Office of Scholarship
& Financial Aid
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K
LDA
See Last Day of Attendance
Last Day of Attendance
Federal regulations requires schools to monitor attendance of all financial aid recipients and determine the last day of class attendance or participation. If a student did not successfully complete any courses in a semester, we must assume they stopped attending class or were not actively participating in course work beyond the 60th percent point of the semester. If a student does not provide documentation that they attended beyond 60 percent of the semester, we must determine if they owe a refund to financial aid programs.
Lender
A financial institution (bank, savings and loan or credit union) that provides the funds for students and parents to borrow educational loans.
Loan
Money borrowed that must be repaid.
Loan Request Form
A form used once the official Award Notice has been submitted or if one is not available, that allows a student to accept loan funds that were not originally accepted.
Loan Principal
The total sum of money borrowed, before origination fees are deducted.
Minnesota Family Investment Program (MFIP)
Minnesota's state welfare reform program for low-income families with children. The cash benefit received from MFIP is reported on worksheet A of the FAFSA.
Minnesota Financial Aid Estimator
Recommended for MN residents who plan to attend a MN college/university. An estimate of state and federal student aid eligibility. www.getreadyforcollege.org/estimator/firstquestions.cfm
National Science and Mathematics Access to Retain Talent (SMART) Grant
A federal grant of $4000 available during the third and fourth years of undergraduate study to full-time students who are U.S. citizens eligible for the Pell Grant and who are majoring in physical, life or computer sciences, mathematics, technology, engineering, or in a foreign language determined critical to national security. The student must maintain a cumulative GPA of 3.0 or higher.
Need Analysis
A process of reviewing a student's aid application to determine the amount and type of financial aid a student is eligible to receive. Completing a need analysis data collection form (FAFSA) is the required first step in applying for most types of financial aid.
Need Based
Financial aid that is available to students who demonstrate financial need.
Official Award Letter/Notice
The official notification of a student's financial aid. The official award includes a student's eligibility for grants, loans and work study programs. The amounts and types of aid are subject to change as a result of additional awards. The original award notice must be returned in order to process loans.
OSFA
Office of Scholarship and Financial Aid
Origination Fee
A fee charged by the federal government and deducted from loan proceeds before disbursement to partially offset administrative costs of the federal student loan programs.
Outside Scholarships
Scholarships or aid which students may obtain from sources outside the university or the federal/state governments.
Overaward/Overpayment
Any amount of financial aid that exceeds financial need and/or cost of attendance.
PC
See Expected Parent Contribution
PLUS (Parent Loan for Undergraduate Students)
See Parent Loan for Undergraduate Students
Parent Loan for Undergraduate Students (PLUS)
Loan available to parents to help finance an education for students; not based on need.
Pell Grant
Federal grant for which eligibility is determined by the EFC (Expected Family Contribution) and cost of attendance.
Perkins Loan
Federal loan given to students who have exceptional financial need and apply for aid prior to the published deadline. Interest rate is fixed at 5% and charged only when the loan enters repayment. Loan is administered by Minnesota State University Moorhead.
Principal
The amount of loan borrowed. Interest is charged on this amount, and origination fees will be deducted prior to disbursement.
Preliminary Award Letter/Notice
An estimate of financial aid eligibility for incoming freshman only. The amounts and types of aid are subject to change as a result of verification, additional awards and federal and state funding.
Prepayment
Any amount paid on a loan before it is required to be paid in the terms of the promissory note. There is never a penalty for prepaying principal or interest on Direct Loans.
Priority Date
The date the FAFSA must be received by the federal processor for students to be considered for maximum financial aid, including work study, Perkins loan and SEOG. The priority date at MSUM is February 15.
Promissory Note
A legally binding contract between the U.S. Department of Education and a borrower. In this document, the borrower promises to repay the loan. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.
Repayment Schedule
A statement provided by the Direct Loan Servicing Center to the borrower that lists the amount borrowed, the amount of monthly payments and the date payments are due.
Refund
The amount due a student who withdraws or fails to pursue a course of study when funds have been paid to the institution. When an institution determines that a student is due a refund and that the student has received financial aid funds, a portion of the refund must be repaid to the program(s) from which the student received aid.
SAP
See Satisfactory Academic Progress
SAR
See Student Aid Report
Satisfactory Academic Progress (SAP)
The policy of the Office of Scholarship and Financial Aid to measure quantitative, qualitative and maximum time allowed (academic progress) for financial aid eligibility. If a student fails to meet the minimum standards required by this policy, financial aid awarded to that student is suspended. SAP is measured by the completion of at least 67% of attempted credits with a passing grade, not GPA. Students must also complete a degree within 150% of the normal number of credits. For a Bachelor's degree, the maximum attempted credits allowed for financial aid is 180.
SC
See Expected Student Contribution
SELF
See Student Educational Loan Fund
SEOG
See Supplemental Educational Opportunity Grant
SMART Grant
See National Science and Mathematics Access to Retain Talent (SMART) Grant
Student Aid Report (SAR)
A form sent to the student after submitting the FAFSA to the federal processor. The SAR shows the information that was processed and allows the student to make corrections to their information.
Student Educational Loan Fund (SELF)
An alternative educational loan provided by the Minnesota Office of Higher Education (MOHE). The program is unique to Minnesota and MOHE is the only lender in the program. Minnesota residents attending eligible post-secondary institutions in-state or out-of-state, and nonresidents attending eligible post-secondary institutions within Minnesota are eligible to apply.
Student Loan Repayment
A plan that requires a borrower to pay at least $50 a month and allows up to 10 years to pay.
Subsidized Loan
A need-based loan for which the interest is paid by the federal government during in-school, grace, and deferment periods.
Supplemental Educational Opportunity Grant (SEOG)
Federal grant to undergraduate students with exceptional financial need who have not completed their first baccalaureate degree. Priority is given to Pell eligible students who submit a FAFSA by the MSUM priority date.
TANF (Temporary Aid to Needy Families)
See Temporary Aid to Needy Families (TANF)
Temporary Aid to Needy Families (TANF)
The cash benefit reported as untaxed income reported on worksheet A of the Free Application for Federal Student Aid (FAFSA). U
Undergraduate
A student who has not achieved the educational level of completing a baccalaureate degree.
Unmet Need
The amount of financial aid eligibility that is not met with financial aid awards.
Unsubsidized Loan
A non need-based loan on which interest is not paid by the federal government. Borrowers are responsible for interest on all unsubsidized loans from the date the loan is disbursed. Borrowers can elect to pay the interest periodically or allow the interest to accrue. In the Direct Loan program, unpaid interest is capitalized at the end of the six-month grace period.
Verification
A review process to determine the accuracy of the information on a student's financial aid application whereby the school collects documentation (tax returns, W-2's, etc.) to ensure all figures and information the student reported on the FAFSA are correct. If applicable, the school may also request the student's spouse and/or parent(s) information. Approximately 30% of applicants are selected for verification.
Veterans Administration (VA)
Federal agency responsible for Veteran's Affairs.
Z
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Minnesota State University Moorhead | 1104 7th Ave South | Moorhead, MN 56563 USA | 1.800.593.7246
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