FINANCIAL AID INFORMATION

TYPES OF FINANCIAL AID

Grants: Need Based

Federal Pell Grant: $400-$4731 per year

Federal Supplemental Education Opportunity Grant: up to $4000 per year (usually $500-1000)

Access Missouri Grant: up to $4600 per year

Missouri Public Service Survivor or Vietnam Veterans Survivor Grants

RMI: Rural Missouri Incorporated for those who’ve been employed in certain agricultural positions

Academic Competitiveness Grant: earned college-prep certificate and received Pell Grant, for first two years of college, $750 and $1300 max.

National SMART Grant: last two years of college, math and science, engineering, technology, critical-need foreign language, up to $4000

TEACH Grant: Future teachers, up to $4000

Federal Work Study: Jobs (10-20 hours/week) at minimum wage

Loans:

Federal Perkins: need based, up to $4000 per year, offered through college, low interest, payments begin 9 months after leaving school

Stafford: up to $3500 freshman year, increases each year, interest capped at 8.25%, payments begin 6 months after leaving school

Subsidized: need based, government pays interest while attending school

Unsubsidized: not need based, student pays interest, available to all students

PLUS: Parent Loans for Undergraduate Students: interest is capped at 9%, up to cost of education, repayment begin 60 days after loan

Scholarships: May or may not be need based. Many awarded on basis of GPA, ACT, class rank. Others offered by specific department at college, local individuals or organizations, corporations or employers, or state or federal government.

Bright Flight: ACT 31, $2000 per year at Missouri Schools

Marguerite Ross-Barnett: part-time students working at least 20 hours/wk

A+ Program: pays tuition at junior/technical college

Missouri Teacher Ed. Scholarship: $2000, top 15% of class or ACT

Locally funded:

Childress: 3 available, preference to teaching, FFA, Business

Lions: community service, essay

Knutson-Miles: dependent of US military veterans

Debra Hardy Book Scholarship

Booster Club Scholarship

Dunnegan Trust Scholarship

Lower Memorial Scholarship

Hazelwood Masonic Lodge Community Service Scholarship

Shelter Insurance Scholarship

Mediacom Scholarship

Mahaffey Scholarship

Seymour Bank Scholarship

Sue Loughrige SAGE Scholarship

Vocational Rehabilitation: available to those with qualifying disabilities

Military: many training and educational opportunities

Application Process: Begin immediately! Many deadlines are March 1.

Loans, grants, work study, and need based scholarships

Apply for a PIN if you plan to complete the FAFSA online, which is actually faster and easier. One parent should also apply for a PIN, although a signature page can be printed instead. Go to www.pin.ed.gov

Complete 1040, 1040A, or 1040EZ tax form ASAP.

Complete the Free Application for Federal Student Aid (FAFSA). You can apply by mail with a paper form or over the Internet at www.fafsa.ed.gov after January 1 each year.

Within 2-6 weeks if you apply by mail, you will receive your Student Aid Report (SAR), which gives information about your Expected Family Contribution (EFC), which determines your eligibility for certain aid. The EFC usually must be 2100 or less to qualify for Pell Grants. If you apply online, you get your EFC immediately and your SAR within a couple of days. Online is the preferred method!

In May, June or July you will receive the award letter from the college outlining the cost, type and amount of financial aid.

Scholarships

College based: School application required by deadline

Local: applications are usually available in March or April in counselor’s office and announced in the daily bulletin and posted on office window

Corporate or employer: check with personnel office

Government: available in counselor’s or college financial aid office.

Surf the WEB! There are many sites on the Internet. FASTWEB is good.

CHOICES scholarship search is available through the computers at school.

Tax Breaks after you attend college:

Hope Scholarship Credit: up to $1500 per student per year

Lifetime Learning Credit: 20% of tuition cost up to $10,000 per family per year

Student Loan Interest Deduction: if you itemize your deductions, up to $2500