Financial Aid: Investing In Your Future A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE

What Are We Going to Talk About… Costs Financial Aid & Eligibility Scholarships When & How to Apply Tips Questions A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE

Financial Aid helps cover the costs of college Types of Aid Grants Loans Work Scholarships Tuition Discounts What is Financial Aid?

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Community College$14,000 4-Year Public$20,000 4-Year Private$37,000 What’s included: What’s included: Tuition Books Housing Transportation Miscellaneous What’s the Cost? A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE

Grants Grants Come from three sources: Federal State Institutional Free Money! Not Repaid!

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Low Interest, Guaranteed Funds Perkins Student Loan 5% interest rate; repayment begins at end of education Stafford Student Loan Caps at 8.25% interest rate; repayment begins at end of education Plus Parent Loan 7.9% interest rate; repayment begins after student’s first year Borrow Responsibly! Loans

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE TO QUALIFY: early Complete your FAFSA early Have “financial need” THE ADVANTAGE: work experience Gain work experience money Earn money excluded for financial aid Income is reported on your tax return, BUT excluded for financial aid eligibility Federal Work-study

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Search for possibilities: the college counselors, community organizations, and local businesses the Internet: try Important information to have: a statement of accomplishments & goals letters of recommendation a copy of your high school transcript a copy of your completed FAFSA Scholarships

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE College Bound Scholarship Must fill Out FAFSA by February 1st The amount of the scholarship will be based on tuition rates at Washington public colleges and universities and will cover the amount of tuition and fees (plus $500 for books) not covered by other state financial aid awards. Low-income 7th and 8th grade students who sign a pledge by June 30 of their 8th grade year are eligible. Students promise to graduate from high school, demonstrate good citizenship, and seek admission to a college or university. Family income will be re-checked and college admission confirmed after the student graduates from high school.

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE  150% of resident tuition  Criteria may vary. Contact school of interest.  Legal resident of participating state  States that may participate are AK, AZ, CA, CO, HI, ID, MT, NM, ND, NV, OR, SD, UT, WA, WY Western Undergraduate Exchange (WUE) Details of WUE

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Cost of College$15,219 ( - )Family Contribution$ 2,500 Financial Need$12,719 =Financial Need$12,719 4-Year Public School EXAMPLE How is Aid Determined?

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Early ApplicantLate Applicant Financial Need$ 12,719$ 12,719 Financial Aid Award Federal Pell Grant$ 1,500$ 1,500 WA State Need Grant$ 3,723$ 0 Federal SEOG$ 300$ 0 School Grant$ 837$ 0 Work Study$ 3,000$ 0 Federal Subsidized Stafford Loan$ 2,625$ 2,625 $11,985$ 4,125 Federal Unsubsidized Stafford Loan$ 0$ 0 Federal Parent PLUS Loan$ 3,234 $11,094 $15,219$15,219 4-Year Public School EXAMPLE Sample Financial Aid Package Why Meeting the Priority Deadline is Important…

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Cost Comparison

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE As soon after January 1 as possible PRIORITY deadlines vary GET ADMITTED to the universities of your choice APPLY FOR AID - FAFSA must be RECEIVED by the processor by University’s Deadline SCHOLARSHIPS – Check with college for deadlines Check with your schools of interest or your high school counselor to determine deadlines You must reapply for aid each school year When Should I Get Started?

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE What You Need Before Filing the FAFSA Applying for federal aid you will need: – A copy of the student’s Social Security Card – 2015 Federal Tax Return – 2015 Parents Federal Tax Return (Dependent Students only)

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE How do I apply for aid? Over the Internet Print, sign, and mail the signature page or get an FSA ID and sign the application electronically By Mail Use envelope with form Self-address, stamp, and return postcard

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE To not use your parents information you must be considered an independent student. To be independent, you must answer yes to one of the following: – Were you born before January 1, 1983? – Are you an orphan or a ward of the court? – Are you a Veteran of the United States? – Are you a Graduate Student? – Are you Married or have Dependents? Do I Have to Use My Parent’s Financial Information?

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Situations that do not qualify Independence. According to federal regulations these family situations do not qualify for granting a student independent status: – Parents refusing to contribute to the student’s education – Parents unwilling to provide information on the application for verification – Parents not claiming the student as a dependent for tax purposes – Student demonstrating total self-sufficiency

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE “None of us knows what the next change is going to be, what unexpected opportunity is just around the corner, waiting a few months or a few years to change all the tenor of our lives,” – Kathleen Norris If your current family situation allows loans only (a high Expected Family Contribution (EFC) ), a student should still apply for federal aid in case of changes. You can always turn down loans, but if a change should occur during the school year the process of getting aid has already been started. Why Should You Apply?

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Talk to your financial aid office if you or your family: have a significant reduction in family income have a death or illness have unusual medical or dental expenses not covered by insurance have other unusual circumstances The Changes That Affect Your Aid:

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE What Happens Next? Request FSA ID now for student and parent Submit your FAFSA Receive a response called a Student Aid Report (SAR) Review the SAR for accuracy College determines eligibility Receive a request for additional information - OR - an award notice

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE FAFSA Check the box that you want FAFSA to retrieve your information from the IRS. If you do not check this box you will likely be Audited by the college.

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE EARLY Start EARLY DEADLINES Meet all DEADLINES CHOLARSHIPS Search for SCHOLARSHIPS RESPOND RESPOND to all requests Be a PROACTIVE Student REAPPLY REAPPLY every year Financial Aid Tips For Success.

A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE Questions?