FAQ: Frequently Asked Questions

  • General Finanical Aid
  • Enrollment & Withdrawal
  • Loan
  • Scholarship
  • Verification
  • Glossary of Terms

General Finanical Aid

Who is eligible for financial aid?

To be eligible for federal financial aid assistance you must:

  • Be a U.S. citizen or eligible non-citizen
  • Be registered with Selective Service, if required
  • Be an undergraduate, graduate or professional student enrolled at least half-time (except for less than half-time Pell Grant) in a degree seeking program
  • Make satisfactory academic progress
  • Not be in default on an educational loan


What is the difference between need-based aid and merit-based aid?

Need-based student aid is allocated based on the financial need of the family. Merit-based student financial aid takes into account factors such as grades, test scores, talent and skills.

What is satisfactory academic progress?

To maintain satisfactory academic progress (SAP) you must be completing an acceptable percentage of attempted course work within a reasonable amount of time. In addition, you must have an adequate GPA. (For more information see our policy on Satisfactory Academic Progress)  

How do I apply for summer aid?

Students must be enrolled during the summer semester to be awarded financial aid. Once a student has registered for the summer semester, Student Financial Assistance will automatically assess a student’s eligibility for federal aid (Federal Pell Grant, Direct Loans, etc.), provided the student is enrolled at least half-time during the summer semester and has not already exhausted his or her annual eligibility. During the summer semester undergraduates must enroll in a minimum of 3 credit hours to be considered half-time. Graduates must be enrolled in at least 2 credit hours to be considered half-time during the summer.

Students who wish to be considered for University Loans and other limited funds will be required to submit the Summer Financial Aid Application, which is available April 1 (or the first Monday in April if April 1 falls on the weekend). The link to the application will be made available on the Student Financial Assistance homepage, and awarding will be prioritized based on the order in which applications are received.

What if I did not receive enough financial aid to cover all my charges and have an outstanding balance?

As soon as you receive your first bill and see that your financial aid does not cover all your charges and are unable to make payments, please contact your financial aid counselor in the Student Financial Assistance Office. Your counselor will review your situation and explain to you what your options are to paying for college.

Can I get my university scholarship back after I’ve lost it due to not meeting renewal criteria?

Student’s not meeting the renewal criteria will receive an email with instructions on how to appeal for their scholarship. The appeal should include the reason you were not able to attain the cumulative GPA and what steps you’ll take to bring it back up to the requirement. (Form more information see our policy on Scholarship Reinstatement and Appeal)

My financial aid counselor is out of the office, can I see someone else?

The Student Financial Assistance Office does have walk in hours from 2-4pm Monday through Friday. If a student has an emergency or cannot schedule an appointment with their counselor due to being in class they can utilize our walk-in service. We like for students to meet with their assigned counselor and will make every effort for them to do so.


What is a 1098-T?

The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, taxpayer's identification number (TIN), enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. You can electronically access a copy of your 1098-T form at http://www.mst.edu at any time by choosing Joe’SS, Campus Finances, Tax Information. If you have future questions you can call the Cashier’s Office 573.341.4195. Representatives are available Monday-Friday, 8:15 a.m. to 3:30 p.m. CST.

 If I’m due a refund when will I receive it?

Refunds are processed through the cashier’s office. When your financial aid disburses to your account to pay your charges any overage amount will be refunded to the student, except a parent plus loan which will be refunded to the parent.  You can view your disbursement on the financial aid tab on your JoeSS. You can set up a direct deposit through your JoeSS. For more instructions go to http://cashier.mst.edu/forms/directdeposit/index.html. Direct deposit refunds are generally in your bank account 3-5 business days after the date that the refund was processed. If you do not have a direct deposit set up a check will be sent to your local Rolla address and you should receive it 7-10 business days after the date of the refund was processed. (For more information see our policy on Refund Procedures)

If I move or live off campus will my financial aid change?

Moving from on-campus to off-campus housing does not affect your financial aid awards.

How do I become a Missouri Resident?

Missouri Residency is determined by the Registrar’s Office. Information can be found on their website at http://registrar.mst.edu/moresidency/moresidency/

Are there any resources on campus that can help me budget or manage my money?

