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What is Financial Aid?

Money provided to help pay for postsecondary educational expenses.

  • Gift – Grants/Scholarships
  • Loan – Subsidized/Unsubsidized
  • Employment – Federal/Institutional
  • Need vs. Non-Need Criteria

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Financial aid is available for students from all families, no matter what the income level.

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Sources of Financial Aid

Federal Government

States

College and Universities

Private Sources Foundations/Community Orgnaizations/Churches

Employers

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Scholarship Searches

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Determining Federal Aid Eligibility

Cost of Attendance (Varies by School)

  • Student Aid Index (FAFSA)
  • Other “Free” aid (Grants/Scholarships)

= Financial Need

What is the Financial Aid “Package”?

It can include several types of scholarship, grant, loan and/or employment aid offered by a specific school to help meet your ‘Financial Need’ and the school’s ‘Cost of Attendance’.

​

  • Community Colleges: $6,000 - $10,000
  • Missouri Public Colleges and Universities: $12,000 - $26,000
  • Non-Missouri Public Colleges and Universities: $22,000 - $30,000
  • Private Colleges and Universities: $26,000 - $65,000

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What is Cost of Attendance (COA)?

  • Tuition and Fees
  • Housing and Food (living expenses)
  • Books, course materials, supplies
  • Transportation
  • Miscellaneous and personal

Budget for the school Year

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Cost of Attendance (Varies by School)

  • Student Aid Index (FAFSA)
  • Other “Free” aid (Grants/Scholarships)

= Financial Need

What is the Financial Aid “Package”?

It can include several types of scholarship, grant, loan and/or employment aid offered by a specific school to help meet your ‘Financial Need’ and the school’s ‘Cost of Attendance’.

​

Determining Federal Aid Eligibility

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Sample Semester Cost to Attend UCM

(15 hours, face-to-face, resident for 2024/25)

Instructional Fees $4,162.50

General Fees $ 707.00

Estimated Textbook Costs $ 625.00

Residence Hall (if living on-campus) $3,169.00

Meal Plan (if living on-campus) $1,934.00

TOTAL $10,597.50

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Seven Things You Will Need Before Filing the FAFSA

  • Your FSA ID (for both Student and Parent)
  • Your parents’ SSNs if you’re a dependent student
    • If parents do not have SSNs, they can still get an FSA ID
  • Tax returns for 2023
  • Records of child support received
  • Current balances of cash, savings, and checking accounts
  • Net worth of investments, businesses, and farm
  • School(s) You Wish to Attend

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The FAFSA

    • Free Application for Federal Student Aid
      • Collects Demographic & Financial Information
      • Calculates an SAI for the student
      • Normally available October 1, for any other year
      • For 2025-26, it is currently available.

​

  • Why fill it out?
    • Used to apply for Federal & State Aid
  • What is the SAI?
    • Student Aid Index
    • Determines a student’s eligibility for the Pell Grant and can influence eligibility for other aid

https://studentaid.gov/announcements-events/fafsa-support

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Applying for Aid

  • Complete and submit the 2025/26 FAFSA*.
  • Apply for a Federal Username and password (parents too) at FSAID.ED.GOV. Username confirms identity to log onto certain U.S. Department of Education websites.
  • Federal income tax return information will be for prior, prior year, 2023.
  • Be aware of deadline and priority dates set by schools, scholarship donors, the state of Missouri, etc., especially February 1, 2025. We have not heard that date has changed yet.

*Available in December 2024

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Who Files the FAFSA?

  • Student - Contributor
  • Biological/adoptive parent - Contributor
  • If parents are divorced, need parental information (and spouse if remarried) of the parent who provides more than half the support
  • If biological parents live together but are not married, both incomes/information are included

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Who Files the FAFSA?

  • Consent must be given by the Contributors
  • FSA IDs will be required before consent can be given to import tax information
    • Student
    • Parent(s)
  • Very important change as there will be a direct link to tax information into the FAFSA
  • Apply for FSA IDs now

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FSAID.ED.GOV

  1. Name, Date of Birth, Social Security #
  2. Username, Email, Password
  3. Mailing Address & Mobile Phone #
  4. Communication Preference: Email or Postal Mail, or Text
  5. Challenge Questions
  6. Verify Email
  7. Submit
  8. Wait ~3 days for Social Security Administration Confirmation
  9. Confirmation from SSA
  10. Ready to Use your FSA ID!!!

Apply at https://studentaid.gov/fsa-id/create-account/launch

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2

4

1

3

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Log In Screen

  • Use FSA ID
  • If no FSA ID:
    • “create an account”

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FAFSA Welcome

  • “I am starting the FAFSA form as a “Student” or “Parent”
  • Understanding the FAFSA form, or “Onboarding”
    • What is a Contributor? And what documents you might need…
    • Providing Consent
    • What to Expect after submitting the FAFSA Form

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If Parent(s) Begins FAFSA Form:

  • Parent(s) provides Basic Student Information
    • Student will receive email that a FAFSA was started on their behalf
  • Parent(s) Verifies Student Information
  • Parent(s) Completes Other Information
    • Student’s Grade Level
    • Student’s Personal Circumstances (Dependency)
    • Student’s Unusual Circumstances
    • Parent Information and Finances

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< Student SSN

< Student Name

< Student Date of Birth

< Student Email

-(not H.S. Email)

< Student Phone #

​

​

Student Identity Information

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Student Demographics

  • Student E-mail, Citizenship, Address, State of Legal Residency
  • Student Phone and Driver’s License
  • Student Marital Status
  • Student Eligibility (Citizen, Eligible Non-Citizen, or neither)
  • Student Education
    • High School Completion Status
    • College Grade Level (First, Second Year, Other UG, or Grad)
    • Degree or Certificate program of study
  • Provide Consent or Be Ineligible for Federal Student Aid
    • Providing Consent Allows Tax Info to be Populated

​

​

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Dependency Status

-Unaccompanied Homeless Youth?

