Staff Educational Advancement Initiative
Op1.02-10 Staff Educational Advancement Initiative In furtherance of Missouri State University's investment in its workforce, the University
has established a Staff Educational Advancement Initiative (SEAI), whereby the University
offers forgivable educational loans (Forgivable Loans) to high-performing staff members
who have demonstrated a commitment to continued employment with the University, in
an effort to assist staff members in obtaining advanced degrees that will aid them
in pursuing their chosen career paths. In order to be considered for a Forgivable Loan, a staff member (Candidate) must complete
and submit an application, including a recommendation from their department supervisor or the administrator
of their cost center that the Candidate be considered for a Forgivable Loan. Such
supervisory recommendation must include an explanation as to how the proposed degree
will meet the needs and/or advance the work of the sponsoring department. The application
will then be reviewed by the SEAI Oversight Committee (as defined herein), who will
make a recommendation to the president as to whether the Candidate should be awarded
a Forgivable Loan in light of certain eligibility criteria approved by the president. A Forgivable Loan will not be awarded to a Candidate (a) for a degree that could be obtained at Missouri State
University by accessing the credit course fee waiver; or (b) absent the Candidate's
written commitment to provide a designated period of service to his/her sponsoring
department following successful completion of the advanced degree at issue, with the
designated period of service spanning one (1) year for each $10,000 in Forgivable
Loans awarded. The SEAI Oversight Committee will be comprised of major administrators (or their designees)
of the following departments: The SEAI Oversight Committee will convene and consider the Candidate's application,
including: Following a review of the Candidate's application, the SEAI Oversight Committee will
make a recommendation to the president as to whether a Forgivable Loan should be awarded
to the Candidate and, if so, in what amount and for what duration. The president's
determination shall be final. In the event that a Candidate is awarded a Forgivable Loan, the Forgivable Loan shall
comprise no more than two-thirds (⅔) of the anticipated total cost of tuition, fees
and books for the advanced degree at issue, with the Candidate responsible for funding
the remaining one-third (⅓) of the total cost. With respect to the amount funded by
the university, one-half (½) of the amount will be funded by the President's Enhancement
Fund, and the other one-half (½) will be funded by the sponsoring department. The
maximum amount that the university will loan a Candidate is $10,000 per year, for
a maximum of 4 years. For example, assume that a Candidate is awarded a Forgivable Loan, and that the anticipated
total cost of tuition, fees and books is $12,000 per year. The Candidate would be
responsible for funding $4,000 per year, with the university funding up to $8,000
per year. Of the $8,000 per year funded by the university, $4,000 would be funded
by the President's Enhancement Fund and the remaining $4,000 would be funded by the
sponsoring department. Consistent with IRS regulations, the amount of the Forgivable Loan advanced by the
university to the Candidate is considered taxable income and will be included in the
Candidate's W-2. Upon the award of a Forgivable Loan, the Candidate will be required to execute a Forgivable Loan Program Agreement, which specifies the amount of the loan that the university will provide to the Candidate,
as well as the minimum period of time for which the Candidate must agree to return
to the university and work within the sponsoring department upon the successful completion
of the advanced degree. Thereafter, the university will forgive the loan in stages,
as the Candidate completes the agreed term of work (i.e., at the rate of $10,000 per
year of service following advanced degree completion). Once a Candidate has been awarded a Forgivable Loan and commenced work on the advanced
degree at issue, the Candidate must submit to the SEAI Oversight Committee a transcript
of each semester's work and then, following the completion of all required course
work, documentation of progress made toward completion of any thesis or dissertation,
as applicable. The SEAI Oversight Committee will periodically review the academic
progress of the Candidate and report in writing to the president and major administrator
of the sponsoring unit as to whether adequate advancement toward the advanced degree
is being made. Should the president, after consultation with the SEAI Oversight Committee, determine
that a Candidate is not making satisfactory progress, the Candidate will be notified
and no additional funds will be granted pursuant to the prior award of a Forgivable
Loan. Moreover, if at any time a Candidate's GPA falls below 3.0 or the Candidate
receives a grade of "C" or below on their transcript on the applicable coursework,
absent exceptional circumstances, the university's obligation terminates. Students are expected to successfully complete the program within four (4) years. In the event that a Candidate fails to successfully complete the advanced degree,
the Candidate will be required to repay the University for the amount of the Forgivable
Loan, under the terms and conditions set forth in the Forgivable Loan Program Agreement.Eligibility
Composition of SEAI Oversight Committee
Determination of application of Forgivable Loan
Funding of Forgivable Loan
Taxability of Forgivable Loan
Mechanism of loan forgiveness
Academic progress and timeline for completion
Repayment/con-Completion