How Much Does It Cost? Tuition, Fees, Room and Board: $30,692 Off Campus Students: $23,198
Other Costs to Consider Montreat doesn’t charge you for these but are costs that most students have during their year: Transportation Personal Books and Supplies Miscellaneous Study Abroad costs Many of these expenses can be defrayed with a work study job!
Types of Financial Aid Scholarships Grants Loans Employment
Montreat Merit Scholarships Based on GPA and test scores. Merit scholarship can be improved with updated GPA or test scores before classes begin. Renewable each year if student maintains Satisfactory Academic Progress (SAP). SAP is a 2.0 GPA and earn 67% of credit hours attempted.
Keystone Award Montreat College makes Christian higher education possible by their generous donors The Keystone Award is awarded to help meet the financial need of our students, when eligible. In the 2011-12 year, Montreat awarded over $400,000 to 100 new students/transfers In Keystone Award
Other Montreat Scholarships NAIA Athletics Endowments Child of Minister Alumni Montreat Retreat Association Young Life Music
North Carolina Scholarships North Carolina Need Based Scholarship (NCNBS) – Awarded to NC residents who have an EFC of 15,000 (found on results of FAFSA) or below – Minimum amount: $1,200 – Maximum amount: $6,800 – Complete FAFSA as soon as possible due to limited funding
Loans Money students and parents 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
Employment Allows student to earn money to help pay educational costs Typically in the form of a paycheck Students can use these funds to help pay for indirect living expenses mentioned earlier
Common Federal Aid Programs Federal Pell Grant Federal Supplemental Educational Opportunity Grant Federal Work-Study Subsidized and Unsubsidized Loans PLUS Loans
Federal Pell Grant Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.) Generally awarded to undergraduate students only, few exceptions Maximum award for 2012-2013 = $5,550
Federal Work Study (FWS) Provides part-time employment while you are enrolled in school Employment may be on or off campus Even if you don’t qualify for FWS you may still be able to have an on campus job! Inquire about jobs at Montreat by contacting Tom Oxenreider at firstname.lastname@example.org or email@example.com More demand than supply so jobs not guaranteed
Federal Direct Loans Subsidized – must demonstrate need – U.S. Department of Education will pay (subsidize) the interest that accrues while in school Unsubsidized – not based on need – most everyone can qualify
Direct Loans – Annual Loan Limits Annual Loan Limits (combined subsidized and unsubsidized) – Classification Dependent Independent – Freshman $5,500 $9,500 – Sophomore $6,500 $10,500 – Each remaining year $7,500 $12,500 – Graduate/Professional N/A $20,500
Direct Loans The interest rate on Direct loans first disbursed on or after July 1, 2012 will be 6.8%: Repayment begins after 6 month grace period Maximum repayment period between 10 and 30 years
Plus Loans Parents of dependent undergraduate students Graduate/Professional students Repayment begins immediately but can be deferred upon request Direct interest rate: 7.9% If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan
FAFSA on the Web Website: www.fafsa.gov 2012–13 FAFSA on the Web available on January 1, 2012 FAFSA on the Web Worksheet: – Used as “pre-application” worksheet – Questions follow order of FAFSA on the Web
Verification Tax transcripts not Tax returns Order at www.irs.gov or 1-800-908-9946www.irs.gov Complete Verification worksheet Montreat recommends you use the IRS Data Retrieval tool, if eligible.
IRS Data Retrieval While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW
IRS Data Retrieval Available early February 2012 for 2012–13 processing cycle Participation is voluntary Reduces documents requested by financial aid office
Federal Student Aid Personal Identification Number (FSA PIN) Website: www.pin.ed.gov Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years
FAFSA Processing Results CPS notifies student of FAFSA processing results by: – E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA Student with PIN may view SAR on-line at www.fafsa.gov
FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR – May request additional documentation, such as proof that a sibling is enrolled in college
CAUTION!!! Avoid being charged a fee to file the FREE Application for Federal Student Aid Completion and processing of the FAFSA are FREE www.fafsa.gov
Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information If any of these exist, please contact our office so we can help!
Where do I go from here? Obtain and review admissions and financial aid Web sites and materials for each school to which you are applying. Meet all application deadlines. – Complete FAFSA and other application materials. Submit all requested follow-up documents. Investigate other sources of aid.
Questions? Financial Aid Office P.O. Box 1267 Montreat, NC 28757 www.montreat.edu firstname.lastname@example.org Fax # 828-669-0120 Jeff Holliday, Director 1-800-545-4656, option 1 email@example.com Lisa Lounsbury, Assistant Director 1-800-545-4656, option 1 firstname.lastname@example.org