Paying for College

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Paying for College

• Financial Aid Information

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Free Application for Federal Student Aid (FAFSA)

• www.fafsa.ed.gov
• Federal Pell Grant
• Federal Stafford Loans
• State MAP Grant
• Federal Work Study, Perkins Loan, SEOG
• Academic Competitiveness Grant and SMART Grant

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Financial Aid Award Letter

• Eligible and assumed state federal financial
  aid grants
• Assumed outside scholarships
• Loan eligibility
• Tuition/fees room/board
• Other charges
• Billing references

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Electronic Communications Account (ECOM Account)

• www.wiu.edu/guava
• Email account

Student/Alumni Records System (STARS) mvs.wiu.edu/
stars.html Financial Aid information
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Stafford Loans

• Federal annual limits per
• class level
• 3500 Freshman
• 4500 Sophomore
• 5500 Junior
• 5500 Senior
• Recent legislative increase in Unsubsidized
  Stafford Loan

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Subsidized vs. Unsubsidized

• Subsidized
• Based on financial need from the FAFSA.
• Interest and principle are not due until six
  months after graduation or enrollment drops to
  less than six hours.
• Unsubsidized
• Financial need not considered.
• Interest must be paid or accrues while in school.
• Interest automatically defers along with
  principle.
• Borrowers are only directed to these loans if not
  eligible for a (full) subsidized loan.

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Stafford Lender

• First-time borrowers must choose a lender.
• Log into STARS.
• Select Financial Aid Information.
• Select 2008-09 Academic Year.
• Click on Select Lender link.
• Review Borrower Benefits for lender(s).
• Sign Master Promissory Note.
• Same lender in subsequent years.

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Stafford Loan

• Loan Counseling Entrance Interview required for
  all first-time borrowers.
• Loans are applied to students university account
  per semester.
• 10-day delay of first disbursement (September 8)
  for first-time freshman borrowers.

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What if my financial aid package isnt enough?

• PLUS
• (Parent Loan for Undergraduate Students)
• Can borrow up to students cost of attendance.
• Award letter calculates PLUS eligibility.
• If denied a PLUS loan, student can request an
  additional Unsubsidized Stafford Loan of 4,000
  (student must request additional amount).

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Other Resources

• Student Employment
• R.O.T.C.
• Private scholarships
• www.wiu.edu/Scholarships/
• Community scholarships
• Specialized state scholarships
• www.collegezone.com
• FASTWEB
• www.fastweb.com

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Student Alternative Loan

• Private student loan.
• Can borrow up to students cost of attendance.
• Will most likely be required to have a cosigner.
• Interest rates and repayment plans vary with each
  lender.

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One Easy Location!

• www.fa.wiu.edu

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PAYING FOR COLLEGE

• BILLING AND RECEIVABLES OFFICE
• WWW.WIU.EDU/BILLING

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Billing by Semester

• Student is Legally Responsible
• Electronic Billing Each Month Via STARS
• email notification sent to students WIU email
• one additional email can be established
• August 2008 Bill available on STARS August 5
• All Bills Due the 28th of each month

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Cost Guarantee Plan J4 Years Continuous
Enrollment

• Estimator on web www.wiu.edu/billing
• Tuition per credit hour 215.20
• University Fees per credit hour 60.55
• Room
• Board

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Additional Cost on the Bill

• Health Insurance 294.85
• Transcript Fee 7.00 (one time)
• Orientation Fee 75.00 (one time)
• Miscellaneous Housing Charges
• ResNet 70.00
• Readership 7.50
• Telephone 6.00
• Prepay Charge
• Other miscellaneous charges

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Payment Plans

• Two Payment Plans each have the following four
  limitations
• 1 monthly finance charge assessment
• payment required to advance register in November
• payment required to obtain copy of transcripts
• financial aid will apply to allowable charges

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Open Payment Plan

• Flexible - You determine the amount
• No Contract

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Automatic Payment Plan

• Structured - based upon contract
• Deducted the 5th of the month from your bank
• 2.00 per payment processing fee
• Three to Six payments based upon contract
• Deadline for six payments May 31
• Deadline for five payments June 30
• Deadline for four payments July 31
• Deadline for three payments August 31

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Payment Methods

• STARS-B/R Payment On-Line
• In person at the Union Service Center
• Mail to Billing and Receivables,
  1 University Circle, Macomb IL 61455
• Credit Card Via Illinois Treasurers Electronic
  Payment Services
• www.illinoisepay.com
• toll free 877-455-3729
• convenience fee
• MasterCard, Discover, American Express

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Screens on STARS

• B/R Account Detail (all transactions)
• B/R Billing Statement (transaction as of billing
  statement date)
• B/R College Illinois
• B/R Payment On-line
• B/R GI Bill Information
• Direct Deposit Authorization
• B/R Tax Relief Act

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Refunds

• Only allowable charges (tuition, fees, room,
  board, health insurance) can be deducted from
  Title IV funds
• Could get refund and still owe for miscellaneous
  charges
• Refunds are issued to the PLUS Loan borrower
  before the student borrower
• Student refunds are direct deposited

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FAQ

• Why is my loan not on the August bill?
• Federal Regulations determine when loans can be
  applied, which is after the August bill
• My bill is due August 28, but my Freshman loan
  will not be applied until September 9, will I be
  assessed finance charges?
• finance charges will be assessed on September 10

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Additional FAQ

• Why am I assessed Health Insurance?
• Health Insurance is automatically assessed to
  students enrolled 9 or more hours. Health
  insurance waivers are processed in the Student
  Health Insurance Office. Deadline Sept 8.
• How much should I bring to purchase books?
• Plan to bring 40 per credit hour

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Student Service FairBilling and ReceivablesTable

• Turn in your additional Email request
• Tuition and Fee Schedule for Plan J
• Automatic Payment Plan Contracts
• GI Bill Information
• Direct Deposit Authorization Form for PLUS Loan
  Borrower

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Welcome to Western Illinois University!