Understand the Financial Aid Process

 

Who is eligible to receive Financial Aid at Park University?

You must meet all of the following requirements to receive financial aid:

  1. You must be a U.S. citizen, permanent resident, or eligible non-citizen.
  2. You must be enrolled a minimum of half-time each semester or term.
  3. You must be making satisfactory academic progress according to Park University standards.
  4. You must not owe a refund on any federal educational grant or be default on any federally sponsored loan program.
  5. You must have a high school diploma or GED, or have completed secondary school in a home school setting.
  6. 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. See below for specific requirements. 

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. Some types of additional aid may require adjustment of aid you have already received.

If you complete a Free Application for Federal Student Aid (FAFSA), your eligibility for the following aid will be determined.

  1. PELL Grant - determined by the EFC calculated from your FAFSA information; Undergraduate only
  2. Supplemental Grant (SEOG) - determined by the EFC and need/highest tuition; Undergraduate only; must be PELL recipient
  3. Iraq and Afghanistan Grant - parent or guardian was in the Armed Forces and died in military service after September 11, 2001
  4. TEACH Grant - requires specific classes taken and specific jobs after graduation to prevent grant from becoming a loan that must be repaid with interest
  5. Federal Work Study - campus-directed, limited funding for high need students that provides employment on campus (in some cases off campus positions are available)
  6. Perkins Loan - campus-directed, limited federal loan funding allocated for high need students
  7. Direct Stafford Loan Program - federal student loan program, funding must be paid back including interest
  8. Direct Parent Loan Program - federal loan program for parents of dependent students, requires a credit check-funding must be paid back including interest
  9. Direct Grad Loan Program - federal loan program for Graduate students - requires a credit check - funding must be paid back including interest
  10. 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

Institutional Aid programs include:

Missouri State Scholarships and Grants includes:
  • Access Missouri Grant
  • Bright Flight Program
  • Marguerite Ross Barnett Program
  • Minority Teaching
  • Additional as eligible

Other funding opportunities include:

  • Department of Defense (please contact your Education Officer on base)
  • Individual Employer Tuition Reimbursement Programs 
  • The Veterans Administration 

You are responsible for providing your Campus Center Administrator all funding forms required for confirmation each term. 

Apply for Admission

  1. To be considered for federal financial aid, federal regulations require that you must be admitted to Park University as a degree-seeking student. Please check with the Office of Admissions or your Campus Center to ensure you have been admitted into a degree program.

  2. Complete the Free Application for Federal Student Aid (FAFSA)
    The Free Application for Federal Student Aid (FAFSA) is the financial aid application required. Call the Federal Financial Aid number for assistance at 1-800-433-3243.

    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.

  3. Enrollment
    Federal sources of financial aid require that you be enrolled at least half time, with the exception of Pell grant which may be paid to a student who is enrolled less than half-time at certain levels of EFC (expected family contribution). Some Park University funding requires full-time enrollment to be eligible. 


Send financial aid correspondence to:

Park University
Student Financial Services  Box 44
8700 NW River Park Drive
Parkville, Missouri 64152-3795

Phone: (816) 584-6290
Fax: (816) 584-2512

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). Following this, an official electronic award notification will be generated and emailed to your Park e-mail address. Financial aid packaging is done daily and electronic award notifications are generated as files are completed in date order.

The award notification 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 could include scholarships, grants, work-study, and loans that you are eligible to receive at the time you applied.

Login to the MyPark portal to review your financial assistance.  You must either accept or decline each aid type awarded.

If you are selected for verification, you will be requested to submit specific additional documents that will be evaluated prior to you receiving your award

How much financial aid will I receive?

Based on the information you provide on the Free Application for Federal 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 $10,000
Expected Family Contribution    -1,500
Financial Need   $8,500

Park University will then try and meet the remaining $8,500 in financial need with your financial aid package that combines loans, grants, work-study, or scholarships.