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08-03-2011 01:08 AM

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Peter principle (M1)<br />The hypothesis that in a hierarchical organization each person rises to the level of his or her incompetence and stays there. Poor information within INTERNAL LABOUR MARKETs is largely responsible for this. Professor Lawrence J. Peter (1920-90) of the University of Southern California sadly formulated this principle after extensively studying many organizations.<br /> <br /><em>Reference</em><br />Peter, L. and Hull, R. (1969) The Peter Principle: Why Things Always Go Wrong, London: Souvenir Press.

<strong>HEA</strong> – the Higher Education Act of 1965, as amended, which created the federal student aid programs.

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sponsor demand (DO)<br />A demand for a good or service paid for by a person other than the consumer, e.g. the commercial financing of sporting events.<br /><em>See also:</em> market demand; option demand

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08-03-2011 01:34 AM

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convergence criteria (F3)<br />The five macroeconomic rules set out in the Treaty of Maastricht for member countries of the European Union to enter the single currency, the euro: the public deficit to be no more than 3 per cent of GDP; average inflation rate over 1997 not to exceed 1.5 per cent of the three bestperforming member states; gross government debt to be less than 60 per cent of GDP; the national currency to fluctuate within the margins set by the Exchange Rate Mechanism for at least two years, avoiding devaluation and severe tensions; long-term interest rates to be no more than 2 per cent of the three member countries with the greatest price stability.

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diversification discount (M2)<br />The discount arising from a firm having several divisions each with the authority to make investments. The discount occurs owing to the lack of co-operation between divisions.
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08-03-2011 01:57 AM

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<strong>PG</strong> – Print and Guarantee, a type of application process flow within the FFEL Program and outlined in CommonLine file specifications. In a “PG” process flow, the school submits loan application information to the guarantor or lender, and that entity then either mails a paper MPN to the borrower for completion or makes the application available online for the borrower to access and complete. Once the borrower completes his/her portion of the application process, the loan is guaranteed. A PG process often works well for PLUS loans, whereby the borrower must first pass a credit check before the loan can be guaranteed.

Federal Trade Commission (L5)<br />US federal commission established in 1914 to maintain competitive enterprise in the USA and formulate competition policy. It seeks to prevent general trade restraints and price discrimination and to ensure accurate credit cost disclosure. The commission enforces its judgements through voluntary co-operation with the offending parties or through litigation.<br /><em>See also:</em> antitrust

<strong>SMART Grant</strong> – Science and Mathematics Access to Retain Talent, a new federal grant available as of July 1, 2006. Eligibility for this grant is based on science and math curriculum and academic performance as well as financial need. May also be referred to as the National SMART Grant Program.
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08-03-2011 02:02 AM

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08-03-2011 02:19 AM

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<strong>Estimated need cutoff</strong> – The estimated need amount that students must demonstrate to qualify for the Gallagher and College Guarantee programs. The MDHE estimates the need cutoff each spring; the actual need cutoff is determined immediately prior to setting spending authority in FAMOUS.

New Approach, New York: Columbia University Press.
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establishment (M1)<br />A place of business, a factory or a plant which is part or the whole of a firm.

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08-03-2011 02:43 AM

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pyramid selling (M3)<br />The sale by companies of goods and services to individuals who then act as retailers, often in their own homes. Goods such as cosmetics and kitchen utensils have been sold in this way. This marketing method, which first appeared in the USA in the late 1940s and in the UK in the 1960s, has often been criticized because of the pressure applied by firms to persuade their agents to buy the goods themselves and to recruit others. Also known as multilevel marketing. & Q
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<strong>Source, The</strong> – MDHE' s Guide to grants, scholarships, loans and more-Outlines all of the state student financial assistance programs. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml.
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08-03-2011 03:08 AM

