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Financing College Education: Your Path to Success

Join Abril Hunt, a Financial Aid & Scholarships Counselor, as we explore the essential steps to financing your college education. In this session, you'll learn about financial aid terminology, dependency status, eligibility requirements, and various types of aid, including scholarships and loans. We'll cover the application process, including the FAFSA, and provide insights on academic merit awards. Gain vital tips on budgeting and maximizing aid opportunities while navigating the complexities of financial aid. Remember, with the right information, college is possible for everyone!

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Financing College Education: Your Path to Success

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Presentation Transcript

  1. Financing a College Education • College is Possible! Abril Hunt Financial Aid & Scholarships Counselor

  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. Dependency • 24 years old • Married • Child/Dependent • Have BA/BS • Orphan/ Ward of Court • Military Veteran • Emancipated Minor • Homeless • Special Circumstances

  6. Am I Eligible? • Filing criteria • Non need-based aid • Loans are aid • HB 1079 • Scholarships

  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 • Repayment Plan Options • Standard: fixed monthly amount for 10 years • Extended: fixed monthly amount for 12-30 years • Graduated: Starts off lower, gradually increases 12-30 years • Income Contingent: Payments based on income & total amount of debt up to 25 years • Income Based: Similar to Income Contingent but at a lower percentage • Subsidized • Unsubsidized • Notcredit 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

  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. Student #1 - Anna • 5 in Household/1 in College • Household Income $15K • 2.65 GPA • Filed FAFSA February 2 • EFC: 0

  15. Student #2 - Chris • 4 in Household/1 in College • Household Income $70K • 3.6 GPA • Filed FAFSA January 1 • EFC: 7350

  16. Student #3- Carly • 4 in Household/1 in College • Household Income $142K • 4.0 GPA • Filed FAFSA January 2 • EFC: 36386

  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

  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: • Community service • Leadership experience • Overcoming adversity • Special talents/abilities • Diversity experience • Future goals

  21. 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 up College is Possible!

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