Financing Your Montreat College Education

1. Financing Your Montreat College Education

2. How Much Does It Cost? • Tuition, Fees, Room and Board: $30,692 • Off Campus Students: $23,198

3. Other Costs to Consider • Montreat doesn’t charge you for these but are costs that most students have during their year: • Transportation • Personal • Books and Supplies • Miscellaneous • Study Abroad costs • Many of these expenses can be defrayed with a work study job!

4. Types of Financial Aid • Scholarships • Grants • Loans • Employment

6. Scholarships and Grants • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristic • Usually awarded on the basis of financial need

7. Montreat Scholarships and Grants • Merit Scholarships • Trustee $12,000 • Presidential $10,000 • Provost $8,000 • Anderson $6,000 • Gaither $5,000

8. Montreat Merit Scholarships • Based on GPA and test scores. • Merit scholarship can be improved with updated GPA or test scores before classes begin. • Renewable each year if student maintains Satisfactory Academic Progress (SAP). • SAP is a 2.0 GPA and earn 67% of credit hours attempted.

9. Keystone Award • Montreat College makes Christian higher education possible by their generous donors • The Keystone Award is awarded to help meet the financial need of our students, when eligible. • In the 2011-12 year, Montreat awarded over $400,000 to 100 new students/transfers In Keystone Award

10. Other Montreat Scholarships • NAIA Athletics • Endowments • Child of Minister • Alumni • Montreat Retreat Association • Young Life • Music

11. North Carolina Scholarships • North Carolina Need Based Scholarship (NCNBS) • Awarded to NC residents who have an EFC of 15,000 (found on results of FAFSA) or below • Minimum amount: $1,200 • Maximum amount: $6,800 • Complete FAFSA as soon as possible due to limited funding

12. Loans • Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future

13. Employment Allows student to earn money to help pay educational costs • Typically in the form of a paycheck • Students can use these funds to help pay for indirect living expenses mentioned earlier

15. Common Federal Aid Programs • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant • Federal Work-Study • Subsidized and Unsubsidized Loans • PLUS Loans

16. Federal Pell Grant • Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.) • Generally awarded to undergraduate students only, few exceptions • Maximum award for 2012-2013 = $5,550

17. Federal Work Study (FWS) • Provides part-time employment while you are enrolled in school • Employment may be on or off campus • Even if you don’t qualify for FWS you may still be able to have an on campus job! • Inquire about jobs at Montreat by contacting Tom Oxenreider at careers@montreat.edu or collegecentral.com/montreat. • More demand than supply so jobs not guaranteed

18. Federal Direct Loans • Subsidized • must demonstrate need • U.S. Department of Education will pay (subsidize) the interest that accrues while in school • Unsubsidized • not based on need • most everyone can qualify

19. Direct Loans – Annual Loan Limits • Annual Loan Limits (combined subsidized and unsubsidized) • Classification Dependent Independent • Freshman $5,500 $9,500 • Sophomore $6,500 $10,500 • Each remaining year $7,500 $12,500 • Graduate/Professional N/A $20,500

20. Direct Loans • The interest rate on Direct loans first disbursed on or after July 1, 2012 will be 6.8%: • Repayment begins after 6 month grace period • Maximum repayment period between 10 and 30 years

21. Plus Loans • Parents of dependent undergraduate students • Graduate/Professional students • Repayment begins immediately but can be deferred upon request • Direct interest rate: 7.9% • If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan

23. FAFSA on the Web • Website: www.fafsa.gov • 2012–13 FAFSA on the Web available on January 1, 2012 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

24. Verification • Tax transcripts not Tax returns • Order at www.irs.gov or 1-800-908-9946 • Complete Verification worksheet • Montreat recommends you use the IRS Data Retrieval tool, if eligible.

25. IRS Data Retrieval • While completing FOTW, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new window • Applicant chooses whether or not to transfer data to FOTW

26. IRS Data Retrieval • Available early February 2012 for 2012–13 processing cycle • Participation is voluntary • Reduces documents requested by financial aid office

27. Federal Student Aid Personal Identification Number (FSA PIN) • Website: www.pin.ed.gov • Sign FAFSA electronically • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

28. FAFSA Processing Results • CPS notifies student of FAFSA processing results by: • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Student with PIN may view SAR on-line at www.fafsa.gov

29. FAFSA Processing Results • Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted • College reviews ISIR • May request additional documentation, such as proof that a sibling is enrolled in college

30. CAUTION!!! • Avoid being charged a fee to file the FREE Application for Federal Student Aid • Completion and processing of the FAFSA are FREE • www.fafsa.gov

31. Special Circumstances • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information • If any of these exist, please contact our office so we can help!

32. Where do I go from here? • Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying. • Meet all application deadlines. • Complete FAFSA and other application materials. Submit all requested follow-up documents. • Investigate other sources of aid.

33. Questions?