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Financial Aid Update May 14, 2010

Financial Aid Update May 14, 2010. Al Hermsen Director. Wayne State is committed to keeping college costs affordable Tuition $8596 – 10 th lowest of state public IV schools Education is a good investment.

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Financial Aid Update May 14, 2010

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  1. Financial Aid UpdateMay 14, 2010 Al Hermsen Director

  2. Wayne State is committed to keeping college costs affordable • Tuition $8596 – 10th lowest of state public IV schools • Education is a good investment

  3. 27% of every tuition dollar at WSU is used to support financial aid – best in the state • $300M in financial aid each year • Make the financial aid process as quick, easy and convenient as possible

  4. Contact us • Financial Aid Office is located in the Welcome Center on the corner of Woodward and Warren • Office hours 8:30 to 6:00 Monday to Thursday 8:30 to 5:00 on Friday • Email finaid@wayne.edu • Website www.finaid.wayne.edu • 48 staff available to assist students

  5. What’s new • Equity Packaging – doubled need-based aid • Encouraging students to complete FAFSA early • Deadlines • How-to videos • Changes in federal and state programs • Early award processing

  6. Key points • Our equity Packaging model allows all resident undergraduates to cover the full cost of tuition and fees without having to borrow • The Expected Family Contribution plus grants and scholarships offered to the student will cover the tuition and fee costs • This also makes it easier to live in our residence halls

  7. Deadlines • Encourage student to complete the FAFSA by Feb. 15 to maximize financial aid eligibility • Actual deadline is April 30 to have your financial aid application complete to be considered for all funds available

  8. FAFSA Assistance • Help students/families fill out their FAFSA • Undergraduate Library • Feb. 23 11 a.m. - 1 p.m. in Lab A • Feb. 25 6 - 8 p.m. in Lab C • Bring tax returns and PIN

  9. How-to videos • Navigating Pipeline • Viewing outstanding aid requirements • Accepting your awards • Completing entrance counseling • Signing your master promissory note

  10. Changes in federal and state programs • Pell increases from $5,350 to $5,550 • Work-Study funds increase from $1.5M to $2.7M in 2009-10; back to $1.5 for 2010-11 • Stafford loan interest rate decreases from 5.6% to 4.5% in 2010-11 • State financial aid programs cut by 92% for WSU students

  11. Welcome Center plans • Improve counseling initiative • Updated look • More directional signs • More welcome atmosphere • More information • Pipeline assistance • Improved campus tour area

  12. Initiatives to assist students • Monthly financial literacy seminars • Increased Presidential Scholarship awards from $8,000 to $8,600 • Early Award commitment – financial aid awards began on Feb. 26, 2010

  13. Remind students • Pay attention to deadlines • Respond to requests for information • Read e-mail • Become familiar with all aid programs • Pay your bills on time

  14. Important dates • Apply for PIN by Dec. 31 to be ready to file the FAFSA early • April 30 deadline to assure full funding • Admitted by Jan. 15 to be invited to Scholars Days • High School counselor financial aid workshop in November • College Goal Sunday – 2nd Sunday in February

  15. QUESTIONS?

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