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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


    Financing a college education

    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!