OFFICE OF FINANCIAL AID Our mission: Bouillon Hall Room 106 (509) - - PowerPoint PPT Presentation

OFFICE OF FINANCIAL AID

Bouillon Hall Room 106 (509) 963-1611 FinancialAid@cwu.edu www.cwu.edu/financial-aid

Counselors Available Monday – Friday: 9am to 4pm Social Media www.facebook.com/CWUFinAid Twitter: @CWUFinAidOffice Our mission:

• Provide excellent customer service with the highest level of

courtesy and respect.

• Dedicate ourselves to assisting students to navigate through

the financial aid process which is critical to educational success.

• Go “above and beyond” to ensure we have helped our customers

achieve their educational goals.

• Safeguard the institutional eligibility for federal and state

student aid programs.

What is Financial Aid?

Any Money you get to pay for your charges and expenses while attending CWU.

What Makes Up Financial Aid

Gift Aid

(does not have to be paid back)

• Tuition Awards
• Grants
• Scholarships

Self-Help and Third Party Support

(award is either earned through employment or must be paid back after graduation)

• Work Study
• Loans (Sub, Unsub, PLUS)
• Private loans-bank/credit union
• Outside Assistance (GI Bill/ Veterans / Outside Organization)

2019-2020 Federal Loans

Subsidized

• 4.53% Interest Rate
• Repayment begins 6 months after graduation or

drop below 6 credits

• Interest begins 6 months after graduation or drop

below 6 credits Unsubsidized

• 4.53% Interest Rate
• Repayment begins 6 months after graduation or

drop below 6 credits

• Interest begins as soon as it’s disbursed

Independent Students 0 – 45 Credits Completed: $9,500 46 – 90 Credits Completed: $10,500 91 – + Credits Completed: $12,500 $57,500 Total Undergraduate Limits Aggregate Limits Dependent Students 0 – 45 Credits Completed: $5,500 46 – 90 Credits Completed: $6,500 91 – + Credits Completed: $7,500 $31,000 Total Undergraduate Limits

What can Your Financial Aid Pay for?

Cost of Attendance….If you’ve completed your Authorization to Pay Form and accept everything

• ffered to you, Financial Aid can be used to pay for any charges on your account and every day

living expenses. Tuition & S&A Fee (In State / Out of State) Fees (Mandatory) Housing / Food (Room and Board) Books / Supplies (From the bookstore / Online / Store) Transportation (Car Insurance / Gas)

• Misc. Living Expenses (Personal Hygiene Products / Clothes)

Loan Reality Check

First Year: $3,500 Subsidized / $2,000 Unsubsidized Loan Sophomore Year: $4,500 Subsidized / $2,000 Unsubsidized Loan Junior Year: $5,500 Subsidized / $2,000 Unsubsidized Loan Senior Year: $5,500 Subsidized / $2,000 Unsubsidized Loan Total: $27,000 Repayment Plan Calculation of: AGI: $40,000, Family Size = 1

Repayment Plan First Monthly Payment Last Monthly Payment Total Amount Paid Interest Accured Repayment Period Standard $288 $288 $34,524 $7,524 120 Months / 10 Years Income-Based Repayment $272 $288 $34,639 $7,639 122 Months / 10+ Years Graduated $163 $489 $36,471 $9,471 120 Months / 10 Years Revised Pay as you Earn $182 $374 $37,259 $10,259 141 Months / ~12 Years Pay As you Earn $182 $288 $37,474 $10,474 149 Months / 12.5 Years IBR for New Borrowers $182 $288 $37,474 $10,474 149 Months / 12.5 Years Income-Contingent Repayment $214 $251 $37,858 $10,858 164 Months / 13.6 Years

2019-2020 Cost of Attendance for the Year

Tuition (10-18 credits per quarter for 3 quarters) ($6,318 Resident or $21,999 Non-Resident) Fees ($1,955) Housing / Food ($12,637) ($10,926 - $16,580) Books / Supplies (Budgeted at $900) Transportation (Budgeted at $1,170)

• Misc. Living Expenses (Budgeted at $1,752)

TOTAL: $24,732 – Resident TOTAL: $40,413 – Non-Resident

Why Do You Still Owe Money?

Maybe you didn’t do your Authorization to pay? Maybe you live on campus and your financial aid is disbursing equally each quarter but your charges for housing are not equal each quarter

Refunds

Refunds are given to students when they accept more financial aid than what is charged. Refunds can be used to pay for living expenses while attending college BUT…you can also utilize your refund to pay back your loan or help determine how much is actually needed for future quarters

How to Maximize the Funds you Get

If you live on campus make sure to request we adjust your Financial Aid disbursements to match your actual cost of attendance. Your Financial Aid is for you to use towards living expenses BUT that doesn’t mean just because you have a refund you should go wild and crazy….save any refund you get so that you won’t be in a situation where you can’t afford life. Get a Job on campus – you can walk so you won’t have to spend extra money on gas and even $100 a month could help reduce your debt.

Satisfactory Academic Progress

Federal Aid Requirements

• 1. Cumulative Credit Completion Rate (PACE)
• 2. Minimum Grade Point Average (GPA)
• 3. Maximum Time Frame Requirement
• 4. CWU Academic Standing Requirement

State Aid Requirements

• 1. Cumulative Credit Completion Rate
• 2. Minimum Grade Point Average (GPA)
• 3. Maximum Time Frame Requirement
• 4. CWU Academic Standing Requirement

Institutional Aid Requirements

• 1. CWU Academic Standing Requirement

Satisfactory Academic Progress: PACE

Satisfactory Academic Progress: Maximum Time Frame

Satisfactory Academic Progress: Minimum Cumulative GPA

Ways to Finish with Less Debt

Budget and don’t accept more than you need

Important Time Frames and Deadlines

• Tuition and Fees due

5th day of the quarter

• Financial Aid Refund

10th day of the quarter

• Payment Plan Enrollment

5 – 10th day of quarter

• Unpaid Tuition Late Fees

11th and 30th day of quarter

Important Time Frames and Deadlines

FAFSA / WASFA

• Priority Deadline : October 1 – February 1

Scholarship Central

• Open : October 1 – February 1

Verification Deadline

• Submitted by : April 1

SAP Petition Deadline

• 1st day of the quarter

Summer Financial Aid Application

• May 1st

Enrollment Requirements

Loans: At least ½ Time (6 Credits) Grants: 12 + Credits = Full Time / Full Award 9 – 11 Credits = ¾ Time / 75% Award 6 – 8 Credits = ½ Time / 50% Award 1 – 5 Credits = Less than ½ Time / 25% - 0% Award (depending)

Scholarships

www.cwu.edu/scholarships

Apply to over 320 CWU scholarships Outside scholarship listings Washington State residents Out-of-state students Scholarship Central Search Scholarships Washington State residents Non-Resident

Facebook / Twitter / CWU Mobile

Facebook: CWU Financial Aid - CWUFinAid Federal Student Aid - FederalStudentAid Twitter: CWU Financial Aid @CWUFinAidOffice Federal Student Aid @FAFSA App: CWU Mobile

Federal Student Aid

NSLDS

StudentLoans.Gov

• Central Washington University’s Partnership with

FATV

Central Washington University’s Financial Aid Answers 24/7 website - cwu.financialaidtv.com

QUESTIONS?