Amanda Wysk

Introducing Money Monday!

Posted by Amanda Wysk Oct 14, 2013

Monday is the most dreaded day of the week: you have to go back to class, back to work, and you might be trying to play catch up on all the things you said you'd do this weekend when in reality all you did was sleep and watch Netflix (hopefully you got some study and homework time in too). We get it, and that's why we're introducing Money Monday to make your Monday a bit brighter.

 

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So, what is Money Monday? It's simple: on Mondays we will be posting scholarship opportunities. Why? Because scholarships are a chance to win FREE MONEY for school. Hence, Money Monday

 

Scholarships are a great way to fund your education and minimize student loan debt. However, we know that searching for these scholarships can take up time in your already full schedules. Let us do the work for you. All you need to do is check out our page on the Hub every Monday for new scholarship opportunities. You still have to take the time to apply to scholarships that you meet the criteria for, but we believe that is time well-spent: you can never apply to too many scholarships or win too much free money for school.

 

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So, welcome to the first Money Monday blog! Check out these scholarship opportunities posted today and take one more look at the Plexus scholarship that's DUE TODAY if you haven't submitted an application yet.

 

Best of luck to all who apply, and Happy Money Monday!

As of the Spring 2013 quarter you will begin receiving your tuition
statement solely via e-billing. When you receive the email prompting
you to check your statement, click the “View My Bill” link which will
display your statement. You may forward this statement to your parents,
your employer or anyone who you feel may need a copy of your bill to
make a payment. You may also provide your parents with their own PIN
to access CASHNet (online payment system).

PLEASE KEEP IN MIND INVOICES WILL NOT BE ACCESSIBLE UNTIL THE
END OF THE FIRST WEEK OF CLASSES WHEN REGISTRATION HAS BEEN
OFFICIALLY CLOSED. Then all charges will be posted and email
notifications will go out to all students opting to receive their invoices
electronically. If you choose to OPT OUT of e-billing please contact the
Student Accounts Office.

Due Date for all Spring Invoices is MARCH 31, 2013!

Please remember, you can always view your statement online at
my.msoe.edu. You are responsible for all charges regardless of whether
or not you receive a paper invoice in the mail.

The Free Application for Federal Student Aid (FAFSA) is the only form needed to apply for financial aid. The FAFSA requires students, and parents of dependent students (students under the age of 24), to report income and asset information from the previous calendar year. Once completed, the FAFSA will calculate a student’s EFC (“Expected Family Contribution”). The EFC is an index used by schools to determine a student’s financial need and award financial aid, it is not the actual out of pocket that a family is required to pay.

Federal PIN
Both the student and one parent are required to have a PIN in order to electronically sign the FAFSA. If this is your first year completing a FAFSA and you have never applied for a PIN before, go to the PIN website www.pin.ed.gov to Apply for a PIN. If you already have a PIN but do not remember it, go to the PIN website to Request a Duplicate PIN.

2012 Federal Tax Return & 2012 W-2s
The FAFSA requires applicants to report income and asset information from the previous calendar year. When completing the 2013-2014 FAFSA, tax and other financial information from 2012 will be used. If you are completing the FAFSA before your federal taxes are filed you can report on the FAFSA that you “Will File” and then use either your 2011 income figures (if it’s similar to your 2012 income) or use the Income Estimator option on the FAFSA. The more accurate income figures you report the less your financial aid could change when you eventually file taxes and update your FAFSA.

If you are completing the FAFSA after filing your federal taxes you can use a copy of your 1040, 1040A or 1040EZ to manually report the tax information requested.  However, it is HIGHLY RECOMMENDED that you utilize the IRS Data Retrieval Tool (IRS DRT) on the FAFSA to transfer  your tax information directly from the IRS. This option is available 3-8 weeks after filing your taxes (3 if filed  electronically, up to 8 if filed by mail)*. Using the IRS DRT ensures that your tax information is reported accurately and may lower your chances of being selected for Verification.

Announcement Regarding IRS Data Retrieval Tool for the 2013-2014 FAFSA
The Internal Revenue Service (IRS) announced on Tuesday, January 8 that it won’t begin accepting 2012 tax returns until January 30, which will delay the availability of data through the Department of Education’s IRS Data Retrieval Tool for the 2013-2014 FAFSA. The January 30 start-up date is eight days later than originally planned due to the January 2 enactment of tax law changes made to resolve the “fiscal cliff.” Since tax data is generally not available for retrieval for at least three weeks after a tax return is electronically filed, the earliest the IRS DRT on the FAFSA will have 2012 tax information available for retrieval will be late February.  MSOE encourages students to file the FAFSA by our priority deadline of March 15, so students may not want to wait until the IRS Data Retrieval Tool is available to file their FAFSA. One major drawback in not using the IRS Data Retrieval Tool is that there may be a higher risk of students being selected for Verification by the Department of Education. If this happens, MSOE’s Financial Aid Office will contact those students to request documents to verify items on their FAFSA.

