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There are several programs of financial assistance available to help meet the costs of higher education. The majority of the federal and state aid programs are offered on the basis of financial need. Financial need is the difference between the amount of money (family contribution) you and your family are expected to provide towards your college education and the cost of that education. The cost of education minus the family contribution equals your financial need. Eligibility for the following programs can only be determined after a thorough evaluation of the applicant’s family financial status. This evaluation is a result of completing and filing the Free Application for Federal Student Aid (FAFSA).
This federal program provides grants to eligible undergraduate students and does not require repayment. A Pell Grant for a fulltime student ranges between $555 and $5,550 for the 2010-2011 academic year. The amount received depends upon the family’s calculated financial need. Students attending full-time receive one-half of their Pell eligibility in the fall semester and one-half in the spring semester. Students attending less-than-full-time receive their pro-rated awards in the same manner as full-time students.
The summer semester at MSSU is treated as a trailer to the academic year. Therefore, summer Pell payments will only be made for those students who are enrolled in summer classes and have remaining eligibility from the current academic year. If the student is eligible for a second Pell disbursement (they have completed 24 hours in current academic year), this can be obtained by enrolling in a minimum of 6 summer hours which apply to their degree program.
These federal grants are very limited in number and amount. Like the Pell Grant, they need not be repaid. FSEOG awards will be made to applicants with the greatest financial need (as determined by the federal processor). Priority in awarding FSEOG funds will be given to Pell eligible students who have submitted and completed their financial aid paperwork by the priority deadline for the fall semester. In the event that there are additional FSEOG funds remaining, the same process will apply to Pell eligible files completed after the priority deadline. MSSU FSEOG funds are usually depleted before the priority deadline, however, the award process will be adhered to student by student until the funds are exhausted. FSEOG funds that have been awarded to students who do not complete the enrollment process and do not attend, will later be awarded to the next eligible applicant for the upcoming semester.
MSSU offers the Federal Work-Study Program for eligible, interested students. All students interested in the work-study program must complete the Free Application for Federal Student Aid. The work-study program is federally funded and provides part-time jobs to students while they are in school. Work-Study jobs pay at least the federal minimum wage. A student will need to submit a new employment application each academic year. The Financial Aid Office will determine the amount of a possible work-study award for each student applying for aid from MSSU. Not every student is eligible for the work-study program. For those students who are eligible, a maximum of 20 hours per week will be allowed. Students interested in, or currently participating in, the work-study program must keep in mind that a new award year begins each July 1st. It is each individual student’s responsibility to apply for financial aid each year. Students must have the new year’s Student Aid Report and other required forms in to the MSSU Financial Aid Office prior to April 1st in order for the new year’s eligibility to be determined. Students are not automatically eligible again from the previous year.
General job descriptions and other information is available online or from the Student Employment Coordinator in the MSSU Financial Aid Office. Several work-study positions at MSSU are related to community service activities that are designed to improve the quality of life for community residents, particularly low-income individuals, or to solve particular problems related to their needs. For more information, please contact the Student Employment Coordinator.
This is a federally funded loan program that carries a variable interest rate not to exceed 8.25 percent. Repayment begins 6 months after the student leaves school or drops below half-time enrollment. Annual loan limits are $3,500 for freshman students, $4,500 for sophomore students, and $5500 for junior and senior students. The college encourages students to borrow no more than they reasonably need. Students must be enrolled at least half-time (6 credit hours) and demonstrate financial need as described in the “FINANCIAL AID PROGRAM INFORMATION” section. First-time borrowers at MSSU are required to complete entrance counseling and electronically sign a promissory note prior to fund disbursement. Additionally, if you are a first time freshman, your loan funds will not be released until the financial aid office has confirmation from the Registrar’s Office indicating satisfactory attendance for the first 30 days of the semester.
This is a federally funded loan program that carries a fixed interest rate of 5%. Repayment begins 9 months after the student leaves school or drops below half-time enrollment. Annual loan limits are $5500, although amount received depends on financial need, amount of other aid, and availability at the institution (the funds are limited). The college encourages students to borrow no more than they reasonably need. Students must be enrolled at least half-time (6 hours), but preference is given to full-time (12 hours) students with 2.5 cumulative GPA who demonstrate financial need as described in the “FINANCIAL AID PROGRAM INFORMATION” section. First-time borrowers at MSSU are required to complete entrance counseling and electronically sign a promissory note prior to fund disbursement. Students who receive Perkins Loan funds in future semesters are required to reaffirm loan amounts annually to continue receiving disbursements although one promissory note is all that is required while the student is enrolled at MSSU.
There are priority dates each semester for the loan application process. Loans cannot be certified after the semester has ended. Please refer to the section entitled “Required Forms and Deadlines”. Due to requirements for monitoring enrollment, attendance, and satisfactory progress, students applying for a summer loan will have to be enrolled in at least 6 credit hours that begin during the first week of classes in June.
MSSU does participate in the Federal Plus Loan Program. Separate applications are available in the Financial Aid Office or online on our Forms Page. Only dependent students are eligible for this type of loan. A current FAFSA must also be on file.
This state of Missouri grant program provides awards to qualified Missouri residents attending participating Missouri colleges on a full-time basis. This state-funded grant to needy undergraduate students does not require repayment. Students indirectly apply for the Access Missouri program when they complete the Free Application for Federal Student Aid. The deadline for applying for these programs is printed in the FAFSA instructions and is generally April 1st of each year. Additionally, renewal students must maintain a cumulative grade point average of 2.5. This grant is available up to 150 attempted credit hours.