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Finding Out What You Owe Paying Tuition How Much Will It Cost Sources of Money Managing Student Finances. Managing the Maze. Student Fiscal Services 129 SCHMITZ HALL Box 355870 Phone: 206-543-4694 Email: sfshelp@u.washington.edu www.washington.edu/students/sfs/.

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Presentation Transcript
slide1

Finding Out What You Owe

Paying Tuition

How Much Will It Cost

Sources of Money

Managing Student Finances

Managing the Maze

slide2

Student Fiscal Services

129 SCHMITZ HALL

Box 355870

Phone: 206-543-4694

Email: sfshelp@u.washington.edu

www.washington.edu/students/sfs/

Office Of Student Financial Aid

105 SCHMITZ HALL

Box 355880

Phone: 206-543-6101

Email: osfa@u.washington.edu

www.washington.edu/students/osfa/

slide3

E-Billing: The official UW Bill

  • Email notification (don’t forget to forward your email)
  • View bill on line (MyUW)
  • Download and print a copy
  • Authorize individuals to have online, phone and in-person access to your tuition information
  • Links to payment methods
slide5

One day late...

LATE FEES

$50 to $249.99  $50

$250 and over $120

Students will have holds on registration and transcripts until the past due balance is paid.

The tuition payment is due on the 3rd Friday of the Quarter

student insurance
Student Insurance

http://depts.washington.edu/ovpsa/insurance.html

Must make selection and/or any changes by 7th calendar day of the Quarter

tuition forfeitures schedule changes
TuitionForfeitures/ScheduleChanges

Changes must be made by the 7th calendar day of the Quarter in order to avoid financial penalties

8th to the 30th calendar day:

  • $20 Add/drop fee which covers a 24 hour period
  • New tuition rate plus half the difference between the old and new rate
  • After the 30th calendar day:
  • $20 Add/drop fee which covers a 24 hour period
  • Full tuition rate
slide10

Drop in slot

In person in 129 Schmitz

Hub Branch

of US Bank

You may pay by check or cash…

slide12

There will be a convenience fee for each transaction

Student or a 3rd Party May Pay by Credit Card

https://sdb.admin.washington.edu/parents/ccpay.asp

aid disbursement
Aid Disbursement

Stafford Loan

Student Signs Master Promissory Note Online: dlenote.ed.gov

Perkins Loan

Student Signs Master Promissory Note Online: MyUW - Financial Aid Status

  • Federal Direct Parent Loan
  • for Undergraduate Students (PLUS)
  • Respond to the Letter from SFS Requesting Information
  • Sign the Master Promissory Note Online: dlenote.ed.gov
slide14

Outside Sponsors

  • If you are receiving funds from:
    • Hometown Organizations
    • Employers
    • ROTC or other Government Agencies
    • GET Program

Checks and/or contracts are sent to Student Fiscal Services

CorrespondenceCheck Payments

University of WashingtonUniversity of Washington

Student Fiscal ServicesStudent Fiscal Services

129 Schmitz Hall PO Box 24967

Box 355871Seattle, WA 98124-1967

Seattle, WA 98195-5871

slide15

Short Term Loans

Maximum available is $2500 (undergrad); $3200 (graduate/professional)

Apply to tuition or receive cash

MyUW’s Personal Services – click on “Short Term Loan Application”

disbursement of financial aid loans scholarships grants
Generally, tuition and fees are paid firstDisbursement of Financial Aid: Loans, Scholarships & Grants

Depending on the stipulations of the sponsor,

the balance may be available to the student.

slide18

How Much Will It Cost?

ACADEMIC COSTS PER YEAR

Tuition Non-Resident

Books and Supplies

Room & Board

Personal Expenses

Health Insurance

Transportation

Parking

$23,210

$1,035

$8,640 (7,488*)

$2,265

$1,419

$396

$1,122**

*Residence hall contract – gold meal plan (double occupancy).

**2008-09 rates (est.)

fafsa
FAFSA

Free Application for Federal Student Aid

  • Must file the FAFSA each year to be considered for financial aid
  • FAFSA must be filed after January 1st
  • The application must be dated as received by the federal processor by February 28 for priority consideration
  • The receipt date reflects when the servicer processes and stamps your application
  • Transmit your application (or mail the form) no later than February 15
  • Continuing student award letters - notices emailed in late spring/early summer
slide20

Employment & Work Study

http://www.washington.edu/admin/hr/jobs/student_empl_links.html

stafford loans
Stafford Loans
  • Student is the borrower
  • Current interest rate beginning 7/1/08 – 6.0% fixed subsidized, 6.8% unsubsidized
  • Repayment begins 6 months after student drops below ½ time, leaves school or graduates
  • Deferment – a period in which repayment of the principal balance is postponed (www.dlssonline.com)
  • Sign online at http://dlenote.ed.gov/
sub vs unsubsidized stafford
Subsidized Loan

