Financial Aid and Fee Terminology
The following terms are important:
Census date is normally the last day to add a full semester class per the University academic calendar. Enrollment on the census date determines eligibility and amounts for financial aid awards.
Financial aid package is a combination of different types of financial aid that may make up an award.
Full time refers to enrollment for 12 credit hours or more during the fall, spring or summer semester.
Grant is a type of aid that generally requires no repayment. Eligibility is based on calculated financial need.
Loan is a type of aid that must be repaid, generally after the student is out of school. These low-interest loans may be based on calculated financial need. Some loans are not need-based.
Need is the difference between the average cost to attend MSU for an academic year and the expected contribution from your family. It is a primary factor in determining eligibility for most available aid.
Part-time refers to enrollment for fewer than 12 credit hours during the fall, spring or summer semester.
Residency is an in-state/out-of-state classification for fee assessment purposes; policy guidelines are established and approved by the Kentucky Council on Postsecondary Education. Students or prospective students with questions related to their residency for fee assessment purposes should contact the Office of Enrollment Services for additional information or for the necessary forms used in making a determination.
Scholarships are generally awarded on the basis of academic achievement or special talent. They generally do not have to be repaid. Eligibility requirements and obligations vary from scholarship to scholarship.
Tuition is the fee charged for class enrollment.
Undergraduate is a student who has not completed the requirements for a bachelor's degree.
Work-Study Programs provide part-time employment for eligible students to help with educational expenses. The work schedule is built around the student's academic schedule. Students receive a paycheck for actual hours worked. The award does not credit toward the student's account and/or payment plan.