Annual Financial Planning Action Steps

General Action Steps

Check your budget before making housing decisions.
  • Avoid committing to housing before confirming you can afford your choice.
  • If using student loans for rent, limit costs where possible.
  • Use the OFS Budget Workbook to estimate your living expenses.
  • Schedule a consultation with an OFS financial coach for guidance.
Apply for scholarships and grants.

Do you ever feel like applying for scholarships isn’t worth your time? Think about this: If you spend 50 hours applying for scholarships and win just one $1,000 award, you’ve effectively earned $20 per hour. To make the same $1,000 at Missouri’s minimum wage of $13.75 per hour, you’d need to work nearly 90 hours. Plus, by using a scholarship instead of a 6% interest loan, you avoid over $300 in interest. Investing time in scholarships can pay off more than you think!

Follow this timeline:

  • September-May: Commit to a few hours each month applying for external scholarships.
  • October-December: Submit the FAFSA and Mizzou scholarship applications as soon as possible once they are available and no later than the priority deadline.
  • Think of academic breaks in November and December as a scholarship application sprint!

Here are some tips to simplify the scholarship application process. Every semester:

  1. Stay organized: Keep a digital folder for all scholarship materials and use a scholarship tracker to manage deadlines and tasks.
  2. Build a strong resume: Prepare a scholarship and leadership resume with help from the MU Career Center.
  3. Secure strong references: Ask for permission before listing references on applications. Maintain an up-to-date list of their contact information.
  4. Draft and review essays: Prepare responses to common scholarship essay questions and have them reviewed by the MU Writing Center.
  5. Source scholarships: Find scholarship sources on the Student Financial Aid website.
  6. Batch tasks for efficiency: Group similar tasks together—search for scholarships in one session, prepare required documents in another, and submit applications in another.
Monitor loan balances and estimate future borrowing.
  • Log into your loan accounts and check balances.
    • Private Loans: Varied sources, servicers are listed on your credit report
  • Visit Career Services to estimate your expected salary by major and compare borrowing to these affordability guidelines:
    • Will your loan payments be less than 8-10% of your monthly income?
    • Are you borrowing less than your expected annual salary?

Keep in mind that these thresholds are general guidelines. Actual affordability will depend on factors such as your interest rate, repayment term, other debt obligations, and post-graduation cost of living. Staying within these thresholds can help ensure that your student loan debt remains manageable throughout your career and doesn’t crowd out other important financial goals like saving for retirement or purchasing a home.

Connect with the Office for Financial Success for free, confidential, unbiased financial education and support.
Month-by-Month Financial Action Items

Please refer to the Student Financial Aid website for more details.

Monthly

October

  • The annual FAFSA application opens each year on October 1*. File your FAFSA as soon as possible after it becomes available and before the Mizzou priority deadline.
  • Update your profile in ScholarshipUniverse to prepare for applications

November

  • Apply for Mizzou scholarships in ScholarshipUniverse

January-February

April-June Simulate a semester budget for all educational and living expenses.

Student Financial Aid will post your financial aid offer package to myZou. Keep an eye on your email for the notification that your financial aid is ready for review.

Follow steps in “How to Make a College Financial Plan” between April and June to create a financial plan for the next year. Use the budget workbook or schedule a one-on-one consultation to refine your plan!

  • Tuition and fees for upcoming year are approved by the Board of Curators in late spring
    • Review next year’s tuition and fees on the Cashier’s website to estimate school related expenses