Undergraduate
• Fall/Spring 2005-2006
• Summer 2005
Graduate
• Fall/Spring 2005-2006
• Summer 2005
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Step I: What is Student Financial Aid?
Step II: General Student Eligibility Requirements
Step III: Types of Student Financial Aid
- Federal Student Financial Aid
- Alternative Loan (private or non-federal)
- State Student Financial Aid (Mississippi Residents Only)
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| What is Student Financial Aid?
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Student financial aid is economic assistance to help you finance your college education.
This assistance is awarded to help pay your educational expenses. This help can be in the form of
scholarships, grants, loans, employment or waivers. Financial aid is intended to supplement,
not replace financial contributions from you and your parents (spouse if married). Students and
parents (spouse) have the primary responsibility to pay for college. For Federal Student Aid purposes,
the family is expected to pay as much as they reasonably can based on a formula developed and
updated by the United States Congress. (Please refer to the section entitled "How Your
Financial Aid Eligibility Is Determined" under Policies/Consumer and Student Right to Know.
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| General Student Eligibility Requirements
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To establish and maintain eligibility for federal student aid and some other student aid programs you must:
- Be a regularly admitted student enrolled in a degree program (click here for exceptions to this policy).
- Be enrolled as indicated on the Free Application for Federal Student Aid (FAFSA). Notify the Department of Student Financial Aid regarding any change to your enrollment hours as this may necessitate an adjustment to your award.
- Be a U.S. citizen or eligible non-citizen (Federal Student Aid)
- Maintain Satisfactory Academic Progress
- Not owe a refund or repayment on an educational grant
- Not be in default on an educational loan
- Agree to use federal student aid funds solely for educational purposes
- Not have borrowed in excess of annual or aggregate limits on a Title IV student loan
- Apply for each aid type being requested by the deadline date each year as required
- Incarcerated students (click here for restrictions in eligibility).
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| Types of Student Financial Aid
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Generally, student financial aid programs are available in the form
of scholarships, grants, loans, employment and waivers. These aid programs are offered
through a variety of sources. Listed below are the specific types of student aid programs
and sources of awards.
Scholarships are administered by the Office of Admissions and Scholarships.
I. Federal Student Financial Aid
Federal Student Aid Programs include grants, loans and part-time employment. Eligibility for most of these programs is based upon the "demonstrated financial need" of the student applicant and the applicant's family. See "How Federal Student Financial Aid is Determined" in the Policies/Consumer and Student Right to Know section of this web site. However, financial need is not an eligibility criterion for the federal Stafford Unsubsidized Student Loan or the federal Parent PLUS loan. Therefore, most federal student aid applicants will be eligible for some form of financial assistance through the federal student aid programs regardless of demonstrated financial need. In order for eligibility to be determined federal student aid applicants must file a Free Application for Federal Student Aid (FAFSA) each year.
Federal Pell Grant
The Federal Pell Grant is a basic "need based" grant awarded to the neediest undergraduate students working on a first bachelor's degree. Eligibility is determined through a standard formula established by Congress, which is used to evaluate the information reported on the Free Application for Student Financial Aid (FAFSA). Pell Grant awards range from $400 to $4,050 per year. (You may not receive Pell Grant funds from more than one school at a time.) The Pell Grant award will be shown on your Award Notification. You must be enrolled as indicated on the FAFSA, in order to receive the amount of the Pell Grant award.
Federal Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant (SEOG) is a "need based" grant awarded to undergraduate students, enrolled in a first bachelors degree program who are eligible for a Pell Grant. SEOG funds are severely limited and are awarded to eligible students until the funds are depleted. The SEOG award will be shown on your Award Notification and will usually range from $500 to $1,500 per year. This award must be accepted in order to receive the funds.
Leveraging Educational Assistance Partnership Grant
The Leveraging Educational Assistance Partnership (LEAP) grant is a jointly funded (federal and state) "need based" grant awarded to undergraduate students, enrolled in a first bachelors degree program, who are Mississippi residents, enrolled full time, and are eligible for a Pell Grant. LEAP funds are severely limited and are awarded to eligible students until depleted. The LEAP award will be shown on your Award Notification and can range from $500 to $1,500 per year. This award must be accepted in order to receive the funds.
Federal Work-Study Program (FWS) is a "need based" part-time work program which allows students to earn money to help pay educational expenses. The amount shown on the Award Notification (which can range from $1,050 to $3,160 per year) is the maximum amount available to earn on the FWS program. FWS will not be available at registration for the payment of fees. FWS student employees will be paid based upon the current minimum wage twice per month. The maximum award allows student employees to work up to 18 hours per week.
Federal Perkins Loan is a "need based", revolving loan fund utilizing both federal and institutional funds. This award is a loan and must be repaid by the borrower. The federal government pays the interest while the student is in school at least half-time, during a nine-month grace period, and during periods of deferment.
Federal Family Education Loan Programs (FFELP) are low interest loans that undergraduates, graduates and parents of dependent undergraduates may obtain from a lending institution such as a bank.
They include the Federal Subsidized Stafford Loan, the Federal Unsubsidized Stafford Loan and the Federal PLUS Loan. These loan programs were created by Congress to help all eligible students and parents, with and without financial need, pay for the student's educational expenses.
- Federal Stafford Loan
Only eligible students may borrow through the Federal Stafford Loan Program. The Federal Stafford Loan can be subsidized or unsubsidized depending primarily on the student's demonstrated need.
Click here for more information about the Federal Stafford Loan.
- Federal PLUS Loan
Only eligible parents of eligible dependent undergraduates may borrow through the Federal PLUS Loan Program. The amount parents may borrow is the student's Cost of Attendance minus the Estimated Financial Aid to be received during the loan period. Parents must begin repaying both principal and interest within sixty days after the loan is disbursed. The lender charges interest on the loan from the date the first disbursement is made until the loan is paid in full.
II. Alternative Loan (private or non-federal)
Students who do not qualify for federal financial aid, or who need additional funds beyond what federal financial aid can provide,
have an option of applying for an alternative (private or non-federal) educational loan. Alternative loans are generally more expensive, therefore
should only be considered if absolutely necessary. In most cases, the student applicant's credit and/or co-signer's credit must be approved by
the lender. The eligible loan amount can be no greater than the Cost of Attendance minus all other Estimated Financial Aid.
III. State Student Financial Aid (Mississippi Residents Only)
Several student financial aid programs are offered by the state of Mississippi through the Mississippi Office of Student Financial Aid in Jackson, MS. Some of these programs are offered specifically for teacher education majors, nursing majors, medical students and dental students. Two of the larger programs offered are the Mississippi Tuition Assistance Grant/Mississippi Eminent Scholars Grant (MTAG/MESG). These two programs do not require a specific academic major, and are available to all resident students who meet the eligibility criteria.
For information or to receive an application for MTAG/MESG or to learn about other state aid programs such as William Winter Teacher Scholarship, Higher Education Legislative Plan (HELP) or the Critical Needs Teacher Program contact:
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