Financing College

🛠️ How to Create an FSA ID

🔗 Step 1: Go to the Official Website

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

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🧑 Step 2: Click “Create Account”

You’ll need to enter:

• Your full name (must match your Social Security card)

• Date of birth

• Social Security Number (SSN)

• Email address (your PERSONAL email address)

• Mobile phone number

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🔐 Step 3: Create a Username & Password

• Choose a username that’s easy to remember

• Choose a strong password

📌 Remember these! You'll use them every year to renew your FAFSA.

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🧠 Step 4: Set Challenge Questions

Pick and answer a few security questions in case you forget your login info.

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✅ Step 5: Confirm Your Info

• Verify your email and phone by entering the codes they send you.

• Double-check all your personal info matches exactly what’s on your Social Security card.

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👨‍👩‍👧‍👦 Important: Your Parent Needs One Too

If you're a dependent student, one of your parents will also need to:

• Create their own FSA ID

• Use a different email address than yours

• Sign your FAFSA electronically with their FSA ID

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📝 Pro Tips:

• To create an FSA ID you need a SSN

• If you have an older sibling in college (or your parent went to college), they may already have an FSA ID

• Write down your login info or use a password manager

• Don’t create an FSA ID for someone else — each person should create their own

Information that could be asked on the FAFSA:

1. Identification

• Student and Parent Date of Birth

• Social Security Number (SSN) – for both student and any required parent(s) if you're a dependent.

• Alien Registration Number if you are a permanent resident.

• Parent Marriage and/or Divorce Separation Date(s)

2. FSA IDs

• Both the student and a parent (if applicable) will need their own FSA ID to sign the FAFSA electronically. Do NOT use Parkway email address.

• Only one parent needs one unless they are married and file taxes seprately, then both parents need an FSA ID.

• SSN immediately verified.

• Even parents without SSN can create an FSA ID

3. Federal Income Tax Information

• Your and your parent(s)’ 2024 federal tax returns, W-2 forms, and any other documentation of income earned.

• You can use the IRS Data Retrieval Tool (DRT) to import tax data directly into the FAFSA, if available and consented.

4. Other Income

• Records of untaxed income, such as:

  • Child support received

  • Welfare benefits

  • Veterans/non-education benefits

  • Military or clergy allowances

  • Scholarships, fellowships, combat pay, cooperative program earnings

5. Assets and Investments

• Value of cash, savings, and checking

• Net worth of investments

• Net worth details of businesses or family farms, if applicable

UPDATE: Do NOT include a family business with 100 or fewer full-time employees, farms where the family resides, or a commercial fishing business and related expenses.

6. School Codes

• List of colleges that you want to send the FAFSA to.

FAFSA Form

Who is my Parent?

Dependency Status

CSS Participating Colleges

CSS Profile

The CSS Profile (College Scholarship Service Profile) is a financial aid application created and run by the College Board. Sometimes the institution also requires IDOCS as well.

Here’s what you should know:

• 🎓 Purpose: It’s used by many private colleges, universities, and scholarship programs to award institutional financial aid (money that comes directly from the school).

• 💰 Different from FAFSA: While the FAFSA is required by all colleges to determine federal aid (grants, loans, work-study), the CSS Profile digs deeper into a family’s finances to decide how much non-federal aid a school can provide.

• 📝 Information Collected: It asks for detailed data like income, assets, home equity, medical expenses, and sometimes information from both biological parents (even if divorced).

• 💻 How to Apply: Students complete it online through the College Board website.

• ⏰ Deadlines: Each college sets its own deadline—many line up with admissions deadlines (Early Action, Early Decision, or Regular).

• 💵 Cost: The first application costs around $25 and each additional report to a college is about $16, though fee waivers are available for eligible students. Some students may qualify for a fee waiver.

• 📋 Who Requires It: Typically private colleges and some scholarship organizations; most public universities do not require it.

👉 In short: FAFSA = federal/state aid; CSS Profile = institutional/scholarship aid (mainly private schools).

Sallie Mae - Compare Financial Aid Offers

📘 Financial Aid Vocabulary for High School Students

1. FAFSA (Free Application for Federal Student Aid)
   The main form used to apply for federal, state, and college financial aid.

2. CSS Profile
   A separate financial aid form used by some private colleges to award institutional aid.

3. COA (Cost of Attendance)
   The total cost of college per year, including tuition, fees, housing, food, books, and personal expenses.

