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Types of Aid

In addition to institutional scholarships and aid, students may apply for a variety of federal and state aid programs. Together, these different types of aid create a financial aid package that can help cover the cost of your education.

Completion of the FAFSA or other applications may be required.

How Aid Works

Students are considered for two basic types of financial aid:

  • Need-based aid: Financial aid awarded on the basis of financial need. The process for determining financial needs 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 their FAFSA.

Grants

Grants are based directly on a student’s financial need and do not require repayment. The federal government is the largest source of need-based grants. Other sources include the State of Missouri and St. Louis College of Pharmacy.

Work-Study

The Federal Work-Study Program provides part-time, on-campus job opportunities for students. Work-Study students work an average of five to six hours per week and are paid monthly for total hours worked.

Once enrolled, students may view on-campus employment opportunities on the MySTLCOP job board.

Student Loans

Student loans are available to students and parents who wish to borrow money to help meet educational expenses. Students at the College are eligible for several programs.

Direct and Unsubsidized Loans

Direct subsidized and unsubsidized loans are federal loans available to students who file a FAFSA. Direct loan eligibility and amounts are determined by a student’s financial need, level of enrollment and enrollment status.

Visit the U.S. Department of Education online to learn more.

Federal Stafford Loans

Federal Stafford loans are the most common form of government student loans, and are awarded to college students who file the FAFSA. Stafford loans have a 4.29% fixed rate and deferred repayment.

Visit the Stafford loans website to learn more.

Federal Perkins Loans and Health Professions Student Loans

Federal Perkins Loans and Health Professions Student Loans are need-based, subsidized student loans. The Office of Financial Aid will notify students who are eligible for either of these loans.

PLUS Loans

PLUS loans are federal loans available to parents of dependent students and to graduate students. PLUS loan applications should be completed no earlier than June 1 for academic years beginning in August. PLUS loans have a 6.48% fixed rate and a deferred repayment option.

Visit studentloans.gov to learn more and apply for PLUS loans.

Private Student Loans
Private student loans may be borrowed by students from a private lender like a bank or credit union. Students are much more likely to be approved for and receive a better interest rate on private loans when applying with a cosigner. A list of private lenders used by students at the College is available on the College’s FastChoice website, however students are not restricted lenders on the list. These types of loans have a deferred repayment option.

Have Questions? 

For questions, contact the Office of Financial Aid at 314.446.8167 or financialaid@stlcop.edu.

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