Pacific University of Oregon

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Pacific University of Oregon

  1. 1. Financial Aid & Financial Planning Information For 2010-2011 Pacific University Pacesetter Families
  2. 2. Pacific University Financial Aid <ul><li>Financial Aid Mission: to help make a Pacific University education affordable </li></ul><ul><ul><li>We offer merit-based and competitive scholarships, need-based grants, employment opportunities, and loans </li></ul></ul><ul><ul><li>Funds for these awards come from institutional, federal, state, and private sources </li></ul></ul>
  3. 3. Pacific University Financial Aid <ul><li>Financial Aid Process – simplified </li></ul>
  4. 4. Pacific University Financial Aid <ul><li>Financial Aid Process – actual </li></ul><ul><ul><li>Student is admitted to Pacific </li></ul></ul><ul><ul><li>Student submits FAFSA online at www.fafsa.gov , listing Pacific (003212); student receives an electronic Student Aid Report (eSAR) </li></ul></ul><ul><ul><li>Student participates in the Pacesetter Scholarship competition; results are calculated </li></ul></ul><ul><ul><li>Pacific reviews the student’s FAFSA data, requests additional information if needed </li></ul></ul><ul><ul><li>Pacific prepares financial aid “package”, notifies student, revises aid if necessary, processes loans for which student applies, and disburses aid when classes begin </li></ul></ul>
  5. 5. Pacific University Financial Aid <ul><li>Financial Aid Programs </li></ul><ul><ul><li>Scholarships </li></ul></ul><ul><ul><ul><li>Founders, Honors, Presidential, Trustee, and University Scholarships – $15,000 to $7,500 per year based on academic record </li></ul></ul></ul><ul><ul><ul><li>Pacesetter Excellence Awards – full tuition awards for top qualifier from each full day competition </li></ul></ul></ul><ul><ul><ul><li>Pacesetter Scholarships – $5,000 to $1,000 per year based on competition results </li></ul></ul></ul><ul><ul><ul><li>Music & Forensics Talent Awards – amounts vary </li></ul></ul></ul>
  6. 6. Pacific University Financial Aid <ul><li>Financial Aid Programs </li></ul><ul><ul><li>Grants </li></ul></ul><ul><ul><ul><li>Federal: Federal Pell Grant, FSEOG, ACG, TEACH Grant – amounts vary </li></ul></ul></ul><ul><ul><ul><li>State: Oregon Opportunity Grant – amounts vary and depend on state funding </li></ul></ul></ul><ul><ul><ul><li>Institutional: Pacific Grant, Pacific Community Grant – amounts vary based on FAFSA data </li></ul></ul></ul>
  7. 7. Pacific University Financial Aid <ul><li>Financial Aid Programs </li></ul><ul><ul><li>Employment </li></ul></ul><ul><ul><ul><li>Federal Work-Study – up to $2,200 based on “need” and fund availability </li></ul></ul></ul><ul><ul><ul><li>Pacific Work-Study – up to $1,000 non-need-based institutional award </li></ul></ul></ul>
  8. 8. Pacific University Financial Aid <ul><li>Financial Aid Programs </li></ul><ul><ul><li>Loans </li></ul></ul><ul><ul><ul><li>Federal Direct Loan – $5,500 for freshmen, up to $3,500 of which can be subsidized (based on “need”). Subsidized loans are at 4.5% fixed interest; unsubsidized loans are at 6.8% fixed interest </li></ul></ul></ul><ul><ul><ul><li>Federal Direct Parent PLUS Loan – up to total cost minus student’s financial aid and outside scholarships to credit-worthy parent borrowers at 7.9% fixed interest </li></ul></ul></ul>
  9. 9. Pacific University Financial Aid <ul><li>Financial Aid Concepts </li></ul><ul><ul><li>Cost of Attendance (COA) – estimate of total direct and indirect costs for an academic year; consists of standard amounts in federally defined categories </li></ul></ul><ul><ul><li>Expected Family Contribution (EFC) – federally defined index of a family’s relative financial strength; not necessarily an accurate indication of ability to pay </li></ul></ul><ul><ul><li>COA minus EFC = “Need” </li></ul></ul><ul><ul><li>Need-based aid cannot exceed “need” </li></ul></ul><ul><ul><li>Non-need-based aid can meet or exceed “need” </li></ul></ul>
  10. 10. Pacific University Financial Aid <ul><li>Financial Aid Considerations </li></ul><ul><ul><li>The price of higher education is an investment in your student’s future; its value should be considered in that context </li></ul></ul><ul><ul><li>The net price for degree attainment should be considered along with the annual net price </li></ul></ul><ul><ul><li>Financial aid packages can result in a surprisingly affordable “net price” – the family’s cost after financial aid is received </li></ul></ul>
