid |
$31,495 |
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Cost of Attendance (Resident UG) Your cost of attendance is based on a plateau tuition structure. This means your tuition is one flat rate regardless of the number of credits you take (between 12 and 18). A minimum of 12 billable credits (excluding audited credits) are required to be considered a full-time student. Some courses don’t have fees and are not considered billable, and therefore don’t contribute to your credits. The COA on your financial aid award letter is currently an estimate; final tuition, fees, and room-and-board rates will be determined in July. Room-and-board rates vary depending on your residence hall assignment and meal plan. The COA includes all required University fees; however, lab and course fees vary by major. |
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The tuition and fees included are based on full-time lower-division tuition. Students who have earned 60 or more credits (including transfer credit; credit earned through early college or dual enrollment; or AP, IB, or CLEP) will be charged upper-division tuition. Our cost of attendance page allows you to view upper-division tuition rates based on your specific major. |
$41,340 |
|||
$12,660 |
||||
Lab and Course Fees |
$603 |
|||
Total Direct Costs |
$54,603 |
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Estimated Out-of-Pocket Direct Cost After Aid |
$23,108 |
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Student loans include the Federal Direct Loans (both Subsidized and Unsubsidized). Your eligibility for these student loans is determined by your FAFSA results. These loans carry an interest rate based on the 10-year Treasury rate. The Federal Direct Subsidized Loan is a need-based loan. The federal government does not charge interest on this loan while the student is enrolled at least half-time (6 billable credits). The Federal Direct Unsubsidized Loan is not need-based. You must either pay the interest that accrues while enrolled or choose to defer payments and have the interest capitalized (must be enrolled in a minimum of 6 billable credits). Once you have decided to accept your loan(s), there are four steps that must be completed. To decline your loan, simply complete the first step. STEP ONE - Accept (or decline) your loan by logging on to your Financial Aid Summary page, and navigating to the 2024-2025 Current Financial Aid section. Click "View/Accept Awards" and follow the prompts to access Banweb. STEP TWO - Once you have accepted the Direct Loan, you will be prompted to complete the Direct Loan Request Form. STEP THREE - First-time borrowers must complete entrance counseling before funds can be disbursed. Complete your counseling by logging in with your FSA ID (the one used for the FAFSA) at studentaid.gov and clicking on Complete Entrance Counseling located under the Complete Aid Process tab. The counseling session will take about 30 minutes to complete. This is a one-time requirement and will not need to be completed in following aid years. STEP FOUR - First-time borrowers are required to complete a Master Promissory Note (MPN). You will be notified via email when your MPN is ready. You will need your FSA ID (the one used for the FAFSA) to complete the MPN. You will be asked to provide your permanent address, telephone number, driver’s license number (if you have one), and email address. You will also need the names, addresses, and telephone numbers of two personal references who have known you for at least three years. References must have different addresses from one another, and one of the references should be a parent or legal guardian. The references have no obligation to the loan and are only contacted if your contact information is not current. |
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$1,750 |
$1,750 |
$0 |
$3,500 |
|
$1,000 |
$1,000 |
$0 |
$2,000 |
|
► Your Estimated Out-of-Pocket Direct Cost after All Financial Aid
The Estimated Out-of-Pocket Direct Costs after Financial Aid is the amount owed for the estimated direct costs of your COA after subtracting any gift aid, student loans, and additional financial resources offered to you. The Total Direct Costs are an estimate of the costs that would likely appear on your student bill from Michigan Tech. This is an estimate and not necessarily your out-of-pocket expense. Students and parents who qualify for one of the following options can reduce or eliminate the majority of their up-front costs. Many families choose to cover this cost with the Direct PLUS Parent Loan. This loan allows parents of dependent, undergraduate students to borrow directly from the US Department of Education through Michigan Tech. Please note: before this loan can be processed, the student must accept or decline their Federal Direct Loan(s); see the Federal Direct Loans section for details. Alternative/private loans are another funding option, and are available through a variety of lenders. Most alternative loans require a cosigner. Applications may be submitted online and generally take three to four weeks to process. Michigan Tech offers several payment plans. For details about these plans, contact the Student Financial Services Center. |
► $17,608 |
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Additional Expenses-not appearing on your Michigan Tech bill |
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Books, Materials and Equipment The books and supplies figure in your cost of attendance is an average. It is possible to use your financial aid to help pay for your books; financial aid will be applied to tuition, fees, and any room and board charges first. Students who do not have excess aid may still purchase books at the Campus Bookstore and may charge those books and supplies to their student accounts (up to $1,500) once their enrollment has been confirmed. The student will be billed at a later date for any excess charges. |
$1,200 |
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The Federal Direct Loan Program has a loan origination fee. If you choose to borrow from this program, the federal servicing center will deduct this fee from the loan disbursements. The fee value included in the cost of attendance is an estimate derived from last year’s undergraduate borrowers. |
$63 |
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Transportation |
$1,100 |
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Personal expenses |
$640 |
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Total Indirect Costs |
$3,003 |
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If you have been awarded work-study, you will be contacted about employment opportunities during the summer. Work-study does not appear as a credit on the semester bill; you will receive a paycheck every two weeks for the hours worked. If you have not been awarded work-study, but are interested in employment on campus, you may begin your employment search on our Employment Site. |
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$1,500 |
$1,500 |
$0 |
$3,000 |
|
Total Out-of-Pocket Cost Including Indirect Costs |
$17,611 |
The total remaining fall/spring cost is the amount owed after subtracting gift aid, student loans, and additional financial resources from the COA. This is an estimate and not necessarily your out-of-pocket expense. Students and parents who qualify for one of the following options can reduce or eliminate the majority of their up-front costs.
Many families choose to cover this cost with the Direct PLUS Parent Loan. This loan allows parents of dependent, undergraduate students to borrow directly from the US Department of Education through Michigan Tech. Please note: before this loan can be processed, the student must accept or decline their Federal Direct Loan(s); see the Federal Direct Loans section for details.
Alternative/private loans are another funding option, and are available through a variety of lenders. Most alternative loans require a cosigner. Applications may be submitted online and generally take three to four weeks to process.
Michigan Tech offers several payment plans. For details about these plans, contact the Student Financial Services Center.
*The University Student Aid Grant is based on the financial need. FAFSA filing errors and/or additional financial aid received may result in this award being reduced accordingly.
The SAI is not the dollar amount that you will actually pay on your tuition bill; it is an index calculated by the Department of Education based on the information you provided on the FAFSA. The SAI is used to help determine your eligibility for need-based financial aid. Please note: if your SAI changes, your financial aid may change as well.
► Please review the enclosed materials for additional information. Your cost of attendance and financial aid are estimates and are subject to change. Your financial aid package will be determined based on a full review of your financial aid eligibility and verification of your Free Application for Federal Student Loan (FAFSA). Any additional scholarships or grants received that are not reflected above may result in needs-based aid being reduced accordingly. Students who have earned 60 or more credits (including transfer credit; credit earned through early college or dual enrollment; or AP, IB, or CLEP) will be charged upper-division tuition.