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TYPES OF FINANCIAL AID

Federal Aid

Completion of the Free Application for Federal Student Aid (FAFSA) is required in order to be considered for any type of federal grant, loan or award assistance.

Federal Grants (Gift Aid)

Grants are a form of gift assistance that help you pay the educational and living expenses you'll incur to pursue a first bachelors degree. You normally never have to repay or work for grants, most of which are awarded based on your financial need level (as determined by the data from your FAFSA).

UNDERGRADUATE

Pell Grant

Federal Pell Grant is a type of need-based gift aid, eligibility for which is based primarily on the income, asset and other data entered on the FAFSA . In accordance with federal financial aid regulations, Pell Grant assistance normally never needs to be repaid, and may be received only by undergraduate students who have the highest levels of calculated financial need and are pursuing their first bachelors degrees. The maximum award amount each year is established by the U.S. Department of Education and is based on national funding levels. The actual Pell Grant amount posted to a student's UCM account each semester is based on the exact number of undergraduate credit hours (s) he enrolls for. The following amounts are authorized for the 2016 fall, 2017 spring, and 2017 summer terms.

Enrollment Status

 

Maximum Pell Grant Award
(per semester)

12 or more hours

Full-time

$2908

9-11 hours

3/4-time

$2181

6-8 hours

½-time

$1454

1-5 hours

Less than ½-time

$ 727

Please be advised that effective with the 2012 fall semester, otherwise-eligible students are limited to receiving a maximum of 12 semesters of 'full-time equivalent' Federal Pell Grant assistance. This law (the Consolidated Appropriations Act of 2012) affects all undergraduate students regardless of when or from what schools they first received Pell Grant aid.

For detailed information about the Federal Pell Grant program, visit Federal Student Aid.

Supplemental Educational Opportunity Grant (SEOG)

Federal SEOG is a type of need-based gift aid, the purpose of which is to supplement any Pell Grant assistance a student has been awarded. As with Pell Grant, SEOG funds normally never have to be repaid. If awarded, a student must normally enroll full-time (12 or more undergraduate credit hours) each fall or spring semester for the SEOG funds to credit his/her UCM account. Award amounts range from $200 to $750 per semester and are offered to otherwise-eligible undergraduate applicants who file the FAFSA prior to UCM’s April 1st priority date. For detailed information about the Federal SEOG program, visit the U.S. Department of Education.

TEACH Grant

Please visit the TEACH Grant page for additional information.

Iraq and Afghanistan Service Grant

Federal Student Aid explains in detail the special eligibility criteria for the Iraq and Afghanistan Service Grant which is may provide money to college or career school students to help pay their education expenses.

GRADUATE

TEACH Grant

Please visit the TEACH Grant page for additional information.

INTERNATIONAL

Federal Aid is dependent on your citizenship or immigration status. Please see the section "I am not a U.S. Citizen" on the flyer "Can I get financial aid?"


Federal Loans (Repayment Required)

The federal government offers three low-interest loan programs to students and parents to assist them in paying the educational and living expenses incurred to attend UCM. After being fully admitted to the University of Central Missouri, the first step in applying for any federal educational loan aid is to complete and submit the Free Application for Federal Student Aid (FAFSA).The UCM Office of Student Financial Services uses your FAFSA data to determine the types and exact loan amounts you and your parent may qualify to receive. These award offers are then posted at your MyCentral Portal.

UNDERGRADUATE

Stafford (student) Loan

A Federal Stafford Loan is a low-interest student loan funded by the federal government through the Federal Direct Lending program. This is the largest federal financial aid program, and is made up of both Subsidized and Unsubsidized loan components. To apply, the first step is to complete the FAFSA. Your maximum loan amount depends on your FAFSA dependency status, your grade level (the cumulative number of credit hours you've earned) for the specific loan period for which you're borrowing, and the total amount of scholarship, grant, and other assistance you're receiving for the loan period. A credit check is not required for a student to be approved for Federal Stafford Loan Funds.

