Paying for

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Paying for
College
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Financial Aid
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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 and 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
• 5500 Freshman
• 6500 Sophomore
• 7500 Junior
• 7500 Senior
• Includes additional 2,000 Unsubsidized Stafford
  Loan

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Subsidized vs. Unsubsidized

• Subsidized
• Based on financial need from the FAFSA.
• Interest and principal 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
  principal.
• 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 2009-10 Academic Year.
• Click on Select Lender link.
• Review or bookmark Borrower Benefits for
  lender(s) before selecting your lender.
• Select the lender of your choice.
• Confirm selection.

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Stafford Loan

• Sign Master Promissory Note with lender.
• Loan Counseling Entrance interview required for
  all first-time borrowers (link through STARS).
• Loans are applied to students university account
  per semester.
• Same lender in subsequent years.

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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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Student Alternative Loan

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

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Other Resources

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

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• www.fa.wiu.edu

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Billing
Receivables
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 2009 bill available on STARS August 6
• All bills due the 28th of each month

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Cost Guarantee Plan K4 Years Continuous
Enrollment

• Estimator on web www.wiu.edu/billing
• Tuition per credit hour 225.96
• University Fees per credit hour 72.62
• Room
• Board

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Additional Cost on the Bill

• Health Insurance 329.64
• Transcript Fee 7 (one time)
• Orientation Fee 100 (one time)
• Miscellaneous Housing Charges
• ResNet 70
• Readership 5.50
• Telephone 6
• 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 allowablecharges

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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 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 [phone]
• 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

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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 is Sept 4.
• How much should I bring to purchase books?
• Plan to bring 40 per credit hour

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Student Services FairBilling and Receivables
Table

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

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See you back
here promptly at
1245 p.m.