Financial Aid @

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Oct 28, 2013 (3 years and 7 months ago)

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Financial Aid

@

Michigan Residents

Paying for College


Financial aid


federal, state, institutional


Approximately $79 million awarded last year to
Michigan Tech undergraduates



Reduce Cost Prior to Enrollment



Parents, Savings, Employment



Other Sources



Web Sites





Types of Aid


Merit Based


Academic achievement, talent



Need Based


Eligibility is based solely on the assets and income of the
prospective student and his or her family


Know the Buzz Words


COA
-

Cost of Attendance



FAFSA
-

Free Application for Federal Student
Aid



SAR
-

Student Aid Report



EFC
-

Expected Family Contribution



Merit Based University Scholarships


MI Residents



Leading Scholar Award



Full tuition, room and board, + $1000


October 15 deadline


Teacher recommendation and essay


Additional info in packet



Presidential Scholars Program



$1500 to $4500 per year


Automatic consideration when a student applies for admission


Award levels are based on GPA, Class Rank and ACT or SAT


www.mtu.edu/admissions/tuition/estimate




Merit Based University Scholarships


MI Residents


Michigan Alumni Legacy Award



$1000 over 4 years


Parent or grandparent that attended Michigan Tech



Michigan Tech Transfer Scholarship




$1500 to $4000


For resident students who attended a college


3.0 to 3.49: $1,500


3.5 and above: $4,000


University Scholarships and Grants For all Students

Merit and Need Based



University Student Award
-

$150 to $12,000


Need
-
based grant


EFC determines annual award value


Must submit a FAFSA to be considered



Sponsored Scholarships


varying values

Automatic consideration upon admission application



Summer Youth Diversity Incentive Award (SYDIA)


Application required, details on website





Searching for Scholarships


Scholarship and financial aid information should be free

Scholarship Source


Federal, state, institutional


Regional organizations and foundations


Parent and students workplace


Local community: high school, professional, business,
fraternal, religious

Web Searches


www.finaid.org


www.fastweb.com


www.scholarshipcoach.com


Applying for Need Based Financial Aid is an
Annual Process


File Free Application for Federal Student Aid (FAFSA) after Jan 1


State deadline (Michigan


March 1)


File electronically at www.fafsa.gov



Both student & parent must apply for a PIN prior to filing


Stop by the Administration Building (#1 on your campus map)
today to apply for your FAFSA PIN





FAFSA Results



Expected Family Contribution (EFC)
-

derived from
FAFSA results


communicated via the Student Aid Report (SAR)




Use the Financial Aid Estimator (Calculator)


www.finaid.org to get an EFC estimate or determine possible
changes in future year EFC







Grants


gift awards that are not repaid


Federal Programs


Pell Grant, Supplemental Grant,
Academic Competitiveness Grant



State of Michigan Programs


Michigan Competitive
Scholarship (merit and need
-
based)


*
State and Federal Grants are subject to change





Types of Need
-
Based Aid

Types of Need
-
Based Aid



Work
-
study


employment based upon unmet need




Work
-
study awards are earned in the form of a paycheck for
hours worked



Student employment is also available without being awarded
work
-
study






Federal Direct Stafford Subsidized Loans


(6.8% for new
2012
-
2013 federal loans)










Federal Perkins Loan (5%)



These are need
-
based loans. Interest does not accumulate


until graduation, Federal government pays interest while


student is enrolled

Types of Loans

Subsidized

Loan Limits for 2012
-
2013

First
-
Years

$3,500+$2,000

Sophomores

$4,500+$2,000

Juniors

$5,500+$2,000

Seniors

$5,500+$2,000

Unsubsidized Loans
-

not need
-
based

Federal Direct Stafford Unsubsidized Loan
-

(6.8% fixed for new
federal loans)









Interest accrues during enrollment, student may elect to pay interest while
enrolled


Loan values are subject to annual limits less the subsidized loan


Unsubsidized Loan Limits for 2012
-
2013

First
-
Years

$5,500

Sophomores

$6,500

Juniors

$7,500

Seniors

$7,500

Unsubsidized Loans
-

not need
-
based



Parent PLUS Loans



available to parents to pay COA (minus other aid) of their students


(currently fixed at 7.9%), grace period available upon request





Alternative Loans


cosigner required


available to COA (minus other aid)


varying limits, fees, interest rates, repayment terms, restrictions


allow 3 to 4 weeks processing time


Financial Aid Award Letters


Financial Aid awards show the estimated COA, the EFC
and the aid offered



New student award notifications sent mid
-
March for
FAFSA’s processed by March 1



New student award notifications sent mid
-
April for
FAFSA’s processed after March 1



www.mtu.edu/admissions/tuition/estimate




By the Numbers


Average financial aid package
(including loans,
grants, & scholarships)
:

$11,421


Average grant:
$6,587


Average scholarship:

$4,072


Number of Parent Plus loans:
556

Cost of Attendance for Michigan Residents

Michigan Resident

Cost of Attendance

Tuition* and Required Fees

$12,853

Room & Board

$8,648

Lab &

Course Fees

$456

Books

& Supplies

$1,200

Personal Needs and Travel

$2,000

Total

$25,157

* Tuition is based on 15 credits and two semesters of
enrollment

Financial Literacy


www.cashcourse.org/michigantech


Create a budget


Manage student loans


Credit and credit card usage


Watch out for identity theft


Beware of scholarship scams that ask for money
and guarantee funds

Frequently Asked Questions


What if I have a change in my ACT or GPA?


What if my school does not use rankings?


What if I get a scholarship from my school, will
my financial aid get reduced?


Who should I list on my FAFSA?