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<strong>Servicer</strong> – An entity that enters into a contract with a program participant to administer any aspect of its participation in a Title IV program. Schools, lenders, secondary markets, guarantors, and the federal government may all employ servicers. MOHELA, Nelnet, and Sallie Mae are all FFEL Program servicers operating in the state of Missouri.
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health economics (Il)<br />Evaluation of the effectiveness of health care, particularly by examining the social OPPORTUNITY COSTS of alternative forms of treatment. The peculiar nature of the market for health care - that doctors have a major influence on both demand and supply -has attracted attention, as has the study of the options available for financing such services.<br /><em>See also:</em> quality-adjusted life years <br /><em>Reference</em><br />Drummond, M.F (1980) Principles of Economic Appraisal in Health Care, Oxford: Oxford University Press.<br /> Folland, S., Goodman, A.C. and Stano, M. (2001) The economics of health and health care, 3rd edn, Upper Saddle River, NJ: Prentice HaiL McGuire, A., Henderson, J. and Mooney, G. (1987) The Economics of Health Care, London: Routledge.<br /> Smith, G.T (1987) Health Economics: Prospects for the Future, London: Croom Helm.<br /> Zweifel, P. and Breyer, F. (1997) Health economics, New York and Oxford: Oxford University Press.

coefficient of variation (C1)<br />The ratio of a STANDARD DEVIATION to an ARITHMETIC MEAN of a set of values, usually expressed as a percentage. This is a better measure of the dispersion of a set of values than the standard deviation as it can be used for different measures with different magnitudes and can cope with two measures expressed in different units, e.g. monetary and physical.

<strong>Award Year (AY)</strong> – The standard federal definition of an award year is July 1 through June 30. (Note: the acronym “AY” may also refer to the Academic Year or Aid Year.)
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08-03-2011 03:30 AM

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<strong>Termination</strong> – withdrawal of the eligibility of a school, lender, or servicer to participate in a guarantor' s programs.
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European Union controls have been progressively abandoned.

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Child, Sir Francis, 1684!-1740 (B3)<br />In 1721 he became head of the family banking firm Francis Child & Co.; elected Member of Parliament for Middle###### in 1727 and 1734, Lord Mayor of London in 1731. He introduced promissory banknotes in 1729, thereby abandoning the GOLDSMITH BANKING SYSTEM.
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08-03-2011 03:55 AM

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zero growth (EO, 04)<br />The characteristic of an economy m a STATIONARY STATE. CLASSICAL ECONOMISTS feared the movement of the economy to stationarity, excepting John Stuart MILL who was willing to approve of no growth, providing that there was a satisfactory income distribution. In modern advanced economies this has been suggested as a goal on the grounds that growth of the GROSS NATIONAL PRODUCT generates SOCIAL coSTS in the form of pollution, congestion and more arduous work, as well as running down non-renewable resources too rapidly. Zero growth is often expressed as a condemnation of all growth rather than an attack on particular undesirable economic activities. However, changes to more environmentally-friendly production techniques make economic growth more acceptable.<br /><em>See also:</em> Club of Rome

Marshall Plan (N1, 02)<br />US AID to sixteen coun tries of Western Europe proposed by General George Marshall, US Secretary of State, which, in the form of economic and military grants and loans, amounted to $16.4 billion in the period 1948-52. Western Europe's loss of overseas investments, the ending of much of its trade with Eastern Europe and the decline in its TER MS OF TRADE necessitated outside help. In 1946, la rge European balance of payments deficits required immediate US assistance consisting of shipfrom generous: more was given after the plan than during the period of its operation. The Marshall Plan hoped to create a new international order by linking Europe, North America and the Third World. The USA would purchase raw materials from less developed countries which would then be able to buy expor ts from Western Europe. The economic plight of East European countries after 1989 has prompted demands for a simila r ma jor aid initiative.<br /><em>See also:</em> European Bank for Reconstruction and Development <br /><em>Reference</em><br />Hogan, M.L {1987) The M arshall Plan: America, Britain and the Reconstruction of West ern Europe, 1947-52, Cambridge and New York: Cambridge University Press.<br /> Wexler, L {1983) The M arshall Plan Revisited: The European Recovery Pro gram in Economic Perspective, Westport, CO: Greenwood.
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<strong>Guarantor (or guaranty agency)</strong> – A state or private nonprofit organization that has an agreement with the U.S. Secretary of Education to administer the FFEL Program. The MDHE is Missouri' s state-designated guaranty agency.

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08-03-2011 04:19 AM

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<strong>Cost of Attendance (COA)</strong> – An estimate of a student' s total education-related expenses for an enrollment period.
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general union (J5)<br />A TRADE (LABOR) UNION which organizes workers from different occupations and industries, e.g. the Teamsters (USA), the Transport and General Workers' Union (UK). General unions are often so large as to dominate a national trade union movement.<br /><em>See also:</em> craft union; industrial union

<strong>Missouri College Guarantee PLUS Program</strong> – A scholarship program based on financial need, academic achievement, and participation in the federal TRIO Programs. This scholarship program was administered by the MDHE through the 2006-07 academic year and was replaced by Access Missouri August 28, 2007.

