Undergraduate Students
[ Types of Student Financial Aid ]

• Federal Student Aid
• Alternative Loan (private or non-federal)
• State Student Financial Aid (Mississippi Residents Only)

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.

Federal Student 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 and Information 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 $609 to $5,350 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 $400 to $1,200 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 "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 awards may be paid in part or in whole with funds provided by the state of Mississippi, the Federal Leveraging Educational Assistance Partnership (LEAP) program, or the Federal Special Leveraging Educational Assistance Partnership (SLEAP) program. 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 $400 to $1,200 per year. This award must be accepted in order to receive the funds.

Academic Competitiveness Grant (ACG)

ACG awards provide up to a maximum of $750 per year for entering, first-year Pell Grant recipient students (Freshmen), and up to $1,300 for second-year Pell Grant recipient students (Sophomores). Generally, recipients must: be U.S. Citizens, meet the high school graduation date requirement, be enrolled full-time, have completed an academically rigorous high school program of study, and must maintain a 3.0 or better college grade-point average.

National Science and Mathematics Access to Retain Talent Grant (SMART)

SMART awards provide up to a maximum of $4,000 per year for third- and forth-year Pell Grant recipient students (Juniors and Seniors) majoring in one of the eligible science, mathematics and/or critical foreign language academic programs. Generally, recipients must: be U.S. Citizens, be enrolled full-time and maintain a 3.0 or better college grade point average.. Students must also be enrolled in classes each semester that are required for that eligible academic major.

The ACG and SMART Grant programs are new federal student aid programs and, as with any federal aid program, the information listed is subject to change based upon federal guidance. Additional details about these two programs, such as rigorous high school program of study and eligible academic majors, is available in the MSU Student Financial Aid Department.

Federal Teacher Education Assistance for College and Higher Education (TEACH Grant)

In general, the Federal TEACH Grant Program provides financial assistance, through the federal student aid programs, to students while attending college, majoring in an academic program that will allow them to teach in high need subject areas, as highly qualified teachers, at Title I (low income serving) elementary or secondary schools in the United States.

Federal Work-Study Program

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 $2,465 to $3,944 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 16 hours per week.

Federal Perkins Loan

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

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.

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.

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:

Mississippi Office of Student Financial Aid
3825 Ridgewood Road
Jackson, MS 39211
Phone Number: 1-800-327-2980
E-mail: sfa@ihl.state.ms.us
Web Site: www.mississippi.edu