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Financial Aid: Investing In Your Future

Financial Aid: Investing In Your Future. A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE. What we will cover?. What is Financial Aid? Scholarships Types of Aid Tax Credits Costs Expected Family Contribution Determining Financial Aid How to apply for Financial Aid Timelines

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Financial Aid: Investing In Your Future

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  1. Financial Aid: Investing In Your Future A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE

  2. What we will cover? • What is Financial Aid? • Scholarships • Types of Aid • Tax Credits • Costs • Expected Family Contribution • Determining Financial Aid • How to apply for Financial Aid • Timelines • Tips for success

  3. What is Financial Aid? • Financial Aidhelps cover the costs of college • Types of Aid • Grants • Loans • Work-Study • Scholarships • Tuition Discounts

  4. Scholarships Search for possibilities: • The college • Counselors, community organizations, and local businesses • The Internet: www.students.gov www.theWashBoard.org Important information to have: • A statement of accomplishments & goals • Letters of recommendation • Copy of your high school transcript • Copy of your complete FAFSA

  5. Grants • Federal • State • Institutional Money! Not Repaid!

  6. Loans Low Interest, Guaranteed Funds Perkins Student Loan • 5% interest; repayment at end of education Direct Student Loans • Subsidized: 4.5% interest • Unsubsidized: 6.8% interest • repayment at end of education Direct PLUS Parent Loan • 7.9% interest; repayment after first year; credit based www.studentloans.gov Borrow Responsibly!

  7. Work-Study TO QUALIFY: • Complete your FAFSA EARLY • Have “financial need” THE ADVANTAGE: • Gain work experience • Earn taxable money • Income reported on tax return, BUTexcludedfor financial aid

  8. Western Undergraduate Exchange (WUE) • 150% of resident tuition • Criteria may vary. Contact school of interest. • Legal resident of participating state: AK, AZ, CA, CO, HI, ID, MT, NM, ND, NV, OR, SD, UT, WA, WY Details of WUE

  9. Tax credits American Opportunity Tax credit • Replaces Hope Tax Credit • $2,500 for up to four years • Adds required textbooks and course materials to qualifying expenses Lifetime Learning Tax Credit • $2000/year for an unlimited number of years

  10. What’s the Cost? 2-Year Community College $16,275 4-Year Regional University $18,990 4-Year Research University $23,630 4-Year Private University $41,079 What’s included: • Tuition and Books • Room and board • Transportation • Loan Fees • Miscellaneous Based on 2010-2011 average rates

  11. Expected Family Contribution (EFC) • Calculated by data submitted on the FAFSA • Same amount regardless of school attending • Made up of parent and student contribution

  12. How is Aid Determined? Cost of College $18,990 ( - ) Expected Family Contribution (EFC) $ 2,500 = Financial Need $16,490 4-Year Public School Example

  13. Sample Financial Aid Package: Why Meeting the Priority Deadline is Important Early Applicant Late Applicant Financial Need $ 16,490 $16,490 Financial Aid Award Grants $ 8,245 $ 3,100 Work Study $ 3,900$ 0 Federal Subsidized Stafford Loan $ 3,500 $ 3,500 $ 15,645 $ 6.600 Federal Unsubsidized Stafford Loan $ 2,000 $ 2,000 Federal Parent PLUS Loan $ 1,345 $10,390 TOTAL: $ 18,990 $18,990 Example for a four year public school.

  14. Changes That Affect Your Aid • Contact your school if you have special circumstances: • A significant reduction in family income • A death, divorce or illness • Unusual medical or dental expenses not covered by insurance • Other unusual circumstances

  15. How do I apply for aid? • Complete the FAFSA online at www.fafsa.gov • Sign electronically with your PIN from www.pin.ed.gov

  16. What You Need Before Filing the FAFSA • Copy of student’s Social Security Card • 2010 tax and other income information for student and parent • PIN for student and parent • Complete FAFSA on the Web Worksheet

  17. Frequent FAFSA Errors • Incorrect social security numbers • Divorced/remarried parental information • Untaxed income • US income taxes paid • Household size/number in college • Investment net worth

  18. Parental Data Required These family situations do not qualify for excluding parental data: • Parents refusing to contribute to the student’s education • Parents unwilling to provide information on the application for verification • Parents not claiming the student as a dependent for tax purposes • Student demonstrating total self-sufficiency

  19. When Should I Get Started? • As soon after January 1 as possible • Priority deadlines vary school to school • Get admitted by the college of your choice • Complete the FAFSA by the processor by the University’s Deadline • Apply for scholarships by the specified deadlines You must reapply for aid each school year

  20. What Happens Next? • Requesta federal PIN Number forstudent and parent • Submit your FAFSA • Receive a response called a Student Aid Report (SAR) • Review the SAR for accuracy • Collegedetermines eligibility • Receive a request for additional information - OR - an award notice

  21. Financial Aid Tips For Success • Start EARLY • Meet all DEADLINES • Search for SCHOLARSHIPS • RESPOND to all requests • Be PROACTIVE • REAPPLYevery year • Check your eagles.ewu.edu email and EagleNet frequently

  22. Questions?

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