New Earnings Survey (J3)<br />An annual survey of UK earnings published by the Department of Employment in 1968 and every year from 1970. It provides detailed statistics on the occupational, industrial and regional distributions of employment incomes.

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08-03-2011 04:43 AM

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<strong>Expected Family Contribution (EFC)</strong> – The amount the student or student' s family is expected to pay toward the student' s cost of attendance as a result of the Federal Need Analysis Methodology.
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<strong>Standard repayment schedule</strong> – A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period OR pays an amount that is adjusted to reflect annual changes in a variable-rate loan.
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<strong>DFee</strong> – Default Fee, a fee required by the Deficit Reduction Act of 2005. All Stafford and PLUS Loans guaranteed on or after July 1, 2006 must be assessed a one percent fee. The fee either must be deducted from the borrower' s loan proceeds at the time of disbursement or paid by a third party from other non-federal sources (such as a lender or servicer). This fee is also referred to as FDF.

<strong>SAR</strong> – Student Aid Report, the paper output record provided to the student after completing the FAFSA. The SAR contains the student' s EFC and results of federal database matches. The electronic version of the record, which is sent to the school, is called the ISIR.

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08-03-2011 04:52 AM

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08-03-2011 05:05 AM

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<strong>Midwest Student Exchange Program (MSEP)</strong> – This program ensures reduced tuition rates to Missouri residents who enroll in designated academic programs at participating schools in Kansas, Michigan, Minnesota, Nebraska, North Dakota, and Wisconsin. (Residents of those states may enroll in designated academic programs at participating Missouri schools.) More information is available at: http://www.mhec.org/.
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08-03-2011 05:29 AM

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domestic credit expansion (E5)<br />Growth of the money supply, adjusted by the deficit or surplus on the BALANCE oF PAYMENrs current and capital accounts. It consists of the PUBLIC SECTOR BORROWING REQUIREMENr less net sales of public sector debt to the non-bank private sector and bank lending to the private and overseas sectors. The reasoning behind this measure is that a balance of payments deficit leads to a reduction in the expansion of the domestic money stock through excess spending overseas. Conversely, a money supply expands with a balance of payments surplus, increasing foreign currency reserves. This measure was intended to produce a monetary aggregate suitable for open economies. It was first used in the UK in 1968 when it was monetary target popular with the INTERNATIONAL MONETARY FUND.<br /><em>See also:</em> monetarism; money supply

ex ante variables (EO)<br />Measures of what is planned or intended, e.g. intended investment. These have been USed since the STOCKHOLM SCHOOL and Keynesians started modern macroeconomics; increasingly ex ante measures have been used to estimate EXPECTATIONs. In practice, surveys of business enterprises are used to ascertain intended levels of production, investment and employment.<br /><em>See also:</em> ex post variables
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public good (H4)<br />A commodity or service which is available to everyone in a particular catchment area, cannot be withheld from non-payers and is 'non-rival', i.e. one person's consumption does not diminish that of others. The main examples are national defence, sewerage, street lighting, lighthouses, public health measures such as mass vaccination, and scientific research. As individuals cannot be charged according to consumption for goods and services collectively provided, it is usual to finance their production by taxation. Although the provision of public goods was small until the twentieth century, writers as early as PETTY, SMITH and John Stuart MILL argued for their existence. It is not always easy to distinguish between a public and a private good as some private goods gratuitously benefit third parties, e.g. maintaining a garden in a beautiful condition confers pleasure on many people in the vicinity.<br /><em>See also:</em> club good; local public good; mixed good; private good
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08-03-2011 05:51 AM

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<strong>FAA</strong> – Financial Aid Administrator, a staff member at an eligible school who administers financial aid programs.
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08-03-2011 06:41 AM

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<strong>Late disbursement</strong> – A disbursement made by a lender after the end of the loan period or the date on which the student ceased to be enrolled at least half time.
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<strong>Mapping Your Future (MYF) Online Stafford Entrance Counseling Leaflet</strong> – A guide for completing entrance counseling online through Mapping Your Future. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml

economic underpinning (PO)<br />The economic activities which finance a society. Previously this support was mainly agricultural and industrial; now it is increasingly based on information.

social contract (J5)<br />An agreement, also known as the 'social compact', lasting from March 1974 to July 1975 between the UK Labour government and TRADE UNIONS to grant various social benefits, pro-labour union laws, price controls and higher public expenditure in return for the trade-unions-organized restraint of wages. The government kept its promises; the unions failed to restrain pay rising in twelve months by 32 per cent. Rather different from Rousseau's celebrated philosophy of that name.
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08-03-2011 07:06 AM

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<strong>Base year</strong> – For need analysis purposes, the calendar year preceeding the award year.

