Why It’s Not Too Late to Apply for Grants

As the 2023-24 school year wraps up, you may feel the promise of a relaxing summer and assume there is nothing left to do. However, you should know that changes and delays to this year’s Free Application for Federal Student Aid (FAFSA) mean that deadlines for many essential grants have been pushed back, and you still have time to apply. 

What are grants and how do they differ from scholarships?

Scholarships and Grants are both ways to get additional financial aid for school. Unlike student loans, they do not need to be repaid. 

Grants are based on a person’s financial need, which is why it is essential to fill out your FAFSA to be considered for grant funds. Grants available to Missouri students include Access Missouri and the Fast Track Workforce Incentive Grant

Scholarships are based on merit. For example, students who perform well on the ACT qualify for the Bright Flight Program. There are many scholarships available on a local, state, and national scale. All of these scholarships have their deadlines, so make sure you check in and see if there are any still available to apply for.

What are priority deadlines?

Excited indian woman celebrating the grant funds she received after applying.

Priority deadlines for grants are meant to guarantee funding to those who apply early. While this may seem make-or-break to some, there is a final deadline that gives students more time to apply. 

This year, the final deadline for Access Missouri is June 1, 2024. If you are eligible, you can still receive grant money. The Missouri Department of Higher Education and Workforce Development (MDHEWD) has been able to fully fund every applicant based on their maximum Expected Family Contribution (EFC) Award for the past three years. Based on funding available and FAFSA filing rates, that appears to be the case for everyone who applies for the Access Missouri Grant before the 2024-25 deadline as well. 

How can I determine if I’m eligible and apply?

The eligibility requirements can be found on the MDHEWD website. The Student Portal is also an essential tool for arranging your information for grants from the state of Missouri. 

The MDHEWD Student Portal provides you with information on how to plan and pay for college. This includes all information relating to your eligibility for MDHEWD’s student financial aid programs including Access Missouri, Bright Flight, and Fast Track. You can even directly apply to the state financial aid programs listed in the previous sentence as well as several others. 

The Student Workspace is also accessible through the Student Portal. There, you can save information related to planning and paying for college, as well as finishing a degree or certificate. 

With warmer weather and summer fun coming quickly, it will be a relief to get all of your financial aid sorted beforehand. So sit back and relax knowing that you have used all the tools in your power to make sure next school year is as cool as ice cream. 

5 Reasons to File a FAFSA

Every year, the U.S. Department of Education gives roughly $120 billion in federal loans, grants, and work-study funds to more than 13 million college students. These funds are awarded only to those who file a Free Application for Federal Student Aid (FAFSA).

By not submitting a FAFSA, students are leaving billions of dollars on the table, and are missing out on a pretty great deal. Federal loans have low interest rates, federal grants don’t need to be repaid, and work-study programs are a great way to pay for college while building your resume. And about 90 percent of high school seniors who submit a FAFSA enroll in college the following fall semester, whereas only about half of the high school seniors who do not submit the form end up enrolling in the fall. Filing a FAFSA to see what financial aid you qualify for could be the deciding factor.

The point is, there is NO reason you shouldn’t submit a FAFSA, and countless good reasons why you SHOULD. Here are five:  

More than just a loan

While most students submit a FAFSA as a way of securing a low-interest loan from the federal government, filing a FAFSA is also the only way to become eligible for certain types of aid that don’t need to be paid back. Every year, millions of dollars in grants and scholarships from states and universities are distributed based on financial need, and the only way to qualify for this aid is by submitting a FAFSA.

Most students qualify

You may qualify for free aid, like the Pell grant, or Access Missouri grant, but you won’t know unless you file. Anyone with a household income below $250,000 is eligible to receive some form of federal aid, as long as they submit a FAFSA. While only 5 percent of U.S. households make too much money to qualify for federal aid, more than 40 percent of high school seniors fail to file a FAFSA.

Federal loans are easier to pay off than private loans

Some students, instead of filing a FAFSA, choose to borrow money from private lenders such as banks, credit unions, state agencies, and even schools. However, there are many benefits to choosing a federal student loan over a private student loan.

