FINANCIAL AID BASICS

1. FINANCIAL AID BASICS NCSU CVM Class of 2017

2. Yeah…I’m accepted…now how do I pay for it? • Loans Direct Unsubsidized GRAD Plus Private • Grants NC State University State of NC or Federal • Scholarships CVM or External Awards

3. First things first… • FAFSA www.fafsa.ed.gov • Basis for all financial aid • Priority Deadline was March 1 • Takes at least4 weeks to process and have information sent to NCSU • Tax filing complete vs estimated taxes • DVM students are independent; no parental info necessary • FA Award in MYPACK in mid June

4. Loans • Direct Unsubsidized Loans • Federally guaranteed loans • Limit per year is $40,500 • Interest rate of 6.8% • Interest begins accruing upon loan disbursement • FA office originates your loans with the US DOE • If first loan, you will sign Master Promissory Note and complete Entrance Counseling (both online) • Offered and accepted through your MYPACK portal

5. Loans (con’t) • GRAD PLUS • Allows DVM students to borrow a low interest, federally backed loan when Direct loan eligibility has been exhausted. Based on credit rating of applicant • Typically needed by Non Resident DVM students for their first year (COA exceeds Direct limit) • 7.9% interest rate • Interest charged from date of disbursement until loan is paid in full • Do not apply for this through NC State. Applicant applies at: https://StudentLoans.gov • Will show up in MYPACK portal after you complete MPN and ELC online

6. Private Loans • Should be used as last option • Not guaranteed by DOE. A bank, credit union, etc is lender. • Interest rates higher than Direct • Requires established credit record or cosigner • Repayment more rigorous-may begin while in school • Not eligible for consolidation • Not eligible for loan forgiveness for public service • May have prepayment penalty fee • May not be eligible for deferment or forbearance • Interest may not be tax deductible

7. Grants &Scholarships • Grants from state or federal gov’t or NCSU. Very limited the last 5 years • CVM Scholarships: 1 application for all awards • Student Svcssends link to CVM Scholarship Application • Complete electronically and submit • Selected by Scholarship Committee • Info sent to FAO; Awards show up in Portal along with loans, grants, etc. • Must write “thank you note” to donor • External Scholarships: report them to FAO

8. MYPACK & Billing • Become familiar with MYPACK Portal now • Go through tutorial at: http://www.fis.ncsu.edu/cashier/documentation/default.asp • Ebills sent via MYPACK in July • If you have “estimated financial aid” (loans, etc) and it covers tuition and fees, then your “balance due” should be $0 so you need to pay nothing • Otherwise, balance owed should be paid by “due date” • Refunds for living expenses • Set up Direct Deposit now

9. Verification • 40% of all students who apply for aid are selected for this review process • Complete forms PROMPTLY and submit asap • One month process (minimum) • FA Award will NOT be offered until verification is complete: ALL Forms submitted→ FAO Received→FAO review & process→Fedsreview→approval to FAO→Award to MYPACK→student accepts award→award processed

10. ???? • Johanna Donovan, Assistant Director of Student Services johanna_donovan@ncsu.edu 919-513-6214 • Sid Holloway, FAO Assistant Director/DVM liaison sid_holloway@ncsu.edu • Additional information www7.acs.ncsu.edu/financial_aid/ www.cvm.ncsu.edu/studentservices/money.html www.fafsa.ed.gov www.nslds.ed.gov www.studentaid.ed.gov www.fis.ncsu.edu/cashier/