2012 Work Study Earnings
Were you a Work Study student at MSOE (or another institution) between January 1, 2012 and December 31, 2012? If so, you need to report those earnings on your 2013-2014 FAFSA. When completing the “Student Financial Information” section of your FAFSA there will be a section titled “Additional Financial Information.” Please check the box next to “Taxable Earnings from Work-Study, Assistantships or Fellowships” and record the amount of your 2012 Work Study earnings in the box provided.

By the end of January you will receive a letter from MSOE’s Financial Aid Office regarding the amount of Work Study you earned from MSOE during 2012. Use the amount provided from our office to report your Work Study earnings on the FAFSA.

Spotlight:

  • MSOE sets a priority deadline of March 15th to encourage students and families to apply for financial aid EARLY! Completing the FAFSA by the priority deadline ensures that a student will receive as much financial aid as possible. Certain funds are “first-come, first-served” and the Financial Aid Office will run out of these funds even for eligible students with financial need.
  • Not interested in receiving financial aid? If you only wish to receive your meritbased, MSOE Academic Scholarship then you are not required to file a FAFSA. To ensure you are awarded your scholarship only and to avoid a lot of emails from our office, contact us in writing (a quick email to finaid@msoe.edu is sufficient) and state that you would like to waive the 2013-2014 FAFSA and be awarded your scholarship only. This email should come from the student directly. Students are also welcome to stop by the Financial Aid Office to make this request in person.
  • MSOE’s Federal School Code is 003868. This number can be entered when completing the FAFSA so that MSOE receives your financial aid application once submitted.

What March 15th is not:

  • A deadline for submitting verification documents
  • A deadline for updating your FAFSA with 2012 tax information
  • The last day you can file a FAFSA for the 2013-2014 school year

What March 15th is:

  • MSOE’s suggested date for filing your FAFSA even if you have not yet
    filed 2012 federal taxes

Why?

  • MSOE has a priority deadline because some aid is “first-come, first-served” and students could lose out on aid they qualify for if they
    wait too long to file their FAFSA. If your 2012 federal tax information
    is not available by March 15th, it is okay to use estimated income
    figures, or 2011 federal tax information, to complete the 2013-2014
    FAFSA.

Not planning to file a 2013-2014 FAFSA?

  • If you do not plan to file a FAFSA for the 2013-2014 school year, and you
    would like to receive your MSOE Academic Scholarship only, please
    email finaid@msoe.edu and let us know you are waiving the 2013-2014
    FAFSA.

ACH Online Payment Option is Now Available
MSOE’s bank (BMO Harris, formerly M&I) recently underwent a conversion and was experiencing some conversion issues. Fortunately the issues that were affecting the ACH payments have now been resolved and the ACH Payment Option is once again up and functioning properly. The Student Accounts Office knows this was an inconvenience for many students and families, so THANK YOU for your patience and understanding!

Reminder: Winter Quarter Invoices
Do not wait until the day you register for Spring Quarter to pay your balance because this can delay your registration process. Please remember that you can always view your statement online at my.msoe.edu. You are responsible for all charges regardless of whether or not you received a paper invoice in the mail. Cash, check or credit card (MasterCard, Discover or American Express) payments are accepted in person at the Student Accounts Office located in CC-437. For your convenience there is also a secure drop box where you can leave your payment. Credit card payments can also be made via fax or over the phone (Fax: 414-277-4535, Phone: 414-277-7130) and online. Click on the GO TO CASHNet button and make your payment today!

MSOE’s Financial Aid Office is currently accepting applications for the Wisconsin Space Grant Consortium Scholarship. One qualified student will receive an additional $1,500 scholarship for the 2013-2014 school year. For more information, please visit our Scholarships page. All application materials are due in the Financial Aid Office by February 1, 2013.

Investing in student aid is an investment in the future. That’s the Power of Financial Aid. To show that power, sign the petition to Wisconsin’s Governor and legislators in support of state student financial aid programs that help Wisconsin students at Wisconsin colleges and universities.

MSOE will be having a signature day on Monday, January 21st in the Great Room on the third floor of the Campus Center building. Stop by between 11am and 3pm to add your name to the petition. Why should you care? Because state funding provides support to keep college affordable for millions of students and families. College graduates generally earn more, have greater financial resources, and are more likely to be employed. And having a college degree is pretty awesome, too. The petition will be shared with Wisconsin legislators and Wisconsin’s Governor so we can show the Power of Financial Aid in Wisconsin.

