Financial Aid Process
Step 1: Apply for Financial Aid
Free Application for Federal Student Aid (FAFSA)
Complete the FAFSA to find out what grants, scholarships, loans, and work-study opportunities may be available to you.
File your FAFSA to unlock your official aid offer. File early to maximize your eligibility – most students qualify for some form of financial aid.
When to Apply for Financial Aid
- Submit the 2026–27 FAFSA if you will enroll between August 2026 and July 2027.
- Submit the 2027–28 FAFSA if you will enroll between August 2027 and July 2028.
How to Complete the FAFSA
You’ll visit the official FAFSA website (studentaid.gov) in a new tab to create your FSA ID, answer questions about your household and finances, and list SMSU (School Code: 002375). You can save your progress and return later.
FAFSA Next Steps Checklist
- ✔ Create your FSA ID for you and your parent or spouse.
- ✔ Gather your Social Security numbers and prior‑prior year tax returns.
- ✔ Go to studentaid.gov and start a new FAFSA.
- ✔ List Southwest Minnesota State University (School Code: 002375).
- ✔ Provide your financial and household information.
- ✔ Sign electronically with your FSA ID and submit.
- ✔ Keep a copy of your Student Aid Report (SAR) for your records.
What You'll Need to Complete the FAFSA
- Social Security numbers,
- tax returns (for you and your parents/spouse),
- records of untaxed income, and an
- FSA ID that you'll need to create and save to reuse in future years' FAFSA applications.
The FAFSA uses tax information from two years prior. Most of it will transfer directly from the IRS, but you may need to check that year’s tax return for a few questions.
Next Step
Step 2: Track Your Status
You're almost there. Track your progress to ensure your aid can be finalized. Missing documents can delay or reduce your aid, so make sure that everything is complete.
Check Your Application Status
After the SMSU Financial Aid Office receives the FAFSA, students can check their financial aid application status on the SMSU website. To access your application information
- Go to eServices
- Log in using your StarID and password
- Financial Aid
What to Expect After Filing the FAFSA
Receive Your Student Aid Report
Within a few days, the U.S. Department of Education will send a summary of your FAFSA. Review it for accuracy.
Respond to Verification Requests
SMSU may request tax documents, proof of identity, or other forms. Submit them promptly to avoid delays.
Watch for Your Award Letter
Once your file is complete, you’ll receive a financial aid offer explaining grants, scholarships, loans, and work‑study.
Common Documents You Might Need
Tax Transcripts
Official IRS tax transcripts for you and your parents or spouse.
Verification Worksheets
Forms sent by SMSU to confirm household size, number in college, and income details.
Proof of Identity and Citizenship
Documents such as a driver’s license, state ID, or passport to verify your identity and citizenship status.
High School Completion
High school diploma or GED certificate to confirm your educational background.
Typical Timeline
- FAFSA processed: 3–5 business days after submission.
- Verification requests (if needed): within 2 weeks of SMSU receiving your FAFSA.
- Submit documents: as soon as possible to avoid delays.
- Financial aid offer: usually within 2–3 weeks after completing your file.
Take Action
Your next step is to log in and check your financial aid application status. Make sure you submit all requested documents so we can prepare your aid offer.
Next Step
Step 3: Review Your Offer
Understand your award letter, learn how each type of aid affects your net cost, and make informed decisions about which options are right for you.
What’s in Your Award Letter?
Your award letter outlines the aid you’ve been offered: grants and scholarships (which you don’t repay), work‑study (a part‑time campus job), and loans (money you borrow and repay later). Your net cost is the cost of attendance minus grants and scholarships; loans and work‑study are not deducted from net price.
Example Aid Breakdown
| Type of Aid | Example Amount | Description |
|---|---|---|
| Grants & Scholarships | $4,000 | Gift aid you do not repay. |
| Subsidized Loan | $3,500 | Federal loan where the government pays the interest while you’re in school. |
| Unsubsidized Loan | $2,000 | Federal loan where interest accrues while you’re in school. |
| Work‑Study | $1,500 | Part‑time campus job with a paycheck for day‑to‑day expenses. |
Review Your Offer
- Review each aid type and decide how much you need. You can decline or reduce loans.
- Compare offers from other schools if you’ve applied elsewhere.
- Accept or decline your aid through the student portal by the deadline.
- Contact SMSU Financial Aid with questions or special circumstances.
Next Step
Step 4: Accept Your Award
Learn when your financial aid will be applied to your student account and how any remaining funds will be delivered to you.
Plan Your Next Steps
Now that you’ve reviewed your aid offer, it’s time to decide how you’ll pay the remaining balance. You can accept or decline loans, set up a payment plan, and create a budget to ensure you’re ready for the semester.
Payment and Financing Options
Installment Payment Plans
Spread your remaining balance over monthly payments. Payment plans help manage cash flow without borrowing.
