Financial Aid Menu

Need-Based Financial Aid Programs

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).

 

Federal Pell Grant  

This federal program provides grants to eligible undergraduate students and does not require repayment. A Pell Grant for a fulltime student ranges between $595 and $5,730 for the 2014-2015 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. 

  

Federal Supplemental Educational Oppurtunity Grant (FSEOG)

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.

 

Federal Work-Study Program 

The Federal Work-Study (FWS) program is a federally funded program that is designed to help provide jobs for students who have financial need as determined by the U.S. Department of Education.  Students apply for FWS eligibility by completing or renewing a FAFSA.  Some jobs on-campus require that you be FWS eligible to apply.  Student employees that are employed under the FWS program are only awarded FWS funds once they have applied for, been offered and accepted an on-campus employment position.  FWS funds that have been awarded can only be earned and cannot be given as a scholarship or grant.  FWS is available to both undergraduate and graduate students that meet all qualifications for being a student employee.  FWS funds are restricted to students who are either citizens or permanent residents of the United States.  International students are not eligible for FWS funds.  To find out if you are work-study eligible, please contact the Student Employment Coordinator.

 

Subsidized Federal Direct Loan (Stafford Loans)

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. 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.

 

Federal Perkins Loans

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. 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. 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.

 

Access Missouri Program

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.

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