WAICU Students’ Day
WAICU Students’ Day is February 27, 2013. This event is a great opportunity to share your personal story about financial aid—the Power of Financial Aid—with state legislators. Both students and parents are encouraged to attend. It’s not only a chance to put a face to financial aid, it’s also a great chance to get involved with students from other Wisconsin private, nonprofit colleges and universities so all can support more funding. For more information, and to register for the event, please visit WAICU’s website.

Visit www.fafsa.gov to complete your application today! MSOE’s priority deadline is March 15th.

What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the only form needed to apply for financial aid. The FAFSA requires students, and parents of dependent students (students under the age of 24), to report income and asset information from the previous calendar year. Once completed, the FAFSA will calculate a student’s EFC (“Expected Family Contribution”). The EFC is an index used by schools to determine a student’s financial need and award financial aid, it is not the actual out of pocket that a family is required to pay.

What will you need to complete the 2013-2014 FAFSA?
Federal PIN: Both the student and one parent are required to have a PIN in order to electronically sign the FAFSA. If this is your first year completing a FAFSA and you have never applied for a PIN before, go to the PIN website www.pin.ed.gov to Apply for a PIN. If you already have a PIN but do not remember it, go to the PIN website to Request a Duplicate PIN.

2012 Federal Tax Return & 2012 W-2s: The FAFSA requires applicants to report income and asset information from the previous calendar year. When completing the 2013-2014 FAFSA, tax and other financial information from 2012 will be used. If you are completing the FAFSA before your federal taxes are filed you can report on the FAFSA that you “Will File” and then use either your 2011 income figures (if it’s similar to your 2012 income) or use the Income Estimator option on the FAFSA. The more accurate income figures you report the less your financial aid could change when you eventually file taxes and update your FAFSA.

If you are completing the FAFSA after filing your federal taxes you can use a copy of your 1040, 1040A or 1040EZ to manually report the tax information requested. However, it is HIGHLY RECOMMENDED that you utilize the IRS Data Retrieval Tool (IRS DRT) on the FAFSA to transfer your tax information directly from the IRS. This option is available 3-8 weeks after filing your taxes (3 if filed electronically, up to 8 if filed by mail)*. Using the IRS DRT ensures that your tax information is reported accurately and may lower your chances of being selected for Verification.

*Announcement Regarding IRS Data Retrieval Tool for the 2013-2014 FAFSA
The Internal Revenue Service (IRS) announced on Tuesday, January 8 that it won’t begin accepting 2012 tax returns until January 30, which will delay the availability of data through the Department of Education’s IRS Data Retrieval Tool for the 2013-2014 FAFSA. The January 30 start-up date is eight days later than originally planned due to the January 2 enactment of tax law changes made to resolve the “fiscal cliff.” Since tax data is generally not available for retrieval for at least three weeks after a tax return is electronically filed, the earliest the IRS DRT on the FAFSA will have 2012 tax information available for retrieval will be late February.

 

MSOE encourages students to file the FAFSA by our priority deadline of March 15, so students may not want to wait until the IRS Data Retrieval Tool is available to file their FAFSA. One major drawback in not using the IRS Data Retrieval Tool is that there may be a higher risk of students being selected for Verification by the Department of Education. If this happens, MSOE’s Financial Aid Office will contact those students to request documents to verify items on their FAFSA.

2012 Work Study Earnings
Were you a Work Study student at MSOE (or another institution) between January 1, 2012 and December 31, 2012? If so, you need to report those earnings on your 2013-2014 FAFSA. When completing the “Student Financial Information” section of your FAFSA there will be a section titled “Additional Financial Information.” Please check the box next to “Taxable Earnings from Work-Study, Assistantships or Fellowships” and record the amount of your 2012 Work Study earnings in the box provided.

By the end of January you will receive a letter from MSOE’s Financial Aid Office regarding the amount of Work Study you earned from MSOE during 2012. Use the amount provided from our office to report your Work Study earnings on the FAFSA.

Spotlight
MSOE sets a priority deadline of March 15th to encourage students and families to apply for financial aid EARLY! Completing the FAFSA by the priority deadline ensures that a student will receive as much financial aid as possible. Certain funds are “first-come, first-served” and the Financial Aid Office will run out of these funds even for eligible students with financial need.

Not interested in receiving financial aid? If you only wish to receive your meritbased, MSOE Academic Scholarship then you are not required to file a FAFSA. To ensure you are awarded your scholarship only and to avoid a lot of emails from our office, contact us in writing (a quick email to finaid@msoe.edu is sufficient) and state that you would like to waive the 2013-2014 FAFSA and be awarded your scholarship only. This email should come from the student directly. Students are also welcome to stop by the Financial Aid Office to make this request in person.

