Financial Aid & Scholarships Melissa Goodman Counselor, Scholarships

Financial Aid FAFSA First step for Financial Aid academic year opens Jan. 1 st, FAFSA opens Oct using PPY Missouri State University’s Priority Deadline is March 31 st Funding for Work Study and SEOG is exhausted much earlier

Types of Financial Aid Loans Grants Scholarships Must be paid back Low interest rate Do not have to repay Dependent on FAFSA Do not have to repay Some dependent on FAFSA

Direct Stafford Loan Subsidized Loan Must have financial need as determined by the EFC on FAFSA Interest Rate currently 4.29% Origination fee 1.073% Interest paid by government while student is in school

Direct Stafford Loan Unsubsidized Direct Loan All FAFSA filers eligible Interest Rate currently 4.29% Origination fee 1.073% Interest begins to accrue immediately

Direct Stafford Loans for Dependent Students Loan limits Per year Freshman $5500, no more than $3500 in Subsidized Sophomore $6500, no more than $4500 in Subsidized Junior/senior $7500, no more than $5500 in Subsidized Lifetime Loan Limits for Undergraduate Students $31,000 No more than $23,000 in Subsidized

Direct Stafford Loans for Independent Students Loan limits per year Freshman $9,500, no more than $3,500 in Subsidized Sophomore $10,500, no more than $4,500 in Subsidized Junior/Senior $12,500, no more than $5,500 in Subsidized Lifetime Loan limits $57,500 No more than $23,000 in Subsidized

What makes a student “Independent” Over 24 years old Married Have a child, or are providing over ½ the financial support for a child Serve on active duty in the Armed Forces (for other than training purposes) Veteran of the Armed Forces Homeless or at risk of homelessness Emancipated If, at any time since 13, both parents were deceased, student was in foster care, or was a ward of the court

Grants State……… Federal….. Bright Flight Access Missouri Pell SEOG TEACH

State Grants Bright Flight Merit Based award of $3000 Top 3% of state-wide high school class ACT of 31 FAFSA not required Must be a full-time student Renewable for 10 semesters –Maintain 2.5 GPA –Meet Satisfactory Academic Progress –Must receive at least one semester each academic year

State Grants Access Missouri Based on EFC as determined by FAFSA FAFSA filed by March 31 st (April 1 st State Deadline) EFC 0-$7000 receives $1850 EFC $7001-$12,000 receives $1500 Must be a full-time student at the time of certification Renewable for 10 semester or 120 credit hours Maintain 2.5 GPA Meet Satisfactory Academic Progress

Federal Grants Pell Based on EFC as determined by FAFSA No deadline to file the FAFSA Based on Full-time or part-time student status EFC below $5198 to qualify –Max award EFC=0, $5775 –Minimum award EFC=$5198, $626 Renewable for maximum of 12 semesters

Federal Grants FSEOG—Federal S upplemental Educational Opportunity Grant Need Based Early FAFSA filers that qualify awarded first Limited amount of funding Award between $800-$1000

Federal Grants TEACH—Teacher Education Assistance for College and Higher Education Grant No deadline to file the FAFSA Awards up to $4000 a year Enroll in a TEACH-Grant-eligible program Sign a TEACH Grant Agreement to Serve Teach in a high-need field Grant turns into Unsubsidized loan if service obligation is not fulfilled

Federal Work Study Student must indicate on FAFSA that they are interested in Work Study to potentially be eligible. Students qualify by a combination of EFC, FAFSA filing date, need, and funding availability. Student works up to 20 hours per week either on campus or at a local campus-affiliated non-profit.

Scholarships Outside Scholarships High School Counseling Office Local businesses and organizations Parent/Student workplace Scholarship search engines – – – Avoid Scams—NEVER pay money to get money

Scholarships University Funded Automatic Scholarships Includes Board of Governors, Provost, & Deans’ Student must apply for admission by January 15 th Based on GPA and ACT/SAT Use the 6 th or 7 th semester transcript—whichever is higher Cannot use the final semester for scholarship eligibility (except for the Out of State Fee Waiver) Scores from the December ACT are the last to be accepted

Scholarships University Funded Competitive Scholarships Includes Presidential, Centennial, and Multicultural Must be admitted to the University Separate Application required On-campus interview December 1 st Deadline GPA Based upon 6 th semester transcript Scores from the October ACT are the last to be accepted

Scholarships A+ Recognition Scholarship Separate Application, signed by HS representative Submitted to MSU by January 15 th Cannot be combined with any other scholarship Renewable Complete 30 MSU credit hours each year Maintain 3.0 GPA When A+ is used at a two-year institution, Pell and Access MO are utilized before any A+ money is applied

Scholarships Donor/Alumni Funded Complete the General and Departmental Application Must be admitted to complete the application Opens November 1 st for the following academic year Deadline March 1 st Over 1200 Scholarships available

QUESTIONS? Contact Info: Office of Student Financial Aid PH: or FAX: