Student Financial Services
Understanding the Financial Aid ProcessThe process for applying and receiving financial aid takes time to complete. Here are some topics and resources that will answer some of your questions.
Who is eligible to receive Financial Aid?
To receive federal financial aid, you must meet all of the following requirements:
- You must be a U.S. citizen, permanent resident, or eligible non-citizen.
- You must be enrolled a minimum of half-time each semester or term.
- You must be making satisfactory academic progress according to Park University standards.
- You must not owe a refund on any federal educational grant or be default on any federally sponsored loan program.
- You must have a high school diploma or GED, or have passed an independently administered examination approved by the federal or state government.
- You must, if required, be registered with Selective Service.
To receive other financial aid, you must meet the specific requirements for each type of aid. Those requirements are on the individual web pages listed below.
What kind of aid am I eligible to receive at Park University?
When you are admitted to Park University and your financial aid paperwork is completed and on file, you will receive an award notification including all aid you are eligible to receive. Some aid processes are completed at various times during the year and if you become eligible to receive additional funding, a new award notification will be sent to you at that point. Some types of additional aid may require adjustment of aid you have already received.
Federal Aid consists of grants, loans and work. If you complete a Free Application for Federal Student Aid (FAFSA), your eligibility for the following aid will be determined:
- PELL Grant - determined by the EFC calculated from your FAFSA information; Undergraduate only
- Supplemental Grant (SEOG) - determined by the EFC and need/highest tuition; Undergraduate only; must be PELL recipient
- Iraq and Afghanistan Grant - a student whose parent or guardian was in the Armed Forces and died in military service after September 11, 2001
- TEACH Grant - requires certain kind of classes taken and a certain type of job required after graduation to prevent grant from becoming a loan that must be repaid with interest
- Federal Work Study - campus-directed, limited funding allocated for high need students that provide employment on campus (in some cases off campus positions are available)
- Perkins Loan - campus-directed, limited federal loan funding allocated for high need students
- Direct Stafford Loan Program - federal student loan program, funding must be paid back including interest
- Direct Parent Loan Program - federal loan program for parents of dependent students, requires a credit check--funding must be paid back including interest
- Direct Grad Loan Program - federal loan program for Graduate students, requires a credit check, funding must be paid back including interest
- Private Loan Programs - non-federal loans made by a lender such as a bank, credit union or state agency, requires a credit check—funding must be paid back including interest
Park University also offers Institutional Aid programs:
- Academic Scholarships for both first time Freshmen and Transfer students
- Program and Department grants
- Athletic Department grants
- Non-federal eligible work study
Park University also processes Missouri State Scholarships and Grants if the student meets the state requirements and deadlines:
- Access Missouri Grant
- Bright Flight Program
- Marguerite Ross Barnett Program
- Minority Teaching
- Additional as eligible
Park University works with the Department of Defense (please contact your Education Officer on base), the Veterans Administration other State programs (please contact the state Higher Education Department) and individual employers (please contact your Human Resources Office) to process any paperwork necessary for the student to receive additional assistance through these organizations. Approved funding forms should be provided to the Park campus center the student is attending prior to confirmation each term.
How do I Apply?
- Apply for Admission
- Complete the Free Application for Federal Student Aid (FAFSA)
- Request Financial Aid (RFA)
To be considered for federal financial aid, you must be admitted to Park University as a degree-seeking student. Please check with the Office of Admissions at your location to make sure you have been admitted into a degree program. Federal regulations require you to be admitted into a degree program before you receive federal aid.
The Free Application for Federal Student Aid (FAFSA) is the financial aid application we prefer. Give us a call for help, or you can always call the Federal Financial Aid number for assistance at 1-800-433-3243.
Park University suggests that you submit the FAFSA as soon as possible after January 1 and no later than May 1 for the Fall term. (Do not submit the FAFSA before January 1). Park University Title IV School Code is 002498 and must be used when completing Step Six of the FAFSA.
Along with the FAFSA, Park University must receive a Request for Financial Aid (RFA). This institutional application provides our specialist with additional profile information needed to initiate and complete the financial aid process. The RFA and FAFSA can then be submitted to our Financial Aid office where we will electronically transmit your FAFSA application for processing, and use the RFA to begin the financial aid process here at the university.
Most sources of financial aid require that you be enrolled at least half time, though some awards are restricted to full-time students. If you withdraw from all or part of your classes during the semester or term, you may be required to repay all or part of the financial aid you receive.
Financial aid correspondence may be sent to:
Student Financial Services Box 44
8700 NW River Park Drive
Parkville, Missouri 64152-3795
Phone: (816) 584-6290
Fax: (816) 741-9668
How long will the process take?
After Park receives your processed FAFSA , our financial aid specialists calculate your financial need using the information from your Student Aid Report (SAR), and the Request For Financial Aid (RFA) that you submitted. Following this, an official electronic award letter will be generated and emailed to your Pirate Mail address. Financial aid packaging is done daily and electronic award letters are generated as files are completed in date order.
The award letter will list the types of financial aid you can expect to receive based on your financial need under federal guidelines. The types of aid awarded, are a result of scholarships, grants, work-study, and loans that you are eligible to receive at the time you applied.
Once your award letter is received, you must either accept or decline each aid type awarded and return it to Student Financial Services to be processed.
Your official award letter may be delayed if you are selected by the federal government for a process called verification. Additional documents will be needed to complete this process prior to you receiving your award letter.
How much financial aid will I receive?
Based on the information you provide on the Free Application for Federal Aid and the Request For Financial Aid, our financial aid specialists will prepare your financial aid package. This package may combine loans, grants, work-study or scholarships.
Using an established formula (financial need = COA - EFC) which is a result of the cost of attending (COA) Park University, minus your expected family contribution (EFC), determines your financial need. Your financial need is what can be met in terms of gift-aid and self-help aid. The expected family contribution (EFC) is the result of your processed FAFSA and is your expected contribution towards your own education.Example:
|Cost of Attendance||$8,500|
|Expected Family Contribution||-1,500|
Park University will then try and meet the remaining $7000 in financial need with your financial aid package that combines loans, grants, work-study, or scholarships.
Financial aid eligibility is based on the number of hours a student is enrolled in during each enrollment period. If you drop or add a class after your financial aid award is created, your award will be reviewed prior to aid disbursement to determine if the aid offered must be changed.
- For sixteen week semesters undergraduate students – 12 hours is fulltime graduate students – 6 hours is fulltime
- For eight week terms undergraduate students – 6 hours is fulltime graduate students – 3 hours is fulltime
Withdrawing from coursework
If you withdraw from all coursework during a term of enrollment and have received federal financial assistance, the Student Financial Services Office is required to perform a return of title IV funds calculation to determine if any funding must be returned.
If you withdraw from a partial amount of your coursework during a period of enrollment, after the drop/add period has concluded, no change will be made to your financial assistance. It is important to remember that dropping classes will impact satisfactory academic progress and can cause a suspension of federal financial assistance
Disbursement of aid
The terms that you enroll in determine when aid may be disbursed.
Funds for students enrolled fulltime for either 16 or 8 week terms begins to be disbursed after attendance in class has been confirmed. This is generally begins on the ninth day of the term.
If you enroll in a combination of sixteen week and eight week classes, the date the disbursement of funds is impacted on when the aid status is part time.
|Hours and Terms Enrolled||Eligibility and Timing of Payment of Aid|
|16 week term
|eligible only for pell paid at less than half time, no loan eligibility|
|16 week & 8 week Fall 1 or Spring 1
3 hours 16 week, 3 hours 8 week (6 total)
|eligible for aid paid at half time basis, beginning day 9 of term (August or January)|
|16 week & 8 week Fall 2 or Spring 2
3 hours 16 week, 3 hours 8 week (6 total)
|eligible for aid paid at halftime basis, paid beginning day 9 of term (October or March)|