The first is interest rates. In most cases, the interest rate on Federal loans is lower than those of private loans. The federal interest rate is also fixed and won’t change, whereas private loans can have variable interest rates, which are harder to predict.

Payments on Federal loans aren’t due until six months after you graduate or leave college, so you’ll have a grace period to land on your feet before your first payment is due. However, many private lenders require students to start making payments while they are still finishing school. Federal loans can also be deferred or put in a forbearance period if you are experiencing certain hardships, like a job loss or medical issue.  

It’s free to submit

It costs nothing to file a FAFSA, and you won’t be required to accept any aid you are offered. High schools across Missouri host FAFSA Frenzy events, where students can receive free help filling out their FAFSA. The FAFSA is easier now than it has ever been, with more simplified questions coming in the next few years.

Your financial situation could change

Unexpected crises, such as a global pandemic, create financial difficulties. One day, you could have a complex spreadsheet, mapping out exactly how you plan to pay for every one of your expenses; the next day, something bad happens – your income level changes, your employer goes out of business, a family member has a medical emergency, etc. – and your entire plan is sent into a tailspin. When special circumstances arise, you can appeal to your college’s financial aid office for additional assistance. Filing the FAFSA gives them a starting point to understand your financial situation. If things have changed, colleges can often use what’s called “professional judgment” to help you overcome new financial challenges and help get you back on your feet.

Four things to consider as you start your college career

You just graduated high school. You’ve chosen which college or university you will attend. Maybe you’ve explored the food and housing options at your new school. It’s an exciting time in your life. Right now, it probably seems like there’s so much you still need to do before you step on campus in the fall. Getting to campus is one thing – succeeding in college and finishing your degree is another! Here are four things to keep in mind that will improve your college experience in the long run.

You have options when it comes to which math course you take

Most colleges and universities require students to take at least one semester of math. For some of you, that sounds perfectly fine. You like math, and you’re good at it. For others, the idea of taking precalculus is not only terrifying, it does not match the work you’ll be doing in your field of study.

However, Missouri’s public institutions offer alternative entry-level mathematics courses that are most effective and beneficial to each academic major. For example: A journalism student doesn’t have much use for precalculus; however, a solid background in statistical reasoning can serve a journalist well throughout his or her career. So, make sure to know your options, when it comes to math pathways, and take advantage of them.

How many hours should I take? Think 15 to Finish!

You will hear the term “full-time student” fairly often in college. A full-time student, according to financial aid and the vast majority of colleges and universities, is a student enrolled in at least 12 credit hours per semester. But don’t think that means you can take 12 hours of class and still graduate on time.

You should strive to complete at least 15 credit hours a semester to put yourself on track to receive an associate degree in two years or a bachelor’s degree in four years. If you just can’t swing 15 hours every semester, consider taking summer courses to stay caught up.

This is important because additional time in the classroom comes at a steep price. An extra year in college can mean paying an extra year’s worth of tuition, fees, and housing, and missing out on that first-year salary!

Corequisite Courses can help you finish faster

Depending on your ACT/SAT scores or your GPA in high school, you may be asked to take remedial courses before enrolling into a credit-bearing course. These courses are meant to prepare you for difficult coursework in upper-division classes.

Students who must complete prerequisite remedial courses before they can enroll in credit-bearing courses often have to spend an extra semester or more in college, and are far less likely to graduate. The additional time in school can also increase college costs and result in more student loan debt.

Corequisite courses, on the other hand, allow students to earn credit toward graduation while they complete their remedial coursework. Corequisite courses provide additional academic support which may include tutoring, mentoring, labs, and workshops. Students take the corequisite course in conjunction with their credit-bearing course so they get the help they need simultaneously. Ask your advisor if your college offers this type of course. 

Things to consider if you’re already planning to transfer

If you do decide to move from one school to another, you deserve to see the credits from one school transfer to another.

To simplify the transfer process, Missouri’s colleges and universities have worked together to establish the CORE 42, which is 42 credit hours of lower-division general education courses that can be transferred seamlessly from one Missouri higher education institution to another.

To give yourself optimal flexibility, take care of your lower-division general education courses first. If you know you’re going to switch schools at some point, use our Course Transfer Tracker to check out how the courses you’re taking now will transfer to the schools you’re considering.