BE INFORMED. FINANCIAL AID

Transcription

1 BE INFORMED. FINANCIAL AID

2 TAKING EDUCATION HIGHER We ve spent more than a century breaking down barriers. Way back in 1884, our founder imagined a school for everyone, regardless of race, gender, age or any other qualification beyond a big dream and the will to work. It was pretty radical back then, and we re still pushing the envelope today. Now it s financial barriers we re crashing through. We innovate everywhere, we put possibilities within reach, and we find creative solutions for our students every day. We take education higher without the higher costs.

3 HOW WE MAKE IT HAPPEN 24 Michigan Locations + Online Ferris is everywhere. Earn your degree in your own backyard. Save tens of thousands on room and board. 23 Life-Changing Scholarships Just for you. We ve worked hard to put these together exclusively for Statewide & Online students. 21 Community College Partners Our unique collaborative relationships mean you can take many of your classes at their low tuition rate. Full Federal Financial Aid Support Our financial aid experts will guide you through the process and make sure you receive every bit of aid you deserve. Payment Plans Regardless of your financial aid package, we offer a variety of deferred payment plans. Veteran Support You helped keep our country safe. We want to make sure your future is filled with possibility. We offer all eligible veterans scholarships, grants and assistance with all VA educational benefits and programs. Discover all of the ways we can support your goals at ferris.edu/veterans. Employer Tuition Reimbursement If your employer offers tuition reimbursement, we ll work with you to make the process simple. Or, with appropriate authorization, we can bill your employer directly. Explore our ETR program and third party billing options at ferris.edu/statewide. Tools for a Smarter Future Ferris Statewide is one of the most informed financial choices you can make. To help you make even better decisions, we ve built comprehensive tools and resources, including: FAST-The Financial Awareness Student Team Return on Investment Guide Loan Repayment Calculator In-Depth Guides to Repayment Options Exit Counseling Expert Tips on Borrowing and Repayment Find all of our financial tools at ferris.edu/financialliteracy.

4 TYPES OF FINANCIAL AID When we say financial aid, we mean just about any resource that goes toward the cost of earning your degree. In general, there are three types of financial aid: FREE MONEY It doesn t get any better than free money. That s why scholarships and grants are our favorite type of financial aid. Most grants are based on your financial need. Scholarships, on the other hand, are usually awarded based on merit. There are thousands of scholarships out there. You might earn a scholarship for having solid grades, being part of a professional association, or even winning a greeting card competition. Chase down every scholarship you hear about. Be proactive. Begin your search at ferris.edu/statewide/scholarships. Check out the back of this brochure for more info. BORROWED MONEY We know loans can be scary. When you take out a loan for your education, you re going to have to pay it back with interest. But the good news is that not all types of loans are equally complicated or scary. Federal Loans After you fill out your FAFSA, the federal government may offer you a combination of loans and other aid based on your financial need. The great thing about federal loans is that they come with lower interest rates and many repayment options, including incomebased plans. You also won t need to pass a credit check or have a cosigner to qualify for this type of aid, and no payments will be due until six months after you graduate. EARNED MONEY These are funds earned through programs such as Federal Work Study. You will need to demonstrate financial need and eligibility. Work Study typically takes the form of a part-time job. Positions are limited. Private Loans These are loans borrowed directly from a bank or other financial institution. Your eligibility will depend on your credit score. Just like federal loans, you will need to pay these back, but private loans tend to carry higher interest rates, and usually don t offer benefits like income-based repayment. You should exhaust every other source of aid before turning to private loans.

5 COLLABORATION : CONSORTIUM Earn your Ferris degree for less, right in your own backyard. Consortium is a pretty intimidating word, but it represents a big opportunity to save money while earning your degree. Essentially, a consortium agreement allows you to save as much as 73% per credit hour (potentially tens of thousands of dollars) by taking many of the classes required for your Ferris degree with your local community college. Since you can only receive financial aid through one institution, the consortium form sorts everything out and allows us to process your aid for you. Let s say you ve been accepted into the Business Administration program at our Grand Rapids campus. Your program would look something like this: Grand Rapids Community College 98 Credit Hours $113 Per Credit Hour Resident Total: $11,074 Ferris Statewide 30 Credit Hours $419 Per Credit Hour Total: $12,570 Tuition only. Costs can vary depending on program. Based on tuition rates. Total Tuition for Degree: $23,644 It all adds up to one of the least expensive bachelor s degrees in Michigan. Head over to ferris.edu/consortium for more info.

6 FAFSA START HERE No matter where you re at financially, the first step in paying for your degree is filling out the Free Application for Federal Student Aid (FAFSA). It s used by the federal government to determine how much help grants, scholarships and loans you might need with your education-related expenses. Gather Your Documents All you ll need is your Social Security Number and a few financial documents, such as your most recent tax return. Create a Federal Student Aid ID at fsaid.ed.gov/npas, fill out the entire application, sign, submit and you re done. File Your Application ASAP The application window opens October 1. File ASAP! Aid is awarded on a first-come, first-served basis. It s simple and totally free. Complete it online at fafsa.ed.gov. Make sure to use our school code (002260). Receive Your Award Letter Once you ve been officially accepted to Ferris and we have your FAFSA info, we ll put together your award letter and send it your way. Get excited, because it will outline exactly how much and what type of aid you re being offered. Accept or Decline Your Aid Make sure to accept or decline any aid offered to you within 21 days using our student portal, MyFSU.

7 SCHOLARSHIPS There are scholarship opportunities everywhere. These are four of our favorites, but you should check ferris.edu/statewide regularly for access to many more: Adult Learner Life-Changing Scholarship Freshman Achievement Scholarship Statewide and Online Endowed Scholarship Transfer Achievement Scholarship APPLY NOW Awarded on a first-come, first-served basis. Apply now for the best chance to receive aid. NEED MORE INFORMATION? Check out: ferris.edu/statewide ferris.edu/consortium Or contact one of our Financial Aid Advisors: Grand Rapids, Lansing, Muskegon, and Jackson locations: Lindsay Young (616) lindsayyoung@ferris.edu Traverse City Angela Garrey (231) angelagarrey@ferris.edu All other locations: Sheri Edstrom (231) cnsrtfinaid@ferris.edu Ferris State University does not discriminate on the basis of race, color, religion or creed, national origin, sex, sexual orientation, gender identity, age, marital status, veteran or military status, height, weight, protected disability, genetic information, or any other characteristic protected by applicable State or federal laws or regulations in education, employment, housing, public services, or other University operations, including, but not limited to, admissions, programs, activities, hiring, promotion, discharge, compensation, fringe benefits, job training, classification, referral, or retention. Retaliation against any person making a charge, filing a legitimate complaint, testifying, or participating in any discrimination investigation or proceeding is prohibited. Inquiries or complaints of discrimination may be addressed to the Director of Equal Opportunity, 120 East Cedar St., Big Rapids, MI or by telephone at (231) ; or Title IX Coordinator, 805 Campus Dr., Big Rapids, MI 49307, or by telephone at (231) See ferris.edu/non-discrimination BE CONNECTED: ferris.edu/statewide facebook.com/ferrisstatewide