HOKIE FOCUS 2006 Office of University Scholarships and Financial Aid (USFA)

HOKIE FOCUS 2006

Office of University Scholarships and Financial Aid

(USFA)

CONTACT USFA

• Monday Thru Friday, 8:00am to 5:00pm

• Website www.finaid.vt.edu

• Email preferred [email protected]

• Phone (540) 231-5179

• Email/calls returned in 72 business hours

• Allow Assistant Counselors to assist

FLASH.MAIL

• Electronic USFA newsletter

• Official announcements, updates, changes

• Parents encouraged to subscribe

• Free, no spamming

• Scholarship opportunities

FLASH.

MAIL

APPLICATIONS AND DEADLINES

• Complete FAFSA– Priority Deadline - 3/11/06

• General Scholarship– Deadline - 3/11/06

• Presidential Campus Enrichment Grant– Deadline – Rolling

• Departmental/College Scholarships– Deadline – Check w/Departments

• Honors – Closed until Spring 2007

2006-07 AWARDS

• Electronic award notifications

• Lists aid types and amounts

Including:

$Grants/Scholarships---no repay

$Work-Study---must work to earn

$Student Loans---to be repaid

Module Contents• Module # 1 – Budgets

– Goal Setting

– Designing a Budget

– Needs vs. Wants

• Module # 2 – Account Management

– Types of Accounts Available and How They Work

– The “Wonder” of Compound Interest

– Account Maintenance

• Module # 3 – Credit Cards

– Pros and Cons of Ownership

– Account Management

– Alternatives to Credit Cards

Module Contents• Module # 4 – Debt Management

– How to Control Current Debt/Manage Future Debt– Future Consequences of Debt

• Module # 5 – Other Benefits Available– Different Types of Financial Aid (not just for education)

• Module # 6 – Loan Management– Three Simple Rules to Borrowing– Terms and Conditions– Student and Car Loans

• Module # 7 – Consumer Rights and Responsibilities– Protecting Consumer Rights– Hazards to be Aware of

• Predatory Lending• Identity Theft

What Do Other Students Think About The Program?

What Would You Like Your Future To Look Like?

YOUR FUTURE AT VT

• Accept Offer of Admission• Pay the deposit• Activate VT PID• VT Orientation program in July• E-bills• Fall bills available July 15

TYPICAL COSTS

Yearly Costs Virginia Resident

Out-of-State Resident

Tuition & Fees $6973 $19049

Est. Room & Board

$4766 $4766

Est. Due Per Term

$5870 $11908

WHAT DO I PAY?

Fall charges Spring Charges

- Fall aid - Spring aid

Amount due Amount due

*Any balance due must be covered by payment deadline*

BILL AND PAYMENT OPTIONS

E-Bills - Authorized Payers

Payment Options*Cash*E-Check*Check*Credit Card *Budget Tuition Plan*Other types of financial aid

OTHER FINANCIAL AID

*Outside/Community Scholarships

*Parent Loans

*Alternative Loans

IMPORTANT REQUIREMENTS

Set Up Authorized Payer(s)Report outside/community scholarships

Loan recipients must complete:• On-line Master Promissory Note (MPN)• On-line Entrance Interview • On-line Questionnaire (Perkins only)

Remember to apply for aid each year

SPECIAL CIRCUMSTANCES

• Loss of Income

• Loss of Child Support

• Loss of Social Security Benefits

• Death of a Parent

• Divorced/Separated

• Unusual Medical Expenses

USFA CONTACTS:• USFA Contact Information

www.finaid.vt.edu [email protected] (540) 231-5179

• Karen RichelCurriculum Specialist – Financial Literacy

[email protected]://learn.vt.edu/webapps/portal/frameset.jsp?tab=courses&url=%2Fbin%2Fcommon%2Fcourse.pl%3Fcourse_id%3D_95096_

• Presentation available at

• http://www.finaid.vt.edu/Presentations/ hokiefocus06