Federal & Parent PLUS Loans
Borrow only what you need. Federal loans have fixed interest rates; parents may borrow through the PLUS program.
Private Loans
Offered by banks or lenders. Compare rates and terms carefully and consider them last.
Work-Study & Part-Time Jobs
Earn money for day‑to‑day expenses by working on campus or in the community.
Budgeting and Resources
- Create a semester budget to track your income and expenses.
- Explore additional scholarships and grants to lower your balance.
- Use SMSU’s cost calculators and financial literacy tools to plan ahead.
- Watch payment deadlines to avoid late fees.
- Contact the Financial Aid Office for personalized advice.
Next Step
Step 5: Manage Your Aid
Accepting your financial aid is not the last step. Keep monitoring your eligibility, enrollment, account, and financial aid requirements throughout the year. Report changes promptly and contact the Financial Aid Office before making a change that could affect your aid.
Maintain Your Financial Aid Eligibility
To continue receiving financial aid, you must remain admitted and enrolled in an eligible degree or certificate program, meet satisfactory academic progress requirements, provide accurate information, and complete your registration by the applicable drop/add deadline.
Your eligibility may also be affected if you default on an educational loan or owe a refund of federal financial aid to an institution.
Satisfactory Academic Progress
You must make satisfactory progress toward your degree or certificate to remain eligible for financial aid. Academic progress includes requirements related to your grades, completion rate, and the amount of time you take to complete your program.
Review the Satisfactory Academic Progress policy so you understand the standards you must meet and what happens if you do not meet them.
Review the Satisfactory Academic Progress Policy
Enrollment Requirements
The amount and types of aid you can receive may depend on how many credits you take. Dropping courses, changing your enrollment level, withdrawing, or not attending a course may change your eligibility or the amount of aid you receive.
Contact the Financial Aid Office before changing your enrollment to understand how the change may affect your aid and university bill.
Renew Your Financial Aid Each Year
Financial aid does not renew automatically. Complete the FAFSA for each academic year you plan to attend and make sure you select the FAFSA that corresponds with your enrollment dates.
After submitting your FAFSA, monitor your financial aid status in eServices, complete any requested requirements, and review your new financial aid offer. Your eligibility and offer may change from one year to the next.
Track Your Financial Aid Status
Manage Enrollment Changes
Enrollment changes can affect your financial aid. Before adding or dropping a course, changing your credit load, withdrawing from SMSU, or stopping attendance, contact the Financial Aid Office to understand the possible effect on your current and future aid.
Add or Drop Courses
Be enrolled in all courses by the applicable drop/add deadline. Adding or dropping courses may change your enrollment level, financial aid eligibility, or university bill.
Change Your Enrollment Level
Moving from full-time to part-time enrollment – or dropping below half-time – may affect grants, loans, work-study, and other aid. The effect depends on the type of aid and when you change your enrollment.
Withdraw from SMSU
If you withdraw from all courses, federal and state rules may require SMSU to recalculate your financial aid. You may be required to repay part of the aid that was applied to your account or issued to you.
Review the withdrawal information and speak with Financial Aid before you withdraw.
Review Financial Aid Withdrawal Requirements
Stop Attending a Course
Financial aid is based partly on your enrollment and attendance. If you do not begin attending or stop attending a course, your aid may be adjusted, and you may be required to repay part of your award.
Report Changes
Financial aid is based on the information available at the time your eligibility and offer are determined. Notify the Financial Aid Office promptly when relevant information changes.
Outside Scholarships or Other Financial Resources
Report scholarships, grants, tuition assistance, or other educational resources you receive from outside SMSU. You may need to include these resources during your financial aid eligibility review.
Name or Address Changes
Keep your contact information current and notify the appropriate SMSU office when your name or address changes. An accurate address is especially important if you receive financial aid correspondence or a paper overage check.
Changes to Financial Information
Contact the Financial Aid Office if information previously submitted on your financial aid forms changes or if you experience a significant change in financial circumstances. Staff can explain whether additional information or a special-circumstances form may be appropriate.
Loan Default or Federal Aid Refund Status
Notify the Financial Aid Office if you default on an educational loan or are notified that you owe a refund of federal financial aid to an institution. Either situation may affect your eligibility for additional aid.
Summer Financial Aid
Summer financial aid is based on your summer enrollment and any remaining eligibility for the applicable academic year. Your FAFSA for that academic year generally serves as your application for summer aid.
Most students receiving summer aid must be enrolled at least half-time, although some students may qualify for grant assistance at a lower enrollment level. You must attend the courses on which your summer financial aid is based.
Summer eligibility, dates, credit requirements, and available grants, loans, and work-study opportunities may change each year. Review the current Summer Financial Aid page before registering.
View Summer Financial Aid information and Dates
Financial Aid Suspension and Appeals
Your financial aid may be suspended if you do not meet SMSU’s Satisfactory Academic Progress requirements. Financial aid suspension is separate from academic suspension and does not necessarily prevent you from attending classes.
