{"id":17,"date":"2009-03-03T15:50:15","date_gmt":"2009-03-03T21:50:15","guid":{"rendered":"https:\/\/www.jsums.edu\/financialaid\/?page_id=17"},"modified":"2023-02-09T16:57:40","modified_gmt":"2023-02-09T16:57:40","slug":"commonly-used-terms","status":"publish","type":"page","link":"https:\/\/www.jsums.edu\/financialaid\/commonly-used-terms\/","title":{"rendered":"Glossary"},"content":{"rendered":"<p><strong>Award Notification<\/strong><\/p>\n<p>Notifications of a student\u2019s financial aid eligibility.<\/p>\n<p><strong>Academic Course Load<\/strong><\/p>\n<p>Undergraduate students should be registered for an average of 15 credit hours per term in order to graduate in four years.\u00a0 Twelve (12) credits per term are considered the minimum full-time enrollment.<\/p>\n<p><strong>Budget\/Cost of Attendance (COA)<\/strong><\/p>\n<p style=\"text-align: justify;\">Each institution must establish a budget that will be used to award student aid.\u00a0 Jackson State University budgets are based on certain categories:\u00a0 In-State Undergraduate students, Out-of-State Undergraduate students, In-State Graduate students, Out-of-State Graduate students, and Summer Developmental Students.\u00a0 The Budget\/Cost of Attendance\u00a0(COA)\u00a0includes 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.).\u00a0 A student\u2019s actual expenses will vary, depending on the number of credits hours enrolled and the student&#8217;s living expenses.<\/p>\n<p style=\"text-align: justify;\"><strong>Default<\/strong><\/p>\n<p style=\"text-align: justify;\">Default is failure to repay\u00a0a loan according to the terms agreed to when the student\/borrower\u00a0 signed\u00a0the promissory note.\u00a0 Default, \u00a0also, \u00a0may result from failure to submit requests for deferment, forbearance or cancellation on time.\u00a0 The consequences of default are severe (i.e. garnishing of wages, bad credit, garnishing of tax refunds, etc.)<\/p>\n<p><strong>Disbursement<\/strong><\/p>\n<p style=\"text-align: justify;\">Disbursement is the application of funds to\u00a0a student\u2019s account.\u00a0 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).<\/p>\n<p><strong>Eligible Non-Citizen<\/strong><\/p>\n<p>According to\u00a0federal guidelines, eligible non-citizen includes:<\/p>\n<ul>\n<li>U.S. nationals<\/li>\n<li>U.S. permanent resident who hold either a I-151, I-551 or I-551C card<\/li>\n<li>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).<\/li>\n<li><strong>Note:<\/strong> The following statuses are ineligible for aid:\n<ul>\n<li>F, G, or J series visa holders<\/li>\n<li style=\"text-align: left;\">I-171 or I-464 holders<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Expected Family Contribution (EFC)<\/strong><\/p>\n<p style=\"text-align: justify;\">When a FAFSA is filed with the federal government, the federal processor uses a formula set up by federal regulations to determine\u00a0the \u201cExpected Family Contribution (EFC)\u201d.\u00a0 The EFC\u00a0(in theory) is the amount a student and their family\u00a0is expected to pay toward school expenses.\u00a0 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.\u00a0\u00a0Per federal rules, the EFC is used in calculating the student\u2019s eligibility for aid; even if, the family\/parents cannot or will not contribute to the student\u2019s education.\u00a0 While costs the at schools will be different, the EFC will stay the same.<\/p>\n<p><strong>Federal Work-Study<\/strong><\/p>\n<p style=\"text-align: justify;\">Federal Work Study (FWS) is a need-based work program which allows\u00a0a student to earn money while enrolled at JSU.\u00a0 This program is limited in funding. Students are encouraged to complete the FAFSA early each year (as soon as possible after January 1) to be considered for Federal Work Study.<\/p>\n<p><strong>Financial Need<\/strong><\/p>\n<p>Financial Need is the difference between the Cost of Attendance (COA) at\u00a0the university and the Expected Family Contribution (EFC).<\/p>\n<p><strong>Free Application for Federal Student Aid (FAFSA)<\/strong><\/p>\n<p style=\"text-align: justify;\">The Free Application for Federal Student Aid (FAFSA)\u00a0is the federal application that must be completed for consideration for federal, state,\u00a0university grants, work-study and loans (including the Federal Stafford, Federal Loan for Parents-PLUS and Grad Plus for Graduates).\u00a0 The FAFSA data is used to determine a student\u2019s financial need for need-based aid and EFC.<\/p>\n<p><strong>Loan Entrance Counseling<\/strong><\/p>\n<p>According to federal requirements, students are required to complete an Entrance Loan Counseling session before they receive their first loan disbursement.\u00a0 This counseling session is used\u00a0to advise\u00a0students of their rights and responsibilities as a borrower.\u00a0 JSU provides this session online at <a href=\"http:\/\/www.studentloans.gov\" target=\"_blank\" rel=\"noopener\">www.studentloans.gov<\/a>.<\/p>\n<p><strong>Loan Exit Counseling<\/strong><\/p>\n<p style=\"text-align: justify;\">According to federal requirements, students who have received a federal educational loan must complete Loan Exit Counseling upon graduation or termination of enrollment.