FINANCIAL AID

 Grants: free money to help with college  Scholarships: merit based awards  Student Loans: money you must pay back  Student Employment: money earned from working WHAT IS FINANCIAL AID?

Free Application for Federal Student Aid (FAFSA) Website: fafsa.gov  FAFSA determines a students eligibility for federal grants/loans/ and work-study  Assists some schools with determining scholarships  The state uses the information for state scholarships and grants HOW DO I APPLY?

 Complete your federal income taxes in February.  Complete the FAFSA in March (or as early as possible).  Use the IRS Data Retrieval tool on the FAFSA.  Always complete as much information on the FAFSA as possible.  Be sure to include all school codes of colleges you may want to attend.  Contact the IRS for a federal tax transcript(s). You may need this later on for the school. FAFSA TIPS

 Must be enrolled in eligible program.  Must be pursuing a degree or certificate.  Must be US citizen or eligible non-citizen and have valid social security number.  Males must be registered with the Selective Service.  Cannot have a drug related conviction.  Must not be in default on federal student loan or owe repayment on federal grant.  Must be making Satisfactory Academic Progress (SAP) as defined by the school. HOW DO I BECOME ELIGIBLE?

 Apply for PIN (personal identification number) at  It is recommended to complete the FAFSA no later than April 1 st each year you intend to attend school.  You are encouraged to file your federal taxes as soon as possible to utilize the IRS Data Retrieval tool.  Your application may be randomly chosen for “Verification”. MORE FAFSA DETAILS

 Dependent students- must include their parents income information when applying for financial aid.  Independent students- apply solely on their own and do not have parental information included when applying for financial aid. DEPENDENT VS. INDENPENDENT

 At least 24 years old by December 31 st of the award year covered by the FAFSA  Graduate or professional student  Married  Has legal dependents other than a spouse  Orphan or ward/dependent of the court  Veteran of US Armed Forces; or  Currently serving on active duty in the US Armed Forces for purposes other than training INDEPENDENT STUDENT DEFINED…

FEDERAL MONEY

 Awarded to eligible undergraduates pursuing first bachelor’s degree.  Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status.  Award ranges from $600-$5645 annually. PELL GRANT

FEDERAL WORK STUDY  Undergraduate or graduate students.  Employment on or off campus.  Typical pay rate is minimum federal rate.  Can usually work up to 19.5 hours per week maximum.

Dependent Students Freshmen: $5,500 per year, Subsidized/Unsubsidized Sophomore: $6,500 per year, Subsidized/Unsubsidized Junior/ Senior: $7,500 per year, Subsidized/Unsubsidized Independent Students Freshmen: $9,500 per year, Subsidized/Unsubsidized Sophomore: $10,500 per year, Subsidized/Unsubsidized Junior/ Senior: $13,000 per year, Subsidized/Unsubsidized STAFFORD LOAN YEARLY LIMITS

 Subsidized Stafford - interest accrued while in school is paid by the government  Unsubsidized Stafford - interest is the responsibility of the borrower - interest payments while in school are optional  School determines loan eligibility according to government guidelines STAFFORD LOAN INFORMATION, CONT.

 Loan is in the student’s name; no co-signer.  Fixed interest rate of (for ): -3.86% for Undergraduate Subsidized; -3.86% for Unsubsidized loans for ALL students  Disbursed by semester; funds sent to school  Repayment: 6 months after graduation or student falls ½ enrollment  Repayment terms between 10 and 30 years  Stafford Loan Fees: - 1% Origination Fee and 1% Default Fee - Deferments and Forbearance provisions available STAFFORD LOAN INFO CONT.

STATE FINANCIAL AID

 Missouri Access Award - Have a FAFSA on file with US Dept of Education by April 1 - Be enrolled full-time at a participating Missouri school - Maintain satisfactory academic progress - Have an EFC of $12,000 or less - Not be pursing a degree or certificate in theology or divinity STATE SCHOLARSHIPS

 A+ Program -For students who graduate from an A+ certified school district and meet minimum A+ standards. -Student must maintain a minimum 2.50 cumulative grade point average. -Student has until 105% of degree program and/or 48 months to use A+ program funds.  Bright Flight - Top 3% of ACT scores (Typically a 31 or higher ACT score) - Full-time undergraduate; MO resident - Up to $1,500 annually (for ) For more information, go to: STATE FINANCIAL AID CONT.

OUTSIDE FINANCIAL ASSISTANCE

 The private sector consists of lenders, businesses, and organizations. They offer combinations of … - Scholarships - Loans - Tuition Programs PRIVATE SECTOR

 High School Counselors  Local libraries  Websites:  National Companies (McDonalds, Walmart, etc)  Community Organizations and Businesses (Banks, credit unions, lodges, churches, etc.) PRIVATE SCHOLARSHIP SOURCES

 Private colleges generally have more campus scholarships to award than public colleges  Some scholarships are renewable  Local scholarships may be easier to obtain than national, due to number of applicants  Private scholarships have very early deadlines, usually Fall or preceding year  Follow instructions!  Best source is your high school counselor PRIVATE SCHOLARSHIP INFO

BEWARE OF SCAMS  All scholarship searches are free.  Websites to check out sources: (Better Business Bureau)

OTHER OPTIONS  Military  Reserves  National Guard  ROTC  Americorps  Night School Plans  Employer Plans

IN SUMMARY  Get admitted and talk with school  Apply for private scholarships  Complete FAFSA before April 1 st  Complete paperwork required by school and state  Keep grades up  Re-apply every school year

Samantha Johnson MCC-Blue River PRESENTED BY: