How do I…
Start the financial aid process by filing the Free Application for Federal Student Aid (FAFSA). You will also need to complete your application for admission to MBU.
The easiest and fastest way to do this is online or by an app on your Apple or Android device. Create an FSA ID (Federal Student Aid ID) in order to sign the FAFSA electronically by visiting https://studentaid.gov. If you are a dependent student, your parent will need to create an FSA ID as well.
Also see, “What is needed to complete the FAFSA?” (below)
You apply for federal student loans by filing the FAFSA. Once your eligibility is confirmed, you must complete two additional documents on https://studentaid.gov.
You’ll be reminded about the federal loans you’ve borrowed with a required Annual Student Loan Acknowledgment.
Alternative loan options, sometimes referred to as private loans, can supplement the other forms of aid a student generally receives. While we cannot suggest a specific lender to a student, we do maintain a historical list of loan companies that our students have used in recent years. Our lender list can be accessed through the following link: MBU Alternative Lenders
You can also find more information about loans, and step-by-step instructions on how to complete your loan documents.
You would only be applying for this loan if you are the parent of a dependent student. If that is the case, and you want to apply for additional funds to be applied to your student’s account through the Federal Direct Parent PLUS Loan program, sign into the federal student loans website with your own FSA ID, and look for the Parent PLUS Loan request.
Some things to keep in mind when you are deciding how much student loan funds to use:
The FAFSA, or Free Application for Federal Student Aid, is the form the federal government uses to determine your eligibility for financial assistance. Types of aid determined by the FAFSA include grants, work study, scholarships and loans.
You will need to first create a Federal Student Aid ID (FSA ID) and your parent will need one, too, if you are a dependent student. The FSA ID is your electronic signature to sign your FAFSA and student loan documents, and is also how you sign into federal student aid websites that keeps your personal information secure.
You may also need:
Missouri Baptist University’s FAFSA code is 007540.
The Federal Direct Subsidized Loan is interest-free to the student at the following times:
The Federal Direct Unsubsidized Loan starts to accrue interest after the first disbursement is made and continues to accrue interest during the life of the loan. You have the option to pay the loan while in school, but are not required to make any interest payments while in school. Any unpaid interest will be capitalized, or added to the principal loan balance, when repayment starts.
You may never have heard the words “unsubsidized” or “sequestration” before. Click here for a quick reference guide to find the meaning of some financial aid-specific terms.
Why do I…
The federal Department of Education selects up to half of all FAFSA submissions for a review called Verification. The simply means they are requiring the schools you listed on your FAFSA to confirm the information you entered on the form. Therefore, we may have to ask for information and documentation from you and your parent(s) – if you are dependent student – such as statements and copies of tax returns. This is NOT a tax audit, and it doesn’t mean you did anything wrong. If we find that anything needs to be updated, we will simply make, or in some cases ask you to make, any needed corrections.
All incoming college students should submit the FAFSA. At MBU, we request that you file a FAFSA so that we know you want (or need) financial assistance (scholarships, grants, loans, etc.). It is the initial application for institutional aid, state and federal grants and federal work study, and is the prerequisite for federal student loans.
The FAFSA becomes available every year on October 1. The priority deadline, or the date that the FAFSA must be completed to be considered for all Missouri state grants, is February 1.
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