Financing a College Education

Abril HuntFinancial 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

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

Dependent Independent Class$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 years2. Extended: fixed monthly amount for 12-30 years3. Graduated: Starts off lower, gradually increases 12-30

years4. Income Contingent: Payments based on income & total

amount of debt up to 25 years5. 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 11,386Books 936Room

6,626Board

3,898Transportation 1,434Misc. Livg. Exps. 2,108COA 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?

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Va ria b le ) (Va ria b le ) (Co ns ta n t)

1

2

3

EFC EFC

• 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: 36386

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 www.thewashboard.org

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:

Community service Leadership experience Overcoming adversity Special

talents/abilities Diversity experience Future goals

Final thoughts…

• Scholarship scams• Social networking• Resources

Scholarships 101 Jan 2nd @ 6:30 PM

College Goal Sunday Jan 20th @1PM

• Ask for help• Never give upCollege is Possible!