173.093. Limitations on awards of financial assistance. - Missouri Statutes

Limitations on awards of financial assistance.

173.093. Actual awards of student assistance for students enrolled inapproved public or private institutions of higher education in this state,as defined in section 173.1102, shall be reduced to ensure that no studentreceiving state need-based financial assistance shall receive financialassistance that exceeds the student's cost of attendance. Approvedinstitutions shall comply with the provisions of this section and shall,upon request by the department of higher education, provide financialinformation to the department to determine compliance with the requirementsof this section. An approved institution that has accepted stateneed-based financial assistance in excess of the cost of attendance asdescribed in this section shall refund the excess to the coordinating boardfor higher education. For purposes of this section, "financial assistance"shall not include any student loans or any awards of financial assistancebased solely on a student's academic performance.

(L. 2007 S.B. 389)