Muskingum College: Graduate Studies

Terms and Costs
The 2008-09 academic year will consist of three terms:

Summer (6/2/08 - 8/9/09)
Fall - tba
Spring - tba

Summer 2008 is $330 per credit hour
Fall 2008 is $350 per credit hour
Spring 2009 is $350 per credit hour

Financial Aid Eligibilty for MAE and MAT
Students who are enrolled in either the Master of Arts in Education, the Master of Arts in Teaching programs, or those who are pursuing teacher licensure, may be eligible for Federal Stafford Loans to assist with their costs. Students must be enrolled at least half-time to receive the Federal Stafford Loan. Full-time enrollment is 9 credit hours per term and half-time is 4.5 credit hours per term. Students not enrolled at least half-time may be eligible for alternative loans.

Filing the FAFSA
Students who would like to borrow a Federal Stafford Loan must first file the Free Application for Federal Student Aid (FAFSA). A student should file the 2008-09 FAFSA if they will be enrolled during Summer '08, Fall '08 or Spring '09. Be sure to list Muskingum in the school section.

To file the FAFSA click here

Financial Aid Award
A Financial Aid Award Letter is sent to the student upon Muskingum’s receipt of FAFSA results and the student's registration for the term. Financial aid is awarded and disbursed by terms, with the academic year amounts divided over the terms in the year. The award letter will reflect the hours and tuition costs for the appropriate term and the Federal Stafford Loan amount (subsidized or unsubsidized) needed to cover the balance due. A student may borrow to also cover costs of books, child care, transportation and other educational related expenses.

There is no place on the Master Promissory Note to indicate the amount a student wants to borrow for a term, so it is necessary to contact Jan Vejsicky to let her know the amount you want to borrow.

Students who have not had a Stafford Loan for graduate work at Muskingum should follow the application process below to complete a Master Promissory Note (MPN).

For a student with an an active MPN on file at Muskingum and the student is currently enrolled and eligible for a loan, a loan will be processed to cover the student's balance due unless the student notifies Student Financial Services that they do not want the loan or they want a different amount. An MPN does not have to be completed each year unless the student changes lenders.

How to apply for Federal Stafford Loan

Click on Start your Stafford Loan

If this is your first time borrowing at Muskingum College in the Federal Stafford Loan program, please read the following before clicking on the above link to start your loan.

If you have been awarded a Federal Stafford Loan there are steps you need to complete in order for Muskingum to be able to process your loan. When you click on the above link, this is what you will be doing:

You will first need to select a lender for your Stafford Loan. When you are ready to begin the process you will be taken to FASTChoice which will allow you to compare several lenders before making your choice. As you will see we have a number of lenders listed that we feel offer excellent borrower benefits and customer service. Their loans are processed quickly. If you would like to use a lender not listed, you have that option. Follow the directions on how to do that or contact Jan Vejsicky with questions. You will continue on to complete the MPN and sign with your PIN number. Muskingum will get electronic notification that then MPN is completed and ready to process. Make sure Jan Vejsicky knows the amount you want to borrow for your term.

If this is your first time borrowing in the Federal Stafford Loan program you will need to continue on after the MPN to do entrance counseling which will educate you about your rights and responsibilities as a Stafford Loan Borrower, and the Stafford Loan Master Promissory Note.

Grad PLUS Loan
As a graduate student, if you use all your yearly Federal Stafford eligibility, you may be able to borrow in the Grad PLUS Loan. Generally, if after your Federal Stafford Loan is processed for a term and you have more costs, if you do not have adverse credit, you may be approved for a Grad PLUS Loan. Loan limits are up to the cost of education less any financial aid received per academic year. The interest rate is 8.5% and the origination fee is 3%. Repayment begins within 60 days of full disbursement.

To apply, a student completes a Grad PLUS master promissory note (GPMPN), which is valid for 10 years. If you need help with determining the amount you need to borrow, please contact Jan Vejsicky. The lender will check for adverse credit on the student borrower. Once the loan is approved loan proceeds are disbursed by term.

You will first need to select a lender for your Grad PLUS Loan. When you are ready to begin the process you will be taken to FASTChoice which will allow you to compare several lenders before making your choice. Depending on which lender you choose your loan may be processed through Great Lakes Higher Education Corporation or through Sallie Mae/USAFunds. You also have the option of using lenders not listed on FASTChoice. If you prefer to use a different lender, follow the directions on how to do that or call Jan Vejsicky.

Click here to Start your Grad PLUS Loan

Alternative Loans
Alternative Loans can be used to cover any educational expenses not covered by financial aid. This type of loan can be used if you are not interested in filing the FAFSA or will be enrolled less than half-time (4.5 hrs). The loan is in the student's name, but in some cases a credit-worthy cosigner is required. There are several payment options, though in most cases either interest or both principle and interest can be deferred. The credit check that is done on the borrower or co-signer is a credit scoring process. Students may borrow up to the cost of education minus financial aid. In some cases students may borrow to cover a previous balance.
There are hundreds of alternative loans available to students and you have the right to use any you choose. However, we have selected the ones that we are most familiar with and that we feel over good service and good terms. If you go to FASTChoice you will be able to compare alternative loans and select the one that best meets your needs.

Click here to Start your Alternative Loan

Payment Plan
If a student would like to make payments to the college instead of taking a loan, they should contact Janet Nesselroad in the Student Accounts Office at 740-826-8118 or janetn@muskingum.edu.

Students must have either made payment for a term or have made satisfactory arrangements with the Student Accounts Office in order to register for the subsequent academic term. Students must have cleared balance for all terms in order for a transcript to be issued.

Credit Balance Refunds
If a student has a credit balance on their account and wants excess funds sent to them, they must complete a refund request in the Business Office. Refund checks are processed on Fridays if the paperwork is complete and the student has a credit after the add/drop period in which the student is enrolled.

Repayment of Student Loans
Student Loans are serious obligations which must be repaid. Repayment of loan principal begins after a student graduates, withdraws, or drops below half-time enrollment, and there is a six-month grace period between the time a student’s enrollment stops and repayment begins. Under certain conditions, such as full-time enrollment in college (both undergraduate and graduate), repayment of loans can be deferred. The repayment period for student loans is generally ten years, although this may be extended through a process called loan consolidation if total loan amounts exceed $7,500. For more specific information regarding repayment of loans, contact Sallie Mae or Great Lakes Higher Education Corporation.

Stafford Loan Forgiveness Program for Teachers
You may receive up to $17,500 in loan forgiveness if you meet certain criteria. For more information visit www.studentaid.ed.gov. Select Repaying, click on Cancellation and Deferment Options for Teachers, then click on Cancellation for Stafford Loans.

Exit Counseling
All loan borrowers at Muskingum College who graduate, withdraw, or otherwise cease to attend in a term as at least half-time are required to complete Exit Loan Counseling. During counseling you will receive information about repayment of your loans. Click on the link below to complete your loan counseling online.