  11. 11. Pacific University Financial Aid <ul><li>Private University </li></ul><ul><ul><li>$42,000 annual cost </li></ul></ul><ul><ul><li>- $16,500 institutional aid </li></ul></ul><ul><ul><li>$7,500 federal aid </li></ul></ul><ul><ul><li>$18,000 annual net price </li></ul></ul><ul><ul><li>x 4 years of attendance </li></ul></ul><ul><ul><li>$72,000 net price of degree attainment </li></ul></ul><ul><li>Public University </li></ul><ul><li>$21,000 annual cost </li></ul><ul><li>- $1,500 scholarship </li></ul><ul><li>- $7,500 federal aid </li></ul><ul><li>$12,000 annual net price </li></ul><ul><li>x 5 years of attendance </li></ul><ul><li>$60,000 net price of degree attainment </li></ul>
  12. 12. Pacific University Financial Aid <ul><li>Financial Aid Considerations </li></ul><ul><ul><li>Pacific’s institutional scholarships are renewable for the student’s four years of full-time enrollment while in good academic standing </li></ul></ul><ul><ul><li>Need-based aid from any source can change if student’s “need” changes during the year, or from year to year </li></ul></ul><ul><ul><li>Outside scholarships meet unmet “need”, then replace loans, then replace work-study, then replace other aid if necessary </li></ul></ul>
  13. 13. Pacific University Financial Aid <ul><li>Financial Aid Considerations </li></ul><ul><ul><li>Students and parents should update the income they reported on their FAFSAs to match the income they reported on their 2009 federal income tax returns if needed </li></ul></ul><ul><ul><li>Families who have experienced financial difficulties such as a job loss, pay reduction, or unusual unreimbursed medical expenses should contact the Financial Aid Office </li></ul></ul>
  14. 14. Pacific University Financial Aid <ul><li>Financial Planning Considerations </li></ul><ul><ul><li>Applying for Scholarships </li></ul></ul><ul><ul><ul><li>Donors want to invest in students who will be successful if given the chance </li></ul></ul></ul><ul><ul><ul><li>Be sure you’ve looked at all local sources </li></ul></ul></ul><ul><ul><ul><li>Keep looking online </li></ul></ul></ul><ul><ul><ul><li>Oregon residents should be sure to access www.getcollegefunds.org for information about state-administered private scholarships </li></ul></ul></ul>
  15. 15. Pacific University Financial Aid <ul><li>Financial Planning Considerations </li></ul><ul><ul><li>Managing your finances </li></ul></ul><ul><ul><ul><li>Check your credit report; correct errors and provide explanations if necessary </li></ul></ul></ul><ul><ul><ul><li>Track your spending patterns; look for ways to spend less/save more </li></ul></ul></ul><ul><ul><ul><li>Develop a financial plan for the next four years that includes some contingencies </li></ul></ul></ul>
  16. 16. Pacific University Financial Aid <ul><li>Financial Planning Considerations </li></ul><ul><ul><li>Considering additional financing options </li></ul></ul><ul><ul><ul><li>Federal Direct Parent PLUS Loans </li></ul></ul></ul><ul><ul><ul><ul><li>Credit-based </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Monthly payments begin 60 days after spring disbursement; a $10,000 loan will require about a $126 per month payment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Payments can be deferred while student is enrolled; interest will accrue </li></ul></ul></ul></ul>
  17. 17. Pacific University Financial Aid <ul><li>Financial Planning Considerations </li></ul><ul><ul><li>Considering additional financing options </li></ul></ul><ul><ul><ul><li>Early withdrawals from retirement accounts </li></ul></ul></ul><ul><ul><ul><ul><li>Watch for fees and penalties </li></ul></ul></ul></ul><ul><ul><ul><li>Using home equity loans or lines of credit </li></ul></ul></ul><ul><ul><ul><ul><li>Interest deduction possible </li></ul></ul></ul></ul><ul><ul><ul><li>Using Pacific’s tuition payment plan </li></ul></ul></ul><ul><ul><ul><ul><li>Four monthly payments of remaining balance each semester; fall payments begin in August, spring payments begin in December </li></ul></ul></ul></ul>
  18. 18. Pacific University Financial Aid <ul><li>Financial Aid Office </li></ul><ul><ul><li>Located on the first floor of Marsh Hall </li></ul></ul><ul><ul><li>Open 9:00 AM to 5:00 PM weekdays </li></ul></ul><ul><ul><li>Phone: (503) 352-2222; 1-877-722-8648, ext. 2222 </li></ul></ul><ul><ul><li>Fax: (503) 352-2940 </li></ul></ul><ul><ul><li>E-mail: [email_address] </li></ul></ul>

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