Do you have questions or concerns about your finances? Are you experiencing difficulty in paying your tuition or other bills as a result of the COVID-19 pandemic?
Pausing Federal Student Loan Payments (posted 4/7/22)
The Department of Education recently announced that is extending the pause on both federal student loan payments and collections through August 31, 2022, and maintaining the interest rate at 0%.
Financial Resources & Benefits (posted 1/27/22)
At the start of the COVID-19 pandemic many institutions of higher education (IHEs) reached out to highlight assistance programs and other benefits from which students and their families may benefit. Now some two years into this pandemic, many students are struggling to stay in school and make ends meet, so it is crucial that they are aware of benefits that may be available to them. To that end, we are reminding students of some of those benefits. Follow the links below for more information regarding:
American Rescue Plan (ARP) Act (posted 8/26/21)
In a third round of emergency funding, the US Congress passed legislation in March 2021 funding the highest appropriations so far to help students and schools suffering financially during the COVID-19 pandemic. To this point, the aid from previous coronavirus relief packages has helped but still has fallen short of offsetting the significant losses, providing colleges and universities enough to only cover a fraction of the costs they have incurred due to the pandemic.
This funding includes an allocation (HEERF III) specifically for emergency cash grants to students whose lives and educations have been disrupted by the coronavirus pandemic, including things like tuition, course materials and technology as well as food, housing, health care, and childcare.
MSP used funds from HEERF I and II (CARES and CRRSAA) to award students enrolled during the 2020-21 academic year. The HEERF III funds from the ARP Act will be awarded to students enrolled during the 2021-22 academic year.
Financial Aid Budget Revision Request (posted 3/22/2021)
Budget Increases for Additional Loan Eligibility – This is a reminder that per MSP standard policy and procedures, students may request a Financial Aid revision to their student budget for higher expenses, including expenses related to the pandemic. Increases to the student budget may result in additional borrowing eligibility through student loans – usually Grad PLUS Loan.
To request a budget revision for additional loan consideration you will create an Excel spreadsheet detailing your monthly expenses by category (Books & Supplies, Technology, Room & Board, Personal, Transportation) and forward that to [email protected] for review. Follow-up documentation may be requested. An additional Grad PLUS Loan application may be required.
Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) (posted 2/11/21)
CRRSAA provides funding to support postsecondary education students and institutions. This funding is for emergency cash grants to students whose lives and educations have been disrupted by the coronavirus pandemic, including things like tuition, course materials and technology as well as food, housing, health care, and childcare.