Subsidized Stafford Loan aid is awarded in accordance with your calculated financial need. No interest is charged, no repayment of principal or interest is required, and no interest accrues during the time you're enrolled at least half-time. You’re required to begin repayment of your Subsidized Stafford Loan six months after graduating or dropping below half-time enrollment status.

Please note: All first-time borrowers who receive a loan on or after July 1, 2013 have a 150% limitation in effect; detailed information is provide in this Federal Student Aid handout.

Unsubsidized Stafford Loan aid may be offered to you regardless of your financial need, although the FAFSA must still be completed and submitted. No repayment of the loan principal is required while you're enrolled at least half-time. However, interest starts accruing once the loan is disbursed. The interest may be allowed to accrue and then be added to the loan principal (this is referred to as capitalization). However, many students wisely elect to pay the accrued interest on a quarterly basis in order to eliminate or reduce the effect of compounding.

Detailed information about the Federal Stafford Loan program, such as Loan Origination Fees, Interest Rates, and Maximum Annual Stafford Loan Amounts is available at Federal Student Aid.

Mandatory Entrance Loan Counseling and the Master Promissory Note are completed at Student Loans.

PLUS Loan

A Federal Parent PLUS is a loan funded by the federal government and is available only to biological or adoptive parents of undergraduate FAFSA applicants who are classified as dependent and who are enrolled at least half-time. Please visit our Parent PLUS Loan page and/or Federal Student Aid for additional information or Student Loans to apply for the Parent PLUS Loan.

GRADUATE

Stafford (student) Loan

A Federal Stafford Loan is a low-interest student loan funded by the federal government through the Federal Direct Lending program. This is the largest federal financial aid program, and is made up of both Subsidized and Unsubsidized loan components. To apply, the first step is to complete the FAFSA. Your maximum loan amount depends on your FAFSA dependency status, your grade level (the cumulative number of credit hours you've earned) for the specific loan period for which you're borrowing, and the total amount of scholarship, grant, and other assistance you're receiving for the loan period. A credit check is not required for a student to be approved for Federal Stafford Loan Funds.

Subsidized Stafford Loan aid is awarded in accordance with your calculated financial need. Please be advised that graduate students are not permitted to receive Subsidized Stafford Loan funds, even though (s)he may have a high level of financial need.

Please note: All first-time borrowers who receive a loan on or after July 1, 2013 have a 150% limitation in effect; detailed information is provide in this Federal Student Aid handout.

Unsubsidized Stafford Loan aid may be offered to you regardless of your financial need, although the FAFSA must still be completed and submitted. No repayment of the loan principal is required while you're enrolled at least half-time. However, interest starts accruing once the loan is disbursed. The interest may be allowed to accrue and then be added to the loan principal (this is referred to as capitalization). However, many students wisely elect to pay the accrued interest on a quarterly basis in order to eliminate or reduce the effect of compounding.

Detailed information about the Federal Stafford Loan program, such as Loan Origination Fees, Interest Rates, and Maximum Annual Stafford Loan Amounts is available at Federal Student Aid.

Mandatory Entrance Loan Counseling and the Master Promissory Note are completed at Student Loans.

PLUS Loan

The Higher Education Reconciliation Act of 2005 permits a graduate student who has been fully admitted to a Masters or Education Specialist degree program to be considered for funding from the Federal PLUS Loan program. Prior to the passage of this law, only parents of eligible undergraduate students could qualify for Federal PLUS Loan assistance.

However, due to the low overall cost of attendance of attending the University of Central Missouri (even for non-residents of Missouri) very few UCM graduate students have a sufficient level of financial need to borrow from the Federal PLUS Loan program. This is because graduate students can already be considered for Federal Stafford Loans up to $20,500 per award year (in accordance with the student's assigned Federal Cost of Attendance) with no credit history check.

Please visit Federal Student Aid for additional information or Student Loans to apply for the Graduate PLUS Loan.

INTERNATIONAL

Federal Aid is dependent on your citizenship or immigration status. Please see the section "I am not a U.S. Citizen" on the flyer "Can I get financial aid?"

