MSB Higher Education and Commercial Debt Recovery

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Frequently Asked Questions

I am not living with my parents and receive no support from them. Can I file as a self-supporting student?

If you are under 24 years of age, you must file as a dependent student unless you meet certain criteria. If you do not meet the criteria on the FAFSA, contact your school to discuss your situation.

I plan to go to school part-time. Can I get financial aid?

Almost all financial aid programs are available to students who attend school at least half-time. Some institutions give preference to full-time students.

How do I apply for financial aid?

You need to complete the Free Application for Federal Student Aid (FAFSA). You may request a hard copy application from the Department of Education at 1-800-4-FED-AID, contact the Financial Aid Office of the school you want to attend, pick one up from your local library, or contact us.

I want to apply for a Pell Grant?

Complete a FAFSA. This determines your EFC (Expected Family Contribution). The financial aid office will determine if you are eligible. Pell Grants, for full-time students range from $400 to $4,000.

Do I need to be admitted before I can apply for financial aid?

No. You can apply for financial aid before you are admitted. However, you must be enrolled before you receive your financial aid package.

Who should apply for financial aid?

Anyone who is considering attending a post-secondary educational institution and feels they may need financial assistance should apply for financial aid. There are many factors taken into account for student aid packaging, so the only way to know for sure if you are eligible is to apply.

I have defaulted on a student loan. Am I eligible for additional financial aid so that I may return to school?

If you arrange a payment schedule with the holder of your defaulted loan and if you make the payments on time, you may regain eligibility for additional financial aid.

If I receive a scholarship, will it affect the amount of financial aid I receive from my college?

It may. Contact the school Financial Aid Office for specific information on how they treat scholarships.

What happens to my loans if I take a semester off?

If you have a subsidized or unsubsidized Stafford loan, you have a grace period of 6 months. The Perkins loan has a 9 month grace period. Depending on how long you are out of school, you may need to start repayment. When you return to school, make sure you complete an in-school deferment form. The grace period can only be used once for the life of the loan. If you use your grace period before you graduate, you will have to begin repaying your loans immediately after graduation.

When do I apply for financial aid?

You need to complete and send in the FAFSA application information as soon as possible after January 1. It is also a good idea to contact the Financial Aid Office of the school to see what other guidelines and/or information are required.

P.O. Box 165
Odessa, FL 33556
888-702-0289
813-435-3295 (Fax)
E-mail: MSB

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