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<strong>Repurchase (of a claim)</strong> – The lender' s purchase of a defaulted loan from the guarantor that bought the claim.
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scalar principle (M1)<br />Within organizations, this principle dictates that managerial authority and responsibility should flow continuously from the highest person to the lowest in the hierarchy.
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08-03-2011 08:48 AM

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stationary state (EO)<br />The position of an economy with zero output growth, the rate of profit at a minimum and only subsistence wages. CLASSICAL ECONOMISTS, with economic DEVELOPMENT as one of their central concerns,
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intrapreneur (L2)<br />A company employee who is financed by his/her employer to set up an independent company and become a subcontractor. This financial arrangement gives talented persons greater independence than regular work in a large organization would provide.<br /><em>Reference</em><br />Lessen, R. (1987) Intrapreneurship: How to be an Enterprising Individual in a Successful Business, Aldershot: Wildwood House.

<strong>Administrative forbearance</strong> – A temporary suspension, reduction, or time extension for making principal and/or interest payments on a FFEL Program loan. During any period of forbearance, interest continues to accrue on the loan.
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picketing (J5)<br />Verbal or physical persuasion of workers not to enter the premises of a firm where there is an INDUSTRIAL DISPUTE. In the UK, only peaceful picketing to convey information by no more than six pickets assembled is legal.
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08-03-2011 09:40 AM

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<strong>NOG</strong> – Notice of Loan Guarantee and Disclosure Statement, which is sent to lenders upon the guarantee of a loan by the MDHE. The lender then sends a copy of the NOG to the borrower.

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special employment measures (J2)<br />A variety of UK schemes to reduce unemployment of particular types. The Job Release Scheme aims to cut labour supply; the Community Programme and Enterprise Allowance aim to create jobs, especially for the long-term unemployed; and the Youth Training Scheme and Young Workers Scheme aim to cut youth unemployment.

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limit order (G1)<br />An order to buy a SECURITY at or below a specified price or to sell it for at least a particular price.<br /><em>See also:</em> market order

Economic and Social Council (FO) United Nations council elected by the General Assembly of the UN to co-ordinate its economic and social work. Its commission's remit includes population, human rights, the status of women, drugs and regional problems. It has fifty-four members.

homeless (R2)<br />The condition of being without any housing. This occurs because of insufficient income to pay the market rates for purchasing or renting a home or because of an insufficient housing supply. Rent controls by reducing the supply of private sector housing and insufficient repairs to the national housing stock magnify this problem. Geographical mobility from poorer to richer parts of a country, especially a capital city, produces hordes of homeless people who often in desperation have to use discarded cardboard boxes as shelter.

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08-03-2011 10:33 AM

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<strong>Grace period</strong> – The period that begins the day after a Stafford Loan borrower ceases to be enrolled at least half time and ends the day before the repayment period begins. During the grace period, the borrower is not required to make payments on the principal of the loan.

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quality-adjusted life years (Il)<br />A year of life adjusted by expected health or illness. A year of healthy life expectancy = 1, of unhealthy life expectancy < 1.<br /> Health care is beneficial if it generates positive QALYs; efficient health care activity occurs where cost per QALY is as low as possible. As low cost per QALY health care is prioritized, this approach to allocating health resources is criticized for its bias against the old and very sick.<br /><em>See also:</em> health economics <br /><em>Reference</em><br />Harris, J. (1987) 'Qualifying the value of life', Journal of Medical Ethics 13: 117-23.

