Step 3: Budget for Your College Finances and Pay Your Bill
Apply for need-based federal and state financial aid by completing the Free Application for Federal Student Aid (FAFSA) online. To receive priority consideration, your FAFSA must be received at the federal processor by March 1. If you meet this deadline, you will receive your financial aid award notification via email by April 1.
Remember, financial aid is not automatically renewed or guaranteed from one year to the next and program funding is dependent upon annual appropriations, so you should reapply for financial aid each year by completing the FAFSA or the Renewal FAFSA. To be eligible for financial aid, you must maintain a full-time course load equal to 12 billable credits.
Scholarships
Federal regulations require you to notify the Financial Aid Office of all outside scholarships. Any non-university scholarships you receive will be considered in determining your eligibility for additional financial aid. If you receive a scholarship not listed on your financial aid award notification, follow these steps:
- Log on to the Husky Hub.
- Click on the Student Self Service (Banweb) link.
- Select the Financial Aid tab.
- Select My Award Information.
- Choose the appropriate aid year.
- Enter the information about the scholarship.
To ensure your scholarship checks are credited to your account, please ask the donor to include your full name, your Michigan Tech M number, and your date of birth on the scholarship check. All scholarship checks should be sent to:
Cashier's Office
Michigan Technological University
1400 Townsend Drive
Houghton, MI 49931-1295
Loans
If you have been offered a Direct Loan, there are several steps to complete to ensure this loan is applied to your student account:
- Log on to the Husky Hub
- Click on the Student Self Service (Banweb) link
- Select the Financial Aid tab
- Select My Awards
- Choose the appropriate aid year
Once you have accepted the loan (or a partial amount of the loan), the link to the Direct Loan Request Form will appear for you to complete. A paper copy of the form can also be obtained by contacting the Financial Aid Office.
When your loan is approved, you will be sent an email notification instructing you to complete an electronic Master Promissory Note (MPN) and/or Entrance Counseling. The electronic MPN will be available online only after the loan has been approved, but entrance counseling may be completed online at anytime. Loans are applied to your student account on the disbursement dates once you complete your Master Promissory Note and your US Department of Education Entrance Counseling.
Loans processed for the full year will be split into two equal disbursements: one for fall semester and one for spring. The disbursement dates will be provided on the disclosure statement sent to you from the US Department of Education.
Additional Financial Assistance
You can seek additional private scholarships from high schools, churches, community service organizations, and corporations. The best time to search for these scholarships is during winter and early spring.
You or your parents may also apply for alternative and private loans online. The Michigan Tech Financial Aid Office has a list of alternative loan lenders, as well as additional information on the alternative loans. Your parents may apply for a Federal Direct PLUS Loan on your behalf.
Applying at least three to four weeks prior to the date your bill is due will ensure there is enough time to complete the loan application process. Although you may receive instant pre-approval online from the loan company, most require you to submit additional information to them to continue processing your application.
Please contact the Financial Aid Office at 888-688-1885 with any questions you might have.
Undergraduate Annual Expenses
As you start your first year at Michigan Tech, you should establish a budget that includes all your monetary needs—tuition, room and board, fees, books, and supplies. Even if all of your expenses are covered through financial aid, you will need some cash during your first month. If you have a work-study position, there can be some lag time before you receive your first paycheck, and it can be a few weeks before loans and scholarships are disbursed. We don't want you to struggle your first month here, so plan ahead.
For estimated expenses and costs, please see the Financial Aid Office's cost of attendance estimations.
Paying Your Bill
Your Michigan Tech bills will be available online only, through the Husky Hub. Tuition is billed per credit hour and your first bill will reflect a 15-credit course load. After you finalize your registration during Orientation Week, your bill will be adjusted to reflect your actual schedule and number of credits. Any additional amounts will be billed and any overpayments will be refunded during the third week of classes. An email will be sent to your HuskyMail letting you know your bill is available to view.
If we do not receive your appropriate payment by the due date, or if your check is returned unpaid, we will cancel your course schedule. If you do not owe money, or if your financial aid will be covering your bill, you must still confirm your enrollment online by the due date, or your course schedule will be canceled.
Payment Options
E-check or Credit Card
You can pay online by e-check or credit card (Visa, MasterCard, or Discover) through the Husky Hub.
Check or Money Order
Payment by check, money order, or cash may be made in person at the Cashier's Office. Please include a copy of the online bill with your payment. You can also mail your check or money order payable to Michigan Technological University to:
Cashier's Office
Michigan Technological University
1400 Townsend Drive
Houghton, MI 49931-1295
Three-Payment Plan
A $50 fee allows you to defer part of your tuition bill. You can then pay one-third of your expenses, less your financial aid, on the semester due date. One-half of the remaining amount you owe less financial aid is due four weeks later, and the total amount remaining must be paid four weeks after the second installment. You must complete a contract each semester.
Installment Prepayment Plan
Michigan Tech also offers an installment prepayment plan that divides your expenses into eight monthly payments. The plan lets you prepay each semester's expenses in four monthly payments. This free plan starts in May for the fall and spring semesters or in September for spring semester only. You may use the plan to pay for tuition, University fees, and residence hall room and board. If you choose not to participate in the plan, semester's charges must be paid by each semester's due date.
Please contact the Cashier's Office or Accounting Services at student-billing@mtu.edu, 800-576-6484.
