Glossary of Student Loan Related Terms

Master Check

A single check issued from a lender or disbursing agent to a school that includes loan disbursements for two or more borrowers.

Master's Degree

One of several degrees granted by graduate schools.

Maturity Date

The date when a loan comes due and must be repaid in full.

MDE

Multiple Data Entry

MedCAP

A comprehensive loan program specially designed to meet the educational financing needs of medical students.

MedCAP Allied

A comprehensive loan program designed to meet the needs of medical students enrolled in approved medical disciplines.

MedCAP-XTRA

A loan program specifically designed for students who are in their final year of medical school to assist with financing the expenses associated with the residency interview and relocation.

Merit-based

Financial aid that is merit-based depends on your academic, artistic or athletic merit, or some other criteria, and does not depend on the existence of financial need. Merit-based awards use your grades, test scores, hobbies, and special talents to determine your eligibility for scholarships.

Merit-based Aid

Financial aid based on special talent or ability instead of financial need. Money for education awarded through contests, competitions, or certain scholarships is an example of merit-based aid.

MOHELA

Missouri Higher Education Loan Authority

Mortgage

A loan of funds for purchasing a piece of property which uses that property as security for the loan. The lender has a lien on the property and will receive the property if the borrower fails to repay the loan.

MSLP

Missouri Student Loan Program

Multiple Data Entry Processor (MDE)

A company that processes the FAFSA forms submitted by students. The College Scholarship Service (CSS) and PHEAA are both MDE Processors.

Multiple Disbursement

The disbursement of a loan in more than one pre-designated installment.