Financing a College Education Abril Hunt Financial Aid & Scholarships Counselor College is Possible!
Tonight’s Topics What is Financial Aid Terminology Dependency Status Eligibility Types of Aid The Application Process Academic Merit Awards & Scholarships
A Funding Puzzle Savings Work Family Scholarships Merit Need Athletic Military Financial Aid Other Assets
Terminology FAFSA SAR EFC COA MPN Dependency
24 years old Married Child/Dependent Have BA/BS Orphan/ Ward of Court Military Veteran Emancipated Minor Homeless Special Circumstances
Am I Eligible? HB 1079 Scholarships Filing criteria Non need-based aid Loans are aid
The Financial Aid Process
Types of Aid GIFT AID : Federal Grants State Grants Institutional Grants Scholarships SELF-HELP AID: Work-Study Loans
Stafford Loans Subsidized Unsubsidized Not credit 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 Repayment Plan Options 1.Standard: fixed monthly amount for 10 years 2.Extended: fixed monthly amount for years 3.Graduated: Starts off lower, gradually increases years 4.Income Contingent: Payments based on income & total amount of debt up to 25 years 5.Income Based: Similar to Income Contingent but at a lower percentage
Perkins Loans Not credit based Subsidized interest Grace period Repayment Deferment/Forbearance Cancellation
PLUS Loans Interest bearing Credit based Repayment Denial Private Loans
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.
How is NEED Calculated?
5 in Household/1 in College Household Income $15K 2.65 GPA Filed FAFSA February 2 EFC: 0 Student #1 - Anna
Student #2 - Chris 4 in Household/1 in College Household Income $70K 3.6 GPA Filed FAFSA January 1 EFC: 7350
4 in Household/1 in College Household Income $142K 4.0 GPA Filed FAFSA January 2 EFC: Student #3- Carly
Pearls of Wisdom Apply EARLY! Verification School forms Resources Special Circumstances FERPA
Scholarships Local high school College/University Private businesses Civic organizations Rotary, Scottish Rite Internet
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
Improve your chances Start EARLY!!! Maintain a Strong GPA Key Points: CCommunity service LLeadership experience OOvercoming adversity SSpecial talents/abilities DDiversity experience FFuture goals
Final thoughts… Scholarship scams Social networking Resources Scholarships 101 Jan 2 6:30 PM College Goal Sunday Jan Ask for help Never give up College is Possible!