financial aid: investing in your future a presentation by the ewu financial aid & scholarship...
TRANSCRIPT
Financial Aid: Financial Aid: Investing In Your FutureInvesting In Your Future
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
What Are We Going to Talk About…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
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
Financial AidFinancial Aid helps cover helps cover the costs of collegethe costs of college
TypesTypes of Aid of Aid Grants Loans Work Scholarships Tuition Discounts
What is Financial Aid?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?What’s the Cost?
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
GrantsGrants
Grants Come from three sources: Federal State Institutional
Free Money! Not Repaid!Free Money! Not Repaid!
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
Low Interest, Guaranteed Funds
Perkins Student Loan5% interest rate; repayment begins at end of education
Stafford Student LoanCaps at 8.25% interest rate; repayment begins at end of education
Plus Parent Loan7.9% interest rate; repayment begins after student’s first year
Borrow Responsibly!Borrow Responsibly!
LoansLoans
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
TO QUALIFY:TO QUALIFY: Complete your FAFSA earlyearly Have “financial need”
THE ADVANTAGE:THE ADVANTAGE: Gain work experiencework experience Earn moneymoney Income is reported on your tax return, BUT
excludedexcluded for financial aidfor financial aid eligibility
Federal Work-studyFederal 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 www.fastweb.com,
www.bigfuture.collegeboard.org, www.washboard.org
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
ScholarshipsScholarships
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)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 NeedFinancial Need $12,719$12,719
4-Year Public School EXAMPLE
How is Aid Determined?How is Aid Determined?
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
Early Applicant Late Applicant
Financial Need $ 12,719 $ 12,719Financial Aid Award
Federal Pell Grant $ 1,500 $ 1,500WA State Need Grant $ 3,723 $ 0Federal SEOG $ 300 $ 0School Grant $ 837 $ 0Work Study $ 3,000 $ 0Federal Subsidized Stafford Loan$ 2,625 $ 2,625
$11,985 $ 4,125
Federal Unsubsidized Stafford Loan $ 0 $ 0Federal Parent PLUS Loan $ 3,234 $11,094
$15,219 $15,219
4-Year Public School EXAMPLE
Sample Financial Aid PackageSample Financial Aid PackageWhy Meeting the Priority Deadline is Important…
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
Cost ComparisonCost Comparison
EDUCATIONAL EXPENSES School #1 School #2 Tuition $ $ Mandatory Fees $ $ Books and Supplies $ $ Room and Board $ $ Transportation $ $ Personal Expenses $ $TOTAL ANNUAL EXPENSES $ $
FINANCIAL AID School #1 School #2 Scholarships $ $ Tuition Waivers (including WUE) $ $ Grants $ $ Housing Incentive Grant $ $ Work-Study $ $ Loans $ $ Other (Veterans, Voc Rehab, etc) $ $TOTAL FINANCIAL AID $ $
School #1 School #2TOTAL ANNUAL EXPENSES $ $LESS TOTAL FINANCIAL AID $ $EST. BOTTOM LINE COST $ $
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?When Should I Get Started?
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
What You Need Before Filing the FAFSA
Applying for 2016-2017 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?How do I apply for aid?
Over the Internetwww.fafsa.ed.gov
Print, sign, and mail the signature page or get an FSA ID and sign the
application electronically
By MailUse envelope with formSelf-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 Do I Have to Use My Parent’s Financial Information?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?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:The Changes That Affect Your Aid:
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
What Happens Next?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
Start EARLYEARLY Meet all DEADLINESDEADLINES Search for
SCHOLARSHIPSCHOLARSHIPS RESPONDRESPOND to all requests Be a PROACTIVE Student REAPPLYREAPPLY every year
Financial Aid Tips For Success.Financial Aid Tips For Success.
A PRESENTATION BY THE EWU FINANCIAL AID & SCHOLARSHIP OFFICE
Questions?Questions?