What is Financial Aid? Financial aid is money from a source other than the family to assist with the cost of attending college. How to apply www.fafsa.gov • Apply every year using the Free Application for Federal Student Aid (FAFSA). Application available Jan. 1 • The FAFSA is a standard form that collects demographic and financial information about the student and their family • If you are applying for Summer aid, you will need to complete both the prior year’s FAFSA and upcoming year’s FAFSA. (e.g. 2011-2012 AND 2012-2013) • Our priority date for receiving the FAFSA results is March 1 of each year to ensure you receive your maximum eligibility. Some aid programs have limited funding. Apply for a PIN Used to electronically sign the FAFSA and federal loan applications • Web Site: www.Pin.ed.gov • Can request a PIN before January 1 • Will be used by students and parents throughout the aid process including subsequent years. What happens after I file the Fafsa? • The Central Processing System will notify you by email when the FAFSA is processed and will send you a Student Aid Report (SAR) • Results are sent electronically to the colleges you list on the FAFSA • Baylor will begin mailing award notifications by March 1 Gift Aid • Academic Scholarships (based on ACT/SAT test scores and high school class rank) • Need-based Scholarships (based on FAFSA results) • Federal Grants (based on FAFSA results) www.students.gov US Department of Health and Human Services US Armed Forces • Outside Scholarships Self-Help Aid • Federal Work Study (based on FAFSA results) Eligibility to pursue a campus job A job is not guaranteed Campus jobs are limited so apply as soon as you arrive on campus • Federal Loans (must file FAFSA) Direct Subsidized– current rate 3.4% Direct Unsubsidized– current rate 6.8%* Direct Parent Loans (PLUS) – current rate 7.9%* • Alternative Loans (FAFSA not required)* Variable interest rates *need based eligibility not required Direct Costs Items approved by the Baylor Board of Regents that are billed directly by Baylor University. • i.e. Tuition, Fees, Room, Board Indirect Costs Costs students would incur at any school and are not billed by Baylor. • i.e. personal expenses, health care costs, laundry, books, supplies 2012-2013 Direct Costs billed by Baylor Approved by the Baylor Board of Regents Tuition $30,586 *Fees $3,330 **Room $5,652 **Board $5,420 Total $44,988 *Based on standard fees ** Average room cost - your cost will be based on your housing assignment and the meal plan you select Fall portion billed in early July 2012-2013 Indirect Costs Not Billed by Baylor University These are costs you will incur at any university. We establish these average costs each year through a survey of currently enrolled students. Your costs may vary depending on course requirements and personal choices. Books $1,094 Supplies $270 Transportation $1,534 *Personal Expenses $3,328 Total $6,226 *Personal expenses include things like health care, laundry, entertainment, clothing, etc. • Don’t let the Cost of Attendance stop you from considering Baylor! • You have not yet filed the FAFSA and received your academic and need-based award offer from Baylor. • Your out of pocket cost changes with the amount of financial aid you receive! Financial Aid Tools Scholarship Calculator • You can retest as many times as you wish, we will accept retests up until the first day of class. • If your school doesn’t rank, we will use a combination of test score and HS Grade Point Average. www.Baylor.edu/Finaid/Calculator Financial Aid Tools Financial Aid Estimator • We estimate your eligibility for scholarships and other types of financial aid at Baylor to help you plan financially for your first year at Baylor. • Financial need is estimated following the guidelines of the federal government aid eligibility formula. We then provide an estimate of the financial aid package you will be eligible to receive for 2012-2013 if we receive the results of your FAFSA by the March 1 priority deadline. www.Baylor.edu/Finaid/Estimator Other Scholarships Other Baylor Scholarships • Carr P. Collins (freshmen only) • Denominational scholarships • Baptist national merit scholarship (freshmen only) • Athletic scholarships • Music scholarships Outside Scholarships • www.fastweb.com • www.scholarships.com • www.collegesoup.com • www.brokescholar.com Special Circumstances Financial situations not reported on the FAFSA? Contact Baylor at [email protected] We will request further documentation of your specific situation. Will be reviewed on a case by case basis Important Dates • January 1 – First date to file the FAFSA • March 1 – Priority date to receive the FAFSA results • May 1 – date to receive requested documents if elected for the verification process • June 1 – apply for alternative loans to allow time for processing before the bill is due for Fall Semester • July 31 – Bill due date for the Fall Semester. Installment Plan • Baylor offers an Installment Plan that allows you to pay your remaining balance in 5 equal payments over each fall and spring semester.