WHAT IS FINANCIAL AID? Financial aid is money for education (4-year or 2-year public or private institution, career school, or trade school) that comes from sources other than the family. It is meant to supplement what the family can contribute to the total costs involved in attending school. Federal aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for a computer and for dependent care. There are three categories of federal aid: grants, work-study, and loans. Please see definitions on the following pages.
WHAT IS THE FAFSA? The FAFSA stands for Free Application For Federal Student Aid, emphasis on FREE APPLICATION. Never pay someone to complete this. Complete the FAFSA as soon as possible after October 1st of the student’s senior year. studentaid.gov/
The FAFSA will open October 1, 2025. Students need to create their FSA id prior to filling out the FAFSA. When a student is dependent, at least one parent will need to create a FSA id too, if they don't already have one.
WHAT IS A FAMILY EXPECTED TO CONTRIBUTE? Financial need is determined by subtracting what the parent and student can afford (Expected Family Contribution-EFC), from the total cost of attendance. If an institution determines that the family has a demonstrated need, the college then attempts to bridge the gap by using federal and institutional dollars to make college an affordable option. As a first step, the parent(s) may want to use a financial aid calculator to estimate the amount of expected family contribution (EFC).
SHOULD MY SON/DAUGHTER APPLY TO SCHOOLS THAT ARE MORE EXPENSIVE THAN MISSOURI STATE SCHOOLS? Remember that admission comes first and financial aid comes second. Do NOT discount a school based on the “sticker price” advertised. Wait until you receive your financial aid packages from each school before making a final decision. Unless a student has applied early decision, national commitment date isn’t until May 1st.
IS THERE ANYTHING ELSE I NEED TO SUBMIT? Many schools do require that students submit additional paperwork, especially if your family’s financial situation is a little complicated. Be sure to check in with each school to make sure they have every bit of information they need. However, do not submit additional documentation until it is requested.
Important Note:
Once a student has been accepted and has decided which school he/she would like to attend, develop a relationship with the financial aid office at that school so they know your personal situation. The government awards money based on your FAFSA (Free Application For Federal Student Aid). Colleges use this information as a base and may or may not be able to adjust your aid package once awarded. Financial Aid packages may contain one or more of the following if awarded: grants, loans, and work-study. Financial Aid packages can vary from school to school.
Majority of information above taken from the Missouri Department of Higher Education