Funding

Funding. I. The Agency receives an annual appropriation for Student Financial Aid, which consists of the following: A. General Funds from the State Treasury B. Spending Authority from special sources, such as: 1. Collections from repayment accounts 2. Carryover funds 3. Private foundations 4. Interest accounts 5. Federal funds 6. Grants 7. Donations 8. Fees II. Unless otherwise noted in the annual appropriation, unexpended funds appropriated for Student Financial Aid will not lapse into the General Fund but will carryover for use in subsequent fiscal years. III. Typically, the annual appropriation does not specify funding levels for specific programs. In some cases, the appropriation may set a maximum funding level for a program and/or delineate funding for a specific program. IV. Annually, the Board will review the annual legislative budget request for the Mississippi Office of Student Financial Aid and make a budget recommendation to the Agency.