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Financial Aid @

Financial Aid @. Michigan Residents. Paying for College. Financial aid – federal, state, institutional Approximately $79 million awarded last year to Michigan Tech undergraduates Reduce Cost Prior to Enrollment Parents, Savings, Employment Other Sources Web Sites. Types of Aid .

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Financial Aid @

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  1. Financial Aid @

  2. Michigan Residents

  3. Paying for College • Financial aid – federal, state, institutional • Approximately $79 million awarded last year to Michigan Tech undergraduates • Reduce Cost Prior to Enrollment • Parents, Savings, Employment • Other Sources • Web Sites

  4. Types of Aid • Merit Based Academic achievement, talent • Need Based Eligibility is based solely on the assets and income of the prospective student and his or her family

  5. Know the Buzz Words • COA - Cost of Attendance • FAFSA - Free Application for Federal Student Aid • SAR - Student Aid Report • EFC - Expected Family Contribution

  6. Merit Based University Scholarships – MI Residents • Leading Scholar Award Full tuition, room and board, + $1000 • October 15 deadline • Teacher recommendation and essay • Additional info in packet • Presidential Scholars Program $1500 to $4500 per year • Automatic consideration when a student applies for admission • Award levels are based on GPA, Class Rank and ACT or SAT • www.mtu.edu/admissions/tuition/estimate

  7. Merit Based University Scholarships – MI Residents • Michigan Alumni Legacy Award $1000 over 4 years • Parent or grandparent that attended Michigan Tech • Michigan Tech Transfer Scholarship $1500 to $4000 • For resident students who attended a college • 3.0 to 3.49: $1,500 • 3.5 and above: $4,000

  8. University Scholarships and Grants For all StudentsMerit and Need Based • University Student Award- $150 to $12,000 • Need-based grant • EFC determines annual award value • Must submit a FAFSA to be considered • Sponsored Scholarships – varying values Automatic consideration upon admission application • Summer Youth Diversity Incentive Award (SYDIA) • Application required, details on website

  9. Searching for Scholarships Scholarship and financial aid information should be free Scholarship Source • Federal, state, institutional • Regional organizations and foundations • Parent and students workplace • Local community: high school, professional, business, fraternal, religious Web Searches • www.finaid.org • www.fastweb.com • www.scholarshipcoach.com

  10. Applying for Need Based Financial Aid is an Annual Process • File Free Application for Federal Student Aid (FAFSA) after Jan 1 • State deadline (Michigan – March 1) • File electronically at www.fafsa.gov • Both student & parent must apply for a PIN prior to filing • Stop by the Administration Building (#1 on your campus map) today to apply for your FAFSA PIN

  11. FAFSA Results ● Expected Family Contribution (EFC) - derived from FAFSA results • communicated via the Student Aid Report (SAR) ● Use the Financial Aid Estimator (Calculator) • www.finaid.org to get an EFC estimate or determine possible changes in future year EFC

  12. Types of Need-Based Aid ●Grants – gift awards that are not repaid • Federal Programs – Pell Grant, Supplemental Grant, Academic Competitiveness Grant • State of Michigan Programs – Michigan Competitive Scholarship (merit and need-based) * State and Federal Grants are subject to change

  13. Types of Need-Based Aid ● Work-study – employment based upon unmet need • Work-study awards are earned in the form of a paycheck for hours worked • Student employment is also available without being awarded work-study

  14. Types of Loans ●Federal Direct Stafford Subsidized Loans – (6.8% for new 2012-2013 federal loans) • Federal Perkins Loan (5%) These are need-based loans. Interest does not accumulate until graduation, Federal government pays interest while student is enrolled

  15. Unsubsidized Loans - not need-based Federal Direct Stafford Unsubsidized Loan-(6.8% fixed for new federal loans) • Interest accrues during enrollment, student may elect to pay interest while enrolled • Loan values are subject to annual limits less the subsidized loan

  16. Unsubsidized Loans - not need-based ● Parent PLUS Loans • available to parents to pay COA (minus other aid) of their students (currently fixed at 7.9%), grace period available upon request ● Alternative Loans – cosigner required • available to COA (minus other aid) • varying limits, fees, interest rates, repayment terms, restrictions • allow 3 to 4 weeks processing time

  17. Financial Aid Award Letters • Financial Aid awards show the estimated COA, the EFC and the aid offered • New student award notifications sent mid-March for FAFSA’s processed by March 1 • New student award notifications sent mid-April for FAFSA’s processed after March 1 • www.mtu.edu/admissions/tuition/estimate

  18. By the Numbers • Average financial aid package (including loans, grants, & scholarships): $11,421 • Average grant: $6,587 • Average scholarship: $4,072 • Number of Parent Plus loans: 556

  19. Cost of Attendance for Michigan Residents * Tuition is based on 15 credits and two semesters of enrollment

  20. Financial Literacy • www.cashcourse.org/michigantech • Create a budget • Manage student loans • Credit and credit card usage • Watch out for identity theft • Beware of scholarship scams that ask for money and guarantee funds

  21. Frequently Asked Questions • What if I have a change in my ACT or GPA? • What if my school does not use rankings? • What if I get a scholarship from my school, will my financial aid get reduced? • Who should I list on my FAFSA?

