2008-2009 Financing your Western Education

2008-2009 Financing your Western Education Missouri Western State University The Western Advantage What is Financial Aid? Financial Aid is money supplied by a source other than your family to assist with the cost of education. Grants (Federal/State) Scholarships (Western/Private) Loans (Low Interest) Employment (FWS/Institutional) Two Categories of Aid Need Based Student must demonstrate financial need. Financial need is determined by analyzing student and family data. Merit Based Financial need not considered. Often given in recognition of special skills, talents, and abilities. How is Financial Need Determined Cost of Attendance (COA) Less Expected Family Contribution (EFC) Equals Financial Need  Cost of Attendance  Expected Family Tuition/Fees, Room/Board, Books/Supplies, Transportation, Miscellaneous Living Expenses, Etc. Contribution is determined by a formula created by Congress (FAFSA results). Need Calculation Example $16,060 COA (Cost of Attendance) Budget = - $200 $15,860 $4,481 EFC (Expected Family Contribution – FAFSA Results) Financial Need Federal Pell Grant (Based on EFC - Max $4,731/Year ) = $3,500 $1,000 $500 $4,000 $2,379 Stafford Subsidized Loan ($3,500 Freshman Max Per/Year) Institutional Scholarship External Scholarship Federal Work-Study (Employment Opportunity) Remaining Un-Met Need (Student Responsibility) How Do I Apply for Aid? Begin by Completing the… What is the FAFSA? The Free Application for Federal Student Aid (FAFSA)…determines eligibility for Federal, State, Western and private aid.    Should be submitted as soon as possible after January 1st each year. March 1st Priority deadline to be considered for FWS, Perkins Loans, SEOG, and Western Scholarships. MUST be complete before Western Scholarships will disburse to your account. What do I do First? To electronically sign the FAFSA, you and your parent, must request a PIN from the Department of Education. www.pin.ed.gov I have my PIN. What next? www.fafsa.ed.gov What do I need to Complete the FAFSA? W2 Forms Copies of 2008 Income Tax Information Other Financial Information MWSU School Code: 002490 Helpful Hints: Read the form carefully. Double check your answers. If you have questions, ask your Financial Aid Professional. Dependent vs. Independent          Were you born before 1-1-86? Are you a grad or professional student? As of today, are you married? Do you have dependents who receive more than 50% of their support from you? Are you currently serving in the Armed Forces? Are you a veteran of the U.S. Armed Forces? Are you an orphan or ward of the court or in foster care or in legal guardianship? Are you a legally emancipated minor? Are you an unaccompanied, homeless youth? If you can’t answer yes to one, or more, of these questions, you are a dependent student and must include parent financial information. Verification The U.S. Department of Education uses a qualitycontrol method called “verification” to check the accuracy of application data. If you are selected for Verification, you will be notified in writing of the documents required to complete the process. Why do the FAFSA? Most recent estimates indicate that 1.5 million students would have been eligible for the Pell Grant and countless more would have been eligible for other aid programs had they completed the FAFSA. Be Aware of Deadlines. March 1st Deadline Western Scholarships Federal Work-Study Federal Perkins Loans Federal SEOG April 1st Deadline State Aid Programs What Programs are Available? Federal Aid Programs    Pell, SEOG, ACG, and SMART Grants Federal Student and Parent Loans Federal Work-Study Western Scholarships Institutional Employment Access Missouri Program Private Donor Scholarships Institutional Programs   State Aid Programs  Outside Sources  Access Missouri Program NEW state grant which does not need to be repaid. Must complete the FAFSA by April 1st. Awarded to students with an EFC less than $12,000. Awards range from $1,000 to $2,150 per year. Must be enrolled full-time (12 hrs). Must maintain a 2.50 GPA and make Satisfactory Academic Progress. Your Electronic Award Letter www.missouriwestern.edu/finaid 2008-2009 Western Scholarships Missouri Western State University The Western Advantage Western Scholarships - Renewal You must enroll in and maintain a minimum of 12 credit hours per semester. You must maintain the required GPA. Required GPA for Renewal 3.50 GPA Golden Griffon Scholarship 3.25 GPA President’s Academic Scholarship 3.00 GPA Edith Brown, Regents’, Deans’, Frontier, Neighboring States, and GED Scholarships. 2009-10 Scholarship Application Application Deadline March 1, 2009  Complete the FAFSA online.  Complete the General Scholarship Application online.  Submit any letters of reference or other required information by the deadline.  Complete FAFSA Verification (if applicable) no later than disbursement of the award. 2008-2009 External Scholarship Opportunities Missouri Western State University The Western Advantage What about Private Scholarships? www.missouriwestern.edu/finaid Searching OnLine FREE Scholarship Search Site www.fastweb.com Don’t get Stung by a SCAM!! For information concerning financial aid scams or to check the legitimacy of scholarship search organizations: Department of Education at www.studentaid.ed.gov. The Better Business Bureau at http://search.bbb.org/search.html Federal Trade Commission at www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm. 2008-2009 Federal Student and Parent Loans Missouri Western State University The Western Advantage Federal Stafford Loan Available under Federal Family Education Loan Program (FFEL) The student is the borrower. Fixed interest rate of 6.0% for Subsidized and 6.8% for Unsubsidized. 1% Origination Fee. Repayment begins six months after you drop below six hours, withdraw or graduate. Deferment and cancellation provisions may apply. Requirements for 1st Time Borrowers www.missouriwestern.edu/finaid Annual Loan Limits *There is additional unsubsidized loan eligibility for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program. Federal PLUS Loans Borrowers are credit worthly parents of dependent undergraduate students.  Fixed interest rate of 8.50%.  Annual loan limit equals the cost of attendance  minus other aid. Repayment begins sixty days after the loan is fully disbursed. Complete the PLUS Pre-Approval application on-line at www.mohela.com/loanconnect/missouriwestern Don’t Default on Student Loans! DEFAULT ONMYSTU DENTLOANS LNOT WIL I Smart Borrowing If you decide to take out a federal student loan to help pay for school, you are taking on certain serious obligations. Be sure you know what they are and how to maintain your account in good standing. Borrow Responsibly!! 2008-2009 Other Important Information Missouri Western State University The Western Advantage Don’t be a SAP! In order to be eligible to receive federal aid, regulations require a student to be making Satisfactory Academic Progress. Both your grade point average, and the time that it takes you to earn your degree are factors in determining SAP. Return of Title IV Funds Before you withdrawal or Stop attending classes Be aware that…  Federal regulations require Western to calculate the amount of Title IV aid that you did not earn.  Unearned Title IV funds must be returned to the appropriate Title IV programs. Monitoring Attendance In order to ensure the achievement of your academic goals Western has a mandatory attendance policy for Freshman and Sophomore level courses. Administrative Withdrawal Financial Consequences Loss of future Financial Aid Eligibility Want a Successful College Experience? A wise professor once said, the keys to a successful college experience are: Go to Class!! Do the Work!! Get Involved!! 2008-2009 Questions Missouri Western State University The Western Advantage