Financial Aid

Table of Contents

FAFSA Online

Aid Types

Scholarships

Grants

Loans

Entrance/exit counseling for loans

Default Prevention

Student Employment

How to apply for aid

How to renew aid

Glossary of Terms

Frequently Asked Questions for Financial Aid

Q. I missed the February 15 priority date for financial aid consideration. Is it too late to apply?
A. No, you should complete your FAFSA as soon as possible. You can still apply for Pell Grant and Stafford Loans.

Q. Do I have to apply for Financial Aid every year?
A. Yes, see How to apply for assistance

Q. Can I receive Financial Aid for summer?
A. Applicants must come to the Financial Aid Office and sign-up for the types and amounts of assistance. Award amounts may differ due to eligibility and the amount of previous aid you have received. For further information, contact your financial aid counselor.

Q. What if I did not list Missouri Southern on my FAFSA application? How can I get my Financial Aid information to MSSU?
A. If you have a copy of your Student Aid Report (SAR), you can give it to the Financial Aid Office at Missouri Southern to be processed. We will receive the data electronically. If you do not have a copy of your SAR you can call 1-319-337-5665 and have the Information Center send your information to Missouri Southern or request a duplicate copy of your SAR to be sent to you.

Q. My parents are separated or divorced, who should complete the parent information on
the FAFSA?
A. Generally, the parent you lived with the longest in the last 12 months. If you did not live with one parent longer than the other, use the one that counted you as a tax exemption.

Q. My parent has remarried; do I have to include my step-parent’s information on the FAFSA?
A. Yes, if your parent is married on the day your FAFSA is completed, include all information.

Q. I originally filed my application as single; can I reapply since I have gotten married?
A. No, you cannot change marital status on your application.
However, if you had waited until you were married to complete the application your status would have been "married."

Q. My parent’s income has dropped from last year. What can I do to apply with this reduced income?
A. Applicants should complete the FAFSA based on the current guidelines. After the SAR has been returned, the applicant should then complete a Special Conditions Form. Along with the form a written letter explaining why the income has been reduced and other necessary documentation will have to be submitted to the Financial Aid Office. Your appeal for Professional Judgement will be reviewed and you will be notified of the status of your financial aid.

Example: A family reported an income last year to the IRS but this year the income is much less due to a job loss.

Q. If I am awarded Financial Aid and I later receive an additional scholarship, will my Financial Aid be adjusted?
A. Yes, if you are receiving need-based aid such as SEOG, Federal Work Study, Perkins or Stafford loans your aid will be adjusted.

Q. What is Satisfactory Academic Progress?
A. See "Satisfactory Academic Progress"

Q. Can I transfer my Financial Aid to Missouri Southern?
A. Yes, but mid-year transfers can create problems with need-based financial aid; especially loans. You must communicate your intentions to transfer, provide all the necessary documentation, and in the case of loans call your previous schools and request Perkins or Direct Stafford loans to be processed at the new school.
See "Transfer Information"

Q. What will happen to my Financial Aid if I drop a class?
A. Dropping a class may or may not affect your financial aid. Students that remain full-time (at least 12 hours) will not be effected. If a student drops below 12 hours there are a variety of consequences depending on your enrollment status. All programs have required enrollment hours and hours necessary to complete.
See "Consequences of Withdrawal"
See "Satisfactory Academic Progress for Financial Recipients"

Q. What happens to my Financial Aid if I withdraw from all my classes?
A. There are a variety of consequences to complete withdrawal depending on the aid programs in which you receive funds. If you are receiving federal aid, you will automatically be placed on financial aid "suspension." All aid will be cancelled if still in process. Any refund will go back to the source of the financial aid. Click here for more.

Q. How much money can I borrow and what must I do to be eligible to borrow again?
A. Perkins loan recipients may borrow up to $3000 per grade level and up to a grand total of $15,000. Stafford borrowers must advance a grade level to qualify for each amount of loan issued.