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Financing Your Education Presented by: Danette Iyall, Assistant Director Financial Aid & Scholarship University of Washington - Bothell
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Questions I will be answering: How much will your degree cost? What is Financial Aid? How & when do you apply for Financial Aid? How is financial need determined? Scholarships: Where do you find them and when do you apply? Other Questions??
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The Cost of Attendance (for one academic year) Community College$17,820 4 Year Public$27,586 4 Year Private$55,761 Trade/Career (varies) Costs are estimates based on resident status, full time enrollment, not living with family.
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4-year PublicCommunity College 4-year Private Tuition$11,758$4,020$38,970 Room & Board$10,833$9,630$11,121 Books & Supplies $1,206$1,030$1,500 Transportation$1,524$1,320$1,734 Personal$2,265$1,820$2,436 Total AY$27,586$17,820$55,761 What’s included: tuition, books, room & board, transportation, and personal expenses.
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What is Financial Aid???? 3 types of aid: Grants : “free” money, do not have to repay; based on financial need Work study : earnings from a part time job, no repayment Loans : borrow to help with costs; this is money that will have to be repaid
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Grants!! There are federal, state grants, and some cases institutional grants available for undergraduate study. Eligibility is determined by need. To be considered for all possible grants you must apply by the school’s priority deadline.
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Loans: Perkins Student loan 5% fixed interest rate, subsidized while in school, repayment begins after leaving school 5% fixed interest rate, subsidized while in school, repayment begins after leaving school Stafford Student loan 4.66% interest rate; repayment begins after leaving school 4.66% interest rate; repayment begins after leaving school Parent PLUS loan Loan parent’s can take out in their name, 7.21% interest rate; repayment begins 60 days after last disbursement. Loan parent’s can take out in their name, 7.21% interest rate; repayment begins 60 days after last disbursement.
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Work Study To qualify: Respond “yes” to question #31 on the FAFSA Respond “yes” to question #31 on the FAFSA Meet financial aid priority filing deadline Meet financial aid priority filing deadline Have significant “financial need” Have significant “financial need” The advantages of work study: Gain work experience Gain work experience Earn money (helps keep loans down) Earn money (helps keep loans down) Income IS reported on student’s tax return, but is EXCLUDED for future financial aid eligibility determination Income IS reported on student’s tax return, but is EXCLUDED for future financial aid eligibility determination
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Where does Financial Aid come from? 3 Primary Sources: Federal government State government Individual Institution
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How & When do you apply for financial aid? All aid is awarded based on the Free Application for Federal Student Aid (FAFSA) FAFSA: www.fafsa.ed.gov or on the Washington State Federal Student Aid (WASFA) WASFA: http://readysetgrad.org/WASFAelig
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How & When do you apply for financial aid? File beginning January 1 prior to the year you plan to attend and receive financial aid 2017-2018 FAFSA available October 1, 2016. Use 2015 income information. You must submit the FAFSA or WASFA EACH school year!
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Priority Application Each school has a different definition for “priority” applications. Check with all schools that you are applying to for their specific priority application date Get your FAFSA submitted early (for UW priority consideration, prior to February 28 th ) Get your FAFSA submitted early (for UW priority consideration, prior to February 28 th ) Submit any institutional applications/forms for financial aid Submit any institutional applications/forms for financial aid
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General Eligibility Requirements Must be enrolled/accepted in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible non-citizen Must be registered with Selective Service (if male) over age 18.
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General Eligibility Requirements (continued) Must have a valid Social Security Number Must not be in default on a federal student loan Must not owe repayment of a federal grant Must maintain satisfactory academic progress as defined by the higher education institution
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What information do you use to file the FAFSA? Social Security numbers for you and your parents. Alien registration number and driver’s license number (if you have them) Income and/or tax return information for the prior year for both you and your parents Records of any untaxed income and assets for you and your parents The student and student’s parents will each need a FSA ID for signing the FAFSA (which can be obtained at http://fsaid.ed.gov)
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What happens after you apply? Sign and send the FAFSA to the federal processor, the processor will send the information electronically to the schools you specify on the FAFSA Receive a Student Aid Report (SAR) back from the federal processor Review the SAR for accuracy and correct any errors or estimates that were not correct. Respond to any requests for additional information you may receive from the institutions receiving your FAFSA information Each college determines your eligibility Each college will send an award letter/notice to you.
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How is financial need determined? An Estimated Family Contribution (EFC) is computed from the FAFSA data and used to determine financial need as follows: Cost of Attendance$27,586 (-)Family Contribution$ 5,156 =Financial Need$22,430
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Financial Need Financial Need is met with grants, scholarships, work-study. Needs based (subsidized) loans Non-need based (unsubsidized) loans
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Special Circumstances Talk to the financial aid office of the school you decide to attend if you or your family: Have a significant loss or reduction in family income (usually 25% or greater) Have a significant loss or reduction in family income (usually 25% or greater) Have a death or illness in the family Have a death or illness in the family Have unusual medical or dental expenses NOT covered by insurance Have unusual medical or dental expenses NOT covered by insurance Have other unusual circumstances Have other unusual circumstances
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Scholarships: Where to find them? Search for scholarships at: Your high school (check with counselors) Your parent’s place of work Local civic organizations/businesses in which you participate Local library resources Free online searches
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Free online scholarship resources fastWeb www.fastweb.com The Wash Board www.thewashboard.org www.thewashboard.org Office of Merit Scholarships, Fellowships, & Awards & Awards http://expd.washington.edu/scholarships/omsfa http://expd.washington.edu/scholarships/omsfa
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More scholarship tips Start Early: most scholarships have application deadlines 6-9 months prior to disbursement. Be persistent: keep searching and applying for scholarships and improving your personal statement/essays Read the directions carefully and meet all deadlines!
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Questions?? Contact information: Danette Iyall iyalld@uw.edu425-352-5326
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