University of Missouri Financial Aid 11 Jesse Hall Columbia, MO / (MO,KS,IL)

Main Topics What is Financial Aid? Definition Types The Process of Applying FAFSA Award Letter, Verification Special Circumstances/Scholarships Contacting your Advisor when situations arise Sources for scholarships

What is Financial Aid? Financial aid consist of funds provided to students and families to assist with postsecondary educational expenses. Federal Aid: –Pell Grant –Supplemental Educational Opportunity Grant (SEOG) –Federal direct loans –Federal Parent (PLUS) Loan –Federal Work Study Institutional Aid: -Specific to Institution (MU Grant) State Aid: (Missouri Resident) -Bright Flight -Access Missouri Scholarships: -University /Private

How Do We Apply? FASFA: Free Application for Federal Student Aid Online at: You can begin filing for starting January 1, 2016 –Use 2015 federal tax information Know the priority deadline for your institution –(Mizzou Priority Deadline : March 1, 2016)

What You Will Need When Filing the FASFA FSA ID/ Password (student and parent ) Completed 2015 federal tax returns –Student and Parent If taxes are not complete, use estimated information in order to complete the FASFA prior to the priority deadline. –Mizzou Deadline March 1, 2016 IRS Data Retrieval (taxes must have been processed by the IRS, also allows you to update estimated information.)

What’s Next? Federal FAFSA processor receives application data, processes and calculates EFC (Expected Family Contribution) School may begin determining financial aid eligibility with EFC Cost of Attendance minus EFC _____________ Financial Need

Example $25,514 Cost of Attendance (COA) (Mo. Resident) minus $1250Expected Family Contribution (EFC) = $24,264Financial Need The school will determine how much financial aid (grants, loans, scholarships, work study) may be offered to the student to assist in meeting the financial need.

Undergraduate Cost of Attendance (assumes 14 credit hours of enrollment each semester) Missouri residentNon-Missouri resident Tuition/Fees$10,586 Non-Resident Tuition$0$14,612 Room/board$10,062 Books/supplies$1,124 Transportation/Personal Expenses $3,742 Total$25,514$40,126

Financial Aid Offer Letter Sent to students each year they complete the FASFA –Mail or Lists federal/institutional/state financial aid that the student is eligible for Also may list loans that the parents are eligible to apply for –Subject to credit check by federal government

Verification Your school may select you for verification Schools are required to participate in process as part of the federal financial aid program School may request IRS tax transcripts, W-2 forms, other forms to verify FAFSA information

Special Circumstances Please contact the school if your family has any of the following: –Change in employment status/loss of income –Elementary /secondary tuition payments –Change in parent marital status –Unusual dependent care expenses –Student cannot obtain parent information

Private Scholarships Searches Local civic, religious organizations, private corporations Time Consuming but if you don’t apply, you can’t be considered Always check with the institution to see if they also have scholarships awarded annually School Postings of scholarships ( Free Money Friday) Scholly App

Mizzou Facts Nationally Percentage if full-time students who graduate within six years: 59.0% Nationally, the loan default rate is 13.7% Typical amount of federal loans borrowed for undergraduate study: $33,000 Mizzou 69.4% of Mizzou students graduate, on average in 4.2 years Mizzou’s loan default rate: 5.5% Average loan borrowing for undergraduate Mizzou student: $23,000 (median payment amount of $238/month Sources: Department of Education, Mizzou Measures Up, Edvisors, 2014

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