1. Financial Aid 101: “Making cents of College”
Mark Clynes
Regional Admission Coordinator
Truman State University

2. Overview
Where to Start?
College/Universities
Federal Aid (FAFSA)
Private Scholarships
Work Study/Employment
Timeline, Tips, and Tricks
Questions?

3. Where to Start: The Costs
Direct Costs
Tuition
Room and Board
Fees (Application, Housing, Orientation, etc.)
Additional Course Fees
Indirect Costs
Books/Supplies
Travel expenses
Parking
Food and/or Entertainment

4. Breaking Truman Down: TOTAL COSTS = $21,747 TOTAL COSTS = $28,599
IN-STATE COSTS
TUITION & FEES = $8,099
ROOM & BOARD = $8,780
DIRECT COSTS = $16,879
INDIRECT COSTS
BOOKS & SUPPLIES = $1,000
PERSONAL = $2,500
TRANSPORTATION = $1,300
LOAN FEES = $68
TOTAL COSTS = $21,747
OUT OF STATE COSTS
TUITION & FEES = $14,951
ROOM & BOARD = $8,780
DIRECT COSTS = $23,731
INDIRECT COSTS
BOOKS & SUPPLIES = $1,000
PERSONAL = $2,500
TRANSPORTATION = $1,300
LOAN FEES = $68
TOTAL COSTS = $28,599

5. “How do we pay for it?”

6. Where to Start: The Vocabulary
Scholarships
Free earned money from the university and/or outside sources—you do not pay back.
FAFSA
Free Application for Federal Student Aid
Prior-Prior Year (PPY)
Able to submit as early as October with 2015 tax information
EFC
Expected Family Contribution
Grants
Gift aid awarded by the university and/or the federal/state government, based on your FAFSA—you do not pay back.
Loans
Borrowed financial aid; can be federal or private—you are required to payback. (Subsidized, Unsubsidized, PLUS)

7. Where to Start: The Sources
Colleges/Universities
Federal Aid (FAFSA)
Private Scholarships
Work Study/Employment

8. Colleges/Universities
Research the scholarship process at each university
Many universities have separate applications for scholarships
At some universities (i.e. Truman), the application for admission also serves as the application for scholarships
Reach out to your college admissions counselor to determine what the process looks like
What opportunities are available?
Extra steps for more competitive scholarships?
Are scholarships renewable?

9. Types of scholarships Merit-based Scholarships Automatic Scholarships
Scholarships that are based on your ACT/SAT and GPA
Automatic Scholarships
Non-resident tuition
Military—veteran and/or active
Legacy scholarships
A+ recognition
Missouri Scholars Academy
Competitive Scholarships
Based on a number of different factors (EX: leadership, service, foreign language, music, speech, ROTC, Boy’s/Girl’s State, etc.)
Athletic Scholarships

10. Merit-Based Scholarship Chart
Truman Scholarships
Application for admission serves as the application for scholarships!
The more that you share with us, the better.
Letters of recommendation
Service transcripts
Resumes/activity lists
Art/music/theatre portfolios
Priority Deadline for Competitive Scholarships December 1
Merit-Based Scholarship Chart

11. Truman Scholarships

12. Are Truman Scholarships Renewable?
Scholarships may be renewed for a total of 8 semesters—excluding Foundation Scholarships.
Requirements for 100% renewal
3.25 Truman GPA
24 credit hours (12 per semester) from Truman
60 scholarship hours per semester—beginning Sophomore year
Scholarship renewal service is required of students receiving more than $1,250 per semester in Truman scholarships.
Students opting not to perform scholarship renewal service may renew one half of their scholarship amounts.

13. Federal Aid (FAFSA)
Regardless of situation, it is highly recommended to submit the FAFSA – as early as October
Truman FAFSA Code =
FAFSA calculates EFC (Expected Family Contribution)
EFC is used to determine eligibility for grants, need-based aid (both on the university, state, and federal level), and federal loans
Cost of attendance (COA) (Varies by Institution)
– Expected Family Contribution (EFC) (Constant)
= Unmet Financial Need (Varies by Institution)

14. Types of Federal Aid Grants Federal Loans Pell Grant (EFC > $5,000)
Access Missouri Grant (EFC > $12,000) FAFSA Deadline Feb. 1, 2019
SEOG/ACG
Various College Grants
Federal Loans
Subsidized Loans – no interest builds while enrolled in college
Stafford Subsidized Loan
4.45% interest rate
Unsubsidized Loans – interest builds while enrolled in college
Stafford Unsubsidized Loan
Parent PLUS Loan
Must begin repayment 6 months after graduation, unless deferred

15. Private Scholarships
Always consider applying for outside scholarships—amounts may be smaller but can make a big difference.
Fast Web (
Raise.Me (
Petersons (
The College Board (
The Scholarship Foundation of STL (
Make sure to double-check that your university will accept outside scholarships—Truman will accept most outside scholarships!

16. Work Study/Employment
Federal and State Work Study
Based on FAFSA results and EFC
Employment on or off campus
Work less than 18 hours per week
Minimum wage
Institutional Positions
Payment from the university for employment on or off campus
Positions depend on the university

17. Automatic/Merit Scholarships Competitive Scholarships
The Truman Timeline
Award type
Notification
Automatic/Merit Scholarships
Upon admission
FAFSA/Need-Based Aid
February 1, 2019
Competitive Scholarships
End of February
97% of incoming Truman students will receive some type of financial aid
Student taking out loans have some of the lowest default rates in the country
Truman Average = 2.8%
National Average = 11.5%
Over 50% of Truman graduates graduate debt-free

18. Tips and Tricks
Submit your FAFSA early, but take your time with the information
Ask your admissions counselor about the various steps that you need to take
Understand all the costs
Application fees?
Housing fees?
Down payments?
Determine flexible payment plans with the university
More information here:

19. Mark Clynes Any questions? Truman State University
Regional Admission Coordinator
Greater St. Louis Area