Understanding Your Financial Aid Award Letter

1. Understanding Your Financial Aid Award Letter

2. What is the Award Letter? The award letter is the document sent to you by our office notifying you of your financial aid eligibility based on the results of the Free Application for Federal Aid (FAFSA)

3. What is the Award Letter (con’t) The Award Letter is not a contract nor does it obligate you to accept the awards You may accept or reject awards on an individual award basis We ask that you respond to your award offer by May 1, 2010. You may certainly accept or reject your awards as soon as you have made your decision

5. The Award Guide • The online Award Guide has helpful information about: • Award Details • Costs • Terms to Know • Cost Worksheet • Payment Process www.baylor.edu/sfs/awardguide

6. Understanding Costs It is important to understand the Cost Of Attendance (COA) as you evaluate your award offer. The (COA) includes both direct and indirect costs associated with going to school. Direct Costs are tuition, fees, room, and board that Baylor will bill you for each semester Transfer students who live off campus will be billed for only tuition and fees

7. Understanding Costs Indirect Costs are books, supplies, transportation and personal expenses and are not billed by Baylor With the exception of books, these expenses are incurred throughout the semester and you may already be prepared to pay for these items through your own resources Many students choose to utilize work-study to help them meet these indirect costs

8. In the Award Guide you have an Undergraduate Costs Worksheet This tool will help you estimate of how much of your Direct Costs your aid will cover – it is located on page 5 of your Award Guide Reminder – don’t include Federal Work Study since that is an eligibility amount only and should not be deducted from your estimated charges If you pursue a campus job you will receive a paycheck every two weeks for the actual hours you worked in that pay period Understanding Costs

9. Undergraduate Costs for 2010-2011 Tuition $26,966 Required Fees 2,758 Room 5,102 Board 5,042 Total (fall and spring) $39,868 Baylor charges tuition at a flat rate of $26,966 per academic year (fall and spring) for students taking 12 hours or more per semester. Understanding Costs

10. Undergraduate Costs for 2010-2011 (Con’t) The cost on the previous slide is an average figure for all residence halls. Less costly housing is available. Includes the 16 meal plan, plus an average allowance for 5 additional meals for a total of 21 meals per week. Other meal plans are available. The total cost does not include the following (estimated annual costs in brackets): books and supplies [$1,398], transportation [$1,992], or personal expenditures [$1,890]. Understanding Costs

11. Other aid Options • Outside Scholarships – these are the awards you earn and bring with you to Baylor • We reduce any unmet need first, then need-based loans and work-study eligibility so most of our students do not have gift aid reduced because they bring in outside awards • We do not reduce merit scholarships or other gift aid awarded through Baylor funds and the federal Pell Grant (if you have that award) would not be reduced due to an Outside Scholarship

12. Other Aid Options (con’t) • If you are a Baptist, please check our Baptist Scholarships located at www.baylor.edu/admissions/finaid and then select Types of Aid • The Cashier’s Office offers an Installment Plan that allows you to pay your remaining balance over 5 months of each semester instead of paying the full amount of the bill in July and December for each semester • There is a $60 per semester fee to set up the Installment Plan but no interest is charged on the balance

13. Special Circumstances • If you have circumstances that affect your ability to contribute toward college expenses that are not reflected in the information on the FAFSA please contact scholarships@baylor.edu and describe your situation • We are not able to allow for all situations, but below are some examples of situations we can review for an adjustment to the aid offer • Change in employment status or other loss of income • Private School expenses for siblings • Change in parent marital status • Unusual dependent care expenses • Paid out of pocket medical expenses

14. What are the next steps? • Respond promptly to any requests from our office for additional documentation • Return your award acceptance by May 1st or as soon as you have made your decision • If you accept the Direct Loan we will notify you when it is time for you to complete the online application process • If you decide to use alternative loan funding you need to keep your eye posted on our website where we will update you on the new process.

15. Contact Information Office of Academic Scholarships & Financial Aid E-Mail:Financial_Aid@baylor.edu Phone: 1-800-BAYLOR-U, option 8, 2, 3 or 254-710-2611, opt. 3 Location: Clifton Robinson Tower 700 S. University Parks Dr., Suite 150 Waco, TX 76706 Office Hours: Monday, Tuesday, Wednesday, Friday 8am-5pm Thursday 9:30am – 5pm Websites:www.baylor.edu/admissions/finaid To download this webinar go to www.baylor.edu/sfs And click on 2010-2011 Webinars

16. Questions?