Check out our Financial Literacy website at http://sfa.mst.edu/finlit/ . We also hold Miner Money Management events that you can attend to learn about budgeting, credit scores and student loan repayment options.

Enrollment & Withdrawal

I might drop a class. How will that affect my financial aid award? 

Any change to a student’s enrollment, especially a drop in credit hours, may impact your financial aid award and tuition bill. If you are still full-time after dropping a class your financial aid will not change. There are many factors that should be considered before dropping or withdrawing from a class. It is highly recommended for students to contact their counselor in the Student Financial Assistance Office to evaluate their options.

What happens to my financial aid if I withdrawal from all my classes?

The Student Financial Assistance Office is required to calculate a Return of Title IV funds on all students who withdraw or stop attending classes before the semester is 60% complete.  This process also requires a review of students who receive all "F” grades to see if they attended and earned the failing grades or did not attend and did not officially withdraw.  It is very likely that a portion of the aid received will need to be paid back to the federal government and Missouri S&T.  This policy is required by law and students who owe a refund on Title IV aid cannot receive assistance at any school until it is repaid. Students must also maintain Satisfactory Academic Process and withdrawals may impact future aid eligibility. (For more information see our policy on Withdrawing)

What happens to my aid when I’m on a co-op or internship?

Students who receive a co-op or internship will be considered a full-time student for enrollment purposes. While on a co-op or internship, student will not be eligible to receive any financial aid. Students will not go into the grace period for any loans while they are on a co-op or internship, and will need to register officially with the Career Opportunities and Employer Relations Office. The financial aid office will adjust your financial aid to show only the semester you are actively enrolled. You will not lose the co-op semester of university scholarship.

I can’t enroll in classes because there is a hold on my account.

The Student Financial Assistance Office does not put holds on a student account. One main reason students can’t enroll in classes due to a hold is that they have a balance on their account. The Cashier Office emails monthly statements to each student when they owe money on their account. Monthly payments can be made to the cashier’s office to pay for each semester’s charges. If a student does not have enough financial aid or is unable to make payments they should contact their financial aid counselor at the beginning of the semester. They will review your situation and explain to you what your options are for paying for college.


How do I apply for financial aid?

Visit the S&T financial aid page at http://sfa.mst.edu/federalprogs/applying4aid/  this can also be done by going to the FAFSA website at www.fafsa.ed.gov.  

The information on my FAFSA does not reflect my financial situation, what can I do?


Financial aid eligibility is based on parental and/or student prior year income. If a family has unusual circumstances, regulations allow us the option to review the financial aid application. Possible reasons for a special circumstance review include: unemployment, divorce, death of a spouse or parent, loss of child support, loss of Social Security benefits, or loss of other income benefits. The circumstance in question must be able to be documented and significantly change the ability to contribute. Appeals are typically a one-time exception. The documentation required will be determined on a case-by-case basis. Special Circumstance forms can be found on the student financial aid website under forms. (For more information see our policy on Special Circumstance)

Does Missouri S&T have a FAFSA deadline?

Yes, February 1 of each year. Limited resources make it difficult for our office to fund every student to their full financial need. Therefore, in an effort to make the greatest use of limited funds, only those students who submit their FAFSA before the priority deadline of February 1 of each year will receive full consideration for certain federal and state programs. Please use the Missouri S&T school code of 002517.

I won’t have my taxes completed by February 1, what should I do?

The tax information required for the FAFSA will now be two-years prior tax information (as opposed to one-year prior information). For example, for the 2017-2018 FAFSA, families will need to provide their 2015 tax information. Therefore, all necessary tax information should be available before the February 1 deadline.

What types of financial aid am I applying for when I complete the FAFSA?

Your eligibility for all forms of federal financial aid, including Pell Grant, Perkins Loan, Supplemental Educational Opportunities Grant (SEOG), Federal Direct Ford Loans, and Work-Study are determined when you complete the FAFSA. For Missouri Residents the state uses the FAFSA information to award Missouri Access. We do not require a student to file the FAFSA but if you need student loans you must fill it out.

I probably won’t qualify for aid so why complete the FAFSA?

