Understanding Financial Aid at Berea College

Berea College offers a comprehensive financial aid program to meet students' financial needs. The college covers 100% of a student's financial need through grants, scholarships, and work-study programs without requiring any loans. Types of financial aid available include gift aid (scholarships and grants) and self-help aid (work-study and loans). Changes are coming for the 2024-2025 academic year, with the Expected Family Contribution (EFC) being replaced by the Student Aid Index (SAI).

• Financial Aid
• Berea College
• Scholarships
• Grants
• Student Aid

tob_spr Follow

Uploaded on Sep 22, 2024 | 1 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. Understanding Financial Aid at Berea College

2. Student Financial Aid Services finaid@berea.edu Zac Miller, Counselor Danielle Robbins, Counselor Johauna Gosney, Accountant/Counselor Stephany Blaney, Manager of Technology & Communications Chris Thomas, Assistant Director Andrea Spry, Director

3. Cost of Attendance Expected Family Contribution (EFC) __________________________________________________________ = Financial Need

4. 2023-24 Cost of Attendance $60,718 Direct Expenses $57,218 Tuition $48,600 Mandatory Fees $726 Housing $4,002 Food $3,890 Indirect Expenses $3,500 Books, Supplies, Materials & Equipment $700 Transportation $1,000 Personal $1,800

5. Expected Family Contribution (EFC) Determined by information on the FAFSA Can only be replaced by non-need-based loan Any source of financial assistance must be used to meet financial need

6. Changes coming for 2024-2025! EFC will be replaced by Student Aid Index (SAI) FAFSA will be available in December 2023 We will have more info/training stay tuned!

7. Types of Financial Aid Gift Aid - no repayment required Scholarships (merit, abilities, interests) Grants (financial need) Self-Help Aid - student obligation Work study (payment for hours worked) Loans (must be repaid)

8. Uniquely Berea Berea meets 100% of a student s financial need with grants, scholarships, and work study - no loans!

9. Bereas Tuition Promise Scholarship All students receive a combination of federal, state, private & institutional grants & scholarships that cover tuition

10. The Labor Program One of 10 Federal Work Colleges in the country All students work minimum 10 hours/week Schedule is set with labor supervisor Learn soft skills (attendance, accountability, teamwork, initiative, respect, learning) Progress in Work-Learning-Service levels

11. Labor Program continued Receive Labor Grant to assist with tuition Receive monthly paycheck to assist with term bill, indirect expenses Must budget labor earnings to ensure educational expenses are covered Direct deposit!

12. Student Accounts Term bill remaining balance of housing, food, & mandatory fees not covered by grants or scholarships Your account may also include any books/supplies charged, additional course fees, parking tags/tickets, library fines, etc.

13. Confirmation All students confirm their enrollment at the beginning of each fall and spring term All College business must be complete Term bills must be paid, or an arrangement for payment must be made

14. Option 1: Pay in Full Methods of Payment Payments can be made: Through myBerea portal Via phone at (859)985-3094 In-person in Lincoln Hall (M-F, 8:30-12:00, 1:00-4:30) Via check: Student Accounts ATTN: Madison Stewart CPO 2168 Berea, KY 40404

15. Option 2: Authorize a Payroll Deduction Certain amount or percentage of earnings is deducted each payroll & automatically applied to student s account Can sign up via myBerea portal or Request a deduction by emailing stuaccts@berea.edu

16. Option 3: Submit a Payment Arrangement Students/families can submit a payment plan explaining how the balance will be paid before the end of term Students with a balance of $200 or more will not be able to register for the following term Can request via our website under Forms & Resources berea.edu/student-financial-aid

17. Option 4: Apply for Additional Aid (Loans) If families cannot pay their expected family contribution, loans are available Complete an Additional Aid Application (also on our website) berea.edu/student-financial-aid Loans will be considered after counseling to explore all other options

18. Online Bookstore/Book Charges Each student has a $500 credit limit to use at our online bookstore Any charges against this will show on your student account This is a cash advance not a scholarship!

19. Student Health Insurance Students covered under an individual or parental plan are exempt Not all plans transfer to KY $200/term (covered for Pell-eligible students)

20. Electronic Consent In order to have information sent to you via email or other electronic means, we must have a signed consent form (these are in your packet). You can also complete this process via myBerea.

21. Questions???

22. Contact Us! Student Accounts ATTN: Madison Stewart CPO 2168 Berea, KY 40404 859-985-3094 stuaccts@berea.edu Student Financial Aid Services CPO 2172 Berea, KY 40404 859-985-3310 finaid@berea.edu berea.edu/student-financial-aid