university of missouri financial aid 11 jesse hall columbia, mo 65211 573-882-7506 /800-225-6075...
TRANSCRIPT
University of Missouri
Financial Aid
11 Jesse Hall
Columbia, MO 65211
573-882-7506 /800-225-6075 (MO,KS,IL)
www.financialaid.Missouri.edu
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: www.fafsa.ed.gov
• You can begin filing for 2016-2017 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
$1250 Expected Family Contribution (EFC)
=
$24,264 Financial 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 2015-2016(assumes 14 credit hours of enrollment each semester)
Missouri resident Non-Missouri resident
Tuition/Fees $10,586 $10,586
Non-Resident Tuition $0 $14,612
Room/board $10,062 $10,062
Books/supplies $1,124 $1,124
Transportation/Personal Expenses
$3,742 $3,742
Total $25,514 $40,126
Financial Aid Offer Letter
• Sent to students each year they complete the FASFA
– Mail or Email
• 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
Questions ?
MU Student Financial Aid
11 Jesse Hall
Columbia, MO 65211
www.financialaid.missouri.edu
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