Download presentation
Presentation is loading. Please wait.
Published byIsabel Mosley Modified over 9 years ago
1
Financing a College Education Abril Hunt Financial Aid & Scholarships Counselor College is Possible!
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
24 years old Married Child/Dependent Have BA/BS Orphan/ Ward of Court Military Veteran Emancipated Minor Homeless Special Circumstances
6
Am I Eligible? HB 1079 Scholarships Filing criteria Non need-based aid Loans are aid
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 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 12-30 years 3.Graduated: Starts off lower, gradually increases 12-30 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
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
5 in Household/1 in College Household Income $15K 2.65 GPA Filed FAFSA February 2 EFC: 0 Student #1 - Anna
15
Student #2 - Chris 4 in Household/1 in College Household Income $70K 3.6 GPA Filed FAFSA January 1 EFC: 7350
16
4 in Household/1 in College Household Income $142K 4.0 GPA Filed FAFSA January 2 EFC: 36386 Student #3- Carly
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 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: CCommunity service LLeadership experience OOvercoming adversity SSpecial talents/abilities DDiversity experience FFuture goals
21
Final thoughts… Scholarship scams Social networking Resources Scholarships 101 Jan 2 nd @ 6:30 PM College Goal Sunday Jan 20th @1PM Ask for help Never give up College is Possible!
Similar presentations
© 2024 SlidePlayer.com. Inc.
All rights reserved.