How to Pay for College. Financial Aid & Scholarships

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1 How to Pay for College Financial Aid & Scholarships

2 What is FAFSA? FAFSA stands for what? FREE APPLICATION FOR FEDERAL STUDENT AID

3 What is Financial Aid? Grants Work Study Loans Loans for both students and parents Scholarships

4 Grants Free money that does not have to be repaid Often called gift aid Grant sources: Federal State Institutional

5 Work Study Provides part-time jobs for students while they are enrolled Work Study will not cover tuition and fees or other university charges Work Study is money students earn to use towards other living expenses

6 Student Loans Student Loans Subsidized No interest while enrolled in school at least half-time Unsubsidized Interest does accumulate while enrolled in school Perkins No interest while enrolled in school at least half-time Repayment starts six months after the student graduates or drops below half-time enrollment (6 credit hours)

7 Borrowing Limits Each Academic Year Dependent Student Freshman $5500 Sophomore $6500 Junior $7500 Senior $7500 Independent Student Freshman $9,500 Sophomore $10,500 Junior $12,500 Senior $12,500

8 Parent Loans Federal loans that parents of dependent students can use to help pay educational expenses. Credit check is required Interest does accrue Deferment option is available

9 Scholarships Scholarships are gift aid. They do not need to be repaid. Awarded based on: - Academic achievement - Financial need - Talent/ability - Other various criteria as defined by the donor Generally awarded through an application process

10 Costs You Pay for College Semester Year Tuition and Fees (In-State) $3, $6, Room (Standard Double) $1, $3, Meal Plan (Gold Plan) $1, $3, Parking (Freshman Rate) $ $ Health Insurance (unless waived) $ $1, Total $7, $15,823.48

11 Costs You Pay for College Semester Year Tuition and Fees (Out-Of-State) $8, $16, Room (Standard Double) $1, $3, Meal Plan (Gold Plan) $1, $3, Parking (Freshman Rate) $ $ Health Insurance (unless waived) $ $1, Total $13, $26,216.48

12 Financial Aid Award Example Adam comes from a family of 4 with 1 in college Adam s parents completed a 1040 tax form - Married filing joint $87, adjusted gross income for 2013 Wages: Parent 1 $59,839 Parent 2 $21,504 Adam did not work Adam s EFC (expected family contribution) is 13,203

13 How Does Adam Pay For College? Cost Financial Aid Package Tuition and Fees (In-State) $6, Room (Standard Double $3, Meal Plan (Gold Plan) $3, Parking (Freshman Rate) $ Health Insurance $1, (unless waived) Subsidized Student Loan $3, Unsubsidized Student Loan $2, Parent PLUS Loan $12, WCU Tuition Grant $1, Total Cost for the Year $15, Total Aid Offered $18,953.00

14 Scholarship Recipient Adam is the recipient of the following scholarships: WCU Honors College Excellence Award $ for the academic year Community Foundation of Cullowhee $ for the academic year

15 Adam s Financial Aid Award Now Original Subsidized Student Loan $3, Unsubsidized Student Loan $2, Parent PLUS Loan $12, WCU Tuition Grant $1, Revised with scholarships Honors College Excellence $2, Comm Found of Cullowhee $ Subsidized Student Loan $3, Unsubsidized Student Loan $2, Parent PLUS Loan $9, WCU Tuition Grant $1, Total Aid Offered $18, Total Aid Offered $18,953.00

16 Apply for Financial Aid

17 How to Apply for Financial Aid Apply online at FAFSA Application for becomes available January 1, 2015 Priority filing date is March 1, 2015 Financial Aid Tips WCU Financial Aid Website Students: Know your status use My Cat Check your regularly If you have questions, please ask Parents: If you have questions, please ask Please don t wait until summer to ask

18 Apply for Scholarships

19 How to Apply for Scholarships WCU Scholarships Apply online at scholarcat.wcu.edu application becomes available October 2014 Deadline is February 1, 2015 Other Scholarship Sources Community Foundations College Foundation of North Carolina Other - Use the resources available to you at scholarships.wcu.edu Apply! Apply! Apply! There are scholarships out there, but you have to take the time to look for them and apply.

20 Questions

21

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