Financial Debt Help Letter by hqs15688

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                  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.

								
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