Presenters
Austin Culbertson Director of Admissions
Kaje Sanford Sr. Assistant Director of Financial Services
Green
Director of New Student Programs & Campus Visits
Megan
Simonds
Agenda
I. The Financial Aid Process
II. Deadlines to Remember
III. Types of Financial Aid
IV. What Does Financial Aid Cover?
V. How To Leverage And Maximize Financial Aid
VI.Who Gets A Full Ride?
CAMPUS COMMUNICATIONS
Additional Authorized Access (MyView)
The Financial Aid Process
The Basics of Financial Aid
What is Financial Aid:
Any funding that can be used to assist a student in their college going career.
Step 1: Apply to the colleges and universities of your choice
Step 2: Get acceptances to the choice colleges and universities
Step 3: Complete the FAFSA December 1st
Step 4: Add the colleges and universities of choice to the FAFSA
Step 5: Start to receive Financial Aid Offer Letters.
Types of Financial Aid
Three Primary Types of Financial Assistance:
Type 1: Institutional Scholarships and Grants
Type 2: State Financial Assistance
Type 3: Federal Financial Assistance
Note: Some students might receive grants and scholarships from a foundation or privately funded scholarship fund.
Types of Financial Aid
Institutional Scholarships and Grants
Two Types of Institutional Financial Assistance:
Type 1: Merit and need-based scholarships/grants that are institutional discounts.
Type 2: Merit or need-based scholarships/grants that are privately funded awards.
Note: There are rules to how these scholarships can be and should be awarded.
Awarding Methods Types of Financial Aid
Financial Aid Awarding Methods and Rules:
Rule 1: A lot of financial aid scholarships and grants are tuition specific.
Rule 2: Be aware of the criteria for the scholarships and grants
• Completing the FAFSA is first step for getting federal aid for school
• Grants, Scholarships, Work Study, Loans
• FAFSA Timelines: Opens: December 1st
Priority Deadline: February
• UMSL FAFSA code: 002519
What can Financial Aid cover?
Tuition & Fees • Room and Board
Books, supplies & transportation
Personal Expenses
Loan Fees
Study Abroad Costs
Example Letters
Tuition and FeesWith Housing
Tuition and FeesNo Housing
Student Aid Index
What is an “SAI”?
Student Aid Index.
Determines amount of need based aid the student can receive.
Federal Grants
Do NOT have to be repaid, Except under certain circumstances.
Awarded to Undergrad students who demonstrate exceptional financial need
Prorated based on enrollment status
Awarded to Undergrad students who have the most financial need
Priority given to students who receive Federal Pell Grants
Federal Pell Grant
You may use up to 600% and cannot receive the grant for more than 12 semesters or the equivalent.
File FAFSA to determine if you qualify for Work Study
Federal Work Study
1. Complete Federal Work Study Application
2. Attend Online Orientation Sessions
3. Apply for Job Postings
Federal Loan Funds
Yearly limits depend on Dependency status and grade level.
Subsidized Loan
• Enter repayment after 6 month grace period.
• Does NOT accrue interest while you are in school
• Need based
Unsubsidized
Loan
• Enter repayment after 6 month grac e period.
• ACCRUES interest immediately
• NOT need based
Parent PLUS Loan
• Start to pay back after it disburses (can defer)
• ACCRUES interest immediately
• NOT need based
• In parent’s name, not transferable to the student.
Getting Familiar with Your Loans
Federal Plus and Private Loans (credit based)
PLUS Loans:
• Federal loan available to parents of dependent undergraduate students
• Not based on financial need
• Help cover additional expenses
• Borrow up to cost attendance
• Fixed interest rate
Private Loans:
• Non-federal loans offered by private lenders such as banks, credit unions, state agency, etc.
State Programs (MDHE)
• Fast Track Workforce Incentive Grant
• A+ Program (High School)
• Access MO (Future Slide)
• Advanced Placement Incentive Grant
• Bright Flight (Future Slide)
• Kids’ Chance Program
• Many MORE at https://dhewd.mo.gov/ppc/grants/stateaidreview.php
Bright Flight
Merit-based scholarships from the state of Missouri that encourages top-ranked high school seniors to attend approved Missouri postsecondary schools.
Eligibility requirements:
• Be a Missouri resident & US citizen or permanent resident
• ACT Score of 32 or Above = $3000
• Enroll full-time (12+) credit hours
Access Missouri Award
Missouri residents apply for this grant by completing the Free Application for Federal Aid (FAFSA)
Eligibility requirements:
• PRIORITY DEADLINE: February 1st
• Enrolled Full-Time (12+)
• SAI below $12,000
• 2.5 Cumulative GPA Required for Renewal
MOFELP
Missouri Family Education Loan Program is a private loan program awarded on a first come, first serve basis to qualified students. The annual loan limit is $5,000 with a 0% interest rate AND NO FEES! Borrowers are responsible for a $5 monthly. Keep-in-touch payment while in school.
• US Citizen or Permanent MO Resident
• SAI$20,000 or less
• Minimum 21 ACT or 1500 SAT or 2.5 GPA
• Enrolled Full-Time
Eligibilit
y GATEWAY SCHOLARSHIP
Starting in Fall 2025, all legal residents of the United States, Puerto Rico, and the U.S. Virgin Islands will qualify for the equivalent of UMSL’s in-state tuition rates for students new to UMSL. Currently enrolled UMSL students are not eligible. Eligible students should be enrolled in at least: ● 12 hours per term for undergraduate students
Renewal Criteria
● Undergraduate students must complete at least 12 credit hours per semester and maintain a cumulative 2.5 GPA
Merit Scholarships
Incoming first-time and transfer students from Missouri and bordering states may be eligible for merit scholarships ranging from $2,500-$6,500 per year.
Renewal Criteria:
• Complete a minimum of 12 credit hours each semester
• Maintain a cumulative 2.5 GPA
Competitive Scholarships
Students are encouraged to complete UMSL Online Scholarship Application to possibly qualify for additional scholarships.
There are over 400 scholarships that students may be eligible separate from the Automatic Merit Scholarships
These awards look at several factors for eligibility such as:
• GPA
• ACT/SAT Score
• Major
• Extracurriculars
• Community Service
• Etc…
UMSL’s Competitive Scholarships have separate deadlines and do not open until October 1st each year.
Full Ride vs Full Tuition
Someone must pay for it…
Applying Financial Aid to the Cost of Attendance
Consideration 1: Tuition and Fees
Consideration 2: Room and Board
Consideration 3: Supplemental Fees
Consideration 4: Credit Hour Limit
Consideration 5: Scholarship and Grant Renewal Criteria
Note: Though you may not get a “Full Ride” your financial aid may cover your Full Tuition
External Scholarships
In addition to UMSL scholarships there are a variety of outside sources where you may find scholarship funds. Below you will find several resources to get you started.
Next Step STL 2022
• Completing the FAFSA is first step for getting federal aid for school
• Grants, Scholarships, Work Study, Loans
• FAFSA Timelines: Opens: Late December Priority Deadline: April 1st
• UMSL FAFSA code: 002519
