20072008 Financing your Western Education

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2007-2008Financing yourWestern Education

• Missouri Western State University
• The Western Advantage

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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)

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Two Categories of Aid
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How is Financial Need Determined?
Cost of Attendance (COA) Less Expected Family
Contribution (EFC) Equals Financial Need

• Cost of Attendance Tuition/Fees, Room/Board,
  Books/Supplies, Transportation, Miscellaneous
  Living Expenses, Loan Fees, Dependent Care
  Expenses, Etc.
• Expected Family Contribution is determined by a
  formula created by Congress (FAFSA results).

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How Do I Apply for 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.
• April 1st deadline to be considered for the
  Access Missouri Program.
• MUST be complete before Western Scholarships will
  disburse to your account.

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Apply Online
www.fafsa.ed.gov
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Verification
The U.S. Department of Education uses a
quality-control 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.
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Check your Financial Aid Status
www.missouriwestern.edu/Admissions/
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Respond to your Award Letter
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2007-2008Sources of Financial Assistance

• Missouri Western State University
• The Western Advantage

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What Funding Sources are Available?

• Federal Aid Programs
• Pell, SEOG, ACG, and SMART Grants
• Federal Student and Parent Loans
• Federal Work-Study
• Institutional Programs
• Western Scholarships
• Institutional Employment
• State Aid Programs
• Access Missouri Program
• Outside Sources
• Private Donor Scholarships

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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.

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2007-2008Western Scholarship Application
Requirements

• Missouri Western State University
• The Western Advantage

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Apply for Western Scholarships
Application Deadline March 1, 2008

• 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.

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FAFSA Requirement
Western requires that ALL scholarship
applicants/recipients complete the FAFSA.
Of the 4 million students who did not complete
the FAFSA, 850,000 would have been eligible for
the Pell Grant and countless more would have been
eligible for other programs.
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Residence Hall Requirement
Many Western Scholarships require that recipients
live in the Residence Halls.
Research shows that students who live on-campus
are more likely to be engaged and they also have
higher graduation rates.
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2,500 Scholarship Rule
Western scholarship dollars earned in excess of
5,000 per year (2,500 per semester) are
intended to assist students with the cost of
on-campus housing. Western scholarship dollars
earned in excess of 5,000 per year (2,500 per
semester) are intended to assist students with
the cost of on-campus housing.
We are committed to providing quality living
options, programs and services that support the
academic mission of Western by promoting safety,
encouraging student development, and fostering
the understanding and appreciation of diversity
within our community.
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Annual Scholarship Limit
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Western Scholarships - Renewal

• You must enroll in and maintain a minimum of 12
  credit hours per semester, and
• Maintain the required GPA.

Required GPA for Renewal 3.50 GPA Golden Griffon
Scholarship 3.25 GPA Presidents
Scholarship 3.00 GPA Edith Brown, Regents,
Deans, Frontier, Neighboring States, and
GED Scholarships.
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External Scholarship Sources
www.missouriwestern.edu/finaid
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Dont get Stung by a SCAM!!
Applying for Financial Aid should ALWAYS be a
FREE process.
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2007-2008Federal Student and Parent Loans

• Missouri Western State University
• The Western Advantage

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Federal Stafford Loan
Available under Federal Family Education Loan
Program (FFEL)

• The student is the borrower.
• School determines loan eligibility.
• Fixed interest rate of 6.80.
• Repayment begins six months after you drop below
  six hours, withdraw or graduate.
• Deferment and cancellation provisions may apply.

NOTE There is a 30 day delay after classes
begin before loan funds will be released to
first-time freshman borrowers.
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Subsidized vs. Un-Subsidized

• Subsidized Loans based on financial need
  government pays interest while you are in school.

• Un-Subsidized Loans not based on financial need
  student pays interest while in school.

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Requirements for 1st Time Borrowers
www.missouriwestern.edu/finaid
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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.
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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 online
at www.mohela.com/missouriwestern
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Interest Rate Relief

• MOHELA Rate Relief of up to 3 is available to
  Federal Stafford and PLUS loan borrowers who
  choose MDHE as their guarantor and sign up for
  auto-debit.
• The Public Service Reward Program caps interest
  rate at 3.25 and is available to qualified
  teachers, peace officers, nurses, social service
  workers, government employees, National Guard,
  and Reserves.

www.mohela.com
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Smart Borrowing
If you decide to take out a federal student loan
to help pay for school, you are taking on serious
obligations. Be sure you know what they are and
how to maintain your account in good standing.
Borrow Responsibly!!
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Want a Successful College Experience?
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2007-2008Questions

• Missouri Western State University
• The Western Advantage