Financial Aid Information
Understanding Financial Resources
Grants: Gift aid that does not require repayment
Sources:
Federal grants (Pell, SEOG)
State grants (Access MO, A+)
Institutional grants
Private Grants from nonprofit and/or community organizations
All federal grants, and many state grants, require completion of the Free Application for Federal Student Aid (FAFSA).
Grants typically have a financial need component but may also have a merit consideration.
Scholarships: Gift aid that does not require repayment.
Sources:
Institutional scholarships
National private non-profit and/or community organizations
Local nonprofit and/or community organizations
Businesses or corporations
Most scholarships require an application, although many require information from the FAFSA as part of that application.
When applying for outside scholarships, consider the following:
Is there a cost to apply? Please do not pay for scholarship searches or applications.
Is the scholarship renewable? Many are one-time-only awards, which means those dollars need to be replaced every year.
Is the scholarship transferable? Can the student transfer and bring their outside scholarship with them?
Scholarships typically have a merit component but may also have a need consideration.
Work-Study: Self-help aid that does not require repayment
Sources:
Federal Work-Study, as well as some
Institutional work programs
Federal Work-Study is a campus-based program and is often awarded first-come, first-served.
Federal Work-Study does require students to file the FAFSA.
Work study often has a need consideration.
Loans: Self-help aid that does require repayment
Sources:
Federal loans (Subsidized and Unsubsidized Direct Loans; Parent Loan for Undergraduate Students)
Private bank loans
Loans from private nonprofit and/or community organizations, such as The Scholarship Foundation of St. Louis.
Many loans require the FAFSA to be filed, including all federal loans. Private loans often require a separate application; private bank loans may require a credit check and/or a cosigner.
Loans do require repayment, often plus interest.
Some loans have a financial consideration.
Free Application for Federal Student Aid (FAFSA)
What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid; it is an application a student completes every year that they hope to receive financial assistance in paying for college.
Why should a student file the FAFSA?
For students who are eligible to do so, filing a FAFSA is a critical part of the financial aid process. The FAFSA is the primary application for federal aid, need-based state aid, and some institutional aid.
When does a student file the FAFSA?
Typically, the FAFSA opens for the following academic year on October 1st. The 2024-25 FAFSA will open in December 2023. Some financial aid is awarded first-come, first-served, so filing ASAP is crucial.
In Missouri, state need-based aid (Access Missouri Grant) requires that a FAFSA be filed no later than February 1st for guaranteed consideration. Many colleges have priority financial aid deadlines. It is critical to meet these deadlines; while researching these deadlines, determine if your college requires any other financial aid paperwork, such as the CSS Profile. The CSS Profile is used by some colleges to award institutional aid; you can learn more and view a list of colleges that require it here: https://cssprofile.collegeboard.org/
How does a student begin?
The FAFSA belongs to the student, so they should initiate the process. First, they will need to create an FSA ID at https://studentaid.gov. This username and password allow the student to securely access their FAFSA and sign Federal Student Aid forms and documents. Once an FSA ID has been verified (3-5 days after creation), the ID has full functionality, and a student can complete their FAFSA online at https://studentaid.gov
REMEMBER: The FAFSA is free; do not complete the FAFSA at any other website, no matter how much “easier” that site promises to make the process—you may be asked to pay. Students will be prompted to invite the appropriate contributor(s) to complete their respective portion of their FAFSA. Everyone will only see the questions that are specific to them.
What do I need to complete the FAFSA? (30-45 minutes to complete)
Student and Parent(s) FSA ID
Student and Parent(s) SSN(s) or ITIN(s)
Student and Parents(s) Full Legal Name
Student and Parent(s) Date of Birth
Student and Parent(s) Federal 2022 Taxes if available
Parent(s) Marriage and/or Divorce/Separation/Widow Date(s)
Student and Parent(s) 2022 W2(s) and/or 1099(s) if taxes not filed
Student and Parent(s) cash/checking/savings account balances
Net worth of investments, if applicable
Net worth of farms, small businesses, if applicable
It may also be necessary to know whether you and/or your parent(s) receive any of the following:
Free or Reduced Price Lunch
Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
Supplemental Social Security (SSI)
Supplemental Nutrition Assistance Program (SNAP)
Temporary Assistance for Needy Families (TANF)
Steps to file your FAFSA: Student must be US citizen or permanent resident
Create separate FSA IDs for the student and contributors (Parent(s)/Step-parent(s). https://studentaid.gov/fsa-id/create-account/launch
● Each person needs full name, SSN#, date of birth, personal email address.
● If the parent doesn’t have an SSN, the parent will still be able to create an FSA ID using "Knowledge Questions."
● Parents can use previous FSA ID if already have one.
Complete the FAFSA application. https://studentaid.gov/h/apply-for-aid/fafsa (Approx. 30 minutes to complete.)
● Select 2023-24 if attending college in Spring or Summer 2024 & use 2021 taxes.
Select 2024-25 if attending college in Fall 2024 & use 2022 taxes
● Check “yes” on Work-Study question for option of on-campus job.
● Select up to 20 colleges to receive your FAFSA. Need more than 20 colleges? Submit FAFSA with 20 colleges, wait 10 days, then remove some colleges, add new ones and resubmit.
● SUBMIT YOUR FAFSA and print/screenshot your confirmation page; SAVE your FAFSA emails
Receive a Student Aid Report. This is a summary of your FAFSA data & may require corrections.
Your FAFSA data will be sent to the colleges listed on your FAFSA
Once accepted by a college, IMMEDIATELY set up your portal access and college email.
If selected by a college to complete Verification, submit the required documents immediately.
Between Dec-April, each college will send you a Financial Aid letter/email outlining your Cost of Attendance, scholarships & financial aid options. You may need to log into the college’s portal to view your financial aid.
Contact the college’s fin. aid office if you have family situations (change in income, major med expenses) that are not on your FAFSA. ASK politely if there are additional aid options.
Check each college deadline & addt forms. Some colleges also require the CSS Profile.
Compare the costs at each college
Helpful Resources
Financial-Aid-Basics-September-2023.pdfFSA-ID-One-Pager-revised-July-2023 (1).pdfFAFSA-August-2023.pdfGuide-to-Download-SAR-2023-24.pdfFinancial Aid Basics (rev. June 2023).pdfHazelwood Financial Aid Presentation (1).pdfFAFSA Resources
CSS Profile Resources
CSS Profile (additional financial aid application required by many selective and expensive colleges)
Financial Planning Resources
Net Price Calculator (This site will connect you to each college's Net Price Calculator where you can calculate an estimate of your cost to attend based on family income and typical financial aid and scholarships received by students like you.
uAspire: Free student resources and "how to" videos for FAFSA & CSS Profile
Order a tax transcript from the IRS for FAFSA verification