Financial Aid & Financial Planning Information

1. Financial Aid & Financial Planning Information For 2010-2011 Pacific University Pacesetter Families

2. Pacific University Financial Aid • Financial Aid Mission: to help make a Pacific University education affordable • We offer merit-based and competitive scholarships, need-based grants, employment opportunities, and loans • Funds for these awards 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 to Pacific • Student submits FAFSA onlineat www.fafsa.gov, listing Pacific (003212); student receives an electronicStudent Aid Report (eSAR) • Student participates in the Pacesetter Scholarship competition; results are calculated • Pacific reviews thestudent’s FAFSA data, requests additional information if needed • Pacific prepares financial aid “package”, notifies student, revises aid if necessary, processes loans for which student applies, and disburses aid when classes begin

5. Pacific University Financial Aid • Financial Aid Programs • Scholarships • Founders, Honors, Presidential, Trustee, and University Scholarships – $15,000 to $7,500 per year based on academic record • Pacesetter Excellence Awards – full tuition awards for top qualifier from each full day competition • Pacesetter Scholarships – $5,000 to $1,000 per year based on competition results • Music & Forensics Talent Awards – amounts vary

6. Pacific University Financial Aid • Financial Aid Programs • Grants • Federal: Federal Pell Grant, FSEOG, ACG, TEACH Grant – amounts vary • State: Oregon Opportunity Grant – amounts vary and depend on state funding • Institutional: Pacific Grant, Pacific Community Grant – amounts vary based on FAFSA data

7. Pacific University Financial Aid • Financial Aid Programs • Employment • Federal Work-Study – up to $2,200 based on “need” and fund availability • Pacific Work-Study – up to $1,000 non-need-based institutional award

8. 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 4.5% fixed interest; unsubsidized loans are at 6.8% fixed interest • 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

9. Pacific University Financial Aid • Financial Aid Concepts • Cost of Attendance (COA) – estimate of total direct and indirect costs for an academic year; consists of standard amounts in federally defined categories • Expected Family Contribution (EFC) – federally defined index of a family’s relative financial strength; not necessarily an accurate indication of ability to pay • COA minus EFC = “Need” • Need-based aid cannotexceed “need” • Non-need-based aid canmeetorexceed “need”

10. 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 net price • Financial aid packages can result in a surprisingly affordable “net price” – the family’s cost after financial aid is received

11. Private University $42,000 annual cost - $16,500 institutional aid $7,500 federal aid $18,000 annual net price x 4 years of attendance $72,000 net price of degree attainment Public University $21,000 annual cost - $1,500 scholarship - $7,500 federal aid $12,000 annual net price x 5 years of attendance $60,000 net price of degree attainment Pacific University Financial Aid

12. Pacific University Financial Aid • Financial Aid Considerations • Pacific’s institutional scholarships are renewable for the student’s 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 • Outside scholarships meet unmet “need”, then replace loans, then replace work-study, then replace other aid if necessary

13. Pacific University Financial Aid • Financial Aid Considerations • Students and parents should update the income they reported on their FAFSAs to match the income they reported on their 2009 federal income tax returns if needed • Families who have experienced financial difficulties such as a job loss, pay reduction, or unusual unreimbursed medical expenses should contact the Financial Aid Office

14. 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 • Oregon residents should be sure to access www.getcollegefunds.org for information about state-administered private scholarships

15. 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/save more • Develop a financial plan for the next four years that includes some contingencies

16. 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

17. 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

18. 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; 1-877-722-8648, ext. 2222 • Fax: (503) 352-2940 • E-mail: financialaid@pacificu.edu