You may regain eligibility by meeting the required academic standards or, when you have qualifying circumstances, by submitting an appeal.
A complete appeal currently includes the appropriate appeal form, a written explanation, supporting documentation, and an academic plan signed by your advisor. Appeals must be submitted by the stated deadline.
If your appeal is approved, you may receive aid while on financial aid probation and will be expected to meet the academic conditions provided with the decision.
Review Suspension and Appeal Instructions
Understand Disbursement and Refunds
Financial aid is applied to eligible charges on your SMSU account after the term begins. Review your charges and accepted financial aid in eServices to estimate your remaining balance.
Work-study is not applied directly to your university bill. Work-study funds are earned through employment and paid to you as wages for the hours you work.
If your accepted and approved aid exceeds your charges, SMSU may issue the remaining amount to you as a financial aid overage. Direct deposit is the fastest way to receive an overage. If you have not set up direct deposit, SMSU may mail a paper check to your address on file.
View Your Bill and Payments in eServices
Leaving SMSU or Completing Your Degree
Before withdrawing, transferring, dropping below half-time enrollment, or leaving SMSU, review your financial aid and loan responsibilities. A change in enrollment may require aid to be recalculated and may create a balance you are responsible for paying.
Exit Counseling
If you borrowed through the Federal Direct Loan Program, complete Direct Loan Exit Counseling as you prepare to graduate or leave SMSU. Exit counseling reviews your loan information, repayment responsibilities, and the steps to take before repayment begins.
Complete Direct Loan Exit Counseling
Loan Repayment Preparation
Review your federal student loan balance, confirm your contact information, identify your loan servicer, and learn when repayment begins. Your loan servicer can provide the most current information about available repayment plans and your individual eligibility.
Review Your Federal Student Loans
Get Help Managing Your Aid
Contact the SMSU Financial Aid Office before making an enrollment change or whenever you have questions about your eligibility, requirements, aid disbursement, suspension, or repayment responsibilities.
SMSU Financial Aid OfficeIndividualized Learning Center, Room 145
Phone: (507) 537-6281
Email: FinancialAid@SMSU.edu
Office hours: Monday–Friday, 9:00 a.m.–3:00 p.m.
Renew Your Financial Aid
Continue monitoring your SMSU email, eServices account, and financial aid requirements throughout the academic year. Complete a new FAFSA for each year you plan to attend SMSU, respond to any requests for information, and review your new financial aid offer.
Complete the FAFSA for the Next Aid Year
You’ve Completed the Financial Aid Steps
Keep Your Financial Aid on Track
You’ve worked through the financial aid process from applying for aid through accepting your award. From here, continue to monitor your financial aid, respond to requests, and watch for changes throughout the academic year.
Congratulations! You’re ready to move forward. Remember that you’ll need to complete the FAFSA and review your financial aid again each year you attend SMSU.
Frequently Asked Questions
Reasons to Submit the FAFSA
By completing the FAFSA, you’ll be considered for need‑based grants, work‑study, and federal student loans. It takes about 30–45 minutes and costs nothing. Your information is protected by Federal Student Aid and isn’t shared with Southwest Minnesota State University until you list SMSU on your application.
Types of Financial Aid Funding
When you complete the Free Application for Federal Student Aid, you are applying for the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Minnesota State Grant, Minnesota North Star Promise Scholarship, Work-Study, and Federal Direct Loan funds.
Each institution has limited funding in the SEOG and Work-Study programs. Apply as early as possible to be considered for these awards. You can read more about each type of financial aid funding.
FAFSA Eligibility
U.S. citizens and eligible noncitizens may apply. Refer to the FAFSA application for clarification on noncitizen eligibility. The application process is the same for traditional, non-traditional, dependent, and independent applicants.
You must be an admitted SMSU degree-seeking student to receive a financial aid offer from the Student Financial Aid Office. If you were enrolled in the PSEO program, you must still be admitted (through the Admission Office) to a new major, certification, or licensure program in order to be eligible to receive aid.
After You File
Within one week after submitting your FAFSA, you will receive an email from the federal processor with a website link to your FAFSA submission summary. Review the summary to ensure everything is correct. If there are errors, submit corrections to the federal processor.
If your Social Security number is incorrect, we recommend contacting the Student Financial Aid Office for assistance.
If your summary indicates that it has been rejected or that more information is needed before further processing can occur, please follow the instructions listed or contact the SMSU Financial Aid Office for assistance.
The SMSU Financial Aid Office will receive an Institutional Student Information Report (ISIR) as a result of your FAFSA application.
If additional documents are required, the Financial Aid Office will send you a letter detailing the information needed.
We wish to assure you that all of the information you provide will be held in strict confidence and will only be used to determine your eligibility for financial aid.
Last Modified: 9/18/26 4:46 PM | Website Feedback