paying for college · college sample monthly repayment amounts: 1. average loan balance (2-year...

YAKIMA VALLEY COLLEGE

Paying for College

Financial Aid

YAKIMAVALLEY COLLEGE

Agenda:

• What is Financial Aid?• Where to Start• Managing Your Finances• The Process• Questions


TYPES OF FINANCIAL AID

LOANSNeed & Non-Need

GRANTS& Scholarships

WORK STUDYStudent Employment


Grants

• Money that does not have to be paid back

• Usually awarded on the basis of financial need

• Some examples: Federal Pell Grant, Federal Secondary Education Opportunity Grant (FSEOG),

Washington State Need Grant (SNG), College Bound Scholarship (CBS), YVC Grant

SCHOLARSHIPS

• Money that does not have to be paid back

• Awarded on the basis of merit, skills or unique characteristics

– www.yvcc.edu About Foundation Scholarships

– www.washboard.org

http://wsac.wa.gov/sites/default/files/2017-18.SNG.CBS.Program.Manual.pdf


• Money students borrow to help pay college expenses

• Repayment usually begins after education is finished

• Only borrow what is really needed

• Look at loans as an investment in the future

• Must complete Loan Request Form to be awarded federal loans

Federal Loans

• Subsidized Stafford Loan

• Unsubsidized Stafford Loan

Private Loans

• Credit Based

• You Pick Lender


Sample Monthly Repayment Amounts:1. Average Loan Balance (2-year public school, upon graduation)

– Average Loan Balance $9,962

– Interest Rate 3.9%

– Standard Repayment $100/month

– Total Loan Payment $12,047

2. Average Loan Balance (4-year public, upon graduation)

– Average Loan Balance $26,946

– Interest Rate 3.9%

– Standard Repayment $272/month

– Total Loan Payment $32,585


The consequences, which can be severe, include the following:• The entire unpaid balance of your loan and any interest you owe become immediately due.

• You can no longer receive deferment or forbearance, and you lose your eligibility for other benefits, such as the ability to choose a repayment plan.

• You will lose eligibility for any additional federal student aid.

• The default will be reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.

• Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan.

• Your wages will be garnished. This means your employer may be required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.

• and more…


Allows student to earn money to help pay educational costs

• Need Based Award

• Work no-more than 16 hr/wk

• Work experience related to education

• Professional work environment

• Flexible with work/class hrs

• Pay rate $11.50-$12.42


www.fafsa.gov• Completed every year

• U.S. Citizen or eligible noncitizen

• Have a high school diploma or GED

• Enroll in eligible program

• Make Satisfactory Academic Progress (SAP)

• Are not in default on a student loan

• Have not been convicted of drug offence

• Do not owe a repayment of federal financial aid

www.readysetgrad.org/wasfa• Completed every year

• DACA & students who are not eligible to file FAFSA due to immigration status

• Have a high school diploma or GED

• Enroll in eligible program

• Make Satisfactory Academic Progress (SAP)

OR

http://www.fafsa.gov/

http://www.readysetgrad.org/wasfa


To file as an Independent student you must say yes to one of the following:

• Were you born before January 1, 1994?

• Are you married?

• Do you now have children of your own or dependents whom you support?

• In Active Duty or Veteran?

• Emancipated minor, Ward of the court, or homeless?

• Both parents deceased or in foster care?

• Enrolled in master’s or doctorate program?


Estimated Cost of Attendance: WA Resident Independent vs Dependant

9 MO FT-Ind 9 MO FT-Dep

Tuition and fees 4,409.00 4409.00

Books 840.00 840.00

Room & Board 9,690.00 3,210.00

Personal/Tech 2,070.00 1,830.00

Transportation 1,140.00 1,140.00

TOTAL 18,149.00 11,429.00

• Fixed Costs vs Optional Expenses

You Decide:

• Where will you live?

• How will you get to classes?


Budgeting helps you answer these important questions:

• Where does all my money go?

• Is there a way to spend less?

• How will I handle unexpected expenses, like replacing a broken cell phone or repairing my car?

• How can putting money into savings help me with some of my bigger goals?

– Visit www.cashcourse.org for more resources.

http://www.cashcourse.org/


The Difference Between Credit & Debt:

• The difference between credit and debt is essentially a story of “before” and “after”.

• Credit is the ability to borrow money, while debt is the result of borrowing money.

• When you use credit, you create debt.

• The more responsible you are at managing your debt, the more access you may have to credit in the future.


Check your Student Financial Aid Portal

Do you have Documents not

marked with Date Received?

Review Awards –compare to

Tuition & Fees

Enrollment for Quarter-if less than full-time

complete Enrollment Revision Form

Tuition Paid week before classes

If more aid than charges look for

Refund from BankMobile

Budget for Entire Quarter

Withdrawing or Dropping Classes? See Financial Aid

Satisfactory Academic Progress

(SAP)


To maintain eligibility students must meet Federal & State Academic Progress Requirements.

• Term and Cumulative GPA above 2.0

• Term and Cumulative Pace (Credits Earned/Credits Attempted) above 67%

• Total Attempted Credits or “Maximum Time Frame” limited to 125% of Credits required for degree for State Aid and 150% for Federal Aid.


Every financial aid program has its limits so plan wisely!

• Pell Grant = 6 years

• WA State Need Grant = 5 years

• WA College Bound Scholarship = 4 years

• Federal Stafford Loans = Annual Limits and Lifetime Limits


• To complete a FAFSA: https://fafsa.ed.gov

• To complete a WASFA: https://readysetgrad.org/wasfa

• Federal Student Aid: https://studentaid.ed.gov/sa

• National Student Loan Data System: http://nslds.ed.gov

• WA Student Achievement Council: http://wsac.wa.gov

• Federal Student Aid Ombudsmen GroupU.S. Department of Education

FSA Ombudsman GroupP.O. Box 1843Monticello, KY 42633877-557-2575

https://fafsa.ed.gov/

https://readysetgrad.org/wasfa

https://studentaid.ed.gov/sa

http://nslds.ed.gov/

http://wsac.wa.gov/


Financial Aid Office Deccio Higher Education Center

Phone: 509.574.6855

Email: [email protected]

Office is open Monday – Thursday 9:30am-1:30pm

mailto:[email protected]