pacific university of oregon

Financial Aid & Financial Planning InformationFor 2010-2011 Pacific University Pacesetter Families

Pacific University Financial Aid• Financial Aid Mission: to help make a

Pacific University education affordable– We offer merit-based and competitive scholarships,

need-based grants, employment opportunities, and loans

– Funds for these awards come from institutional, federal, state, and private sources

Pacific University Financial Aid• Financial Aid Process – simplified

Pacific University Financial Aid• Financial Aid Process – actual

– Student is admitted to Pacific– Student submits FAFSA online at www.fafsa.gov,

listing Pacific (003212); student receives an electronic Student Aid Report (eSAR)

– Student participates in the Pacesetter Scholarship competition; results are calculated

– Pacific reviews the student’s FAFSA data, requests additional information if needed

– Pacific prepares financial aid “package”, notifies student, revises aid if necessary, processes loans for which student applies, and disburses aid when classes begin

Pacific University Financial Aid• Financial Aid Programs

– Scholarships• Founders, Honors, Presidential, Trustee, and

University Scholarships – $15,000 to $7,500 per year based on academic record

• Pacesetter Excellence Awards – full tuition awards for top qualifier from each full day competition

• Pacesetter Scholarships – $5,000 to $1,000 per year based on competition results

• Music & Forensics Talent Awards – amounts vary


– Grants• Federal: Federal Pell Grant, FSEOG, ACG,

TEACH Grant – amounts vary• State: Oregon Opportunity Grant – amounts vary

and depend on state funding• Institutional: Pacific Grant, Pacific Community

Grant – amounts vary based on FAFSA data


– Employment• Federal Work-Study – up to $2,200 based on

“need” and fund availability• Pacific Work-Study – up to $1,000 non-need-

based institutional award


– Loans• Federal Direct Loan – $5,500 for freshmen, up to

$3,500 of which can be subsidized (based on “need”). Subsidized loans are at 4.5% fixed interest; unsubsidized loans are at 6.8% fixed interest

• Federal Direct Parent PLUS Loan – up to total cost minus student’s financial aid and outside scholarships to credit-worthy parent borrowers at 7.9% fixed interest

Pacific University Financial Aid• Financial Aid Concepts

– Cost of Attendance (COA) – estimate of total direct and indirect costs for an academic year; consists of standard amounts in federally defined categories

– Expected Family Contribution (EFC) – federally defined index of a family’s relative financial strength; not necessarily an accurate indication of ability to pay

– COA minus EFC = “Need”– Need-based aid cannot exceed “need”– Non-need-based aid can meet or exceed “need”

Pacific University Financial Aid• Financial Aid Considerations

– The price of higher education is an investment in your student’s future; its value should be considered in that context

– The net price for degree attainment should be considered along with the annual net price

– Financial aid packages can result in a surprisingly affordable “net price” – the family’s cost after financial aid is received

Pacific University Financial Aid

• Private University$42,000 annual cost

- $16,500 institutional aid- $7,500 federal aid

$18,000 annual net price

x 4 years of attendance

$72,000 net price of degree attainment

• Public University $21,000 annual cost

- $1,500 scholarship

- $7,500 federal aid

$12,000 annual net price

x 5 years of attendance

$60,000 net price of degree attainment


– Pacific’s institutional scholarships are renewable for the student’s four years of full-time enrollment while in good academic standing

– Need-based aid from any source can change if student’s “need” changes during the year, or from year to year

– Outside scholarships meet unmet “need”, then replace loans, then replace work-study, then replace other aid if necessary


– Students and parents should update the income they reported on their FAFSAs to match the income they reported on their 2009 federal income tax returns if needed

– Families who have experienced financial difficulties such as a job loss, pay reduction, or unusual unreimbursed medical expenses should contact the Financial Aid Office

Pacific University Financial Aid• Financial Planning Considerations

– Applying for Scholarships• Donors want to invest in students who will be

successful if given the chance• Be sure you’ve looked at all local sources• Keep looking online• Oregon residents should be sure to access

www.getcollegefunds.org for information about state-administered private scholarships


– Managing your finances• Check your credit report; correct errors and

provide explanations if necessary• Track your spending patterns; look for ways to

spend less/save more• Develop a financial plan for the next four years that

includes some contingencies


– Considering additional financing options• Federal Direct Parent PLUS Loans

– Credit-based

– Monthly payments begin 60 days after spring disbursement; a $10,000 loan will require about a $126 per month payment

– Payments can be deferred while student is enrolled; interest will accrue


– Considering additional financing options• Early withdrawals from retirement accounts

– Watch for fees and penalties• Using home equity loans or lines of credit

– Interest deduction possible• Using Pacific’s tuition payment plan

– Four monthly payments of remaining balance each semester; fall payments begin in August, spring payments begin in December

Pacific University Financial Aid• Financial Aid Office

– Located on the first floor of Marsh Hall– Open 9:00 AM to 5:00 PM weekdays– Phone: (503) 352-2222; 1-877-722-8648, ext. 2222– Fax: (503) 352-2940– E-mail: [email protected]

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