For more information:

Please contact the

Michigan Tech Financial Aid Office

at 1
-
888
-
688
-
1885 or

www.finaid.mtu.edu


Financial Aid

@

Non
-
Michigan Residents

Paying for College



Financial Aid


federal, state, institutional

-
Approximately $79 million awarded last year to Michigan


Tech undergraduates




Reduce Cost prior to Enrollment




Parents, Savings, Employment




Other Sources




Web Sites








Types of Aid


Merit based


Academic achievement, talent



Need based


Eligibility is based solely on the assets and income of the
prospective student and his or her family


Know the Buzz Words


COA
-

Cost of Attendance



FAFSA
-

Free Application for Federal Student
Aid



SAR
-

Student Aid Report



EFC
-

Expected Family Contribution



Merit Based University Scholarships


Non
-
Michigan Residents


Leading Scholar Award


Full tuition


October 15th deadline


Teacher recommendation and essay


Additional info in packet


National Scholars Program


$7,000 to $12,500 per year


Automatic consideration when a student applies for admission


Award levels are based on GPA, Class Rank and ACT or SAT


www.mtu.edu/admissions/tuition/estimate


Merit Based University Scholarships


Non
-
Michigan Residents


Alumni Legacy Award




Children of alumni receive in
-
state tuition



Transfer Award


3.0
-
3.49 = $3,000


3.5 and above = $7,000



Military Family Education Award




Children and spouses of active duty military personnel
receive in
-
state tuition





University Scholarships and Grants For all Students

Merit and Need Based



University Student Award
-

$150 to $12,000


Need
-
based grant


EFC determines annual award value


Must submit a FAFSA to be considered



Sponsored Scholarships


varying values

Automatic consideration upon admission application



Summer Youth Diversity Incentive Award (SYDIA)


Application required, details on website



Searching for Scholarships


Scholarship and financial aid information should be free

Scholarship Source


Federal, state, institutional


Regional organizations and foundations


Parent and students workplace


Local community: high
school,professional
, business,
fraternal, religious

Web Searches


www.finaid.org


www.fastweb.com


www.scholarshipcoach.com


Applying for Need Based Financial Aid is an
Annual Process


File Free Application for Federal Student Aid (FAFSA) after Jan 1


State deadline (Michigan


March 1)


File electronically at www.fafsa.gov



Both student & parent must apply for a PIN prior to filing


Stop by the Administration Building (#1 on your campus map)
today to apply for your FAFSA PIN





FAFSA Results



Expected Family Contribution (EFC)
-

derived from
FAFSA results


communicated via the Student Aid Report (SAR)




Use the Financial Aid Estimation (Calculator)


www.finaid.org to get an EFC estimate or determine possible
changes in future year EFC







Grants


gift awards that are not repaid


Federal Programs


Pell Grant, Supplemental Grant,
Academic Competitiveness Grant



*

Federal and university grants are subject to change





Types of Need
-
Based Aid

Types of Need
-
Based Aid



Work
-
study


employment based upon unmet need




Work
-
study awards are earned in the form of a paycheck for
hours worked



Student employment is also available without being awarded
work
-
study






Federal Direct Stafford Subsidized Loans


(6.8% for new
2012
-
2013 federal loans)










Federal Perkins Loan (5%)



These are need
-
based loans. Interest does not accumulate


until graduation, Federal government pays interest while


student is enrolled

Types of Loans

Subsidized

Loan Limits for 2012
-
2013

First
-
Years

$3,500+$2,000

Sophomores

$4,500+$2,000

Juniors

$5,500+$2,000

Seniors

$5,500+$2,000

Unsubsidized Loans
-

not need
-
based

Federal Direct Stafford Unsubsidized Loan
-

(6.8% fixed for new
federal loans)









Interest accrues during enrollment, student may elect to pay interest while
enrolled


Loan values are subject to annual limits less the subsidized loan


Unsubsidized Loan Limits for 2012
-
2013

First
-
Years

$5,500

Sophomores

$6,500

Juniors

$7,500

Seniors

$7,500

Unsubsidized Loans
-

not need
-
based



Parent PLUS Loans



available to parents to pay COA (minus other aid) of their students


(currently fixed at 7.9%), grace period available upon request





Alternative Loans


cosigner required


available to COA (minus other aid)


varying limits, fees, interest rates, repayment terms, restrictions


allow 3 to 4 weeks processing time


Financial Aid Award Letters


Financial Aid awards show the estimated COA, the EFC
and the aid offered



New student award notifications sent mid
-
March for
FAFSA’s processed by March 1



New student award notifications sent mid
-
April for
FAFSA’s processed after March 1



www.mtu.edu/admissions/tuition/estimate




By the Numbers


Average financial aid package
(including loans,
grants, & scholarships)
:

$11,421


Average grant:
$6,587


Average scholarship:

$4,072


Number of Parent Plus loans:
556

Cost of Attendance for Non
-
Michigan Residents

Non
-

Michigan Resident

Cost of Attendance

Tuition* and Required Fees

$25,948

Room & Board

$8,648

Lab &

Course Fees

$456

Books

& Supplies

$1,200

Personal Needs and Travel

$2,000

Total

$38,252

* Tuition is based on 15 credits and two semesters of
enrollment

Financial Literacy


www.cashcourse.org/michigantech


Create a budget


Manage student loans


Credit and credit card usage


Watch out for identity theft


Beware of scholarship scams that ask for money
and guarantee funds

Frequently Asked Questions


What if I have a change in my ACT or GPA?


What if my school does not use rankings?


What if I get a scholarship from my school, will
my financial aid get reduced?


Who should I list on my FAFSA?

For more information:

Please contact the

Michigan Tech Financial Aid Office

at 1
-
888
-
688
-
1885 or

www.finaid.mtu.edu