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Financing a College Education. College is Possible!. Abril Hunt Financial Aid & Scholarships Counselor. Tonight’s Topics . What is Financial Aid Terminology Dependency Status Eligibility Types of Aid The Application Process Academic Merit Awards & Scholarships. A Funding Puzzle.

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financing a college education

Financing a College Education

  • College is Possible!

Abril Hunt

Financial Aid & Scholarships Counselor

tonight s topics
Tonight’s Topics
  • What is Financial Aid
  • Terminology
  • Dependency Status
  • Eligibility
  • Types of Aid
  • The Application Process
  • Academic Merit Awards & Scholarships
a funding puzzle
A Funding Puzzle
  • Savings
  • Work
  • Family
  • Scholarships
      • Merit
      • Need
      • Athletic
      • Military
  • Financial Aid
  • Other Assets
terminology
Terminology
  • FAFSA
  • SAR
  • EFC
  • COA
  • MPN
  • Dependency
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
Am I Eligible?
  • Filing criteria
  • Non need-based aid
  • Loans are aid
  • HB 1079
  • Scholarships
types of aid
Types of Aid
  • Gift Aid :
  • Federal Grants
  • State Grants
  • Institutional Grants
  • Scholarships
  • Self-Help Aid:
  • Work-Study
  • Loans
slide9

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

perkins loans
Perkins Loans
  • Not credit based
  • Subsidized interest
  • Grace period
  • Repayment
  • Deferment/Forbearance
  • Cancellation
plus loans
PLUS Loans
  • Interest bearing
  • Credit based
  • Repayment
  • Denial
  • Private Loans
cost of attendance
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.

student 1 anna
Student #1 - Anna
  • 5 in Household/1 in College
  • Household Income $15K
  • 2.65 GPA
  • Filed FAFSA February 2
  • EFC: 0
student 2 chris
Student #2 - Chris
  • 4 in Household/1 in College
  • Household Income $70K
  • 3.6 GPA
  • Filed FAFSA January 1
  • EFC: 7350
student 3 carly
Student #3- Carly
  • 4 in Household/1 in College
  • Household Income $142K
  • 4.0 GPA
  • Filed FAFSA January 2
  • EFC: 36386
pearls of wisdom
Pearls of Wisdom
  • Apply EARLY!
  • Verification
  • School forms
  • Resources
  • Special Circumstances
  • FERPA
scholarships
Scholarships
  • Local high school
  • College/University
  • Private businesses
  • Civic organizations
    • Rotary, Scottish Rite
  • Internet
    • www.thewashboard.org
wsu scholarships
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
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
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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