Short-Term Loan Available for GAs with Dependents-Time Sensitive
MSU has developed a Short Term Loan program (STL) designed to assist those Graduate Assistants (GA) with dependents to be able to purchase the MSU AETNA student insurance plan for their dependent family members. This is being offered in recognition that the new payment plan for the AETNA student insurance that requires an up-front payment of half the total cost is a hardship for many Graduate Assistants. We hope that this will help those Graduate Assistants with dependents who may not be able to afford the full cost of the dependent student insurance with one lump sum payment.
As background, the Aetna Graduate Assistant Student Health Insurance Plan quarterly payment option for eligible dependents’ insurance coverage is no longer available. Rather, Aetna requires an annual or semi-annual payment for dependent insurance. The larger up front payment may be a hardship for some students making it impossible to enroll eligible dependents.
The new STL will provide GA’s with a monthly repayment option to be repaid over the remaining months of the semi-annual insured period or the length of semester whichever is shorter. It will carry the same terms as current shorter length STLs, i.e. 7% per year, with same provisions for collection, but will require bi-weekly payroll deduction from GA paychecks.
International student GAs should contact the Office of International Students and Scholars to request a STL recommendation, similar to the current process. Domestic GAs should visit the Office of Financial Aid to make this request. Please note that if you intend to enroll in the Aetna plan the application date for the loan, if needed, is September 21st.
The unique provisions of this short term loan program apply only to the circumstances identified herein and the University may review the program on an annual basis to determine whether it wishes to continue offering the STL and/or revise the terms of the program.
For more information, contact the Office of Financial Aid