MSOE’s Federal School Code is 003868. This number can be entered when completing the FAFSA so that MSOE receives your financial aid application once submitted.

The 2013-2014 FAFSA can be submitted to the Department of Education as soon as January 1st, 2013. We encourage you to file online for convenience. You can complete the FAFSA on the Web online at www.fafsa.gov.

The IRS Data Retrieval Tool is available 2-8 weeks after filing your 2012 Federal Income Tax Return. Use this tool to transfer your tax information directly from the IRS to your FAFSA electronically. Use of this tool is highly recommended! IRS to your FAFSA electronically. Use of this tool is highly recommended! However, if this function is not available to you before the March 15th priority deadline, report your tax information manually and submit your FAFSA (use estimates if your taxes are not filed yet).

REMEMBER: MSOE has a priority deadline of March 15th!

Don’t have a PIN or misplaced your PIN? You can request a PIN or a duplicate PIN by visiting www.pin.ed.gov. Our office encourages you to request your PIN early in order to avoid delays in applying for financial aid.

WAICU Students’ Day is February 27, 2013. This event is a great opportunity to share your personal story about financial aid—the Power of Financial Aid—with state legislators. Both students and parents are encouraged to attend. It’s not only a chance to put a face to financial aid, it’s also a great chance to get involved with students from other Wisconsin private, nonprofit colleges and universities so all can support more funding. For more information, and to register for the event, please visit the WAICU’s website.

The MSOE Financial Aid Office is currently accepting applications for The Gordon K. Hatch ‘36 Founders Scholarship. This scholarship is an additional $3,334 award for the 2012-2013 school year and may be renewable if the recipient fulfills the agreed upon criteria listed.

To be considered a candidate for the scholarship the applicant must meet the following criteria:

  1. Be a qualified, full-time student with academic status as a sophomore or junior in the Fall of 2012
  2. Be seeking a professional, baccalaureate degree in Mechanical Engineering Technology or Mechanical Engineering with an expressed interest in mechanical design or energy systems from MSOE
  3. Maintain a MSOE minimum grade point average of 2.5 or higher on a 4.0 grading system
  4. Preference given to residents of Door County, WI area

A Hatco Corporation representative will interview candidates selected by MSOE as finalists for the scholarship awards.

Internship/Employment
In accepting a Hatco scholarship, the recipient must:

  1. Participate in, if offered, a compensated internship at the conclusion of the 2012-2013 academic year at the Hatco facility in Sturgeon Bay, WI. The internship may include employment during the academic year to be scheduled around the student’s academic obligations.
  2. Schedule permitting, be willing to attend selected MSOE professional and social functions as a Hatco scholar
  3. Be willing to consider the potential of full-time employment with Hatco
    following graduation

To apply: Please visit our Scholarships page for more information and to access the Scholarship Report Form.

***Deadline December 12, 2012***

Investing in student aid is an investment in the future. That’s the Power of Financial Aid. To show that power, sign the petition to Wisconsin’s Governor and legislators in support of state student financial aid programs that help Wisconsin students at Wisconsin colleges and universities.

Sign the petition, then share it on Facebook and Twitter and ask your friends and family to sign it too. The petition will be shared with Wisconsin legislators and Wisconsin’s Governor so we can show the Power of Financial Aid in Wisconsin.

CASHNet has been updated to make it easier to view your tuition bills. Please follow the directions below:

  1. Log into my.msoe.edu
  2. Click on “Students” tab
  3. Click on “Student Account Info” on the left side of screen
  4. Click on “My Account Info” on the left side of screen
  5. Click on “Go to CASHNet”
  6. Under “Your Bills” click on “View” button to the right of the billing statement listed and your current bill will be displayed

We strongly encourage you to give a parent (or other individual who is helping to finance your education) access to view your bills and pay your account online. By granting a parent or other person access to view your account it will NOT give that individual access to anything other than viewing the invoice and making a payment. They will not be able to see your grades, class schedule, financial aid information, etc. Follow the directions below to add a user:

  1. Follow the steps to view your bill online/ Go to CASHNet (see directions above)
  2. In box titled “Parent PINs” click “Add New”
  3. Fill out the required information and CASHNet will send your authorized user an email with the
    payment site link and PIN

Please feel free to contact the Student Accounts Office with any questions on this process!

College Goal Wisconsin will be held Saturday, February 23rd and Sunday, February 24th at several locations throughout the state in order to walk students and parents through the FAFSA and financial aid process. Those in attendance will have the opportunity to complete the FAFSA from start to finish with volunteers on hand to offer one-on-one guidance. To find a location near you, visit College Goal Wisconsin.

For students living outside of Wisconsin, please visit College Goal Sunday National.