Many families mistakenly believe they don’t qualify for aid, preventing themselves from receiving aid for which they may be eligible, simply because they fail to apply. In addition, there are sources of aid, such as Unsubsidized Loans and Parent Loans for Undergraduate Students (PLUS), available regardless of need. The FAFSA form is free. It does not obligate the student or the parent in any way. There is no reason not to apply.

Can I file for financial aid (FAFSA) as an independent student without using my parents income information if ; I don’t live with my parents, they don’t claim me on their tax return, I file my own taxes and/or my parents do not  financially help pay for anything, including college.

No, you will be classified as a dependent student unless you can answer “YES” to any of the questions in step 3 of the FAFSA.  As a dependent student you must include parental income on your FAFSA application.

As a dependent student which parents financial information do I include on my FAFSA if my parents are divorced?

You will include the financial information of the parent whom you live with or support’s you more than 50% of the time.  This is not determined by any legal documents, payments of child support or by who claims you on their federal tax return.

I submitted my FAFSA over four weeks ago, but haven’t heard anything from the school. What should I do?

If you haven’t received a Student Aid Report (SAR), usually sent to your email address listed on the FAFSA, log back into your FAFSA and make sure you did submit it to Missouri S&T with our school code of 002517. You may also call the federal processor at 1-800-433-3243. If you determine that we have received your FAFSA please call our office at 573-341-4282.


Are Loans considered financial aid?

Yes, loans are part of the student’s financial aid package. 


What is the difference between a subsidized and unsubsidized federal loan?

The Subsidized Ford Direct Loan is a need-based loan, while the Unsubsidized Ford Direct Loan is not. Undergraduate students borrowing a Subsidized Loan do not have interest accruing on the loan while they are enrolled at least half-time. Graduate students are no longer eligible to receive Subsidized Loans through the federal government as of July 1, 2012.  Students borrowing an Unsubsidized Loan will have interest accrue while they are enrolled in school. You may defer the interest payments on an Unsubsidized Loan until you graduate; however, this will result in a higher loan payment over the life of the loan, so you will pay more in the long run.

Why is the loan amount I signed for on the promissory note and the loan amount I received different?

An “origination fee” is charged for Ford Direct Federal Loans per the regulations governing the loan programs. The direct loan fee is currently 1.073%.

The loan fee for Direct PLUS loans, parent and graduates, is currently 4.292%.

I’ve been offered my full federal loan amount for the year but I do not want to accept the full amount. How do I reduce the loan amount?

Students may adjust offered amounts of loans by sending an email to sfa@mst.edu from their Missouri S&T email account, along with the students name and student ID number stating what and how much you would like it to be reduced for the year. Once the adjustment is made the student can accept the award on their JoeSS.

When can I apply for a private student loan or a PLUS loan?

We suggest you wait until you receive your financial aid award letter and your first billing statement to see how much aid you have been awarded and how much your charges will be. If you already know approximately how much extra money you will need you can apply for the loan no more than 6 months from the start of classes or as soon as the lender will accept an application for that aid year.  

Why did I not receive a subsidized loan?

Subsidized loans are awarded based on your FAFSA information. These loans are for students that demonstrate financial need.

When will my federal direct loan pay to my account? 

Your loan will disburse to your account once you’ve signed your Master Promissory Note and completed Entrance Counseling as long as you are enrolled in classes at least half-time, which is 6 hours for undergraduate and 4 hours for graduate students.

How many hours do I have to be enrolled to receive federal direct loans?

You must be enrolled at least half time, which is six hours for undergrads and four hours for grad students. If your enrollment drops below half time during the semester your direct federal loans will be canceled.

What will happen to my federal direct loan if I drop below half-time?

You will go into your grace period starting on the date you drop below half-time and any future disbursements will be canceled. You will also be required to complete exit counseling.


How can I consolidate my loans?

Please go to https://studentloans.gov/myDirectLoan/index.action to find information about student loan consolidation.

How do my parents apply for a Parent Plus Loan?

Ford Direct Parent PLUS loans are offered to dependent students as a part of the award package.  The amount offered is the maximum that a parent may borrow.  This loan requires a separate application and credit check as well as a PLUS loan Master Promissory Note. Parents can apply for a parent plus loan on-line at studentloans.gov. This loan will be in the parents name and is to be used for the student’s educational expenses.

