Financial Aid 101

Pharmacy Orientation 2011

Congratulations!

• You made it to Pharmacy School!

• Now, how do you navigate the world of financial aid, paying your tuition, and surviving without excessive debt?

Planning Ahead

• Plan your financial future today!

REALITY CHECK:

Average student loan indebtedness for a WSU Pharmacy Medicine Graduate is $101,226. (Class of 2010)

Student Loan Debt Range: $0 - $200,001+

Personalize zzusis

Provides access 24/7 to:

Financial aid to-do list Financial aid award Bill (what you owe) Track direct deposits/availability of funds Update mailing address Portal notices Register for classes Announcements

Your Financial Aid Award

Assuming that you’ve completed your FAFSA and all of your to-do items, you have a financial aid award.

• Loans• Scholarships• Work Study

Financial Need

Cost of Attendance

– Estimated Family Contribution

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Financial Need

NOTE: All financial aid and other resources can not exceed your cost of attendance.

2011-2012 Cost of AttendanceResident Non-Resident

Tuition $ 19,022 $ 35,746

Mandatory Fees $ 862 $ 862

Books $ 1,200 $ 1,200

Room $ 6,430 $ 6,430

Board $ 4,146 $ 4,146

Transportation $ 1,434 $ 1,434

Miscellaneous $ 2,108 $ 2,108

Total $ 35,202 $ 51,926

Loans

• The majority of your education is likely to be paid for by student loans.

Subsidized Stafford Loan Unsubsidized Stafford Loan Health Profession Loan Graduate PLUS Loan Alternative/Private Loan

NOTE: You must complete your Master Promissory Notes and Entrance Counseling prior to the release of any loan funds.

Subsidized Stafford Loan

• Need-based loan

• Eligible for up to $8,500

• Interest paid by federal government in school

• 6-month grace period

• Funded by Department of Education (direct loan)

• Payments could be made to servicing agency

• Interest rate Current = 6.8% (fixed) for grad students Cap of 8.25%

Unsubsidized Stafford Loan

• Non-need based loan

• May be eligible for up to $32,000

• Interest accrues, not paid by federal government

• 6-month grace period

• Funded by Department of Education (direct loan)

• Interest rate Current = 6.8% (fixed) Cap of 8.25%

Health Professions Loan

• Need based loan

• Funded by federal government

• Processed at the school

• 5% interest rate

• 9 month grace period

• Must include parental information on your original FAFSA submission each year

Graduate PLUS Loan

• Non-need based loan

• Interest not paid by federal government

• No grace period

• In-school deferment available

• Funded by Department of Education (direct loan)

• Credit check required

• Interest rate 8.5%

Getting Your Money

• Work-Study funds paid on the 10th and 25th

• Depends on number of hours worked and rate of pay

• Loan funds sent to WSU electronically and deposited to your WSU student account Funds are released on the 1st day of classes Separate disbursements for each semester Sign up for direct deposit online at zzusis Paper checks mailed to primary address maintained

by student on zzusis

REMINDER: Check zzusis!

Reapply for Financial Aid Every Year

• FAFSA Available for renewal on January 1 WSU priority deadline is now February 15 www.fafsa.ed.gov Remember to include parental information for

the Health Profession Loan

Summer Financial Aid

• Separate application must be completed

• Available in December in the Financial Aid Office or online at www.finaid.wsu.edu

Stafford Loans Grad PLUS Loans Private Loans

Planning Ahead

• Plan your financial future today!

REALITY CHECK:

Average student loan indebtedness for a WSU Pharmacy Graduate is $ 101,226. (Class of 2010)

Student Loan Debt Range: $0 - $200,001+

Loan Repayment Approximation

Loan Amount

Monthly Payment

# of Payments

Total Interest

Total Paid

$8,500 $98 120 $3238 $11,738

$25,000 $288 120 $9,524 $34,524

$50,000 $575 120 $19,048 $69,048

$100,094 $1,152 120 $38,133 $138,227

$200,001 $2,302 120 $76,193 $276,194

NOTE: Assumes 6.8% interest rate and standard repayment schedule.

Create a Spending Plan

• Track your spending Little things add up! Basis for plan

• Establish a spending plan Adjust it as necessary Remember to pay yourself first Short-term sacrifice for long-term good

Reminders

• zzusis is your best friend

• Apply for summer financial aid in December

• Apply for next year’s financial aid between January 1 and February 15

• Ask questions, get answers and assistance

• Keep your professional goals in mind

• Breathe!

Questions?

WSU Financial Aid

509.335.9711finaid@wsu.edu3rd Floor, (380) Lighty