Cost of Attendance Eastern Washington University

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• What You Need to Know About Financial Aid
• Presented by the Grays Harbor College
• Financial Aid Office

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Lets talk about . . .

• What is financial aid
• Costs
• How aid eligibility is determined
• Types of financial aid
• Eligibility criteria
• When How to Apply
• FAFSA on the Web
• FAFSA Tips Follow-up
• Questions

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What is Financial Aid?

• Money to help pay for college costs.
• Types of Aid
• Grants
• Loans
• Work
• Scholarships

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Whats the COST?

• (For example purposes only!)
• Community College 12,900
• 4-Year Public 15,300
• 4-Year Private 32,500
• Whats included Tuition
• Books
• Housing
• Transportation
• Miscellaneous Personal

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Who Should Pay?

• Families have the primary responsibility for
  paying the students school costs.
• Families should be evaluated based on their
  present financial situation however,
• Families with special circumstances should be
  allowed to have those circumstances considered.

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How is Aid Determined?

• Cost of College 12,000
• ( - ) Family Contribution 2,500
• Financial Need 9,500
• 2-Year Community College EXAMPLE

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Sample Aid Package

• Early Applicant Late Applicant
• Financial Need 9,500 9,500
• Financial Aid Award
• Federal Pell Grant 850 850
• State Need Grant 2,553 0
• Federal SEOG 600 0
• Work Study 4,500 0
• Federal Subsidized Stafford Loan 997
  5,500
• 9,500 6,350
• Remaining
  Need 0 3,150
• 2-Year Community College EXAMPLE
• Award amounts WILL vary from Student to Student

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Grants

• Come from 3 sources
• Federal
• State
• Institutional
• Free Money! Not Repaid!

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Federal Pell Grants

• Awarded to eligible undergraduates pursuing first
  baccalaureate degree and certain students
  enrolled in post-baccalaureate teacher
  certification or licensing programs
• Portable
• Actual award amount based on COA, EFC, and
  enrollment status
• Maximum award for 2008-09 4,731

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Federal Supplemental Educational Opportunity
Grants (FSEOG)

• Eligible students
• Undergraduates pursuing first baccalaureate or
  professional degree
• Awarded first to students with the lowest EFCs
  who are Federal Pell Grant recipients
• Annual award amounts
• 100 minimum
• 4,000 maximum

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Academic Competitiveness Grant (ACG)

• First and second year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Completed rigorous secondary school program
• Award amounts
• 750 first year students
• 1300 second year students
• Portable

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Washington State Need Grant

• Eligible students
• - Washington State Residents
• - Enrolled in at least 3 credits
• - Must have need
• - Must meet all federal grant requirements
• Annual Award Amounts
• - Minimum 318
• - Maximum 6234
• - Award depends upon the type of institution
  and the
• number of credits taken
  
  
  

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• Low Interest, Guaranteed Funds
• Perkins Student Loan
• 5 interest rate repayment begins at end of
  education
• Stafford Student Loan
• 6.8 interest rate maximum repayment begins at
  end of education
• Plus Parent Loan
• 8.5 interest rate maximum repayment begins
  after students first year
• Borrow Responsibly!

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Stafford Loans

• Student loans available under
• Federal Family Education Loan (FFEL) Program with
  funds provided by lenders (e.g., banks and credit
  unions)
• Federal Direct Student Loan (Direct Loan) Program
  with funds provided directly by federal
  government via participating schools
• School determines loan eligibility and delivers
  loan proceeds to students

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Stafford Loans

• Subsidized Must demonstrate need
• Unsubsidized Not based on need
• Base annual loan limits (combined subsidized and
  unsubsidized)
• 5,500 for 1st year dependent students
• 6,500 for 2nd year dependent students
• 9,500 for 1st year independent students
• 10,500 for 2nd year independent students

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Stafford Loans

• Fixed interest rate of 6 for subsidized and 6.8
  for unsubsidized loans
• Loan fees based on principal amount of each loan
  and may be paid by the lender
• Repayment begins after 6-month grace period
• Maximum repayment period between 10 and 30 years
  depending on repayment plan chosen
• Deferment and cancellation provisions available

