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Awarding Process for Graduate Students


Student Budgets (Cost of Attendance)

The Office of Financial Aid and Scholarships determines your budget by using State of Colorado guidelines and federal regulations.  Since each student has different expenses, each budget has a miscellaneous amount calculated into the total budget.  The budgets are broken down by Living at Home with parents and Living Away from parents.  If you are given the Commuter Budget, you can provide the Office of Financial Aid and Scholarships with a copy of a current lease or mortgage statement showing your monthly payment and we will determine if we are able to change your budget.  If you do not have a current mortgage statement or lease agreement and pay rent, you must provide 4 months of payment verification (cash payment is not acceptable) before we change your budget to the Approved budget.

SAMPLE: ACCOUNTING GRADUATE STUDENT BUDGETS FOR THE 2016-2017 ACADEMIC YEAR

ACCOUNTING GRADUATE STUDENT BUDGETS FOR THE 2016-2017 ACADEMIC YEAR
Type of Student Expense

Amount if you are a Resident and live and do not have an approved lease

(MPACOM)

Amount if you are a Resident and have an approved lease

(MPAAPP)

Amount if you are a Non-Resident and do not have an approved lease

(MPANRC)

Amount if you are a Non-Resident and have an approved lease

(MPANRA)

Tuition & Fees $5,898 $5,898  $12,306  $12,306 
Books & Supplies $600 $600 $600  $600 
Room & Board $4,320 $9,072  $4,320  $9,072 
Health Insurance $2,600 $2,600 $2,600  $2,600 
Transportation $1,296  $1,296   $1,296   $1,296  
Loan Fees $158  $158   $158   $158  
Miscellaneous * $1,188  $1,332  $1,188  $1,332 
Total $16,060  $20,956  $22,468  $27,364 
* Miscellaneous costs include such expenses as clothing, laundry, medical, dental, and recreation. These expenses may vary depending on the individual student’s lifestyle.

 

TEACHER EDUCATION GRADUATE STUDENT BUDGETS FOR THE 2016-2017 ACADEMIC YEAR
Type of Student Expense

Amount if you are a Resident and live and do not have an approved lease

(MATCOM)

Amount if you are a Resident and have an approved lease

(MATAPP)

Amount if you are a Non-Resident and do not have an approved lease

(MATNRC)

Amount if you are a Non-Resident and have an approved lease

(MATNRA)

Tuition & Fees $5,092 $5,092  $10,196  $10,196 
Books & Supplies $600  $600   $600   $600  
Room & Board $4,320  $9,072  $4,320   $9,072  
Health Insurance $2,600  $2,600   $2,600   $2,600  
Transportation $1,296  $1,296   $1,296   $1,296  
Loan Fees $158  $158  $158   $158 
Miscellaneous * $1,188  $1,332  $1,188  $1,332 
Total $15,254  $20,150  $20,358  $25,254 
* Miscellaneous costs include such expenses as clothing, laundry, medical, dental, and recreation. These expenses may vary depending on the individual student’s lifestyle.

 

SOCIAL WORK GRADUATE STUDENT BUDGETS FOR THE 2016-2017 ACADEMIC YEAR
Type of Student Expense

Amount if you are a Resident and live and do not have an approved lease

(GSWCOM)

Amount if you are a Resident and have an approved lease

(GSWAPP)

Amount if you are a Non-Resident and do not have an approved lease

(GSWNRC)

Amount if you are a Non-Resident and have an approved lease

(GSWNRA)

Tuition & Fees $5,350  $5,350  $10,760  $10,760 
Books & Supplies $600  $600   $600   $600  
Room & Board $4,320  $9,072  $4,320  $9,072 
Health Insurance $2,600  $2,600  $2,600   $2,600  
Transportation $1,296  $1,296   $1,296   $1,296  
Loan Fees $158  $158   $158   $158  
Miscellaneous * $1,188  $1,332  $1,188  $1,332 
Total $15,512  $20,408  $20,922  $25,618 
* Miscellaneous costs include such expenses as clothing, laundry, medical, dental, and recreation. These expenses may vary depending on the individual student’s lifestyle.

 

The Office of Financial Aid will attempt to meet each student’s need, but cannot guarantee that each student’s need will be met.

An increase in Budgets can be made for the following: childcare, medical expenses and unusual course supply costs.(Forms are available from our Forms section of the website)

Verification

Verification is the process of confirming that information reported by you and your spouse (if applicable) on the FAFSA is accurate. If selected for verification, the Office of Financial Aid will notify you through your MSU Denver email account.

When selected for verification, a copy of your and your spouse's (if applicable) U.S. Federal IRS Income Tax Returns, W-2 forms, and/or other information must be submitted to our office. By signing the FAFSA, you have agreed, if asked, to provide information that will verify the accuracy of your completed FAFSA. If this information is not provided, you will not receive financial aid. If you were awarded and received financial aid based on incorrect information, you will have to repay any funds disbursed.

