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Financial Aid

Financial Aid. Paying for College: Financial aid was created as the BRIDGE to Higher education. All the information gathered on the FAFSA is to develop an understanding of the household information. Websites: www.PIN.ed.gov www.FAFSA.ed.gov - Apply online - It is Free and Fast!

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Financial Aid

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  1. Financial Aid

  2. Paying for College: Financial aid was created as the BRIDGE to Higher education. All the information gathered on the FAFSA is to develop an understanding of the household information

  3. Websites: • www.PIN.ed.gov • www.FAFSA.ed.gov • - Apply online • - It is Free and Fast! • UWM Department of Financial Aid www4.uwm.edu/financialaid

  4. Best Advice: APPLY!!!

  5. Applying Online is so Easy: • Complete and send FAFSA on the internet directly to federal processor • Automatically edits data as you enter it and detects errors before submission • Skip logic: asks only what you must answer • English or Spanish versions • Electronic Signature • E-mail notification of results • Detailed online help screens • Real-time online chat for immediate answers • Instant access to EFC estimate • Parents with more than one child in college only need to enter parental information once.

  6. Dependency Status • At least 24 years old; • Graduate or professional student; • Married; • Has child for whom student provides more than half support; • Has dependent other than child or spouse who lives with student and for whom provides more than half support; • Orphan; • In foster care or a ward of the court, at any time when the individual is 13 years of age or older; • Is an emancipated minor or is in legal guardianship; • Has been verified as an unaccompanied youth who is homeless or at risk of homelessness and is self-supporting; • Veteran of the U.S. Armed Forces or currently serving active duty for other than training purposes in the U.S. Armed forces; or • Determined to be independent by the financial aid administrator via Professional Judgment (Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

  7. Frequent FAFSA Errors Missing Signatures/PIN Wrong Social Security Number Divorced/remarried parent information Untaxed income U.S. income taxes paid Household size Number in postsecondary education Not using real name NOT APPLYING AT ALL

  8. REMEMBER: Re-apply every year between January 1st and March 1st

  9. Application Processing • FAFSA is submitted and processed by Federal Department of Education • UWM retrieves the info (1-2 weeks) • 3. UWM sends notification of award - OR - missing/inaccurate information (3-5 weeks) • - Verification process: Average of 6 weeks • - Admission Match (Name, DOB, SSN)

  10. What is Financial Aid? • - Gift Aid (Grants and Scholarships) • - Federal Work Study • - Loans

  11. FFELP Stafford Loans FFELP Stafford Loans Subsidized Non-interest bearing while in school Unsubsidized Interest bearing while in school Subsidized Non-interest bearing while in school Unsubsidized Interest bearing while in school • Interest rates 2009-2010: • 5.6% Sub and $3500 FR max • 6.8% Unsub and $2000 FR max • $5500 total maximum loan as Freshman

  12. Self-Service Each student must “Accept” any work study or loan awards they plan to use through their PAWS account.

  13. Master Promissory Note (MPN) & Entrance Loan Counseling: www4.uwm.edu/financialaid Click on“Online Loan Applications”, then click on “Stafford Loan Borrower”

  14. MPN : Selecting a Lender • Suggested lender list • Borrower benefits • Origination fees

  15. Additional Options • PLUS (interest 8.5% fixed) • Alternative Education Loans (interest varies) • Which is better? • Apply for both from our website: • www4.uwm.edu/financialaid

  16. How do I make sure my financial aid will be disbursed on time? • “Accept” any work study and loan awards through PAWS account Self-Service feature • Report Credit Level if less than 12 credits • 3) Complete a Master Promissory Note & • Entrance Loan counseling from Website • 4) Report any additional funding (i.e. Scholarships)

  17. Payment of Financial Aid August 22nd 1st disbursement of financial aid occurs August 24th TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition deposit

  18. Payment of Financial Aid, cont. Tuition and/or housing is paid first; excess cash is mailed Determining Balance Due: Tuition/Housing – Aid = Balance Due Positive Balance = balance due Negative Balance = Excess $$$

  19. Unusual Circumstances • Examples: Divorce, unemployment, death, high medical expenses • Call or set up an appointment with an advisor to discuss • Don’t wait to pay your tuition!

  20. RECAP: • Submit any required documents to financial • aid office • View financial aid award via PAWS account • accept awards • - Complete MPN and ELC for Stafford loans • Apply for additional loans if desired or needed • - Remember to re-submit the FAFSA each year between January 1st and March 1st

  21. Questions? Thank You for your time!

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