Financial Aid 101
Pharmacy Orientation 2011
Congratulations!
• You made it to Pharmacy School!
• Now, how do you navigate the world of financial
aid, paying your tuition, and surviving without
excessive debt?
Planning Ahead
• Plan your financial future today!
REALITY CHECK:
Average student loan indebtedness
for a WSU Pharmacy Medicine
Graduate is $101,226. (Class of 2010)
Student Loan Debt Range:
$0 - $200,001+
Personalize zzusis
Provides access 24/7 to:
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Financial aid to-do list
Financial aid award
Bill (what you owe)
Track direct deposits/availability of funds
Update mailing address
Portal notices
Register for classes
Announcements
Your Financial Aid Award
Assuming that you’ve completed your FAFSA
and all of your to-do items, you have a financial
aid award.
• Loans
• Scholarships
• Work Study
Financial Need
Cost of Attendance
– Estimated Family Contribution
----------------------------------------------Financial Need
NOTE: All financial aid and other
resources can not exceed your
cost of attendance.
2011-2012 Cost of Attendance
Resident
Non-Resident
Tuition
$ 19,022
$
35,746
Mandatory Fees
$
862
$
862
Books
$ 1,200
$
1,200
Room
$ 6,430
$
6,430
Board
$ 4,146
$
4,146
Transportation
$ 1,434
$
1,434
Miscellaneous
$ 2,108
$
2,108
Total
$ 35,202
$
51,926
Loans
• The majority of your education is likely to be
paid for by student loans.
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Subsidized Stafford Loan
Unsubsidized Stafford Loan
Health Profession Loan
Graduate PLUS Loan
Alternative/Private Loan
NOTE: You must complete your Master Promissory
Notes and Entrance Counseling prior to the release
of any loan funds.
Subsidized Stafford Loan
• Need-based loan
• Eligible for up to $8,500
• Interest paid by federal government in school
• 6-month grace period
• Funded by Department of Education (direct
loan)
• Payments could be made to servicing agency
• Interest rate
 Current = 6.8% (fixed) for grad students
 Cap of 8.25%
Unsubsidized Stafford Loan
• Non-need based loan
• May be eligible for up to $32,000
• Interest accrues, not paid by federal
government
• 6-month grace period
• Funded by Department of Education (direct
loan)
• Interest rate
 Current = 6.8% (fixed)
 Cap of 8.25%
Health Professions Loan
• Need based loan
• Funded by federal government
• Processed at the school
• 5% interest rate
• 9 month grace period
• Must include parental information on your
original FAFSA submission each year
Graduate PLUS Loan
• Non-need based loan
• Interest not paid by federal government
• No grace period
• In-school deferment available
• Funded by Department of Education (direct
loan)
• Credit check required
• Interest rate
 8.5%
Getting Your Money
• Work-Study funds paid on the 10th and 25th
• Depends on number of hours worked and rate of pay
• Loan funds sent to WSU electronically and
deposited to your WSU student account
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Funds are released on the 1st day of classes
Separate disbursements for each semester
Sign up for direct deposit online at zzusis
Paper checks mailed to primary address maintained
by student on zzusis
REMINDER: Check zzusis!
Reapply for Financial Aid Every Year
• FAFSA
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Available for renewal on January 1
WSU priority deadline is now February 15
www.fafsa.ed.gov
Remember to include parental information for
the Health Profession Loan
Summer Financial Aid
• Separate application must be completed
• Available in December in the Financial Aid
Office or online at www.finaid.wsu.edu
 Stafford Loans
 Grad PLUS Loans
 Private Loans
Planning Ahead
• Plan your financial future today!
REALITY CHECK:
Average student loan indebtedness
for a WSU Pharmacy Graduate is $
101,226. (Class of 2010)
Student Loan Debt Range:
$0 - $200,001+
Loan Repayment Approximation
Loan
Amount
Monthly
# of
Payment Payments
Total
Interest
Total
Paid
$8,500
$98
120
$3238
$11,738
$25,000
$288
120
$9,524
$34,524
$50,000
$575
120
$19,048
$69,048
$100,094
$1,152
120
$38,133
$138,227
$200,001
$2,302
120
$76,193
$276,194
NOTE: Assumes 6.8% interest rate and
standard repayment schedule.
Create a Spending Plan
• Track your spending
 Little things add up!
 Basis for plan
• Establish a spending plan
 Adjust it as necessary
 Remember to pay yourself first
 Short-term sacrifice for long-term good
Reminders
• zzusis is your best friend
• Apply for summer financial aid in December
• Apply for next year’s financial aid between
January 1 and February 15
• Ask questions, get answers and assistance
• Keep your professional goals in mind
• Breathe!
Questions?
WSU Financial Aid
509.335.9711
finaid@wsu.edu
3rd Floor, (380) Lighty