\u00a0 JSU provides this session online at <a href=\"http:\/\/www.studentloans.gov\" target=\"_blank\" rel=\"noopener\">www.studentloans.gov<\/a>.<\/p>\n<p><strong>Lender<\/strong><\/p>\n<p>An institution who provides money for loans.\u00a0 Most lenders are financial institutions, but lenders may also be state agencies or schools.<\/p>\n<p><strong>Merit-based Financial Aid<\/strong><\/p>\n<p>Financial\u00a0assistance awarded based on accomplishments, such as academic or athletic performance.<\/p>\n<p><strong>Master Promissory Note (MPN)<\/strong><\/p>\n<p style=\"text-align: justify;\">The Master Promissory Note (MPN)\u00a0is the binding legal document\u00a0a borrower must sign\u00a0before receiving\u00a0a student loan.\u00a0 It lists the conditions for borrowing and the terms under which\u00a0the student\u00a0agrees to pay back the loan.\u00a0 The MPN\u00a0will include information about the grace period,\u00a0interest rate, deferment, forbearance,\u00a0cancellation provisions and the borrower&#8217;s rights and responsibilities with respect to the loan\u00a0\u00a0 It\u00a0 is very important that the borrower\u00a0 read and save this document\u00a0to refer to it later when it&#8217;s time\u00a0to repay the\u00a0loan.\u00a0 The Master Promissory Note is a one-time promissory note signed\u00a0by all loans borrowed at JSU, as long as they fall under certain conditions.\u00a0 Contact\u00a0the Financial Aid Office or\u00a0the lender for any questions regarding the Master Promissory Note.<\/p>\n<p><strong>National Student Loan Data System (NSLDS)<\/strong><\/p>\n<p style=\"text-align: justify;\">The National Student Loan database system\u00a0is a federal website that collects information on student loans.\u00a0 By using\u00a0your Federal Student Aid ID (FSA ID),\u00a0the student\u00a0can get information on their federal loans,\u00a0grants,\u00a0outstanding balances, loan status\u00a0and disbursements.\u00a0 <strong>Note<\/strong>: NSLDS in not a real-time database.\u00a0 Agencies update NSLDS on a monthly schedule so the data shown may not reflect recent changes.<\/p>\n<p><strong>Need-based Financial Aid<\/strong><\/p>\n<p>Financial Aid awarded based on a student\u2019s or family\u2019s financial status.<\/p>\n<p><strong>Satisfactory Academic Progress<\/strong><\/p>\n<p style=\"text-align: justify;\">Per federal requirements, schools must establish minimum criteria that students must meet to show adequate academic progress (Standards for Satisfactory Academic Progress &#8211;\u00a0SSAP)\u00a0to continue eligibility for aid.\u00a0 Please see the JSU\u00a0catalog for more information.<\/p>\n<p><strong>Selected for Verification<\/strong><\/p>\n<p style=\"text-align: justify;\">A certain percentage of students who complete the FAFSA\u00a0will be selected by the federal processor for verification.\u00a0 The school will then request required documentation to verify the data reported on the FAFSA.\u00a0 This may include federal income tax return transcripts, verification worksheets and\/or other documents.\u00a0 Notification of documents requested from the Financial Aid Office is posted to the student\u2019s JSU PAWS account.<\/p>\n<p><strong>Student Aid Report (SAR)<\/strong><\/p>\n<p style=\"text-align: justify;\">Upon completion of\u00a0the FAFSA, the student\u00a0will receive a Student Aid Report (SAR).\u00a0 Once the FAFSA is\u00a0complete\u00a0online, this summary will be provided to\u00a0the student\u00a0online.\u00a0 If the student\u00a0 completed the paper application, this form will be mailed to the student.\u00a0 It is important to review the information on the SAR\u00a0and read all comments noted by the federal processor as additional information is sometimes required to complete processing.<\/p>\n<p><strong>Verification Worksheet<\/strong><\/p>\n<p style=\"text-align: justify;\">The Verification Worksheet is\u00a0a form sent\u00a0from the Financial Aid Office\u00a0to students who are selected for verification\u00a0after receipt\u00a0of the FAFSA data.<\/p>\n<p><strong>Withdrawals<\/strong><\/p>\n<p>To officially withdraw from Jackson State University,\u00a0students must contact Undergraduate Studies at 601-979-2127 and the Registrar\u2019s Office at (601-979-2300).\u00a0 All courses attempted,\u00a0\u00a0including withdrawals, will be used to determine\u00a0Satisfactory Academic Progress (SAP).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Award Notification Notifications of a student\u2019s 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.\u00a0 Twelve (12) credits per term are considered the minimum full-time enrollment. Budget\/Cost of Attendance (COA) Each institution must establish a budget that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/pages\/17"}],"collection":[{"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/comments?post=17"}],"version-history":[{"count":5,"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/pages\/17\/revisions"}],"predecessor-version":[{"id":5322,"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/pages\/17\/revisions\/5322"}],"wp:attachment":[{"href":"https:\/\/www.jsums.edu\/financialaid\/wp-json\/wp\/v2\/media?parent=17"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}