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. 

10 Things to Know About Your FAFSA Submission Summary

The time has come for the federal government to start releasing FAFSA Submission Summaries to students who filed! Here is a list of the top 10 things you need to know about your FAFSA Submission Summary.

    1. The FAFSA Submission Summary is the new name for your Student Aid Report (SAR). It contains a summary of what information you provided when you filed the FAFSA and will need to be reviewed for accuracy to ensure you get the correct amount of aid.
    2. Your FAFSA Submission Summary will be available online. Once you receive the email notifying you that your Summary is ready, you’ll be able to find it at studentaid.gov. For a video tutorial on how to find your Summary, check out this video from uAspire.
    3. Graduation hat on piggy bank with stack of coins money on natural green background, Saving money for education conceptYour FAFSA Submission Summary is going to include useful information you’ll need to make an informed decision about financial aid, including your estimated eligibility for the Pell Grant and federal student loans, your Student Aid Index (SAI), FAFSA form answers, school information, if you have been selected for verification, and next steps.
    4. You may get error notifications in your FAFSA Submission Summary. Some of the most common notifications are:
      • Contributor Consent – You are not eligible for federal student aid because you did not provide consent and approval to retrieve and disclose your federal tax information. You can fix this during the review process.
        • It’s important to note that contributors CAN provide consent after your submission, but they CANNOT revoke it.
      • The Social Security Administration (SSA) didn’t confirm that you are a U.S. Citizen or eligible non-citizen. You can fix this by submitting documentation of U.S. citizenship to the financial aid office.
      • The date of birth (DOB) that you reported on the FAFSA does not match SSA records. You can fix this by contacting the SSA to correct their records and then submit proof of your DOB to the financial aid office.
      • Your FAFSA form has been selected for verification. This is a process where your school can request copies of certain financial documents. You can fix this by following up with your school(s) to verify the information reported in your FAFSA.
    5. Your FAFSA is not considered complete until you finish the review of your FAFSA Submission Summary.
    6. You can make changes to your FAFSA by editing the information in the FAFSA Form Answers section of the summary.
    7. You can add and remove schools from your FAFSA while reviewing your Summary. This is an incredibly important tool for anyone who has changed their mind about a potential school or applied to a few extra institutions since filing.
    8. Your FAFSA Submission Summary has a ton of information about your potential schools, including graduation rate, retention rate, and average cost. Be sure to review this information so that you can find the best fit for your situation.
    9. Your FAFSA Submission Summary will provide you with Next Steps. So, if you are missing any documentation or need to submit a correction, this section will walk you through what you need to do.
    10. After you submit any changes that have been made, and the Department of Education has processed your Summary, you can download a copy for your own reference by revisiting your dashboard on studentaid.gov.

For more information about your FAFSA Submission Summary, check out this article from studentaid.gov.

4 Reasons to File Your FAFSA

Graduation is on the horizon, and opportunities for continued education are only steps away! Now that the 2024-25 FAFSA is available online for students and families to complete, let’s go over the reasons why you should file now.

It’s FREE

FAFSA stands for Free Application for Student Aid. It’s the way that the Department of Education determines your ability to receive federal student aid. To receive this, you MUST file your FAFSA!

It’s Quick

You can file online, and it won’t take long. Go over the 2024-25 FAFSA Checklist to ensure you have all information you need. A small time investment for your future could have a big potential payoff!

A smiling girl with her eyes closed lying down on the floor with her head in a pile of money.

It’s Financial Comfort

Tuition and fees can be overwhelming. By filing a FAFSA you will have a better understand of the actual cost. It is also the first step to qualify for many scholarship, grants, work-study, and student loans. The information you provide on your FAFSA helps determine the types and amounts of financial aid you may be eligible for. The FAFSA gives you access to four primary sources of financial aid, including:

    1. Federal financial aid
    2. State financial aid
    3. Aid from colleges, universities, and other postsecondary schools
    4. Some private scholarships and grants

If you file by April 1, you will be considered for the Access Missouri Grant program and will be guaranteed an award if you qualify.

It’s Made for YOU!

There is no downside to filing and the only way to know if you are eligible is to APPLY! Take control of your future. You have nothing to lose and everything to gain.

Check out our previous blogs about the new FAFSA, preparing for college and important things to know as you prepare for the 2024-25 school year.

MyScholarshipCentral: Scholarships for Current College Students

three students sitting on a bench.

While many scholarships are only offered to high school students planning to attend college, there are a lot of opportunities designed specifically for current college students to complete their degree. There can be a lot of uncertainties when you go to college. One of the biggest is often money. Even if you no longer live on campus, college can be expensive and you might have a new bill that needs to be paid. Don’t lose heart because you are not out of luck! MyScholarshipCentral is an amazing site that compiles all available awards and gives descriptions about who may qualify. It is a very user-friendly site where you can filter scholarships to your specifications (gender, race, major, etc.). Here are three examples of scholarships you should look out for:

Purdy Emerging Leaders Scholarship

A student leader looking at the cameraThis scholarship is tailored to students in leadership roles on campus and is a renewable scholarship that can cover up to $5,000. It is available to current college sophomores, juniors, and seniors. Students with good academic standing and a 2.5 GPA or higher are eligible to apply. This scholarship requires three additional things; a list of activities and leadership positions (not from high school), a reference from a current advisor/professor, and a short answer on what being a leader means to you. By sending all of that information, as well as your EFC and school’s award letter, you are eligible to apply. This scholarship is open until May 31, 2022, and winners will be notified by June or July.

Morton A. Mitchell Scholarship

Many scholarships on this site are aimed at specific majors. This is an example of one, as this scholarship is aimed at students planning on working in the field of ecology or wildlife conservation. Students with majors in science hoping to explore this career field can earn this $4,000 renewable scholarship. Students in these major fields with at least a 2.0 GPA are encouraged to apply and fill out the questionnaire which asks for information about activities that you are involved in, as well as why you are interested in wetlands or ecology and conservation. This application is due April 15, 2022.

Zonta Club of St. Louis - Jane M. Klausman Women in Business Scholarship

A girl in a hijab takes notes in a large classroom.

Similar to the previous scholarship, this $1,000 scholarship is targeting students in a subject area. Business is the focus area of this scholarship. In addition to that, this award is specifically for women in the St. Louis area because the organization is based there. This scholarship is targeted at upperclassmen, either college juniors, seniors or students enrolled in a master’s program. Outside of the general information, applicants must fill out a 500-word essay describing their professional goals and how the award would help them accomplish those goals. This scholarship is due by May 1, 2022.

Just like applying for scholarships as a high school senior, there are plenty of general and incredibly specific options that are available to you as a current college student. The key is to be persistent and look at the various scholarships that you might qualify for. The good news is that MyScholarshipCentral is a valuable resource in that process. By creating your account, you are completing one major part of the process. Be aware of deadlines and try to be as prepared as possible so you give yourself the best opportunity to qualify. Don’t be afraid to reach out to your financial aid office for more information as well!

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.