Financial Debt Help Letter
Financial Debt Help Letter document sample
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d5766eff-c3a2-484f-8286-509269eeb543.xls Instructions to Complete 07-08 Financial Mngmt Session 800 Mickelson Dr. - Rapid City, SD 57703-4018 605-394-4034 or 1-800-544-8765 FAX 605-394-2204 The following TWO worksheets (the Budget Sheet and the Goal Statement) are a very important part of our required consumer information programs to educate students about receiving federal financial assistance, the budgeting processes that ALL students need to undergo for their financial health, and finally about setting goals and knowing potentially what your student loan payments may be at the end of your enrollment at Western Dakota Tech! Please read these instructions before you proceed to the Budget Sheet and the Goal Statement. Remember, BOTH forms must be completed in order to complete your Welcome Day Session and in order for you to receive federal financial aid. Budget Sheet - You will need to refer to your specific class schedule for ONE semester to determine how much you will incur for your tuition/fee/books/supplies and other DIRECT educational costs. You will also need to refer to your award letter or your records, and what you learned from your previous Welcome Day information to determine what kind of aid and how much aid you qualify for. The worksheet is protected, but you can type in any cell that is colored yellow. You will note that the blue colored cells will have a running tota. The FINAL results indicating if there is enough resources to cover the educational expenses and the monthly living expenses are tallied in the orange-colored cells. The chart below describes the types and maximun amounts of aid that is available at WDT. Aid Type Maximum Annual Disbursement Schedule (Academic Year) Amount Federal Pell Grant $4,310.00 First Day of Classes, or During Tuition and Fee Payment Day. Academic Competitiveness Grant $750 for First Year Students Upon the determination of the student’s eligibility and upon the institution’s receipt of $1350 for Second Year Students federal funds. FSEOG $750.00 First Day of Classes, or During Tuition and Fee Payment Day. Federal Stafford Subsidized Loan $3,500.00 for First Year Students First Day of Classes, or During Tuition and Fee Payment Day. $4,500.00 for Second Year Students Federal Unsubsidized Student Loan $4,000.00 for First Year Students First Day of Classes, or During Tuition and Fee Payment Day. Students are required to attend a budgeting $4,000.00 for Second Year Students. session (presented usually during Welcome Day) BEFORE unsub loan funds are disbursed. Parent PLUS Loan Parents can borrow up to the amount First Day of Classes, or During Tuition and of COA minus other aid received by Fee Payment Day. the student Scholarships Determined by the awarding As they become available. organization Third Party Funding Determined by the awarding As they become available – usually credited organization to the student’s Student Account. Federal Work Study Usually $700/semester Student works to earn funds. Goal Statement - Please take a moment to reflect on your personal goals during your enrollment at WDT. Below is a copy of the repayment chart that will give you an idea of what your loan payments will be based upon the WDT is a public institution of higher learning where students acquire the knowledge, skills and behaviors necessary for successful employment. d5766eff-c3a2-484f-8286-509269eeb543.xls amount you plan to borrow to fund your education. Finally, please read the statements on the goal sheet and provide your initials in front of each statement. When you're done with BOTH worksheets, please print them out and send them to the Financial Aid Office. Thank you!! WDT is a public institution of higher learning where students acquire the knowledge, skills and behaviors necessary for successful employment. Financial Analysis Worksheet - 07-08 Financial Management Session 800 Mickelson Dr. - Rapid City, SD 57703-4018 605-394-4034 1-800-544-8765 FAX 605-394-2204 EDUCATIONAL EXPENSES EDUCATIONAL AID Tuition and Fees Grants Books Scholarships Supplies (incl computer) Loans Other Other Other Other Other Other TOTAL ED EXPENSES $0.00 TOTAL ED AID $0.00 DO I HAVE ENOUGH $$ TO COVER MY EDUCATIONAL EXPENSES? $0.00 MONTHLY LIVING EXPENSES MONTHLY INCOME House Payment/Rent Food HOURLY Car Payment Job #1 per hour hrs/week= $0.00 per month Transportation costs Job #2 per hour hrs/week= $0.00 per month Utilities (electric, water) Job #3 per hour hrs/week= $0.00 per month Phone & Cable Medical Entertainment SALARY & OTHER ASSISTANCE Miscellaneous Job #1 per month Credit Job #2 per month Credit Job #3 per month Credit Assistance #1 per month Other Assistance #2 per month Other Other Other EXCESS AID (from above) $0.00 (divided by 5 months) $0.00 aid per month Other TOTAL EXPENSES $0.00 TOTAL INCOME $0.00 DO I HAVE ENOUGH $$ TO COVER MY MONTHLY EXPENSES? $0.00 Western Dakota Tech is a public institution of higher learning where students acquire the knowledge, skills and behaviors necessary for successful employment. 2/3/2011 Goals for 07-08 Financial Management Session 800 Mickelson Dr. - Rapid City, SD 57703-4018 605-394-4034 or 1-800-544-8765 FAX 605-394-2204 Today's Date: Please print legibly Name: SS#: XXX - XX - Program: My Educational Goals Are: Goal 1.) Goal 2.) My Financial Goals Are: Goal 1.) Goal 2.) I want to borrow $ under the federal student loan program to reach my educational goals. If I borrow the amount I listed above, my loan payments (at 7.0% interest) will be about $ . Please read the statements below and INITIAL each statement. I know that if I take out students loans, I must include my monthly loan payments into my monthly budget and pay the amount due on time in order to stay out of default. I certify that I understand that I have repayment options available to me when I enter repayment, which options may assist me in staying out of default. I know how, or will learn how, to make ramen noodles and macaroni and cheese! I know that it is better to live like a student now, rather than later, so I will seek smart ways to fund my education, my monthly living expenses, and other financial obligations NOW. I will seek help if I run into financial difficulty during my student loan repayment, rather than risk going into default and ruin my credit, and potentially hinder future WDT students from receiving student loans to fund their education. Western Dakota Tech is a public institution of higher learning where students acquire the knowledge, skills and behaviors necessary for successful employment.