How do graduate students apply for the Graduate Plus Loan?

Graduate PLUS loans are offered to graduate students as a part of the award package. The amount offered is the maximum that a graduate student may borrow.  This loan requires a separate application and credit check as well as a Grad PLUS loan Master Promissory Note.  The student will apply for the Grad PLUS Loan at studentloans.gov.


How do I apply for other scholarships once I’ve been admitted?

Please log-in to Academic Works at scholarships.mst.edu, using the same login and password that you use with JoeSS. Campus and departmental plus external scholarships are located in the Academic Works database.  This database will automatically match you with campus and departmental scholarships that you qualify for. It will also offer you a list of external scholarships and their websites for which you may apply. 

What GPA and ACT/SAT are used to calculate my entering freshmen scholarships when I apply?

When you apply online for admission to Missouri S&T you are also applying for entering freshmen scholarships. The information used to determine the scholarship package offer is the student’s highest composite ACT score at the time of application and 6 semesters cumulate GPA from high school.  You can enter the GPA and ACT/SAT score into our Net Price Calculator that can be found on the Student Financial Assistance website-  sfa.mst.edu for an estimate of your scholarship award.

What should I do if a scholarship check is mailed to me instead of the college?

You can mail the scholarship check to the Student Financial Assistance Office, G1 Parker Hall- Rolla, MO 65409. There is no need to endorse the check. We will deposit the check into your account and add the amount to your financial aid that you can view on your JoeSS.

Can I have my entering freshmen university scholarship my final semester even if I am not enrolled full-time?

If a student is in their final semester at S&T and they do not need to take 12 credit hours to complete their degree, they can appeal for general operating (G.O.) university funded scholarships.  The student must be enrolled in a minimum of 6 credit hours, should have the required 3.25 GPA, and must have eligibility for that semester (meaning they have not received the scholarship for 8 semesters prior to their final semester).  The student’s graduation date must be updated to reflect the current semester.  The appeal can be sent via e-mail to: sfa@mst.edu and should include the student’s name, ID number, how many hours they are enrolled in and a request to receive their G.O funded scholarships for their final semester.  This policy only applies to G.O. funded scholarships (see list below of awards that fall into this category). Departmental, alumni, donor (non-general operating), state scholarships and all other awards, will not be affected by this policy.  Appeals will be reviewed by a scholarship committee and students should expect an email response within 2-3 weeks. 

Definition: G.O. University-funded scholarships include Alumni Grandchildren Scholarship, Alumni Sons/Daughters Scholarship, Alumni Section Scholarship, Chancellor’s Scholarship, Curator’s Scholarship, Excellence Scholarship, Excellence II Scholarship, Miner Scholarship, Miner II Scholarship, Trustees Scholarship, Trustees II Scholarship.


Why was I chosen for verification?

The federal government randomly selects a number of FAFSAs each year to undergo the verification process. This is a quality assurance tool utilized by the Department of Education as well as colleges and university ties throughout the country to ensure students are consistently awarded the correct types and the correct amount so aid. This means that Missouri S&T financial aid office must collect tax documents and other information to verify the information you submitted is correct.  If corrections are necessary we will make the corrections to your FAFSA and continue to process your assistance when the corrections are received. (For more information see our policy on Verification)

I have an IRA or Pension Rollover and the FAFSA information does not reflect this, what should I do?

The IRS Data Retrieval Tool (IRS DRT) and the Federal Tax Return Transcript does not show that you have a rollover. If chosen for verification you will need to let the Student Financial Assistance Office know that the amount on your IRS DRT or Tax Return Transcript is a rollover. You can write a statement and sign it stating that it was a rollover and send it to our office with the verification worksheet.

What if the student and/or parent have filed for a federal tax extension and cannot complete verification?

For students and/or parents granted a tax filing extension we can temporarily complete your verification with the following documents.  

  1. Fully completed and signed 2017-2018 verification worksheet.
  2. A copy of all W-2 forms or, if self-employed, a signed statement with the amount of AGI and US income taxes paid.
  3. Copy of the completed 2015 IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

Final verification must be completed by Oct. 31 of the academic year. Once the student and parent(s) taxes are filed they must use the IRS Data Retrieval Tool to complete their tax information on the FAFSA. Verification is not complete until the FASA reflects the actual 2015 Federal IRS Tax Return data.