4. Student Aid Index (SAI)
   The new metric replacing the EFC starting in 2024–25. Lower SAI = more aid eligibility. Includes family size calculated based on tax forms (can be updated). Number in college is NOT considered. Ranges from -1500 - 999,999 and does not equal a dollar amount of aid eligibility or what the family is expected to provide.

5. Grants
   Free money for college that doesn’t have to be repaid — usually based on financial need.

6. Scholarships
   Free money for college based on merit, talent, need, or other criteria.

7. Loans
   Borrowed money that must be repaid, usually with interest. Can be federal or private.

8. Subsidized Loan
   A federal loan where the government pays the interest while you’re in school.

9. Unsubsidized Loan
   A federal loan where interest begins accruing as soon as it’s disbursed.

10. Work-Study
    A program that allows students to earn money through part-time campus jobs as part of their financial aid package.

11. Financial Aid Award Letter / Package
    A summary from a college showing the types and amounts of financial aid you’re being offered - scholarships, grants, loans, and work-study.

12. Net Price
    The actual cost you’ll pay after scholarships and grants are applied to the COA.

13. Satisfactory Academic Progress (SAP)
    The academic standards students must meet in college to keep receiving financial aid.

14. Need-Blind Admission
    A college admissions policy where your financial situation is not considered when making an admissions decision.

15. Need-Based Aid
    Financial aid awarded based on your financial need.

16. Merit-Based Aid
    Aid awarded based on academic, athletic, artistic, or other achievements — not financial need.

17. Dependent vs. Independent Student
    Determines whose financial info is required on FAFSA. Most high school students are dependent, so their parents' info is required.

18. Verification
    A process where the financial aid office may request documents to confirm the information you submitted on your FAFSA.

To apply for grants, you MUST complete the FAFSA.

🎓 What Is a Grant?

A grant is free money that helps you pay for college — and you don’t have to pay it back (as long as you follow the rules).

Think of a grant as a gift to help you go to school. Unlike student loans, you’re not in debt after college because of it.

1. Federal Grants

Grants from the U.S. government, typically based on financial need.

• 🟦 Federal Pell Grant
  For low-income undergraduate students.
  ➤ Award amount depends on financial need and enrollment status.

• 🟪 Federal Supplemental Educational Opportunity Grant (FSEOG)
  For students with exceptional financial need.
  ➤ Offered at participating schools only — funds are limited.

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2. Missouri State Grants

Offered by the Missouri Department of Higher Education & Workforce Development (MDHEWD).

🟨 Access Missouri Grant
For Missouri residents with financial need attending approved Missouri schools.

• ➤ FAFSA required by February 3 priority deadline.
• ➤ SAI of $12,000 or less
• ➤ Student must be enrolled full-time
• ➤ Awards vary, but can be up to $1,700 (public 2-year college) or $3,500 (public 4-year college or private).

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3. Institutional Grants

Grants offered directly by colleges and universities.

Examples:

• 🏛️ University of Missouri (Mizzou) – Missouri Land Grant
  ➤ Covers full tuition for Pell-eligible Missouri residents.

• 🎓 Missouri State University – Access Award & Grant-in-Aid
  ➤ For students with financial need; amounts vary by FAFSA results.

• 🏫 Truman State University – Truman State Grants
  ➤ Need-based grants for in-state students; determined via FAFSA.

📌 Note: Institutional grant names and eligibility may vary — always check with the financial aid office at the school you're applying to.

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✅ Pro Tip:

Apply early and complete your FAFSA as soon as possible (preferably by February 1 for Access Missouri)! Many Missouri grants are first-come, first-served.

🎓 What Is a Student Loan?

A student loan is money you borrow to help pay for college. You'll need to pay it back later, usually after you graduate, and most loans charge interest (extra money added to what you borrowed).

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💼 Two Main Types of Student Loans

There are federal student loans (from the government) and private student loans (from banks or lenders).

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🟦 1. Federal Student Loans (Best Option for Most Students)

These loans are from the U.S. government. They usually have lower interest rates, and they give you more flexibility to pay them back.

✅ Types of Federal Loans:

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a) Direct Subsidized Loans

• Who it's for: Undergraduate students with financial need.

• Best part: The government pays the interest while you're in school.

• Why it’s good: You’ll owe less over time.

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b) Direct Unsubsidized Loans

• Who it's for: All undergraduate and graduate students.

