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• Why MSOE?
• Requirements for all Undergraduate Programs
• Academic Programs
• Financing Your Education
  • Basics of Financial Aid
  • Financial FAQ's
  • Tuition and Fees
    • 2008-2009 Tuition and Fees
    • 2007-2008 Tuition and Fees
    • Housing and Meal Fees
    • Billing Information
    • Refund Policies
    • Tuition Variance
    • Employer Direct Billing and Tuition Reimbursement Policies
    • Financial Options
  • Expense Planner
  • Loans
  • Scholarships
  • Student Employment / Work-study
  • Accept Your Award Offer
  • Printable Forms
  • Veteran's Information
  • Contact Financial Aid or Student Accounts
• Visiting MSOE
• Steps to Apply
• Admission FAQ's
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• Financial Options

Financial Options

MSOE understands that financing your education is a very important consideration. Therefore we have provided the following information on several financing options available to students. Feel free to contact the Financial Aid Office if you have any questions about the following financing options.

Financial Aid
All degree seeking students are encouraged to file a Free Application for Federal Student Aid (FAFSA). This can be done online at www.fafsa.ed.gov. The FAFSA will tell MSOE what federal, state, and MSOE scholarships, grants, and loans you may be eligible for. Please visit the FAFSA process page for more information.

Parent Loan for Undergraduate Students (PLUS Loan)
This is a credit based loan that parents of a dependent, degree seeking undergraduate student can take out; parents can borrow up to the cost of education, minus the financial aid already received. The PLUS loan has an 8.5 percent fixed interest rate and interest does accrue while the student is in school. The loan also has a 3 percent origination fee. The PLUS loan goes into repayment 60 days after it is fully disbursed but parents can contact their lender to postpone payments while the student is in school. This loan is in the parent's name and can never be transferred to the student's name. Visit the PLUS loans page for more information on this loan.

Scholarships
MSOE offers links on our Web site to common private scholarships search engines. Last year our students received almost a half of a million dollars worth of scholarships from such sources.

MSOE also recommends looking into MSOE annual and endowed scholarships. These scholarships which can change often are available online by going to our Annual and Endowed Scholarships page and then clicking on "View list of scholarships currently available."

VA Benefits
Any student who served in the armed services of the United States, either regular services, Selected Reserves or National Guard may be eligible for some form of financial assistance. For more information, please visit the veteran's information page.

Private/Alternative Loans
This option is a credit based student loan that would be in the student's name. This type of loan allows the degree seeking student to borrow up to the cost of education minus the financial aid already received. Interest does accrue while the student is in school but no payments are required while the student is in school (the interest rates vary by loan program but typically quarterly and have no cap). For most alternative loans students need a credit worthy cosigner unless they have two years of established credit. The terms of each loan vary by lender, but if you visit the following Web site you can look at a comparison chart of our preferred alternative loans.

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