Loan Guidance

Please visit our Financial Literacy page for additional information about:

  • Entrance LoanCounseling (required of all new Stafford Loan borrowers at UCM)
  • Exit Counseling (required of all Stafford Loan borrowers prior to leaving UCM)
  • Loan Default Prevention
  • Bankruptcy Issues
  • And more...

Federal Work Study

Federal Work Study is an award,( not a grant or loan), which provides the opportunity for students to earn money to help pay educational expenses. The Work Study award represents an employment earnings allotment, for part-time work up to 20 hours per week. Students with this award can seek placement guidance from the UCM Career Services Center.

This resource is awarded based on a first come, first served basis for eligible students with financial need according to federal guidelines. Due to the limited availability of program funding, to increase your chance of receiving this type of aid, file your FAFSA by March 1st each academic year. To find more information about the Work Study Program, visit Federal Student Aid.

UNDERGRADUATE

Work Study earnings are used by students to pay miscellaneous and living expenses throughout the semester. Therefore, a student's allotment is not assistance that is credited to his/her UCM Student Account at the beginning of a term toward payment of tuition, fees, residence hall, or meal plan expenses.

Students who may not qualify for Federal Work Study earnings allotment, but still wish to work part-time while attending UCM, are encouraged to explore University-funded part-time employment opportunities.


State Aid

Completion of the Free Application for Federal Student Aid (FAFSA) is required in order to be considered for any type of state grant assistance.

State Grants

Grants are a form of gift assistance that help you pay the educational and living expenses you'll incur to pursue a first bachelors degree. You normally never have to repay or work for grants, most of which are awarded based on your financial need level (as determined by the data from your FAFSA).

UNDERGRADUATE

Access Missouri Grant

The state of Missouri administers several programs to assist eligible Missouri residents with the educational and living expenses they'll incur to pursue a first bachelors degree at UCM. To be considered for any of the following state programs, be sure to submit your FAFSA before the April 1 Missouri application deadline each year. Detailed information about the following (and other) Missouri financial aid programs may be found on the Missouri Department of Higher Education (MDHE) web page.

If you're a resident of a state other than Missouri, you're encouraged to contact the agency responsible in your state for administering your state's grant and scholarship programs.
This need-based grant is awarded to full-time undergraduate students with medium to high levels of financial need, as calculated from the data provided on the FAFSA. MDHE provides additional details about this program on their site. For consideration, the FAFSA application deadline is April 1st.

Gear Up

The Federal Gaining Early Awareness and Readiness for Undergraduate Programs grant program is designed to increase the number of students who are prepared to enter and succeed in a college or university after graduating from high school. In additional to the Gear Up grants that provide services at selected middle and high schools, funds are also used to provide college and university scholarships to low-income students. Visit the U.S. Department of Education for additional information about Gear Up.

Marguerite Ross Barnett Memorial Scholarship Program

This program provides need-based scholarship aid to undergraduate students employed at least 20 hours per week and who enroll less than full-time (11 or fewer undergraduate credit hours per semester). The MDHE web site provides additional information about this program.


Scholarships

Undergraduate, Graduate, and International Students:

Internal (UCM) and External Scholarships are excellent resources to help make your educational and career goals a reality. MoCents, UCM's single online scholarship application, should be completed at the start of each calendar year. Most deadlines are March 1; awards are usually gifted the following school year.

Please visit our Scholarships page for information about applying for UCM Foundation Scholarships and other opportunities.

Private Educational (Alternative) Loans

Undergraduate, Graduate, International Students and Sponsors:

Private loans are different than Federal Stafford loans in that students, parents or sponsors must meet the credit requirements of a particular lender. Often students find that they need a credit-worthy co-signer to be approved for these loans or to receive the best interest rate. Visit our Private Educational (Alternative) Loan Programs page for more information about private (non-federal) lending organizations which offer loan funds to assist students with their educational and living expenses.

Applying for Aid

Financial Aid Policies

If you are considering withdrawing, dropping a class or have done so in the past, you should be aware of the policies and procedures that can impact your ability to keep and/or receive financial aid.