MISSOURI WESTERN FINANCIAL AID AND BUSINESS OFFICE. Helping you Achieve your Goals

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1 MISSOURI WESTERN FINANCIAL AID AND BUSINESS OFFICE Helping you Achieve your Goals

2 Not having your Financial Aid in place WELL BEFORE the first day of class causes high levels of

3 Want to start school stress-free? Complete the following checklist to ensure your finances are in place when school begins.

4 Sign a Federal Buckley Amendment Form. The PRIVACY ACT limits what Business and Financial Aid Office representatives are allowed to discuss with parents of Missouri Western students. Students may sign a release allowing us to discuss information with a third party (i.e. parent).

5 Make sure ALL required transcripts are submitted to the Office of Admissions. Your final eligibility for financial assistance cannot be determined until all required transcripts have been received and evaluated. TRANSFER STUDENTS Contact Financial Aid TODAY If your overall GPA is below 2.00; or If you have not successfully completed at least 67% of the courses you have attempted; or If you have attempted greater than 135 hours.

6 Your FAFSA should be submitted as soon as possible after October 1st every year. February 1 st is the Priority deadline to be considered for SEOG, Missouri Western Competitive Scholarships and the Access Missouri Program. You MUST complete the FAFSA before Missouri Western Scholarships will be disbursed to your account.

7 Submit ALL requested documents to the FAO.

8 Understand your financial obligation.

9 Parent PLUS Loans Borrowers are credit worthy parents of undergraduate students. Fixed interest rate of 7.00%. Origination fee of 4.276% No Grace period. Repayment begins immediately after the loan is fully disbursed. Annual loan limit equals the cost of attendance minus other aid. Parents must complete the PLUS Pre-Approval Application online at

10 Need a job to help fund your education?

11 Important things to keep in mind The Federal government sets limits on the amount of money students may borrow - $5,500 for freshmen. Be sure to read your award information carefully many awards require fulltime enrollment, etc. There is a 30 day delay after classes begin before loans funds will be released to first-time freshmen borrowers. Be prepared for out-of-pocket expenses like books around $400 per semester.

12 Don t ignore your account statement. Make necessary payment arrangements. Tuition Payment Plan This plan allows you to take the balance of your account after all financial aid has been applied and make payments during the semester. There is a $50 enrollment fee PER SEMESTER.

13 Statements will be ED on the 5th of each month with payments due on the 20th. A $100 late fee will apply if your account is not paid in full by Financial Aid or other payments; OR a Tuition Payment Plan has not been established by the due date.

14 Don t be a college dropout before you even start! If you HAVE NOT completed your financial aid file AND accepted your aid, you MUST enroll in a payment plan or pay in full. If you don t your classes WILL BE dropped. Drop Date August 23, 2017

15 Activate your Goldlink ( ) Account. Goldlink is Missouri Western s primary method of communicating important information to you.

16 What s Available on Goldlink? Financial Aid and Billing Tab

17 Manage Your Account You may make payments through Goldlink using your credit or debit card. (MasterCard, American Express, Discover, Visa) You may also pay by cash or check in the Business Office located in Eder Hall.

18 My financial aid is more than my balance due If you have MORE AID than your cost Up to $750 of your pending Financial Aid will be transferred to your student ID card for use in the campus bookstore. (Two weeks prior to the first day of class.) Any remaining credit balance funds will be issued the third week of classes. The fastest way to get your refund is by establishing your direct deposit account on Goldlink (preferred method).

19 Financial Aid is an INVESTMENT in your future made by sources other than your family or by you. SELF-HELP AID Federal Loans (Low Interest) Employment (FWS/Institutional)

20 Student Loans - Your personal investment. When YOU borrow money to fund YOUR education, you are taking on a VERY SERIOUS OBLIGATION!

21 Missouri Western student loan borrowers are EXPECTED to: utilize loan funds for educational expenses ONLY; understand loan repayment terms/conditions; monitor loan balances; and know who is servicing the loan.

22 Student loans are real loans just as real as car loans or mortgages and must be repaid. Most likely, you will be making student loan payments for the next years of your life.

23 Repayment begins six months after you graduate, withdraw or drop below six hours.

24 What s the interest rate? Subsidized Stafford Loans 4.45% Unsubsidized Stafford Loans 4.45% Rates are determined each year on July 1st.

25 Understand the difference between Subsidized and Unsubsidized loans. Subsidized Student Loans Are based on financial need; government pays the interest while you are in school. Unsubsidized Student Loans Are not based on financial need; you should make interest payments while in school.

26 Are you accruing interest now? If you borrow $5,500 in unsubsidized funds during your first year in college, your interest payment will be around $20.39 per month. Over 4 years that amount will become $979. making your first year loan debt $6,479 plus the interest that will accrue during your grace and repayment period.

27 Loan debt can add up fast! Year in School Amt Borrowed Per Year Total Borrowed Freshman Year $5,500 $5,500 Sophomore Year $6,500 $12,000 Junior Year $7,500 $19,500 Senior Year $7,500 $27,000

28 The reality of loan payments! If you borrow $27,000 in a 4.45% interest rate Stafford Loan, you'll have to pay $ every month for 120 months - 10 years. By the time you pay back the $27,000 plus interest, you will have paid $33,500! You will need to earn around $42,000 per year to manage this payment. If you borrow $35,000 you will pay $362 and need to earn $55,000 to manage. If you borrow $50,000 you will pay $517 and need to earn $78,000 to manage.

29 With that in mind, consider your earnings potential based on your degree program.

30 Monitor your student loans online.

31 What if I don t pay my loans back? Default is the failure to repay a loan according to the terms of the promissory note. Be aware, there can be serious consequences for student loan defaulters. The entire unpaid balance plus interest will become due immediately and a collection agency will take over your loans more fees. Your credit history will be damaged (wrecked). Your wages will be garnished. Your federal tax refunds and social security benefits will be withheld. You will lose your professional license.

32 No problem I ll just declare bankruptcy. CAN T DO IT!! In most cases Federal student loans ARE NOT dischargeable in bankruptcy.

33 To help you understand your student loan debt obligation

34 What else do I need to know?

35 Did you know you earn your financial assistance as you go to class? If you are reported for never attending, or if you stop attending one or more of your classes, Missouri Western may be required to return all, or part, of your Federal and State funding leaving you with an outstanding account balance.

36 Did you know you can lose your eligibility to receive Federal and State financial assistance? For many, losing your aid means losing your opportunity.. The government REQUIRES Missouri Western to monitor your academic progress. If you fall below a 2.0 GPA or fail to successfully complete at least 67% of the courses you attempt, you are at risk of losing your financial aid eligibility.

37 What if I decide not to attend? Students who completely withdraw from school and submit a correctly executed withdrawal form will receive a refund based on the Withdrawal Refund Schedule below. 100% refund through the 1st week of classes. 50% refund during the 2nd & 3rd weeks of classes. No refunds will be given after the 3rd week of classes.

38 Where are we located Financial Aid Office Eder Hall, Room 103 Business Office Eder Hall, Room 104