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Financial Aid & Financial Planning Information

Financial Aid & Financial Planning Information. For 2011-2012 Pacific University Pacesetter Families. Pacific University Financial Aid. Financial Aid Mission: to help make a Pacific University education affordable We offer academic and competitive scholarships need-based grants

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Financial Aid & Financial Planning Information

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  1. Financial Aid & Financial Planning Information For 2011-2012 Pacific University Pacesetter Families

  2. Pacific University Financial Aid • Financial Aid Mission: to help make a Pacific University education affordable • We offer • academic and competitive scholarships • need-based grants • employment opportunities • loans • Funds come from institutional, federal, state, and private sources

  3. Pacific University Financial Aid • Financial Aid Process – simplified

  4. Pacific University Financial Aid • Financial Aid Process – actual • Student is admitted • Student submits FAFSA onlineat www.fafsa.gov, then receives an electronicStudent Aid Report (eSAR); Pacific also receives the data • Student participates in the Pacesetter Scholarship competition; results are calculated

  5. Pacific University Financial Aid • Financial Aid Process – actual • Pacific reviews thestudent’s FAFSA data, requests additional information if needed • Pacific then • prepares the financial aid “package” and notifies the student • revises aid if necessary based on any new information • processes loans for which student applies • disburses aid when classes begin

  6. Pacific University Financial Aid • Financial Aid Programs • Academic Scholarships • Founders $15,000 • Honors $12,000 • Presidential $10,000 • Trustee $ 8,500 • University $ 7,500

  7. Pacific University Financial Aid • Financial Aid Programs • Competitive Scholarships • Pacesetter Excellence Awards – full tuition for top two qualifiers • Pacesetter Scholarships – $5,000 to $1,000 based on competition results • Music, Forensics, and Theatre/Dance Talent Awards – amounts vary

  8. Pacific University Financial Aid • Financial Aid Programs • Grants • Federal: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) – amounts vary • State: Oregon Opportunity Grant – amounts vary

  9. Pacific University Financial Aid • Financial Aid Programs • Grants • Institutional: Pacific Grant – amounts vary, Tabitha Brown Inspiration Award – up to $1,500 per year

  10. Pacific University Financial Aid • Financial Aid Programs • Employment • Federal Work-Study – up to $2,000 based on financial need and fund availability • Pacific Work-Study – up to $1,000 non-need-based institutional award

  11. Pacific University Financial Aid • Financial Aid Programs • Loans • Federal Direct Loan – $5,500 for freshmen, up to $3,500 of which can be subsidized (based on “need”). Subsidized loans are at 3.4% fixed interest; unsubsidized loans are at 6.8% fixed interest

  12. Pacific University Financial Aid • Financial Aid Programs • Loans • Federal Direct Parent PLUS Loan – up to total cost minus student’s financial aid and outside scholarships to credit-worthy parent borrowers at 7.9% fixed interest

  13. Pacific University Financial Aid • Financial Aid Concepts • Cost of Attendance (COA) – estimate of total direct and indirect costs for an academic year • Expected Family Contribution (EFC) – federally defined index of a family’s relative financial strength; not necessarily an accurate indication of ability to pay

  14. Pacific University Financial Aid • Financial Aid Concepts • Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals “Need” • Need-based aid plus scholarships cannotexceed “need” • Non-need-based aid can be added to exceed “need” in some cases

  15. Pacific University Financial Aid • Financial Aid Considerations • The price of higher education is an investment in your student’s future; its value should be considered in that context • The net price for degree attainment should be considered along with the annual cost • Financial aid packages can result in a surprisingly affordable out-of-pocket cost

  16. Private University $45,000 first year cost - $16,500 institutional aid $ 8,500 federal aid $20,000 annual net cost x 4 years of attendance* $93,900 net degree cost *assumes 5% annual cost increases, constant aid Public University $22,000 first year cost - $2,500 scholarship - $8,500 federal aid $11,000 annual net cost x 6 years of attendance* $91,400 net degree cost *assumes 7% annual cost increases, constant aid Pacific University Financial Aid

  17. Pacific University Financial Aid • Financial Aid Considerations • Pacific’s institutional scholarships are renewable for four years of full-time enrollment while in good academic standing • Need-based aid from any source can change if student’s “need” changes during the year, or from year to year

  18. Pacific University Financial Aid • Financial Aid Considerations • Outside scholarships meet unmet “need”, then replace loans, then replace work-study, then replace other aid if necessary • Students and parents should update the income and tax information they reported on their FAFSAs to match the information they reported on their 2010 federal income tax returns

  19. Pacific University Financial Aid • Financial Aid Considerations • Families who have experienced financial difficulties such as a job loss, pay reduction, or unusual unreimbursed medical expenses should contact the Financial Aid Office

  20. Pacific University Financial Aid • Financial Planning Considerations • Applying for Scholarships • Donors want to invest in students who will be successful if given the chance • Be sure you’ve looked at all local sources • Keep looking online - www.fastweb.com is the most extensive source of scholarship information • Oregon residents - www.getcollegefunds.org has information about state-administered private scholarships

  21. Pacific University Financial Aid • Financial Planning Considerations • Managing your finances • Check your credit report; correct errors and provide explanations if necessary • Track your spending patterns; look for ways to spend less and save more • Develop a financial plan for the next four years that includes some contingencies

  22. Pacific University Financial Aid • Financial Planning Considerations • Considering additional financing options • Federal Direct Parent PLUS Loans • Credit-based • Monthly payments begin 60 days after spring disbursement; a $10,000 loan will require about a $126 per month payment • Payments can be deferred while student is enrolled; interest will accrue

  23. Pacific University Financial Aid • Financial Planning Considerations • Considering additional financing options • Early withdrawals from retirement accounts • Watch for fees and penalties • Using home equity loans or lines of credit • Interest deduction possible • Using Pacific’s tuition payment plan • Four monthly payments of remaining balance each semester; fall payments begin in August, spring payments begin in December

  24. Pacific University Financial Aid • Financial Aid Office • Located on the first floor of Marsh Hall • Open 9:00 AM to 5:00 PM weekdays • Phone: (503) 352-2222 • Fax: (503) 352-2940 • E-mail: financialaid@pacificu.edu

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