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Financial Aid 101

Financial Aid 101. Pharmacy Orientation 2011. Congratulations!. You made it to Pharmacy School! Now, how do you navigate the world of financial aid, paying your tuition, and surviving without excessive debt?. Planning Ahead. Plan your financial future today!. REALITY CHECK:

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Financial Aid 101

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  1. Financial Aid 101 Pharmacy Orientation 2011

  2. Congratulations! • You made it to Pharmacy School! • Now, how do you navigate the world of financial aid, paying your tuition, and surviving without excessive debt?

  3. Planning Ahead • Plan your financial future today! REALITY CHECK: Average student loan indebtedness for a WSU Pharmacy Medicine Graduate is $101,226. (Class of 2010) Student Loan Debt Range: $0 - $200,001+

  4. Personalize zzusis Provides access 24/7 to: • Financial aid to-do list • Financial aid award • Bill (what you owe) • Track direct deposits/availability of funds • Update mailing address • Portal notices • Register for classes • Announcements

  5. Your Financial Aid Award Assuming that you’ve completed your FAFSA and all of your to-do items, you have a financial aid award. • Loans • Scholarships • Work Study

  6. Financial Need Cost of Attendance – Estimated Family Contribution ----------------------------------------------- Financial Need NOTE: All financial aid and other resources can not exceed your cost of attendance.

  7. 2011-2012 Cost of Attendance

  8. Loans • The majority of your education is likely to be paid for by student loans. • Subsidized Stafford Loan • Unsubsidized Stafford Loan • Health Profession Loan • Graduate PLUS Loan • Alternative/Private Loan NOTE: You must complete your Master Promissory Notes and Entrance Counseling prior to the release of any loan funds.

  9. Subsidized Stafford Loan • Need-based loan • Eligible for up to $8,500 • Interest paid by federal government in school • 6-month grace period • Funded by Department of Education (direct loan) • Payments could be made to servicing agency • Interest rate • Current = 6.8% (fixed) for grad students • Cap of 8.25%

  10. Unsubsidized Stafford Loan • Non-need based loan • May be eligible for up to $32,000 • Interest accrues, not paid by federal government • 6-month grace period • Funded by Department of Education (direct loan) • Interest rate • Current = 6.8% (fixed) • Cap of 8.25%

  11. Health Professions Loan • Need based loan • Funded by federal government • Processed at the school • 5% interest rate • 9 month grace period • Must include parental information on your original FAFSA submission each year

  12. Graduate PLUS Loan • Non-need based loan • Interest not paid by federal government • No grace period • In-school deferment available • Funded by Department of Education (direct loan) • Credit check required • Interest rate • 8.5%

  13. Getting Your Money • Work-Study funds paid on the 10th and 25th • Depends on number of hours worked and rate of pay • Loan funds sent to WSU electronically and deposited to your WSU student account • Funds are released on the 1st day of classes • Separate disbursements for each semester • Sign up for direct deposit online at zzusis • Paper checks mailed to primary address maintained by student on zzusis REMINDER: Check zzusis!

  14. Reapply for Financial Aid Every Year • FAFSA • Available for renewal on January 1 • WSU priority deadline is now February 15 • www.fafsa.ed.gov • Remember to include parental information for the Health Profession Loan

  15. Summer Financial Aid • Separate application must be completed • Available in December in the Financial Aid Office or online at www.finaid.wsu.edu • Stafford Loans • Grad PLUS Loans • Private Loans

  16. Planning Ahead • Plan your financial future today! REALITY CHECK: Average student loan indebtedness for a WSU Pharmacy Graduate is $ 101,226. (Class of 2010) Student Loan Debt Range: $0 - $200,001+

  17. Loan Repayment Approximation NOTE: Assumes 6.8% interest rate and standard repayment schedule.

  18. Create a Spending Plan • Track your spending • Little things add up! • Basis for plan • Establish a spending plan • Adjust it as necessary • Remember to pay yourself first • Short-term sacrifice for long-term good

  19. Reminders • zzusis is your best friend • Apply for summer financial aid in December • Apply for next year’s financial aid between January 1 and February 15 • Ask questions, get answers and assistance • Keep your professional goals in mind • Breathe!

  20. Questions? WSU Financial Aid 509.335.9711 finaid@wsu.edu 3rd Floor, (380) Lighty

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