The student’s verification will be finalized with this information and if the FAFSA information changes the student’s financial aid package adjustments will be made at this time. This change could require the student to repay aid to the school or require the student a refund if aid is increased.  

Glossary of Terms

Academic year: The time during which an educational institution holds classes.

Adjusted Gross Income (AGI):  Your or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return. Commonly referred to as AGI.

Assets: Assets, when referenced in the FAFSA®, refer to income, checking and savings accounts, stocks, bonds, trusts, material goods, and investment or vacation real estate. Do not include your primary residence or retirement accounts, such as IRAs and 401Ks, under FAFSA® assets

Award year: The period of time between fall term and the end of the following summer session.

Accrued interest: Interest that accumulates on the unpaid balance of your loan.

Borrower: Person responsible for repaying a loan who has agreed to the terms and signed a promissory note.

Budget: A financial plan that helps you track your money, make informed spending decisions, and plan for your financial goals.

Campus-based programs: Collective term that refers to the Federal Work-Study program and SEOG.

Capitalizing interest: Adding unpaid, accumulated interest to the loan principal, increasing the total loan cost.

Central processing system (CPS): The system that receives your need analysis data. The CPS calculates your official expected family contribution (EFC).

Consolidation: The process of combining one or more loans into a single new loan.

Cost of attendance (COA): Your anticipated expenses to attend college. Includes tuition, fees, housing, food, transportation, books and supplies, personal expenses, and other costs, depending on individual circumstances.

Credit Bureau:  An organization that tracks and reports your credit, including your history of paying bills and calculates your ability to repay future loans. For example, if you default on a student loan, it is reported to a credit bureau, and other lenders may be less likely to extend credit to you in the future. 

Custodial Parent: When parents are divorced or separated, the parent with whom the student lived the most time in the past year is considered the custodial parent and the parent who fills out the FAFSA®.

Default: Failure to repay a loan according to the terms of the promissory note. For a loan repayable in monthly installments, a loan is in default after 270 days of no payment.

Deferment: Also known as “In School Deferment” is the temporary postponement of loan payments for a limited period of time. Deferments, allowed for specific borrower activities, extend the loan repayment period by the length of the deferment period. Requires half-time enrollment to be eligible.

Delinquency: This occurs when loan payments are late or missed, as specified in the terms of the promissory note and the selected repayment plan.

Dependent student:  Meets any one of the criteria as defined by the federal government: born before the date listed on that specific years FAFSA; not married; has undergraduate status; does not have legal dependents other than a spouse; is not an orphan or ward of the court (or was not a ward of the court until age 18); and is not a veteran. Dependent students must report their parents' income on their financial aid applications.

Direct costs: All charges assessed by, and paid to, the University. This includes tuition and fees. This may include books charged through the S&T Bookstore, room and board for those students living on campus, and other fees charged to students.

Direct Loans: A federal loan program established by the Student Loan Reform Act of 1993 that provides loans directly to students from the federal government at a variable interest rate. You pay an origination fee on the gross amount borrowed. Loans may be either need- or non-need based.

Direct Loan Servicing Center: The U.S. Department of Education's agent contracted to collect Direct Loans and handle deferments, repayment options, and consolidations. Call them toll-free at: 1-800-848-0979.

Disbursement: The release of financial aid funds to individual student accounts; funds are disbursed when the student's financial aid file is complete, registration has been verified and all other requirements have been met.

Disbursement Date:  Date federal student aid funds were credited to a student's account at a school or paid to the student or borrower directly, as reported by the school.

Discharge: The release of borrowers from their obligations to repay their Direct Loans when they have met certain conditions, such as total and permanent disability.

Disclosure statement: A statement of the actual cost and terms of the loan, including interest rate and additional finance charges.

Enrollment Status:  Reported by the school the student attended, indicates whether the student is (or was) full-time, three-quarters time, half-time, less than half-time, withdrawn, graduated, etc.

Entrance counseling: Counseling session that borrowers must complete before receiving their first loan disbursements. See Loan Counseling.

Exit counseling: Counseling session that borrowers must complete any time they graduate from a program or drop below half-time enrollment status. See Loan Counseling.

