Financial Aid Scholarships Melissa Goodman Counselor Scholarships Financial

Financial Aid & Scholarships Melissa Goodman Counselor, Scholarships

Financial Aid • FAFSA • First step for Financial Aid • 2016 -2017 academic year opens Jan. 1 st, 2016 • 2017 -2018 FAFSA opens Oct. 2016 using PPY • Missouri State University’s Priority Deadline is March 31 st • Funding for Work Study and SEOG is exhausted much earlier

Types of Financial Aid • Loans----------- Must be paid back Low interest rate • Grants---------- Do not have to repay Dependent on FAFSA • Scholarships------ Do not have to repay Some dependent on FAFSA

Direct Stafford Loan Subsidized Loan • Must have financial need as determined by the EFC on FAFSA • Interest Rate currently 4. 29% • Origination fee 1. 073% • Interest paid by government while student is in school

Direct Stafford Loan Unsubsidized Direct Loan • • All FAFSA filers eligible Interest Rate currently 4. 29% Origination fee 1. 073% Interest begins to accrue immediately

Direct Stafford Loans for Dependent Students • Loan limits Per year • Freshman $5500, no more than $3500 in Subsidized • Sophomore $6500, no more than $4500 in Subsidized • Junior/senior $7500, no more than $5500 in Subsidized • Lifetime Loan Limits for Undergraduate Students • $31, 000 • No more than $23, 000 in Subsidized

Direct Stafford Loans for Independent Students • Loan limits per year • Freshman $9, 500, no more than $3, 500 in Subsidized • Sophomore $10, 500, no more than $4, 500 in Subsidized • Junior/Senior $12, 500, no more than $5, 500 in Subsidized • Lifetime Loan limits • $57, 500 • No more than $23, 000 in Subsidized

What makes a student “Independent” • Over 24 years old • Married • Have a child, or are providing over ½ the financial support for a child • Serve on active duty in the Armed Forces (for other than training purposes) • Veteran of the Armed Forces • Homeless or at risk of homelessness • Emancipated • If, at any time since 13, both parents were deceased, student was in foster care, or was a ward of the court

Grants • State……… • Bright Flight • Access Missouri www. dhe. mo. gov • Federal…. . • Pell • SEOG • TEACH www. studentaid. ed. gov

State Grants Bright Flight • • • Merit Based award of $3000 Top 3% of state-wide high school class 2015 -2016 ACT of 31 FAFSA not required Must be a full-time student Renewable for 10 semesters – Maintain 2. 5 GPA – Meet Satisfactory Academic Progress – Must receive at least one semester each academic year

State Grants Access Missouri • • • Based on EFC as determined by FAFSA filed by March 31 st (April 1 st State Deadline) EFC 0 -$7000 receives $1850 EFC $7001 -$12, 000 receives $1500 Must be a full-time student at the time of certification Renewable for 10 semester or 120 credit hours • Maintain 2. 5 GPA • Meet Satisfactory Academic Progress

Federal Grants Pell • Based on EFC as determined by FAFSA • No deadline to file the FAFSA • Based on Full-time or part-time student status • EFC below $5198 to qualify – Max award EFC=0, $5775 – Minimum award EFC=$5198, $626 • Renewable for maximum of 12 semesters

Federal Grants FSEOG—Federal Supplemental Educational Opportunity Grant • Need Based • Early FAFSA filers that qualify awarded first • Limited amount of funding • Award between $800 -$1000

Federal Grants TEACH—Teacher Education Assistance for College and Higher Education Grant • • • No deadline to file the FAFSA Awards up to $4000 a year Enroll in a TEACH-Grant-eligible program Sign a TEACH Grant Agreement to Serve Teach in a high-need field Grant turns into Unsubsidized loan if service obligation is not fulfilled

Federal Work Study • Student must indicate on FAFSA that they are interested in Work Study to potentially be eligible. • Students qualify by a combination of EFC, FAFSA filing date, need, and funding availability. • Student works up to 20 hours per week either on campus or at a local campus-affiliated non-profit.

Scholarships Outside Scholarships • • High School Counseling Office Local businesses and organizations Parent/Student workplace Scholarship search engines – www. fastweb. com – www. finaid. org – www. scholarshiphunter. com • Avoid Scams—NEVER pay money to get money

Scholarships University Funded Automatic Scholarships • Includes Board of Governors, Provost, & Deans’ • Student must apply for admission by January 15 th • Based on GPA and ACT/SAT • Use the 6 th or 7 th semester transcript—whichever is higher • Cannot use the final semester for scholarship eligibility (except for the Out of State Fee Waiver) • Scores from the December ACT are the last to be accepted

Scholarships University Funded Competitive Scholarships • • • Includes Presidential, Centennial, and Multicultural Must be admitted to the University Separate Application required On-campus interview December 1 st Deadline • GPA Based upon 6 th semester transcript • Scores from the October ACT are the last to be accepted

Scholarships A+ Recognition Scholarship • • Separate Application, signed by HS representative Submitted to MSU by January 15 th Cannot be combined with any other scholarship Renewable • Complete 30 MSU credit hours each year • Maintain 3. 0 GPA • When A+ is used at a two-year institution, Pell and Access MO are utilized before any A+ money is applied

Scholarships Donor/Alumni Funded • • Complete the General and Departmental Application Must be admitted to complete the application • Opens November 1 st for the following academic year • Deadline March 1 st • Over 1200 Scholarships available

QUESTIONS? Contact Info: Office of Student Financial Aid PH: 417 -836 -5262 or 1 -800 -283 -4243 FAX: 417 -836 -8392