-Contacting parents pose a risk?

-Parents Unwilling to provide their

information?

-Unsubsidized Loan Only

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Parent Wizard

  1. Are your parents married to each other? Y/N
  2. Do your parents live together? Y/N
  3. Did one parent provide more financial support over the past 12 months? Y/N
  4. Has the parent remarried? Y/N

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EXAMPLE: “You will need to provide information for your {parent} and {stepparent}. Based on your answers, you’ll need to provide information about this parent and your stepparent on your FAFSA form. You can invite your parent and stepparent to your form so they can complete the required sections.”

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Invite Parents Form

  1. Enter the First & Last Names of Parent(s) as shown on SScrd
  2. Dates of Birth
  3. Social Security Number
    1. You can check that your parent does not have an SSN but will then need to enter the parent’s street address.
  4. Email Address
  5. Confirm Email Address
  6. “Invite Parent” button
  7. They receive the invitation (“accept” or “decline”) to input their demographic and financial information
    • By accepting, parents are not held financially responsible for any federal loans the student

decides to accept

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High School Name

Enter your high school information, then hit search (then select your school)

Then, you are asked to confirm the high school that you selected

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Tax Information

  • FUTURE Act Direct Data Exchange (FA-DDX)
  • Allows for an individual’s federal tax information (FTI) to be directly transferred from the IRS to the FAFSA
  • Consent is required by all contributors on FAFSA
  • IRS transfers information to populate FAFSA income questions for most tax filers
  • Eliminates manual entry of tax and income information

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Additional Financial Information

These are found on the IRS Form 1040

These are found on Form 1040 or Schedule 1

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Student Financials

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Federal Benefits Received

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College Name

1

2

3

Up to 20 schools can be selected

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Student Final Steps

  • Review Student Data
  • List of Contributors
  • Student Signature

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Next Steps…

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Parent Log In

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Parent Contributor Information

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Parent Onboarding

-Video

-Role of Contributors

-What to Expect as Contributors

-What Happens after Submitting the FAFSA Form

-1-3 days to process

-Student receives FAFSA Submission Summary

-Student Aid Index

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Parent Consent and Data

  • Consent and FAQ
  • Marital Status of Parent
  • Parent SSN, Name, Date of Birth, State of Residence, Email
  • Household Size (if dependent student)
  • Once Consent is Provided, Parent Tax Info Populates the FAFSA
  • Failure to Provide Consent Makes Student Ineligible for Aid

​

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Parent Tax Filing and Family Size

  • Did the parent file a 2023 joint tax return with their current spouse?
    • Varies depending upon prior answers.
  • Is Parent’s family size different from the # of individuals claimed on 2023 tax return?
  • Enter number of children or other dependents…
  • Number in College between July 1, 2025 and June 30, 2026
  • Assets
    • Child Support Received
    • Net Worth of Businesses and Farms, and Real Estate
  • Earned Income Tax Credits
  • Foreign Earned Income Exclusion

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Review & Signature

Then “What Happens Next…”

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What’s Next?

  • Watch for further communications (missing information, award letter, etc.) from your Financial Aid Office
  • Complete FAFSA Verification (if selected)

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Verification

  • Why would your FAFSA be selected for Verification?
    • Selection could be random
    • Data does not Align on your FAFSA
    • FAFSA is missing information
    • Designed to detect intentional fraud in some cases
  • FA Office must verify
    • Income Earned from Work
    • Foreign Earned Income Exclusion
    • Tax-Exempt Interest Income
    • Family Size (if different from FTI)
    • IRA Deductions & Payments

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Professional Judgment

Your FAFSA can be updated by the Financial Aid Office for one or more of the following events:

  • Loss of employment or benefits.
  • Death of a parent or other family member
  • Separation or divorce
  • Retirement
  • Higher than normal out-of-pocket medical, child care, or transportation costs

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  • Being homeless
  • Parental abandonment, incarceration, etc.
  • Unable to contact parents
  • Contact with Parents poses risk
  • Human Trafficking
  • Refugee or asylee status

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UCM’S MULE GRANT

Eligibility Requirements

To be eligible, you must meet the following criteria:

Be an incoming first-year undergraduate student or new transfer student with an associate degree entering Fall 2023 and beyond.

Be a Missouri resident (Access Missouri Grant-eligible).

Be a U.S. citizen or eligible non-citizen.

File FAFSA on or before Feb. 1.

Be Federal Pell Grant eligible.

Maintain full-time (12 hours) enrollment each semester.

Maintain good academic standing.

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***Pays full tuition and general fees – up to $9,413.50 - after other gift aid***

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Scholarship Searches

QUESTIONS?