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Financing a College Education

Financing a College Education. College is Possible!. Abril Hunt Financial Aid & Scholarships Counselor. Tonight’s Topics . What is Financial Aid Terminology Dependency Status Eligibility Types of Aid The Application Process Academic Merit Awards & Scholarships. A Funding Puzzle.

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Financing a College Education

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  1. Financing a College Education • College is Possible! Abril Hunt Financial Aid & Scholarships Counselor

  2. Tonight’s Topics • What is Financial Aid • Terminology • Dependency Status • Eligibility • Types of Aid • The Application Process • Academic Merit Awards & Scholarships

  3. A Funding Puzzle • Savings • Work • Family • Scholarships • Merit • Need • Athletic • Military • Financial Aid • Other Assets

  4. Terminology • FAFSA • SAR • EFC • COA • MPN • Dependency

  5. Dependency • 24 years old • Married • Child/Dependent • Have BA/BS • Orphan/ Ward of Court • Military Veteran • Emancipated Minor • Homeless • Special Circumstances

  6. Am I Eligible? • Filing criteria • Non need-based aid • Loans are aid • HB 1079 • Scholarships

  7. The Financial Aid Process

  8. Types of Aid • Gift Aid : • Federal Grants • State Grants • Institutional Grants • Scholarships • Self-Help Aid: • Work-Study • Loans

  9. Stafford Loans • Repayment Plan Options • Standard: fixed monthly amount for 10 years • Extended: fixed monthly amount for 12-30 years • Graduated: Starts off lower, gradually increases 12-30 years • Income Contingent: Payments based on income & total amount of debt up to 25 years • Income Based: Similar to Income Contingent but at a lower percentage • Subsidized • Unsubsidized • Notcredit based • 5 repayment plans • Cancellation Annual Borrowing Limits DependentIndependentClass $5,500 $9,500 Freshman $6,500 $10,500 Sophomore$7,500 $12,500 Junior/Senior N/A $20,500 Graduate

  10. Perkins Loans • Not credit based • Subsidized interest • Grace period • Repayment • Deferment/Forbearance • Cancellation

  11. PLUS Loans • Interest bearing • Credit based • Repayment • Denial • Private Loans

  12. Cost of Attendance Tuition 11,386 Books 936 Room 6,626 Board 3,898 Transportation 1,434 Misc. Livg. Exps. 2,108 COA Total $26,388 Need Calculation: COA 26,388 - EFC 1,951 = Need 24,437 This reflects an “off-campus” budget. R&B “on campus” will be higher.

  13. How is NEED Calculated?

  14. Student #1 - Anna • 5 in Household/1 in College • Household Income $15K • 2.65 GPA • Filed FAFSA February 2 • EFC: 0

  15. Student #2 - Chris • 4 in Household/1 in College • Household Income $70K • 3.6 GPA • Filed FAFSA January 1 • EFC: 7350

  16. Student #3- Carly • 4 in Household/1 in College • Household Income $142K • 4.0 GPA • Filed FAFSA January 2 • EFC: 36386

  17. Pearls of Wisdom • Apply EARLY! • Verification • School forms • Resources • Special Circumstances • FERPA

  18. Scholarships • Local high school • College/University • Private businesses • Civic organizations • Rotary, Scottish Rite • Internet • www.thewashboard.org

  19. WSU Scholarships • Vancouver Academic Achievement • Pullman Academic Achievement • Nonresident Academic Achievement • Community College President’s Award • WSU Global Campus Scholarship • Closes Jan 31, 2013 • WSU Vancouver Scholarship • Closes March 31, 2013

  20. Improve your chances • Start EARLY!!! • Maintain a Strong GPA • Key Points: • Community service • Leadership experience • Overcoming adversity • Special talents/abilities • Diversity experience • Future goals

  21. Final thoughts… • Scholarship scams • Social networking • Resources • Scholarships 101 • Jan 2nd @ 6:30 PM • College Goal Sunday • Jan 20th @1PM • Ask for help • Never give up College is Possible!

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