MSU Denver is a participant in the U.S. Department of Education's Quality Assurance Program. Quality Assurance is an extensive version of verification that is designed to gather information about the delivery and administration of the federal student financial aid programs. If you are selected for Quality Assurance, additional information will be required. If this information is not provided, you must repay all financial assistance received for the academic year. The results of the Quality Assurance Program are used to improve the student aid process across the country.

For information about completing verification requirements and how to use the IRS Data Retrieval Tool, download this document: Completing Verification Requirements

How Your Eligibility (Need) Is Determined

The federal government’s basic premise for all need-based financial aid is that you (and/or your spouse) have the primary responsibility for financing your education. The federal government uses a formula called Federal Methodology to evaluate your (and/or your spouse’s) financial strength. The government considers all information provided on the FAFSA including income, assets, number of family members, and number of family members in college.

The federal government uses the FAFSA to calculate your eligibility for the Federal Student Aid by determining the amount of your Expected Family Contribution (EFC).

The difference between your student budget (as determined by the Office of Financial Aid) and your Expected Family Contribution (as determined by the federal government) is your eligibility for need-based financial aid. Need-based aid can include Federal Work-Study, Perkins Loan, and Subsidized Federal Stafford Loans.

BUDGET - EFC = NEED

When you receive any form of financial aid/educational resources, your need is reduced by the amount of aid and/or educational resources received. If the unmet need is low, the rest of the Budget can be met with No Need aid.

BUDGET - EFC - RESOURCES - AID = UNMET NEED

If your EFC is higher than the Budget, you are only eligible for No Need aid. This can include the Unsubsidized Federal Stafford Loan, the Federal Graduate PLUS Loan, or Alternative loans. 

Other outside sources of aid can contribute to determining your need. Such awards may include: Tuition and Fees assistance, Vocational Rehabilitation Assistance, Americorps, and Scholarship. Please see a Financial Aid Counselor to determine if additional documentation or forms are required to complete your financial aid file. Required forms that are not submitted may hold up the processing of your financial aid file.

Calculating Your Need

This is an example of a calculation of need.

Your Expected Family Contribution (EFC) is determined to be $2,500 and you live at home with your parents. You are classified as a graduate student.

Example Budget: $25,500
- EFC: $2,500
------------------------------
Eligibility (Need): $23,000

When you are packaged you will be eligible for Federal Stafford Loans. We will award the need-based aid of: 

Example Budget: $25,500
- EFC: $2,500
- Subsidized Loans $8,500
- Unsubsidized Loans $12,000
(Total of Need-based Aid Awarded: $20,500)
---------------------------------------------------

Unmet Need: $2,500

The remaining cost of attendance that cannot be met with need-based aid will be met with the Graduate PLUS Loan. As a graduate student you qualify for a total of $20,500 in subsidized and unsubsidized loans. Since you have already received the $8,500 in subsidized loans, you will be awarded $12,000 in unsubsidized loans.

Example Budget: $25,500
- Total Need-based Aid Awarded: $20,500
-------------------------------------------------

Graduate PLUS Loan: $5,000

MSU Denver Packaging Policy

The Office of Financial Aid’s packaging policy is based on the University’s commitment to award as much funding as possible to meet an applicant’s full financial aid eligibility. Since both the state and federal governments provide limited funding to fully meet the eligibility of all applicants, priority is given to aid applicants who meet the following criteria and who have completed the following steps:

  • The FAFSA or Renewal Application is received by the processor early enough for the student’s financial aid file to be complete prior to the packaging of on-time aid.
  • The student is admitted to the University as a graduate degree seeking student.
  • The student is not in default on any loans.
  • The student does not owe an overpayment on a grant.
  • The student is a U.S. citizen or an eligible non-citizen.
  • The student has received a high school diploma or GED.

Students who meet these criteria are then ranked in order of Expected Family Contribution (EFC). Students who have the lowest EFC's are placed in need order and will be first priority to be awarded Need-based aid. Funds are awarded in the following sequence of aid programs and in full compliance with the federal and state regulations that apply to each program until all funds are awarded. In the event of funding or policy changes, the awards you receive may be adjusted to comply with new funding levels or policies.

  • Federal Work-Study
  • Federal Perkins Loan (PERK)
  • Federal Stafford Loan (UEFT)
  • Federal Graduate PLUS Loan*

* The amounts of your Federal Stafford Loans and Federal Graduate PLUS Loan are not affected by the date you apply for financial aid or the date your file is completed AS LONG AS YOU APPLY BY THE PUBLISHED FEDERAL DEADLINES FOR THE FAFSA.

Graduate students will be awarded based on half-time enrollment each aid year. Half-time enrollment for graduate students is based on 3 graduate level credit hours each semester.  Graduate students must be enrolled in at least half-time to be eligible for Federal Direct Stafford Loans.  For enrollment less than half-time the Office of Financial Aid will not be able to process any aid requests. Any student that is registered more than half-time may request for an increase in their budget based off of the tuition amount they are being charged for their courses. Student may put the request on a LNEVL, indicating they would like their budget adjusted to reflect the amount of credits hours they are enrolled in.

The Office of Financial Aid and Scholarships will not package students who are not making SAP (Satisfactory Academic Progress). Students not making SAP will need to submit an appeal and have it approved before they will be awarded aid.