The Basics of Financial Aid
Students are considered for receipt of two basic types of financial aid:
- Need based aid - Financial aid awarded on the basis of financial need. The process of determining financial need begins by completing the Free Application for Federal Student Aid (FAFSA). This federal form compiles financial information needed for the federal government to assess the needs of individual students. Need-based aid includes federal loans and grants, Missouri State Grants (Missouri residents only), and endowed scholarships.
- Non-need based aid - Financial aid awarded on the basis of a student’s ability, talent or unique characteristics, such as academic achievements, athletic ability, etc. Unsubsidized federal loans are non-need based aid, but require recipients to file a FAFSA.