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• Why MSOE?
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• Financing Your Education
  • Basics of Financial Aid
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    • Payment Plans and Agreement
    • Billing Information
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    • Tuition Variance
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    • Financial Options
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• Financing Your Education
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• Financial Options

Financial Options

MSOE understands that financing your education is a very important consideration. Therefore we have provided the following information on several financing options available to students. Feel free to contact the Financial Aid Office if you have any questions about the following financing options.

Financial Aid
All degree seeking students are encouraged to file a Free Application for Federal Student Aid (FAFSA). This can be done online at www.fafsa.ed.gov. MSOE will use the information submitted on your FAFSA to determine what institutional, state, federal aid you may be eligible for. Please visit the Apply for Financial Aid page for more information.

Parent Loan for Undergraduate Students (PLUS Loan)
Federally insured credit-based loan available to parents of dependent students with a 8.5 percent fixed interest rate. The PLUS loan enables the parent to borrow up to total cost of education for an academic year, less any aid awarded to the student. Repayment begins 60 days after loan is fully disbursed. Parents are eligible to request to defer payments on this loan until 6 months after their student ceases half-time enrollment by contacting their lender. Parents desiring PLUS loans are required to apply yearly. Visit the PLUS loans page for more information on this loan.

Scholarships
MSOE offers links on our web site to common private scholarships search engines. Last year our students received almost a half of a million dollars worth of scholarships from such sources.

MSOE also recommends reviewing our Annual and Endowed Scholarships page for scholarships currently available.  This page is updated often, so be sure to check back frequently.

VA Benefits
Any student who served in the armed services of the United States, either regular services, Selected Reserves or National Guard may be eligible for some form of financial assistance. For more information, please visit the veteran's information page.

Alternative Loans
Private credit-based student loans in the student's name with a credit-worthy co-signer. Alternative loans allow the degree seeking student to borrow up to the cost of education minus the financial aid already received. Interest rates for an alternative loan are variable with no cap and typically change quarterly. Interest will accrue while the student is enrolled, but normally, no payments are required until 6 months after the student ceases to be enrolled at least half-time. The terms of each loan vary by lender, please visit the Alternative Loan Fact Sheet on our Alternative Loans web page.

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