• Key difference: You’re responsible for the interest from the start—even while in school.

• Why it’s still good: No need to show financial need.

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c) Direct PLUS Loans

• Who it's for:

  • Graduate students (Grad PLUS Loans)

  • Parents of undergrad students (Parent PLUS Loans)

• Extra info: Requires a credit check.

• Used for: Covering remaining costs not paid by other aid.

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🟧 2. Private Student Loans (Not from the Government)

These loans are from banks, credit unions, or online lenders.

• When to use: Only if federal loans and other aid don’t cover your full cost.

• Downsides:

  • Usually higher interest rates

  • Less flexible repayment options

  • Often need a cosigner (like a parent)

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📘 Quick Comparison

Loan Type	Who Offers It	Need-Based?	Interest Paid While in School?	Good for First-Time Students?
Subsidized Loan	Federal Gov’t	Yes	Yes (by gov’t)	✅ Yes
Unsubsidized Loan	Federal Gov’t	No	No	✅ Yes
PLUS Loan	Federal Gov’t	No	No	⚠️ Sometimes (for parents/grad)
Private Loan	Bank/Lender	No	No	❌ Only if needed

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📝 Important Tips for High School Students:

1. Fill out the FAFSA (Free Application for Federal Student Aid) senior year — it’s how you get federal loans, grants, and scholarships.

2. Always choose federal loans first before looking at private ones UNLESS the loan is interest-free.

3. Only borrow what you need — you’ll have to pay it back with interest.

🏫 Institutional Scholarships

What they are:
Scholarships provided directly by a college, university, or specific academic department.

Key Features:

• Based on academic merit, financial need, athletic ability, or specific talents.

• Often automatically considered during college admission.

• Can be renewable over multiple years.

Best for:
Students applying to a specific college or university who meet set criteria.

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📍 Local Scholarships

What they are:
Scholarships limited to students in a specific region, city, or community.

Key Features:

• Offered by local businesses, nonprofits, community foundations, or clubs (e.g. Rotary, Chamber of Commerce).

• Less competition compared to national scholarships.

• May be based on community involvement or residency.

Best for:
Students who are active in their community or attending a nearby school.

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🗺️ National Scholarships

What they are:
Scholarships open to students across an entire country, regardless of location or school.

Key Features:

• Often offered by governments, large corporations, or national organizations.

• Highly competitive due to the large applicant pool.

Best for:
High-achieving students with strong academics, leadership, or unique talents.

All of the College Counselors in the Parkway School District advertise and post scholarships in the SchooLinks database. To access follow these instructions:

1. Login to SchooLinks
2. Click on College > Scholarship Matching (left bottom)
3. Type in at least your Zip Code
4. You can skip the Eligibility screen
5. You can skip the Matches screen
6. Click on DISTRICT POSTED (top right)

NOTE: Most scholarships do not start until senior year and MANY open during the Spring semester.

LOCAL / MISSOURI SCHOLARSHIPS

• SchooLinks (see above)
• Missouri Scholarship & Loan Foundation Programs - Missouri scholarship programs, some starting as early as 9th grade year.
• Scholarship Central - Local scholarships for students of the STL Metro area. Most deadlines are Spring of senior year.
• SSD Scholarships - Local scholarships available for students that receive SSD services.
• Bright Flight - Missouri scholarship for students that obtain a high ACT / SAT score and attend Missouri college. No application necessary.
• NEW: Public Safety and Recruitment & Retention Act Scholarship - Helps cover costs of tuition for public safety personnel with at least 6 years of service and the dependent children of public safety personnel with at least 10 years of service.

NATIONAL SCHOLARSHIPS

• National Merit Scholarship Program - Juniors that score high enough on the PSAT/NSMQT can obtain scholarship offers through universities and other businesses. Application is sent to eligible students during senior year.
• Quest Bridge Match Scholarship - This scholarship program is for low-income, high achieving (top in the class) students pursuing admission at a highly selective university. Students that are awarded this scholarship receive a full ride (with no loans or parental contribution) to one of the match colleges. Applications are due September of senior year and it is HIGHLY competitive.
• Going Merry - National scholarship database
• Big Future (College Board) - National scholarship database that have scholarship drawings starting as early as sophomore year.
• Sallie Mae - Scholly Scholarships - National scholarship database

NOTE: For National Scholarship Databases, know that they will send you a TON of emails. Do NOT use your Parkway email address.