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
Students receiving more than 2,500 per semester
in Western and Foundation scholarships, MUST live
in the Residence Halls.
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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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.

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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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Dont get Stung by a SCAM!!
Applying for Financial Aid should ALWAYS be a
FREE process.
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2007-2008Other 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 and
state 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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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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Return of Title IV Funds
Before you withdraw 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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Want a Successful College Experience?
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2007-2008Business Office Information

• Missouri Western State University
• The Western Advantage

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Instate Tuition and Fees
2007 -08

• One Parking Pass is included. Additional Parking
  Passes are 10 each.

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Payment Options
Payment in Full By

• Cash, check, or credit card (Visa, MasterCard,
  Discover) in the Western Business Office.
• Financial Aid (Scholarships, Grants, Student and
  Parent Loans).
• Credit card (Visa, MasterCard, Discover) online
  at www.missouriwestern.edu/businessoffice/ or by
  telephone at [phone].

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Deferred Payment Plan
The Tuition Payment Plan allows you to take the
balance of your account after all applicable
financial aid has been applied and make payments
during the semester.
Enrollment forms are available online at
www.missouriwestern.edu/businessoffice/ or in the
Western Business Office Eder Hall, Rm 104.
There is a 50 enrollment fee PER SEMESTER for
the Deferred Tuition Payment Plan.
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Statement of Account
Statements will be mailed on the 5th of each
month with payments due on the 20th.

• A 20 fee will apply if your payment is late.
• Should the account go in default, a 10 annual
  interest rate will apply.

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Late Payment Plan Enrollment
If your account is not paid in full or payment
arrangements have not been made by the due date

• You will be automatically enrolled in the
  Deferred Payment Plan (50 Enrollment Fee), and
• an additional 50 late enrollment fee will apply.

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Credit Balance

• If you have more aid than the cost of attendance

• A book voucher will be issued two weeks prior to
  the first day of classes.
• A check will be issued to the student on
  September 12th. (Must have your Western Student
  ID.)

All credit balance checks will be issued to the
student with the exception of PLUS Loans which
will be payable to the parent or student and
mailed to the parents address.
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Refund Schedule
Students who completely withdraw from school and
submit a correctly executed withdrawal form will
receive a refund based on the Withdrawal Refund
Schedule below.

• 80 refund during the 1st week of classes.
• 50 refund during the 2nd 3rd weeks of classes.
• No refunds will be given after the 3rd week of
  classes.

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Late Registration Fee
Students making schedule changes will be charged
as follows

• No additional charge prior to the first day of
  class.
• 50 charge during the add/drop period (first
  week of classes).

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Privacy Act
Please be aware that the PRIVACY ACT limits what
Business and Financial Aid Office representatives
are allowed to discuss with parents of Western
students.
Students may sign a release form allowing
information to be released to a third party,
however, they must initiate the process.
Forms are available online www.missouriwestern.edu
/finaid
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For More Information
www.missouriwestern.edu/businessoffice/
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2007-2008Questions

• Missouri Western State University
• The Western Advantage