Expected Family Contribution (EFC): A measure of your family’s financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.

FAFSA: Free Application for Federal Student Aid: The federal form that must be completed annually to be considered for all federal financial aid funds. The FAFSA consists of numerous questions regarding the student's finances, as well as those of his/her family; these are entered into a formula that determines the EFC (Estimated Family Contribution).

Federal Direct Plus Loan Program: An additional loan for parents with good credit histories who want to borrow for their dependent student. Or an additional loan for a graduate student with good credit histories who has already exceeded their federal borrowing limit for the year or for their degree. 

Federal Pell Grant: A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

Federal Student Aid:  Financial aid from the federal government to help you pay for education expenses at an eligible college or career school. Grants, loans and work-study are types of federal student aid. You must complete the FAFSA to apply for this aid.

Federal Work Study:  Federal employment programs that subsidize wages for post-secondary students with financial need to help them pay for educational expenses.

Financial aid: Financial assistance in the form of scholarships, grants, employment opportunities, and education loans from federal, state, University and private sources.

Financial Aid Award Letter: A letter to you from Missouri S&T that lists the types and amounts of aid offered.

Financial Aid Office: The office at a college or university responsible for making financial aid award decisions and communicating with and assisting students and families.

Financial Need:  The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.

Forbearance: An arrangement to postpone or reduce a borrower's monthly payment amount for a limited and specified period, or to extend the repayment period. The borrower is charged interest during a forbearance. A forbearance is usually granted at the discretion of the lender to borrowers ineligible for a deferment.

FSA ID:  The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.

Full-time student: An undergraduate student taking a minimum of 12 credits per term or a graduate student taking a minimum of 9 credits per term.

Gift Aid: Financial aid, such as grants and scholarships, which the student does not need to repay.

Grace period: The time period between the time borrowers leave school or drop below half-time study and the time they must begin repaying their loans, usually six months, depending on the type of loan.

Grants: Educational funds that do not require repayment from present or future earnings. The Free Application of Federal Student Aid (FAFSA) is required to be eligible for state and federal grants. To be eligible for grants, complete the FAFSA by the annual February 1st deadline.

Half-time student: An undergraduate student taking at least 6 credits per term or a graduate student taking at least 5 credits per term during the academic year.

In-state tuition: The tuition charged by institutions to those students who meet the state’s or institution’s residency requirements.

Income: Amount of money received from any or all of the following: wages, interest, dividends, sales, or rental of property or services, business or farm profits, certain welfare programs, disability, inheritance, gambling or contest winnings, or retirement benefits and other types of taxable and nontaxable income.

Independent Student: A student who meets any of the following criteria:

  • Born before January 1 of the year indicated on that particular FAFSA
  • A graduate or professional student
  • Married
  • Has children or legal dependents
  • On active duty or considered a veteran of the U.S. Armed Forces
  • An orphan or ward of the court
  • Considered an Emancipated Minor (by court decision)
  • Under Legal Guardianship (by court decision)
  • Homeless or at risk of being homeless

Independent students report only their own income and assets (and those of a spouse) when applying for financial aid. Parents of independent students are not eligible for Direct PLUS Loans.

Interest rate: The cost of borrowing money. Student loan interest rates are generally lower than standard loan rates. This rate may be fixed or variable.

Legal dependent (for dependency determination): A child or other person (other than a spouse) who lives with and receives more than half of his or her support from the student and will continue to receive that support during the school year.

Legal guardian: A court-appointed individual whose guardianship responsibilities include using personal financial resources to support the person in his or her charge.

Lender: An entity offering loans to students; it can be a private company or bank, the government (Direct Loans), or an educational institution.

Less than half-time student: An undergraduate taking less than 6 credits per term or graduate student taking less than 5 credits per term. Students enrolled less than half-time are ineligible for financial aid under most circumstances.

Lifetime Eligibility Used (LEU):  The amount of Federal Pell Grant funds a student has received over his or her cumulative enrollment. Eligibility for the Federal Pell Grant is limited by federal law and is limited to the equivalent to six years of funding for full-time study. Once this limit is reached a student is no longer eligible for Federal Pell Grant funds.