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Work Study

• TO QUALIFY
• Complete your FAFSA early
• Have financial need
• THE ADVANTAGE
• Gain work experience
• Earn money
• Income is reported on your tax return, BUT
  excluded for financial aid eligibility

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Scholarships

• Search for possibilities
• the college
• counselors, community
  organizations, and local businesses
• the Internet try www.fastweb.com
• Important information to have
• a statement of accomplishments goals
• a letter of recommendation
• a copy of your high school transcript
• a copy of your completed FAFSA

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General Student Eligibility Criteria

• Must be enrolled or accepted for enrollment in
  eligible program of study at their school
• Must be U.S. citizen or eligible non-citizen
• Must be registered with Selective Service (if
  male and required)
• Must make satisfactory academic progress in their
  program

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General Student Eligibility Criteria (continued)

• Must have valid Social Security Number (SSN)
• May not be in default on a federal student loan
• Must not owe an overpayment of federal grant or
  loan funds
• Must have need

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When to Start?

• As soon after January 1 as possible
• For PRIORITY at many schools
• GET ADMITTED by March 30, 2009
• GET YOUR FAFSA PROCESSED by February 15,
  2009
• APPLY FOR SCHOLARSHIPS by February 1,
  2009
• You must reapply for aid each school year

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How to Apply?

• By Mail
• You must call the Federal Student Aid
  Information Center at 1-800-433-3243 to request a
  paper copy of the FAFSA. Use the envelope
  provided with the form.
• Over the Internet
• www.fafsa.ed.gov
• Request PIN before applying
• Quicker response than mail and some edits built
  into program

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FAFSA on the Web for 2009-2010

• Effective
• January 1, 2009

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FAFSA on the Web

• Web site www.fafsa.ed.gov
• 2009-10 FAFSA on the Web available on January 1,
  2009
• FAFSA on the Web Worksheet
• Used as pre-application worksheet
• Questions follow order of FAFSA on the Web

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FAFSA on the Web

• Good reasons to file electronically
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip
  unnecessary questions
• More timely submission of original application
  and any necessary corrections
• More detailed instructions and help for common
  questions
• Ability to check application status on-line
• Simplified application process in the future

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Student Financial Aid Personal Identification
Number (SFA PIN)

• Web site www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before January 1, 2009
• Not required, but speeds processing
• May be used by students and parents throughout
  aid process, including subsequent school years

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FAFSA on the Web Worksheet

• 2009-10 FAFSA on the Web Worksheet8-page
  booklet containing
• Instructions
• 93 questions in 5 sections

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FOTW Worksheet Section 1

• General student information
• Name
• Social Security Number
• Drivers license number

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FOTW Worksheet Section 1

• General student information
• Citizenship
• Marital status
• State and date of legal residence
• Selective Service registrationstatus

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FOTW Worksheet Section 1

• General student information
• Drug conviction status
• Parents educational background
• Plans for the 2009-10 school year
• Self-help preferences

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FOTW Worksheet Section 2

• Students dependency status
• If all No responses, student is dependent
• If Yes to any question, student is independent

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FOTW Worksheet Section 5

• List up to 10 colleges to receive FAFSA data
• Federal School Code for each college
• Housing plans for each college

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Signatures

• Required
• Student
• One parent (dependent students)
• Format
• Electronic using PIN
• Signature page
• Paper FAFSA

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Frequent FAFSA Errors

• Parent and student Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth

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Special Circumstances

• Talk to your financial aid office if you or your
  family
• have a significant loss or reduction in family
  income
• have a death or illness
• have unusual medical or dental expenses not
  covered by insurance
• have other unusual circumstances

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What Happens Next?

• Submit your FAFSA
• Receive a response called a Student Aid Report
  (SAR)
• Review the SAR for accuracy
• College determines eligibility
• Receive a request for additional information -
  OR - an award notice

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Quick Tips for AidPutting the Pieces Together

• Start EARLY
• Meet all DEADLINES Admissions March 30, 2009
• Financial Aid February 15, 2009
• Scholarships February 1, 2009
• Search for SCHOLARSHIPS
• RESPOND to all requests
• REAPPLY every year

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Questions?