Need based

Interest paid by government while student attending school ½ time or more

Unsubsidized Loan

Non-need based

Government does not pay interest

Students have option of paying interest while attending school or have it added to the principal

Sub vs. Unsubsidized Stafford
plus parent loan for undergraduate students
PLUSParent Loan for Undergraduate Students
  • Non- need based
  • 7.90% interest rate
  • Repayment begins 60 days after the final loan disbursement for the period of enrollment for which your parent borrowed or a deferment may be requested while you’re enrolled at least half time
  • Funds electronically transferred to the student’s account unless parent indicates otherwise
plus denial
If the PLUS loan is denied by the Direct Loan Program, the student may be eligible for up to $4000/$5000 in additional Unsubsidized Stafford Loan

Additional amount depends upon class code limit and unmet cost of attendance

Written confirmation from the parents that they will not try to re-apply for the PLUS must be provided to the OSFA before the additional loan can be authorized

PLUS Denial
aid disbursement25
Aid Disbursement

Stafford Loan

Student Signs Master Promissory Note Online: dlenote.ed.gov

Perkins Loan

Student Signs Master Promissory Note Online: MyUW - Financial Aid Status

  • Federal Direct Parent Loan
  • for Undergraduate Students (PLUS)
  • Respond to the Letter from SFS Requesting Information
  • Sign the Master Promissory Note Online: dlenote.ed.gov
slide26

Short Term Loans

Maximum available is $2500 (undergrad); $3200 (graduate/professional)

Apply to tuition or receive cash

MyUW’s Personal Services – click on “Short Term Loan Application”

slide27

Scholarships

UW Scholarships Office – website and list-serv

http://www.washington.edu/students/ugrad/scholar/

  • Possible sources for scholarships:
  • The Office of Student Financial Aid
  • The Undergraduate Scholarship Office
  • Academic Advisors
  • Professors/Departments
  • Hometown Organizations
  • Employers
  • ROTC
  • Library Reference Sections

Timeline: Plan ahead and meet with mentors during Summer and Autumn Quarters, keeping in mind that deadlines generally occur during Winter Quarter and interviews in the Spring.

disbursement of financial aid loans scholarships grants28
Generally, tuition and fees are paid firstDisbursement of Financial Aid: Loans, Scholarships & Grants

Depending on the stipulations of the sponsor,

the balance may be available to the student.

slide30

Student can receive aid 2 ways

    • 1. Direct Deposit into the student’s bank account
  • To set up – log on to http://myuw.washington.edu
        • Go to Direct Deposit Transfer under “Student Personal Services”
  • 2. Through the US mail to the student’s address
    • A request needs to be made a day in advance of mailing:
      • web: www.washington.edu/students/sfs/
      • email: sfshelp@u.washington.edu
      • telephone: (206) 543-4694

In-person pick up of checks is not available

slide32

For information read IRS publication 515

IRS web site:

http://www.irs.gov/

UW tax web site:

www.washington.edu/students/sfs/sao/maintax.html

Tax Questions for Student Fiscal Services

Email: taxquest@u.washington.edu

Managing Your Finances

slide33

Money 101

Managing Your Finances

Didyou know that the average undergraduate owes $3,262 on credit cards? Loan debt can burden students early on. ‘Money 101’ can help! These interactive workshops focuses on several aspects of responsible money management including: credit reports, fraud, credit cards, earnings & savings, budgets and investments.

Contact us! sfscust@u.washington.edu

http://www.washington.edu/students/sfs/outreach/index.html

slide34

OVERAWARDS

  • Official Withdrawal
  • student notifies the University that he/she will no longer attend any classes
  • the institution determines that they will not permit the student to continue enrollment
  • Unofficial Withdrawal
  • student does not officially withdraw but does not continue attending classes throughout the quarter
  • if a student does not pass any classes, he/she is assumed to have unofficially withdrawn
  • Over Awarded Financial Aid
  • student receives more financial aid than he/she is eligible to receive

Financial Aid Disbursement

slide36

Residency Requirements

www.washington.edu/students/reg/residency.html

To be classified or reclassified as a resident, for tuition and fee purposes, a student must establish a bona fide domicile in the state of Washington primarily for purposes other than educational for the period of one year immediately prior to classification as a resident.

A nonresident student who is enrolled for more than 6 credits a quarter will be presumed to be in the state of Washington for primarily educational purposes.

slide37

Student Fiscal Services

129 SCHMITZ HALL

Box 355870

Phone: 206-543-4694

Email: sfshelp@u.washington.edu

www.washington.edu/students/sfs/

Office Of Student Financial Aid

105 SCHMITZ HALL

Box 355880

Phone: 206-543-6101

Email: osfa@u.washington.edu

www.washington.edu/students/osfa/