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Financing Your Montreat College Education. How Much D oes I t C ost?. Tuition, Fees, Room and Board: $30,692 Off Campus Students: $23,198. Other Costs to Consider. Montreat doesn’t charge you for these but are costs that most students have during their year: Transportation Personal

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how much d oes i t c ost
How Much Does It Cost?
  • Tuition, Fees, Room and Board: $30,692
  • Off Campus Students: $23,198
other costs to consider
Other Costs to Consider
  • Montreat doesn’t charge you for these but are costs that most students have during their year:
      • Transportation
      • Personal
      • Books and Supplies
      • Miscellaneous
      • Study Abroad costs
  • Many of these expenses can be defrayed with a work study job!
types of financial aid
Types of Financial Aid
  • Scholarships
  • Grants
  • Loans
  • Employment

Scholarships and Grants

  • Money that does not have to be paid back
  • Awarded on the basis of merit, skill, or unique characteristic
  • Usually awarded on the basis of financial need
montreat scholarships and grants
Montreat Scholarships and Grants
  • Merit Scholarships
    • Trustee $12,000
    • Presidential $10,000
    • Provost $8,000
    • Anderson $6,000
    • Gaither $5,000
montreat merit scholarships
Montreat Merit Scholarships
  • Based on GPA and test scores.
  • Merit scholarship can be improved with updated GPA or test scores before classes begin.
  • Renewable each year if student maintains Satisfactory Academic Progress (SAP).
  • SAP is a 2.0 GPA and earn 67% of credit hours attempted.
keystone award
Keystone Award
  • Montreat College makes Christian higher education possible by their generous donors
  • The Keystone Award is awarded to help meet the financial need of our students, when eligible.
  • In the 2011-12 year, Montreat awarded over $400,000 to 100 new students/transfers In Keystone Award
other montreat scholarships
Other Montreat Scholarships
  • NAIA Athletics
  • Endowments
  • Child of Minister
  • Alumni
  • Montreat Retreat Association
  • Young Life
  • Music
north carolina scholarships
North Carolina Scholarships
  • North Carolina Need Based Scholarship (NCNBS)
    • Awarded to NC residents who have an EFC of 15,000 (found on results of FAFSA) or below
    • Minimum amount: $1,200
    • Maximum amount: $6,800
    • Complete FAFSA as soon as possible due to limited funding
  • Money students and parents borrow to help pay college expenses
  • Repayment usually begins after education is finished
  • Only borrow what is really needed
  • Look at loans as an investment in the future

Allows student to earn money to help pay educational costs

  • Typically in the form of a paycheck
  • Students can use these funds to help pay for indirect living expenses mentioned earlier
common federal aid programs
Common Federal Aid Programs
  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant
  • Federal Work-Study
  • Subsidized and Unsubsidized Loans
  • PLUS Loans
federal pell grant
Federal Pell Grant
  • Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.)
  • Generally awarded to undergraduate students only, few exceptions
  • Maximum award for 2012-2013 = $5,550
federal work study fws
Federal Work Study (FWS)
  • Provides part-time employment while you are enrolled in school
  • Employment may be on or off campus
  • Even if you don’t qualify for FWS you may still be able to have an on campus job!
  • Inquire about jobs at Montreat by contacting Tom Oxenreider at or
  • More demand than supply so jobs not guaranteed
federal direct loans
Federal Direct Loans
  • Subsidized
    • must demonstrate need
    • U.S. Department of Education will pay (subsidize) the interest that accrues while in school
  • Unsubsidized
    • not based on need
    • most everyone can qualify
direct loans annual loan limits
Direct Loans – Annual Loan Limits
  • Annual Loan Limits (combined subsidized and unsubsidized)
    • Classification Dependent Independent
    • Freshman $5,500 $9,500
    • Sophomore $6,500 $10,500
    • Each remaining year $7,500 $12,500
    • Graduate/Professional N/A $20,500
direct loans
Direct Loans
  • The interest rate on Direct loans first disbursed on or after July 1, 2012 will be 6.8%:
  • Repayment begins after 6 month grace period
  • Maximum repayment period between 10 and 30 years
plus loans
Plus Loans
  • Parents of dependent undergraduate students
  • Graduate/Professional students
  • Repayment begins immediately but can be deferred upon request
  • Direct interest rate: 7.9%
  • If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan
fafsa on the web
FAFSA on the Web
  • Website:
  • 2012–13 FAFSA on the Web available on January 1, 2012
  • FAFSA on the Web Worksheet:
    • Used as “pre-application” worksheet
    • Questions follow order of FAFSA on the Web
  • Tax transcripts not Tax returns
  • Order at or 1-800-908-9946
  • Complete Verification worksheet
  • Montreat recommends you use the IRS Data Retrieval tool, if eligible.
irs data retrieval
IRS Data Retrieval
  • While completing FOTW, applicant may submit real-time request to IRS for tax data
  • IRS will authenticate taxpayer’s identity
  • If match found, IRS sends real-time results to applicant in new window
  • Applicant chooses whether or not to transfer data to FOTW
irs data retrieval1
IRS Data Retrieval
  • Available early February 2012 for 2012–13 processing cycle
  • Participation is voluntary
  • Reduces documents requested by financial aid office
federal student aid personal identification number fsa pin
Federal Student Aid Personal Identification Number (FSA PIN)
  • Website:
  • Sign FAFSA electronically
  • Not required, but speeds processing
  • May be used by students and parents throughout aid process, including subsequent school years
fafsa processing results
FAFSA Processing Results
  • CPS notifies student of FAFSA processing results by:
    • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA
  • Student with PIN may view SAR on-line at
fafsa processing results1
FAFSA Processing Results
  • Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
  • College reviews ISIR
    • May request additional documentation, such as proof that a sibling is enrolled in college
  • Avoid being charged a fee to file the FREE Application for Federal Student Aid
  • Completion and processing of the FAFSA are FREE
special circumstances
Special Circumstances
  • Change in employment status
  • Medical expenses not covered by insurance
  • Change in parent marital status
  • Unusual dependent care expenses
  • Student cannot obtain parent information
  • If any of these exist, please contact our office so we can help!
where do i go from here
Where do I go from here?
  • Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying.
  • Meet all application deadlines.
    • Complete FAFSA and other application materials. Submit all requested follow-up documents.
  • Investigate other sources of aid.