Three Major Steps after Decision Day

Hey Seniors! Congratulations on a job well done!

It’s time to celebrate — and then think about what’s next! Don’t lose focus, there are a few major steps you need to accomplish before you’re ready to attend college this fall. For those who have not made a decision yet, there is still time!

Most schools, especially community colleges, have a rolling admissions policy. This means that they are constantly accepting students up to the beginning of classes in August. Here is some information that will be helpful:

1. Finalize all scholarships / financial aid

Two people staring at the screen of a laptop.

There are different ways to pay for school and most students have multiple sources to do so. Make sure your college has all your information so you are all set for the beginning of your semester, especially if you plan to take summer courses. Each student will be sent a document that considers all forms of your financial aid, including grants and loans from filing the FAFSA, institutional  scholarships, and private scholarships you have applied for separately. By confirming with the financial aid office at your chosen college, you will be able to confirm what your true total for school is. If you have questions don’t be afraid to ask your financial aid experts on campus!

For students who still haven’t decided, there is still time. The most important thing for you to do is file the FAFSA. Every year there are billions of dollars that go unclaimed by students that could earn financial aid but missed out because they did not file the FAFSA. If you have not applied to schools there is a chance you will still qualify for automatic scholarships they provide for academics. If there is a school you are interest in, reach out to their admissions office and they will fill you in on the steps you need to take. Find free help completing your FAFSA this summer at one of several events throughout Missouri.

2. Register for your Orientation

Students Walking down a Campus Hallway

After graduation, your college orientation will be the biggest day before you begin classes. You and thousands of fellow 

students will flood campus during the summer to get your plans finalized. Most orientations include meeting faculty in your major, setting up your course schedule, and confirming your housing. Orientation day offers you a chance to meet fellow freshmen for the first time and it is designed to be fun! Make sure you check out your school’s website and select an orientation date that works for you and your parents.

If you are still not decided, use this time to go on a college visit. A lot can change between the start and end of your senior year, so going to a campus with new perspective is vital.

3. Celebrate your Success!

A group of graduates celebrating their success.

The final months of senior year were like a whirlwind with spring sports ending, taking finals, and graduating. Take time to celebrate yourself! You are about to take part in one of the biggest changes of your life. That is something to be excited about. The more you can appreciate what it took to get to campus, the more invested you will be in your success while there.

For those who haven’t decided yet, don’t get down on yourself! All paths are not the same. In fact, most people go through ups and downs including changing majors or even schools. Remember that you have accomplished just as much by graduating high school and that your future is bright! Do not be afraid to ask for help while figuring out what’s next.

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.