Loan: A type of financial aid that the student must repay, usually with interest.

Loan Counseling: Counseling sessions that borrowers must complete before receiving their first loan disbursements (entrance counseling) and again before leaving school (exit counseling).  Counseling ensures students know their rights and responsibilities with borrowing a loan at the time they borrow and before they enter repayment.

Loan Servicer:  A company that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a federal student loan on behalf of a lender. If you're unsure of who your federal student loan servicer is, you can look it up in "My Federal Student Aid."

Master Promissory Note (MPN): Is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education (Direct Loans). Additional Promissory Notes may be required for private loans.

Merit-based aid: Assistance that is awarded because of a student's achievements or talent in a particular area, such as academics or athletics.

National Student Loan Data System (NSLDS):  NSLDS is the U.S. Department of Education’s database for federal student financial aid where you can find out about the aid you’ve received. If you’ve only just applied for aid, you won’t find any information on NSLDS yet. NSLDS receives data from schools, guaranty agencies, and U.S. Department of Education programs. You can access NSLDS at www.nslds.ed.gov/nslds_SA/

Need: The difference between Missouri S&T cost of attendance and a student's (and family's) ability to pay. Ability to pay is represented by the EFC.

Net Price Calculator:  A tool that allows current and prospective students, families, and other consumers to estimate the net price of attending a particular college or career school. For Freshman, http://sfa.mst.edu/calculator/  or for Transfer students, http://sfa.mst.edu/transfercalculator/

Origination fee: A fee charged by the federal government and deducted from the loan proceeds before disbursement to help reduce the cost of supporting low-interest loans. Currently assessed on Direct Loans.

Out-of-Pocket Cost: The difference between the cost of attendance and just the grants and scholarships and other gift aid in the need-based financial aid package. It reflects the bottom line cost to the family, the amount the family will need to pay out of current and future resources, such as savings, income and loans.

Out-of-state tuition: The tuition charged by institutions to those students who do not meet the institution’s or state’s residency requirements.

Overaward: A situation in which the student's financial aid exceeds the calculated financial need or Cost of Attendance. Federal and state student aid programs do not allow overawards.

Prepayment: Any amount paid on a loan by the borrower before it is required to be paid under the terms of the promissory note. There is no penalty for prepaying principal or interest on Direct Loans.

Principal: Amount a person borrows (which may increase as a result of capitalized interest) and the amount on which interest is paid.

Repayment schedule: A statement provided by the lender or servicer of a loan to the borrower that lists the amount borrowed, the amount of monthly payments, and the date payments are due.

Room and Board:  An allowance for the cost of housing and food while attending college. Room and Board average costs are usually based on the average cost for a student living on-campus even if the students live off-campus.

Satisfactory academic progress (SAP): The academic standard, as determined by Missouri S&T, in compliance with federal regulations that a student must meet to continue receiving financial aid.  http://sfa.mst.edu/policiesprocedures/

Scholarships: A form of financial aid that does not have to be repaid. Scholarships are often restricted to students in specific courses of study or with academic, athletic, or artistic talent. Schools, non-profit organizations and private entities award them.

Selective Service Registration: Males (and students who were born male) ages 18 to 25 must register for the military draft in order to qualify for federal financial aid.

Servicer: See Loan Servicer

Student Aid Report (SAR): The notification to the student of the results of processing the FAFSA.

Taxable Income:  Income earned from wages, salaries, and tips, as well as interest income, dividend income, business or farm profits, and rental or property income.


Three-quarters-time student: An undergraduate student taking 9-11 credits per term or a graduate student taking 6-8 credits per term.

Unmet Need: Schools can’t always provide each student with the difference between their ability to pay and the cost of attending the institution. When schools award less financial aid than the student needs, the gap is called “unmet need.”

Variable interest: Rate of interest on a loan that is tied to a stated index and changes at intervals specified in the promissory note.

Verification: The process to confirm an individual student's application data. Students and parents must submit tax returns and other supporting documentation if asked.

William D. Ford Federal Direct Loan Program: Full name of the Direct Loan Program. The William D. Ford Federal Direct Loan Program comprises three loan programs: Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans (collectively referred to as Direct Loans), Direct Plus Loans, and Direct Consolidation Loans.