Office of Financial Aid Box 93260 MSU Lake Charles
LA, 70609 Phone: (337) 475-5065 Fax: (337) 475-5068 E-mail:
Subsidized Stafford Loan
U.S. Department of Education pays the interest for a Federal Subsidized
Stafford Loan while the borrower is in school and during grace and
deferment periods; you must be at least a half-time student. Interest
rates can change yearly, check with the Office of Financial Aid for
rates. Repayment of the principal and interest begins 6 months after the
student ceases to be enrolled at least half time.
Unsubsidized Stafford Loan
On an Unsubsidized Stafford Loan, the borrower is
responsible for interest during the life of the loan; you must be at
least a half-time student. The interest can either be paid monthly or
quarterly, or be capitalized (added to the loan principal), which
increases the total repayment amount. The interest rate can change
yearly, so check with the Office of Financial Aid for rates. Repayment
of the principal and interest begins 6 months after the student ceases
to be enrolled at least half time.
How to claim you award
financial aid recipients must sign a financial aid authorization each
semester to authorize the Business Office to use the financial aid
awards to assist in covering expenses. A financial aid authorization
must be signed even if you have a zero balance on your statement of
Federal Subsidized Stafford/Unsubsidized Stafford
First-time borrowers must complete
entrance loan counseling on the Internet.
All borrowers must
sign the Loan Acceptance Agreement Form and return it to the Financial
All borrowers must have a signed Master Promissory
Note on file with the U.S. Department of Education. Please visit the
McNeese Financial Aid web
site, click on the Stafford Loan Information link and next click on
E-sign for Master Promissory Note (MPN).
Entering freshmen have 30 days before money
can be disbursed.
Awards will be disbursed to student accounts automatically, and then refunded based on the preference you selected with Higher One.
Note: The Business
Office will process refund checks for all financial aid awards that have
been disbursed to student accounts and have a credit balance. The
Business office will then send the refund information to Higher One. Higher One will issue refunds based on your selected preference.