Award Notification

Notifications of a student’s financial aid eligibility.

Academic Course Load

Undergraduate students should be registered for an average of 15 credit hours per term in order to graduate in four years.  Twelve (12) credits per term are considered the minimum full-time enrollment.

Budget/Cost of Attendance (COA)

Each institution must establish a budget that will be used to award student aid.  Jackson State University budgets are based on certain categories:  In-State Undergraduate students, Out-of-State Undergraduate students, In-State Graduate students, Out-of-State Graduate students, and Summer Developmental Students.  The Budget/Cost of Attendance (COA) includes estimated costs for tuition (based on 12 credits per term), tuition and fees, room and board, books and supplies, transportation, and personal expenses (laundry, toothpaste, clothing, etc.).  A student’s actual expenses will vary, depending on the number of credits hours enrolled and the student’s living expenses.

Cost of Attendance

The Cost of Attendance consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year.

Costs Payable to the School

Costs Payable to the school (also referred to as direct or billable costs) generally include tuition, fees, housing, and meals/food (for students residing on campus), health insurance (if minimum insurance coverage is not documented), or any other expenses paid to the school for enrollment.

Default

Default is failure to repay a loan according to the terms agreed to when the student/borrower  signed the promissory note.  Default,  also,  may result from failure to submit requests for deferment, forbearance or cancellation on time.  The consequences of default are severe (i.e. garnishing of wages, bad credit, garnishing of tax refunds, etc.)

Disbursement

Disbursement is the application of funds to a student’s account.  If funds are remaining after university charges are paid, then the student will have a disbursement to them, by either electronic funds transfer to their personal bank account or through a check in the mail (per their designation on the Disbursement Authorization Statement).

Educational Loan

Money borrowed from the federal government, a college or university, or a private source like a bank or financial institution to pay for educational expenses and must be paid back with interest.

Eligible Non-Citizen

According to federal guidelines, eligible non-citizen includes:

• U.S. nationals
• U.S. permanent resident who hold either a I-151, I-551 or I-551C card
• Holders of the I-94 form with a notation of Refugee/Asylum Granted /Cuban-Haitian Entrant, Status Pending or conditional Entrant (if issued before April 1, 1980), or Parolee (if paroled for at least 1 year, with evidence provided to USCIS that residence is for other than temporary purpose).
• Note: The following statuses are ineligible for aid:
  • F, G, or J series visa holders
  • I-171 or I-464 holders

 

Enrollment Status

The number of credits, clock hours, or classes the student is enrolled in, or whether they have withdrawn, graduated, etc. Enrollment status affects eligibility for and the amount of financial aid a student may receive. It also affects when student loans enter repayment status.

Expected Family Contribution (EFC)

When a FAFSA is filed with the federal government, the federal processor uses a formula set up by federal regulations to determine the “Expected Family Contribution (EFC)”.  The EFC (in theory) is the amount a student and their family is expected to pay toward school expenses.  The federal formula takes into account many factors, including number of people in the family, number in college, state of residency (some states have a state tax or sales tax) and the age of the older parent.  Per federal rules, the EFC is used in calculating the student’s eligibility for aid; even if, the family/parents cannot or will not contribute to the student’s education.  While costs the at schools will be different, the EFC will stay the same.

Free Application for Federal Student Aid

The Free Application for Federal Student Aid (FAFSA) is the federal application that must be completed for consideration for federal, state, university grants, work-study and loans (including the Federal Stafford, Federal Loan for Parents-PLUS and Grad Plus for Graduates). The FAFSA data is used to determine a student’s financial need for need-based aid and EFC.

Federal Loan

Also known as the Direct Loan Program, which allows eligible students and parents to borrow directly from the U.S. Department of Education at participating colleges or universities. Federal student loans include Direct Subsidized, Direct Unsubsidized and the Direct PLUS programs for parents of dependent students and graduate or professional students.

Federal Direct Graduate PLUS Loan

Direct Graduate PLUS Loans are federal loans that graduate or professional students use to help pay for education expenses. A credit check for adverse credit history is required for eligibility. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins.

Federal Direct Parent PLUS Loan

Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses. Parents must pass a credit check for adverse credit history to qualify for PLUS loans.

Federal Direct Subsidized Student Loan

A Direct Subsidized Loan is an undergraduate federal student loan based on financial need and offers students a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply.

Federal Direct Unsubsidized Student Loan

An unsubsidized loan offers students a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins. Annual and aggregate limits apply.

Federal Pell Grant

The Pell Grant is a federal grant program designed to assist undergraduate students in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A federal grant provided by the institution to qualified undergraduate students who demonstrate exceptional financial need and does not need to be repaid. The amount of funding from this program varies by institution.

Federal Work-Study

Federal Work-Study provides funding for part-time jobs for undergraduate and graduate students with financial need. Unlike grants and loans, FWS is paid to students as they earn the funds by working.

Financial Aid Offer

A financial aid offer is a document sent by a postsecondary institution to a student that outlines the amounts and details of the financial aid being offered to the student, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses. Sometimes schools refer to these as financial aid “awards”, although this term is outdated. Schools should refer to these as financial aid offers.

