The purpose of financial aid is to remove financial barriers for families who cannot afford the cost of education beyond high school, and for those who can afford to pay for only part of it. 

Most financial aid falls into one of the following categories: 

Scholarship: This term is used rather loosely to include athletic and talent (music, drama, leadership, etc.) monetary awards, but primarily scholarships are granted on the basis of academic (scholarly) merit. Students with GPA’s and ACT or SAT I scores in the top 20 percent are more likely to be awarded money. Generally, the higher the scores and grades, the more likely a scholarship will be awarded. 

Need-Based scholarships are those that are awarded because a family may need financial assistance (though academic merit is almost always factored in). The need is usually determined from the information provided by students and parents on the Free Application for Federal Student Aid (FAFSA) or on the CSS Profile form that some colleges require. 

Many scholarships awarded by colleges and universities are “automatic” in the sense that if you are accepted to the school and if you achieve a particular ACT score, you receive a scholarship without further application. For example, a state university might grant a $1000 scholarship for a 25 ACT score or a $2000 scholarship for an ACT of 28. Most colleges award their largest scholarships on a competitive basis. 

Scholarships are also awarded by literally thousands of private foundations, religious organizations, service organizations, and corporations. The best way to locate these scholarships is to use the books available in the Counseling Center or a free web based program such as www.fastweb.com or www.cashe.com. 

Grant: Funds given to a student from the federal or state government or an institution that do not have to be repaid. This money is typically sent directly to the college/university. The most well known grant program is the federal Pell Grant, which awards up to $4000 for freshmen who demonstrate financial need as determined by the FAFSA. 

Loan: Money the student and/or parent is eligible to borrow for educational expenses. The money must be repaid with interest. Most financial aid packages from colleges/universities will offer families substantial loans. 

  Subsidized Loan: The federal government will pay the interest on this student signed (no co-signer required) loan while the student is enrolled in school. Repayment must usually begin within 9 months of graduation or leaving school and is usually available at the lowest interest rate of any loan. 

  Unsubsidized Loan: The student is responsible for all accrued interest. Usually repayment does not have to begin until 9 months after graduation or leaving school. 

  PLUS Loan: Allows parents to borrow in their name for the education of their dependents. Unlike loans made in the student’s name, repayment begins immediately upon receipt of the loan. 

Work Study: Student is employed part-time on campus with the earnings to be used for educational expenses. Normally this is limited to 10-12 hours per week. 

Financial Aid Packages from colleges are usually a combination of grants and/or scholarships, loans, and work-study. Remember, that financial aid is to be used in addition to what the family and student provide. Rarely does financial aid cover the entire cost of undergraduate education. 

Financial Aid Applications: 

Free Application for Federal Student Aid (FAFSA): The FAFSA is the extensive application required to determine the eligibility for Grants, Loans, and Work-Study. A paper copy of the form is available in the Counseling Center, though the preferred method of filling is online at www.fafsa.ed.gov. The FAFSA cannot be filed before January 1, of the student’s senior year and should be filed as soon as possible after that date. The form can be rather intimidating and Saint Louis University sponsors free sessions to assist in completing FAFSA. Information regarding the dates can be obtained from the St. Louis University’s Office of Scholarship/Financial Aid. If you have questions about the workshop dates, phone 314-977-2350. Students do not need to apply to St. Louis University in order to attend these workshops. 

After you completed the FAFSA and your information has been processed, you will be notified of your Expected Family Contribution (EFC). This is what the federal government, using their formulas, determines to be the amount that the family (parent and student) should be able to contribute towards the education of the student. The EFC remains constant whether you attend a low cost school or a very high cost school. The web site www.finaid.org provides a free program to estimate your EFC. An estimator is also available at www.act.org and www.collegeboard.com. 

FAFSA information can be submitted by mail or on the WEB. If you are submitting FAFSA on the WEB, complete the FAFSA ON THE WEB WORKSHEET before you begin. The WORKSHEET is available at www.fsapubs.org.

CSS Profile: This is a supplement financial aid form usually required by selective colleges/universities. If the college or university to which you are applying requires the CSS Profile, check with the Counseling Center. A few colleges/universities also have their own institutional of supplemental financial aid forms. 

Some helpful Web Sites: 

• Each college/university to which you are applying has a web site. Check these web sites for information about financial aid information regarding each particular college/university.
• www.fastweb.com and www.cashe.com
  These provide a personalized scholarship search.
• www.finaid.org
  A collection of financial assistance tools and links.
• www.collegenet.com
  MACH 25 scholarship search engine and other financial assistance and college information.
• www.dhe.mo.gov
  Click the site map tab. 
  Go to the students section. 
  Scroll down the Student portion to the high school students section. 
  Find paying for college. 
    Scholarships 
    Grants 
    Loans 
    Other financial aid programs 
    Free Application for Federal Student Aid (FAFSA)
• www.isbe.state.il.us
  The link to Illinois-based awards.
• www.academicasf.com
  The Academic Achievers Scholarship Foundation.
• www.fafsa.ed.gov
  Department of Education Free Application for Federal Student Aid web site.
• www.mohela.com
  Information about loan rate reduction. Contains specific information about loan rate reduction for Missouri Public Service occupations.