Financial Aid 101: 2011-2012 Academic Year

A postsecondary education is an investment in your future, and various forms of financial aid are available to help you pay for it.

Free Application for Federal Student Aid (FAFSA)

• FREE standard federal form.
• Determines eligibility for most sources of need-based financial aid, including Missouri state aid programs such as Access Missouri.
• Based on your federal tax records.
• To maximize your chances of receiving some type of financial aid, submit your FAFSA each year as early as possible after January 1 and no later than April 1, the deadline for Access Missouri, or your institution's preferred aid deadline, whichever is earlier.
• May be completed online (www.fafsa.ed.gov) or via paper or telephone. The online FAFSA requires a Personal Identification Number (PIN).
• Direct questions to (800) 4-FEDAID. Additionally, free professional assistance completing the FAFSA may be obtained by attending one of Missouri's FAFSA Frenzy events on February 12, 2012 or other events during the 2011-2012 acaemic year, which may be found within the Missouri Association of Student Financial Aid Personnel's Show-Me to College events calendar.

What is included in the cost of attending a postsecondary school?

Your school will calculate your Cost of Attendance (COA) annually. The COA includes more than just tuition and fees that may be due to your school. COA components include:

• Tuition and fees, such as lab or technology fees
• Books and supplies
• Room and board - may include residence hall costs or the costs associated with living off campus
• Transportation expenses - generally a reasonable amount for bus fare or fuel as determined by your school
• Miscellaneous personal expenses; these may include

Dependent care expenses while in class, if you are a parent with small children

Expenses associated with a disability that are reasonably incurred and not provided by another agency

Expenses for cooperative education program

Study abroad costs

Federal Financial Aid Programs

The U.S. Department of Education sponsors many student financial aid programs, such as the Federal Pell Grant.

State Financial Aid Programs Administered by the Missouri Department of Higher Education

The MDHE administers many student grant and scholarship programs, including the scholarship component of the A+ Program. There are several additional student aid programs sponsored by the state of Missouri or other local organizations.

The Scoop on Student Loans

Are there loan options available even if I do not qualify for other types of financial aid? Or, what if I qualify for some financial aid but I still cannot cover all of the expenses associated with attending school?

There are several different types of student loans, providing financing options for students and/or their parents. Some loans are based on financial need and some are not. Additionally, some student loans may require a credit check while others do not. If you decide to borrow a student loan, it is important to borrow as small amount as possible to keep your repayment after school manageable.

Before you sign, remember:

ALL STUDENT LOANS MUST BE REPAID!

• Remember: It is better to live like a student when you are a student than to live like a student after you graduate. Although student loans offer many repayment options and low interest rates, the more you borrow, the higher your payments will be when you leave school. You should borrow the smallest amount possible each year to keep your ayments low. Here are some important debt management strategies.
• Most students graduate with some type of debt. It is wise to avoid credit card use while in school and to be as educated as possible about the costs and responsibilities of incurring debt. Check out these financial literacy tips.
• You must stay in contact with your student loan servicer! It is your responsibility to notify your servicer if you withdraw from school or move. If you run into difficulties repaying your loan, contact your servicer about a deferment, forbearance, or other options.

Important Tips

• Complete the FAFSA and all other applications that are required as early as possible (financial aid is often first come, first serve).
• Adhere to deadlines.
• Communicate with your high school guidance counselor, admission offices, and financial aid offices.
• Search the Internet for scholarships.

Mapping Your Future (MYF)

• http://mappingyourfuture.org.
• Nationally awarded website sponsored by the MDHE.
• Mission: To enable individuals to achieve life-long success by empowering schools, students, and families with free, web-based college, financial aid, career, and financial literacy information and services.
• Information about planning a career, selecting a school, and paying for school.
• Guided tours for students and parents.
• Information for high school counselors.
• Careership.
• Money management tools.

Questions?

Contact the Missouri Department of Higher Education for more information:

8 a.m. - 5 p.m. Monday - Friday
(800) 473-6757
(573) 751-3940
info@dhe.mo.gov