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Summerstart 2013

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WWU Financial Aid

on 13 May 2014

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Transcript of Summerstart 2013

Presented by:
Western Washington University
Financial Aid Department

Summerstart 2013
1) College costs

2) Overview of the process

3) Types of financial aid

4) Student responsibilities

5) What is next? How do I check?
Direct Costs:
College Costs
Types of Financial Aid
Tuition & Fees: $8,862

Room & Board (on-campus): $9,656
Indirect Costs:
Books & Supplies: $1,080
Transportation: $1,266
Personal: $1,806
2013-2014 WA Resident Cost of Attendance: $22,670

Cut your costs
Borrow/rent/trade text books or buy used
Leave your car at home/take the bus
Take advantage of student discounts & reward programs
Avoid using credit cards
Keep a budget & track your spending
Make your own lunch/coffee
"Live like a college student now so you don't have to later."
Work Study
Student Loans
Other financial
Free money that does not
need to be repaid.
Awarded to students with financial need as determined by the FAFSA.
Awarded based on merit and/or financial need
Typically require a separate application
A program that allows students to work to earn money to pay for college costs.
Work study is not a grant (you must work to earn it) and not a loan (you don't have to repay it).
Earnings are considered taxable income but are excluded when determining your eligibility for financial aid.
Must have financial need as determined by the FAFSA.
Complete your FAFSA early--demand exceeds funding.
Money that is borrowed and must be repaid. May include fees and interest.
Funds received to assist with a student's educational expenses.
Expected Family Contribution (EFC)
Student Contribution
+ Parent Contribution*
Income & Taxes Paid
A measure of your family's financial strength
Used to determine your
eligibility for need-based financial aid.

Cost of Attendance
=Financial Need
*For Dependent students only
Get Prepared-Keep a portfolio
WWU Scholarship Center
Community Organizations
Local Businesses
WWU Colleges & Departments
Essay outlining accomplishments & goals
Letters of Recommendation
Calendar of application deadlines
Financial Aid Info
WWU Scholarship Center

WA Student Achievement Council
www.wsac.wa.gov/PayingFor College

The WashBoard
Other costs may be added by written request (ie: child care)
Thank you
Western Washington University
Financial Aid Department
516 High Street, Old Main 265
Bellingham, WA 98225-9006
(360) 650-3470
The Process
File your
Respond to
requests for
Check your
WWU e-mail!

Receive award letter. Accept and/or decline.

Paper vs. Electronic
Funds disburse at the start of each quarter and pay charges on your student account.
Financial aid proceeds are sent via refunding option you select.
WWU School Code:
Loan Repayment
Dependent students who borrow the maximum yearly amount of Direct Subsidized and/or Unsubsidized loan for four years will have borrowed $27,000.
Under the Standard repayment plan (10 years), the borrower will pay $310.72/month.
By the last payment, the borrower will have paid $10,286.03 in interest.
How much will you pay?
When does loan repayment begin?
Borrow Responsibly!
For information about Direct Loan repayment, deferment & loan forgiveness options visit www.studentaid.ed.gov
Student Employment
Search for work, part-time, weekends, on-campus, off-campus
Work during break:
40 hours a week X 16 weeks X $10.00 = $6,400
Work during the academic year:
10 hours a week X 30 weeks X $10.00 = $3,000
Loan Requirements
Direct Subsidized & Unsubsidized
Direct Parent PLUS
Entrance Counseling
Master Promissory Note (MPN)
Loan application
Master Promissory Note
Pass credit check
Direct Subsidized/Unsubsidized - Six months after graduation
Perkins Loan - Nine months after graduation
Parent PLUS Loan - Once loan is fully disbursed (paid out)
Satisfactory Academic Progress
Academic Progress monitored each and every quarter
Quarterly Completion
Maximum Attempted Credits
Common Disbursement Delays
Notify us if you reduce your enrollment
Master Promissory Note
Loan Entrance Counseling
No FAFSA on file
Outstanding requirements
That's enough to
pay for ALL
'Indirect Costs'
Books/Supplies, Transportation, Personal
Q: The PLUS Loan credit check was denied.

What are my options?
A: If your parent will not re-apply with an endorser, you may be eligible to borrow additional Direct Unsubsidized Loan. Please contact the Financial Aid Department for more information.
Perkins Loan
Info Sheet
Master Promissory Note
Sent to WWU e-mail after loan is accepted
Use Web4U to view your financial aid award and outstanding requirements.
*Repeated coursework
Student Loans
Students must complete a FAFSA to apply for Federal loans.
Federal Direct Loan
Subsidized/Unsubsidized, amount depends on class level, dependency, and EFC
Federal Perkins Loan
Low-interest, awarded to students with exceptional financial need
Federal Parent PLUS Loan
Available to parents of dependent students to assist with educational expenses not met by other financial aid
Alternative Educational Loan
Available through banks, credit unions, and other private lenders
Check your WWU e-mail regularly for updates and requests.
Alternative Educational Loans
Requires a separate application that you initiate with the lender of your choice
Pass credit check
Strongly encouraged to apply with a co-signer to secure the best interest rates
College Goal Sunday
Apply for a PIN [www.pin.gov]
Application is online [www.fafsa.gov]
Report household & income information from prior year
Dependent students-report parental information
WWU priority deadline: February 15th
Can be submitted with estimated income info
Update with finalized information once tax return is filed
List school code (WWU: 003802)
Apply every year
Filing the FAFSA
FAFSA-Free Application for Federal Student Aid
Full transcript