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08-03-2011 11:00 AM

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ceiling price (D4, L5)<br />Maximum price set under a system of price control. If, as is often the case, this price (OC in the figure) is less than the market equilibrium price OE, there will be excess demand MN and some need for rationing to allocate goods.

freezing assets/an account (K2)<br />Making the owner of an asset or a depositor unable to use or transfer the amounts deposited with a financial institution because of a court or other order against the order. The assets become ILLIQUID.

neutrality of money (E4)<br />A money supply able to affect the price level but not real output and employment. This view of money is challenged by NEOKEYNESIAN economists, who argue that an increase in the money supply, by causing a shift in the LM curve, will bring down interest rates and increase real output.<br /><em>See also:</em> classical dichotomy
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<strong>Nelnet</strong> – A for-profit FFEL Program secondary market and servicer that originates, disburses, services, and purchases FFEL Program loans.

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08-03-2011 11:26 AM

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<strong>State Student Financial Aid Committee</strong> – A committee of Missouri financial aid administrators established in February of 2005 to make recommendations to improve and strengthen the Missouri student financial assistance programs. (Formerly known as “the state aid program task force.” )
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<strong>SAP</strong> – Satisfactory Academic Progress. To remain eligible for most types of financial aid, the student must maintain satisfactory academic progress as defined by the school.
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<strong>GB</strong> – Graduate borrower, a loan type within CommonLine file specifications used on/after July 1, 2006 to designate a PLUS Loan made to a graduate or professional student as a Grad PLUS Loan. Grad PLUS Loans display within the MDHE' s online product, MODEL Direct, as “GB.”

entrepreneur (M1)<br />The fourth FACTOR OF PRODUCTION, after land, labour and capital, which organizes production and undertakes the risk of an enterprise. In JOINT STOCK COMPANIES, the risk bearing is undertaken by the shareholders; in small businesses, usually by the manager-proprietor. The idea of entrepreneurship was introduced into economics by CANTILLON, literally to mean the 'undertaker', i.e. a person who buys at a fixed price and sells at an uncertain price. Subsequently different economists debated alternative definitions, which include riskbearer, organizer of production, innovator and decision-maker in circumstances which give people unequal access to information. New entrepreneurs are often well-educated persons with managerial experience having small firms in areas with wealthy local markets.<br /><em>Reference</em><br />Casson, M.C. (1982) The Entrepreneur: An Economic Theory, Oxford: Robertson. Gilder, G. (1984) The Spirit of Enterprise, New York: Simon & Schuster; Harmondsworth: Viking, Penguin.<br /> Knight, F.H. (1921) Risk, Uncertainty and Profit, Chicago: Chicago University Press.<br /> Schumpeter, J.A. (1934) The Theory of Economic Development, Cambridge, MA: Harvard University Press; London: H. Milford.

redemption date (GO)<br />The date by which a fixed-term stock must be repaid by the government, company or corporation which has issued it.

Kitchin cycle (E3)<br />A cycle in general economic act1v1ty of three to five years' duration, mostly caused by changes in inventories (stocks). Kitchin first identified this type of fluctuation in 1923. When economists refer to the 'business cycle' they often mean this cycle.<br /><em>See also:</em> Juglar cycle; Kondratieff cycle; Kuznets cycle <br /><em>Reference</em><br />Kitchin, J. (1923) 'Cycles and trends in economic factors', Review of Economics and Statistics 5: 10-16.
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sharecropper (Ql)<br />A tenant farmer who pays the rent in kind as a percentage of his or her crops. In return the landlord provides seed, fertilizers, implements and other non-labour inputs. This type of JOINT VENTURE is a common feature of agriculture in less developed countries and regions. The relative shares of landlord and tenant will depend on the scarcity of labour relative to capital and local culture. The landlord's share is much larger in Middle Eastern countries than in southern Europe. In developed countries, unlike Third World countries, sharecroppers will be compensated for permanent land improvements and will be granted longer leases to encourage the development of agriculture.<br /><em>Reference</em><br />Byres, T.J. (ed.) (1983) Sharecropping and Sharecroppers, London: Cass.
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currencies of the world (F3) see Appendix A

<strong>Smart Approach to Student Loans and Consumer Debt</strong> - A comprehensive guide to understanding a student loan from start to finish. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml.

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martingale (C7)<br />Originally a French betting system in which the stakes are doubled after each loss to assure a favourable outcome with a high probability of success. This mathematical model of a fair game, a stochastic process, has been applied to the analysis of asset prices, particularly to see whether the rates of return to assets are such that asset prices and cumulated dividends at their present values are equal to the discounted value of a mutual fund.<br /><em>Reference</em><br />Hall, I' and Heyde, C.C. (1980) Martingale Limit Theory and its Applications, New York: Academic Press.<br /> Le Roy, S.T. (1989) 'Efficient capital markets and martingales', Journal of Economic Literature 27 (December): 1583-621.

