20082009 Financing your Western Education

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2008-2009Financing 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, Etc.
• Expected Family Contribution is determined by a
  formula created by Congress (FAFSA results).

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Need Calculation Example
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How Do I Apply for Aid?
Begin by Completing the
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What is the FAFSA?
The Free Application for Federal Student Aid
(FAFSA)determines eligibility for Federal,
State, Western and private 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.
• MUST be complete before Western Scholarships will
  disburse to your account.

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What do I do First?
To electronically sign the FAFSA, you and your
parent, must request a PIN from the Department of
Education.
www.pin.ed.gov
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I have my PIN. What next?
www.fafsa.ed.gov
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What do I need to Complete the FAFSA?

• W2 Forms
• Copies of 2008 Income Tax Information
• Other Financial Information
• MWSU School Code 002490

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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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Why do the FAFSA?
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Be Aware of Deadlines.
March 1st Deadline

• Western Scholarships
• Federal Work-Study
• Federal Perkins Loans
• Federal SEOG

April 1st Deadline

• State Aid Programs

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What Programs 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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2008-2009Western Scholarships

• Missouri Western State University
• The Western Advantage

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Western Scholarships - Renewal

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

Required GPA for Renewal 3.50 GPA Golden Griffon
Scholarship 3.25 GPA Presidents Academic
Scholarship 3.00 GPA Edith Brown, Regents,
Deans, Frontier, Neighboring States, and
GED Scholarships.
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2009-10 Scholarship Application
Application Deadline March 1, 2009

• 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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2008-2009External Scholarship Opportunities

• Missouri Western State University
• The Western Advantage

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What about Private Scholarships?
www.missouriwestern.edu/finaid
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Searching OnLine
FREE Scholarship Search Site
www.fastweb.com
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Dont get Stung by a SCAM!!
For information concerning financial aid scams or
to check the legitimacy of scholarship search
organizations

• Department of Education at www.studentaid.ed.gov.
• The Better Business Bureau at http//search.bbb.or
  g/search.html
• Federal Trade Commission at www.ftc.gov/bcp/conlin
  e/publs/alerts/ouchart.htm.

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Scholarship Application Tips
Ever wonder what the people who award the
scholarships want to see? Heres a few tips.
1 Give concrete examples. 2 Apply only if you
are eligible. 3 Identify the sponsor's goals. 4
Complete the application in full and follow
directions. 5 Neatness counts. 6 Write an
accomplishments resume. 7 Watch all deadlines.
8 Make sure your application gets where it
needs to go. 9 Ask for help if you need
it. 10Remember - your application represents
YOU!
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Perkins Loans
Need based loan that must be repaid with priority
to students showing exceptional need.

• Western is the lender.
• Loan Limit 2000 per year (5 Interest).
• Repayment begins 9 months after you cease
  enrollment or drop below half-time.
• Deferment and cancellation provisions may apply
  for Teaching, Law Enforcement/Corrections
  Officers, Nursing, Military Service, and Others.

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2008-2009Federal 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.
• Fixed interest rate of 6.0 for Subsidized and
  6.8 for Unsubsidized.
• 1 Origination Fee.
• Repayment begins six months after you drop below
  six hours, withdraw or graduate.
• Deferment and cancellation provisions may apply.

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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
on-line at www.mohela.com/loanconnect/missouriwes
tern
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Dont Default on Student Loans!

• I

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DEFAULT
ONMYSTU
DENTLOANS
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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 certain
serious obligations. Be sure you know what they
are and how to maintain your account in good
standing.
Borrow Responsibly!!
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2008-2009Other Important Information

• Missouri Western State University
• The Western Advantage

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Dont be a SAP!
In order to be eligible to receive federal aid,
regulations require a student to be making
Satisfactory Academic Progress.
Both your grade point average, and the time that
it takes you to earn your degree are factors in
determining SAP.
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Return of Title IV Funds
Before you withdrawal or Stop attending
classes Be aware that

• Federal regulations require Western to calculate
  the amount of Title IV aid that you did not earn.
• Unearned Title IV funds must be returned to the
  appropriate Title IV programs.

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Monitoring Attendance
In order to ensure the achievement of your
academic goals Western has a mandatory attendance
policy for Freshman and Sophomore level courses.

• Administrative Withdrawal
• Financial Consequences
• Loss of future Financial Aid Eligibility

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Want a Successful College Experience?
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2008-2009Questions

• Missouri Western State University
• The Western Advantage