Financial Aid - What It Means To YOU!

The primary responsibility of paying for a college education lies with the student and his or her parents. Financial aid, most of which comes from the Federal Government, is intended to supplement the family’s financial resources. Most colleges help with as much financial aid as possible. However, you may not receive all the aid you feel you need.

Financial aid includes scholarships, grants, loans, and part-time employment called “work study”. The amount of financial need you have is the difference between the college cost and the amount of money you and your family are expected to contribute.

The amount of money you and your parents are expected to contribute is obtained from the information you provide on the Free Application for Federal Student Aid (FAFSA)-- a form available from your counselor or the college financial aid office. Families are encouraged to access and complete the FAFSA form on the Internet at www.fafsa.ed.gov. This form is based on income tax returns from the previous year. Therefore, it cannot be completed prior to January 1 of the year of graduation.

In processing the FAFSA application, allowances are made for normal family expenses (housing, food, medical and dental care, clothing, taxes, etc.). The age of your parents and their total assets are also taken into consideration before the total expected family contribution is determined. The amount of expected family contribution remains the same regardless of whether you plan to attend a private or public college.

You will receive correspondence from the processing center within four weeks. Read these letters or forms carefully and follow all instructions exactly.

The college financial aid office will probably request a signed copy of your family’s most recent 1040A or 1040 federal tax form. This is within their legal right. The college financial aid office may also request that you and your family submit additional information on their own application for financial aid.

When the college financial aid office has all the information needed, they will develop a financial aid package for you. This will combine the various types of financial aid for which you qualify. This package may contain a combination of scholarships, Pell grant and/or Missouri grant (which you do not repay), a Perkins Loan or Stafford Student Loan to be repaid after you finish school. The package may also include the offer of a part-time job, known as work study (WS).

After the financial aid package has been developed, the college office will notify you by letter describing the combinations of financial aid (grants, loans, college work-study, scholarships) that have been offered to you.

You and your parents should carefully review the offer from each college. If you have questions about any offer, you should contact the financial aid office at the college. Before you accept or decline the offer, make sure you understand the terms of the financial aid package--especially the loans.

When you have applied to more than one college, it is unlikely that the various colleges’ financial aid letters will reach you at the same time. You may need to ask some of the colleges for extended time before making your final decision. Once your decision is made, you should notify all colleges promptly of your decision.