<strong>Guarantee</strong> – A conditional legal obligation for the guarantor to reimburse the FFEL Program lender for some portion of a loan that is not repaid by the borrower due to default, death, disability, or other reason defined in federal regulations.

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<strong>SLAP</strong> – St. Louis area group of financial aid professionals.

sector DEREGULATION in New York and London caused these agencies to flourish.
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Keynesian equilibrium (EO)<br />A short-term equilibrium in a static model of an economy which is not necessarily a FULL-EMPLOYMENT equilibrium.

option demand (DO)<br />Demand for a good or service which is usually not consumed by the person rega rding it as desirable, e.g. private car users may desire there to be a public transportation service not for themselves but for those who cannot a fford private transportation. A high option demand can reduce the price of the good or service in question: demand for insurance is of this kind - the more entering an insurance scheme, the lower the premiums for insuring against a particular risk.<br /><em>See also:</em> sponsor demand
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08-03-2011 01:30 PM

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dual federalism (H7)<br />A loose form of federalism in which the federal and state levels act separately but in paralleL This traditional view of the US Constitution implies that federal government is mainly concerned with interstate commerce with production being the concern of the states.<br /><em>See also:</em> co-operative federalism; fiscal federalism; new federalism
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indirect factor content (D2)<br />The total amount of the FACTORS OF PRODUCTION used in all stages of production prior to the last to achieve a particular output.

dual exchange rate (F3)<br />The two values of a currency determined separately for different sets of monetary transactions. A fixed exchange rate can be used for normal commercial transactions and a floating rate for capital account transactions. Mexico has followed this system.<br /><em>See also:</em> multiple exchange rate
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indirect utility function (D3)<br />The total utility of a consumer related to the prices of consumption goods and the consumer's income.<br /><em>See also:</em> direct utility function

scarcity index (DO)<br />The real cost of capital and labour inputs per unit of an extractive output which is expressed as an index of the prices of extractive outputs relative to non-extractive outputs.<br /> <br /><em>Reference</em><br />Barnett, H.J. and Morse, C. (1963) Scarcity and Growth: The Economics of Natural Resource Availability, Baltimore, MD: Johns Hopkins University Press.
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occupation (J2)<br />The work activity of a person defined according to the education, skill, responsibility and experience demanded by an employer.<br /><em>Reference</em><br />International Labour Organisation (1968) The International Standard Classification of Occupations, Geneva: ILO.

<strong>Special allowance</strong> – A percentage of the daily average unpaid principal balance paid to a lender by the U.S. Department of Education on eligible FFEL Program loans. Special allowance is only paid when the regulatory maximum student loan interest rate is below market rates.

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Plaza Two (F3)<br />An agreement of the GROUP oF FrvE in Paris in February 1987 to support the US dollar by attempting to increase Japanese and West German imports and to stabilize leading currency rates at the same levels.

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administered pricing (D4, M2)<br />The practice of setting prices according to a formula, irrespective of the short-run forces of demand and supply. This is possible because of the market power of monopolistic and oligopolistic firms. As it is expensive to change prices (e.g. new catalogues have to be printed) and as there is always the possibility of adverse consumer reaction, there is a tendency for prices to be more rigid when administered. As part of an anti-inflation programme, especially in wartime, governments will administer major prices, the prices of goods and services prominent in most consumers' budgets; in these circumstances the rules for increasing prices are strictly laid down. Most administered prices are calculated by adding a profit margin to AVERAGE COST.<br /><em>See also:</em> mark-up pricing <br /><em>Reference</em><br />Means, G.C. (1935) 'Industrial prices and their relative inflexibility', Senate Document No. 13, Washington, DC: US Government Printing Office.
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<strong>MSGP</strong> – Missouri Student Grant Program. Original name for the Charles Gallagher Student Financial Assistance Program, which was discontinued after the 2006-07 academic year and replaced by Access Missouri on August 28, 2007.

<strong>Missouri Department of Higher Education (MDHE)</strong> – The Missouri state agency overseeing the state' s higher education systems and related policies and administering student aid programs, including FFELP loans and state aid programs such as the Bright Flight Scholarship. Sometimes referred to as the DHE. The agency' s website may be found at www.dhe.mo.gov.