Financial Need

Financial Need is the difference between the Cost of Attendance (COA) at the university and the Expected Family Contribution (EFC).

Free Application for Federal Student Aid (FAFSA)

The Free Application for Federal Student Aid (FAFSA) is the federal application that must be completed for consideration for federal, state, university grants, work-study and loans (including the Federal Stafford, Federal Loan for Parents-PLUS and Grad Plus for Graduates).  The FAFSA data is used to determine a student’s financial need for need-based aid and EFC.

Grants & Scholarships

Any money provided to students that does not have to be repaid. They can be called grants, scholarships, tuition remissions, gift aid, or tuition waivers. Grants and scholarships are provided based on many different factors.

Loan Entrance Counseling

According to federal requirements, students are required to complete an Entrance Loan Counseling session before they receive their first loan disbursement.  This counseling session is used to advise students of their rights and responsibilities as a borrower.  JSU provides this session online at https://studentaid.gov/.

Loan Exit Counseling

According to federal requirements, students who have received a federal educational loan must complete Loan Exit Counseling upon graduation or termination of enrollment.  JSU provides this session online at https://studentaid.gov/.

Lender

An institution who provides money for loans.  Most lenders are financial institutions, but lenders may also be state agencies or schools.

Merit-based Financial Aid

Financial assistance awarded based on accomplishments, such as academic or athletic performance.

Master Promissory Note (MPN)

The Master Promissory Note (MPN) is the binding legal document a borrower must sign before receiving a student loan.  It lists the conditions for borrowing and the terms under which the student agrees to pay back the loan.  The MPN will include information about the grace period, interest rate, deferment, forbearance, cancellation provisions and the borrower’s rights and responsibilities with respect to the loan   It  is very important that the borrower  read and save this document to refer to it later when it’s time to repay the loan.  The Master Promissory Note is a one-time promissory note signed by all loans borrowed at JSU, as long as they fall under certain conditions.  Contact the Financial Aid Office or the lender for any questions regarding the Master Promissory Note.

National Student Loan Data System (NSLDS)

The National Student Loan database system is a federal website that collects information on student loans.  By using your Federal Student Aid ID (FSA ID), the student can get information on their federal loans, grants, outstanding balances, loan status and disbursements.  Note: NSLDS in not a real-time database.  Agencies update NSLDS on a monthly schedule so the data shown may not reflect recent changes.

Need

The student’s Cost of Attendance minus their Student Aid Index.

Need-based Aid

Financial assistance provided to students based on their financial situation, determined by completing the FAFSA. Need-based financial aid can take different forms, including grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.

Net Price

The difference between the cost of attendance and all grants and scholarships. Net price reflects what the student is expected to pay for their education on their own and can be covered through a variety of sources, including savings, student employment, institutional payment plans, or education loans.

Other Funding Options

Funding options outside of grants and scholarships that a student and their family may use to pay any remaining costs or expenses. This may include loans, student employment, institutional payment plans, or personal savings.

Private Loan

A student or parent loan from a bank, credit union, private company, a nonprofit or state-affiliated lender, or from the college or university directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the student is still enrolled in school.

Satisfactory Academic Progress

Per federal requirements, schools must establish minimum criteria that students must meet to show adequate academic progress (Standards for Satisfactory Academic Progress – SSAP) to continue eligibility for aid.  Please see the JSU catalog for more information.

Selected for Verification

A certain percentage of students who complete the FAFSA will be selected by the federal processor for verification.  The school will then request required documentation to verify the data reported on the FAFSA.  This may include federal income tax return transcripts, verification worksheets and/or other documents.  Notification of documents requested from the Financial Aid Office is posted to the student’s JSU PAWS account.

Student Aid Index (SAI) Formerly EFC (Expected Family Contribution)

The SAI is the eligibility index used to determine your eligibility for federal, and in some instances, state and institutional need-based student financial aid. Generally, students with a higher SAI are eligible for less need-
based financial aid. It is based upon the information provided by the student and their family on the FAFSA.

Student Aid Report (SAR)

Upon completion of the FAFSA, the student will receive a Student Aid Report (SAR).  Once the FAFSA is complete online, this summary will be provided to the student online.  If the student  completed the paper application, this form will be mailed to the student.  It is important to review the information on the SAR and read all comments noted by the federal processor as additional information is sometimes required to complete processing.

Verification 

A federally mandated process to confirm the accuracy of data provided by selected applicants on the FAFSA. To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn’t match what was reported on the FAFSA, verification can result in changes to the student's financial aid eligibility, and/or financial aid offers.

Verification Worksheet

The Verification Worksheet is a form sent from the Financial Aid Office to students who are selected for verification after receipt of the FAFSA data.

Withdrawals

To officially withdraw from Jackson State University, students must contact Undergraduate Studies at 601-979-2127 and the Registrar’s Office at (601-979-2300).  All courses attempted,  including withdrawals, will be used to determine Satisfactory Academic Progress (SAP).