  22. For more information: Please contact the Michigan Tech Financial Aid Office at 1-888-688-1885 or www.finaid.mtu.edu

  23. Financial Aid @

  24. Non-Michigan Residents

  25. Paying for College • Financial Aid – federal, state, institutional • Approximately $79 million awarded last year to Michigan • Tech undergraduates • Reduce Cost prior to Enrollment • Parents, Savings, Employment • Other Sources • Web Sites

  26. Types of Aid • Merit based Academic achievement, talent • Need based Eligibility is based solely on the assets and income of the prospective student and his or her family

  27. Know the Buzz Words • COA - Cost of Attendance • FAFSA - Free Application for Federal Student Aid • SAR - Student Aid Report • EFC - Expected Family Contribution

  28. Merit Based University Scholarships Non-Michigan Residents • Leading Scholar Award Full tuition • October 15th deadline • Teacher recommendation and essay • Additional info in packet • National Scholars Program $7,000 to $12,500 per year • Automatic consideration when a student applies for admission • Award levels are based on GPA, Class Rank and ACT or SAT • www.mtu.edu/admissions/tuition/estimate

  29. Merit Based University Scholarships Non-Michigan Residents • Alumni Legacy Award – Children of alumni receive in-state tuition • Transfer Award • 3.0-3.49 = $3,000 • 3.5 and above = $7,000 • Military Family Education Award – Children and spouses of active duty military personnel receive in-state tuition

  30. University Scholarships and Grants For all StudentsMerit and Need Based • University Student Award- $150 to $12,000 • Need-based grant • EFC determines annual award value • Must submit a FAFSA to be considered • Sponsored Scholarships – varying values Automatic consideration upon admission application • Summer Youth Diversity Incentive Award (SYDIA) • Application required, details on website

  31. Searching for Scholarships Scholarship and financial aid information should be free Scholarship Source • Federal, state, institutional • Regional organizations and foundations • Parent and students workplace • Local community: high school,professional, business, fraternal, religious Web Searches • www.finaid.org • www.fastweb.com • www.scholarshipcoach.com

  32. Applying for Need Based Financial Aid is an Annual Process • File Free Application for Federal Student Aid (FAFSA) after Jan 1 • State deadline (Michigan – March 1) • File electronically at www.fafsa.gov • Both student & parent must apply for a PIN prior to filing • Stop by the Administration Building (#1 on your campus map) today to apply for your FAFSA PIN

  33. FAFSA Results ● Expected Family Contribution (EFC) - derived from FAFSA results • communicated via the Student Aid Report (SAR) ● Use the Financial Aid Estimation (Calculator) • www.finaid.org to get an EFC estimate or determine possible changes in future year EFC

  34. Types of Need-Based Aid ●Grants – gift awards that are not repaid • Federal Programs – Pell Grant, Supplemental Grant, Academic Competitiveness Grant * Federal and university grants are subject to change

  35. Types of Need-Based Aid ● Work-study – employment based upon unmet need • Work-study awards are earned in the form of a paycheck for hours worked • Student employment is also available without being awarded work-study

  36. Types of Loans ●Federal Direct Stafford Subsidized Loans – (6.8% for new 2012-2013 federal loans) • Federal Perkins Loan (5%) These are need-based loans. Interest does not accumulate until graduation, Federal government pays interest while student is enrolled

  37. Unsubsidized Loans - not need-based Federal Direct Stafford Unsubsidized Loan-(6.8% fixed for new federal loans) • Interest accrues during enrollment, student may elect to pay interest while enrolled • Loan values are subject to annual limits less the subsidized loan

  38. Unsubsidized Loans - not need-based ● Parent PLUS Loans • available to parents to pay COA (minus other aid) of their students (currently fixed at 7.9%), grace period available upon request ● Alternative Loans – cosigner required • available to COA (minus other aid) • varying limits, fees, interest rates, repayment terms, restrictions • allow 3 to 4 weeks processing time

  39. Financial Aid Award Letters • Financial Aid awards show the estimated COA, the EFC and the aid offered • New student award notifications sent mid-March for FAFSA’s processed by March 1 • New student award notifications sent mid-April for FAFSA’s processed after March 1 • www.mtu.edu/admissions/tuition/estimate

  40. By the Numbers • Average financial aid package (including loans, grants, & scholarships): $11,421 • Average grant: $6,587 • Average scholarship: $4,072 • Number of Parent Plus loans: 556

  41. Cost of Attendance for Non-Michigan Residents * Tuition is based on 15 credits and two semesters of enrollment

  42. Financial Literacy • www.cashcourse.org/michigantech • Create a budget • Manage student loans • Credit and credit card usage • Watch out for identity theft • Beware of scholarship scams that ask for money and guarantee funds

  43. Frequently Asked Questions • What if I have a change in my ACT or GPA? • What if my school does not use rankings? • What if I get a scholarship from my school, will my financial aid get reduced? • Who should I list on my FAFSA?

  44. For more information: Please contact the Michigan Tech Financial Aid Office at 1-888-688-1885 or www.finaid.mtu.edu

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