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debt-led growth (04)<br />Economic development financed by borrowing, usually from foreign countries. This turned out to be a disastrous policy in the 1970s leading to the THIRD WORLD DEBT PROBLEM.

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<strong>NCES</strong> – National Center for Education Statistics. The NCES is a division of the U.S. Department of Education and the Institute of Education Sciences and is the primary federal entity for collecting and analyzing data related to education. The NCES collects IPEDS data from schools.
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history include Railroads and American Growth: Essays in Econometric History (1964), which asserted that railways made only a small contribution to the growth of the US gross national product, and Time on the Cross: the Economics of American Slavery (1974, with Stanley Engerman), which stated that slavery was economically efficient although morally repugnant. in 1993 he shared with NORTH the NOBEL PRIZE FOR Eo:lNOMICS.
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<strong>Less than half time (LTH)</strong> – An enrollment status indicating the student is carrying less than a half-time academic workload, as determined by the school. Students who are less than half time are not eligible to borrow FFEL Program loans.

<strong>Multiple disbursements</strong> – Disbursement of FFEL Program loans in two or more installments of approximately equal increments.
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active fiscal policy (H3, H5)<br />Frequently used discretionary fiscal policy. Using this, a government makes many changes in its spending and taxation, instead of relying on automatic stabilizers, to achieve a desired level of aggregate demand.
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They jointly wrote Die Heilige Familie (The Holy Family) (1845), Die Deutsche Ideologie (The German Ideology) (1845 - 6) and Manifest der Ki:Jmmunistischen Partei (The Communist Manifesto) (1848). Engels is also noted for his Umrisse zu einer Kritik der Nationalokonomie (Outlines of a Critique of Political Economy) (1844) and Die Lage der arbeitenden Klasse in England (The Condition of the Working Class in England) (1945), as well as his posthumous editing of the second and third volumes of Marx's Das Kapital. His frequent financial help to the Marx family maintained his great friend in his chosen career. Living in retirement for twenty-six years, he was able to reconstruct the remainder of Marx's Das Kapital from mounds of notes.<br /><em>Reference</em><br />Carver, T (1983) Marx and Engels: The Intellectual Relationship, Brighton: Wheatsheaf.<br /> Henderson, WO. (1976) The Life of Friedrich Engels, 2 vols, London and Portland, OR: Frank Cass.

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<strong>FSA Handbook</strong> – Federal Student Aid Handbook, a guide to administering the Title IV financial aid programs, published annually by the U.S. Department of Education.
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price taking (L2)<br />A firm's acceptance of market prices as its own prices because it has no influence over market price determination. This occurs in markets in which each firm has only a small proportion of the total output or sales. Under PERFECT COMPETITION, all firms are price-takers.
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<strong>FT</strong> – Full Time, an enrollment status indicating the student is carrying a full academic workload as determined by the school.
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<strong>Nonsubsidized loan</strong> – A loan that is not eligible for federal interest benefits. (Note: nonsubsidized loans were offered by some guarantors before the introduction of the unsubsidized Stafford Loan Program.)

<strong>Default Fee subsidy</strong> – Term used to refer to a Default Fee that is paid by a third party on behalf of the borrower.

disposable income (D3, H2)<br />1 PERSONAL !NCOME plus TRANSFER !NCOME net of all taxes levied on incomes.<br /> 2 The amounts of money a person can spend or save in a given time period.<br /><em>See also:</em> final income

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<strong>Proration</strong> – A reduction of the standard annual loan limit for an undergraduate student if the student' s program or remainder of the program is less than a full academic year in length.

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<strong>AY</strong> – Academic year; the standard federal definition of an academic year is July 1 through June 30. This acronym may also be used to abbreviate “aid year” and “award year.”

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Keynes, John Maynard, 1883-1946 (B3) The most influential Western economist of the twentieth century. With the benefit of an academic background (his father John Neville Keynes wrote an important book on economic methodology before becoming a university administrator), a brilliant degree in mathematics and tuition from MARSHALL in economics, he passed second in the Civil Service examinations. He worked in the India Office from 1906 to 1908, before returning to lecture in economics at Cambridge from 1908 to 1920,

<strong>Assignment of a loan</strong> – Any change in the ownership of a loan.
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