1 / 19

Financial Aid: How we do what we do!

Financial Aid: How we do what we do!. Welcome to UWM !. Color Coded Information Sheets:. Your students received a half-slip indicating where they were in the process: Blue, Red, Yellow, Green, Orange By understanding the colors, you will understand the process. BLUE.

keith
Download Presentation

Financial Aid: How we do what we do!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Financial Aid: How we do what we do! Welcome to UWM!

  2. Color Coded Information Sheets: Your students received a half-slip indicating where they were in the process: Blue, Red, Yellow, Green, Orange • By understanding the colors, you will understand the process.

  3. BLUE You have not applied for Federal Aid • It isn’t too late! • www.FAFSA.gov • It is a FREE application • IRS Data Retrieval The application is based on the a belief that the responsibility of paying for a student’s education falls to the student and the parent with assistance from the Government. Everything you enter on the FAFSA is utilized to determine what a student is eligible for. It is critical you enter the information correctly the first time!

  4. Red We are in need of something from you before we can award you Federal Aid • Visit your PAWS account for any “To Do” items • Processing time frames vary • Verification, Selective Service, Citizenship All processes to apply for federal aid are electronic from start to finish. Students will need to watch their email and PAWS account for the most up-to-date information. This is the way all college students are expected to conduct their business. Our PAWS tutorial walks students through accessing their account and how to use the “To Do” links. There are hot links on the To Do Items.

  5. Yellow Your Financial aid is in Process • Watch your PAWS account • Funding will be awarded with in the week The good news is that you have turned in all the requested documents and an award is in process. The difficult part is the waiting. While you are waiting you may read the Financial Aid Handbook and go through the PAWS tutorial.

  6. Green You have been awarded Federal aid • You must accept your federal aid within 30 days of being awarded on your PAWS account • Complete your Master Promissory Note and Entrance Loan Counseling Congratulations! The wait is over. Your PAWS account will reflect any funding you are eligible for from the state or federal government. It is time to take action to ensure you have enough funding to help pay for your college years.

  7. Orange You were awarded federal aid but did not accept it with in the 30 day window • Email our office at: finaid@uwm.edu, or visit us tomorrow to request your funding back All students are required to accept their funding with in 30 days of being awarded or funds will be canceled. Certain funds are limited and if a student is not going to use them, we want to award it to another student.

  8. What is Financial Aid? Gift Aid Self Help Aid Loans Work Study Funding you are responsible for ~ • Grants • Scholarships Funding you do not have to repay!

  9. Federal Direct Loans Subsidized Unsubsidized Non-need based aid Fixed interest rate of 4.66% Interest accrues while student attends school Repayment begins after graduation or the student stops attending at least half time • Need Based • Fixed interest rate of 4.66% • There is no interest on the loan while in school • Repayment begins after graduation or the student stops attending at least half time

  10. Master Promissory Note and Entrance Loan Counseling All first time borrowers must complete this process at: www.studentloans.gov

  11. Calculating your Balance Your Aid – Tuition = Balance Due HOWEVER Loans have origination fees of 1.072% origination fee Initial payment of loan $2750 will have a net disbursement of $2720 • If negative amount, your balance • If positive amount, your refund • Excess Cash is sent to mailing address on PAWS

  12. True Cost of Attendance • Direct Costs • Tuition, Fees, Housing • Tuition and fees will be $9,438 for the year or $4,719 for the semester • Housing is dependent upon your living circumstances: on campus vs at home. • What you ultimately pay • Indirect Cost • Books, Personal/Misc Expenses, Medical, Transportation • Housing is dependent upon your living circumstances: on campus vs at home. • The “sticker price” you plan for

  13. Sample Cost of Attendance for 2014-15: $21,274 Tuition & Fees $9438 (Fall/Spring or $4719 for one semester) Books $ 700 Room $6126 (AVG of double room in Sandburg, Riverview and Cambridge) Board $3010 (level 1 meal plan) Personal/Misc $2000 ($62.50 per week)

  14. Additional Resources PLUS Loans Alternative or Private Education Loans Student is borrower Credit check of student and co-signer Variable interest rate range Begin repayment after graduation or stop attending at least half time • Parent is borrower • Credit Check of Parent • Fixed interest rate of 7.21% • Begin repayment 60 days after final disbursement Go to www.financial aid.uwm.edu, under loans look for comparison chart

  15. Timely disbursement of aid • Must accept aid • Earliest payment is 10 days prior to first day of classes • August 23rd • Must report any outside resources: • Scholarships, DVR • Must notify us if taking less than 12 credits • Must complete MPN and ELC

  16. Unusual Circumstances • Divorce, Unemployment, Death, high medical expenses • Call to set up an appointment with advisor to discuss impact and gather paperwork • Must still apply for federal aid with 2013 tax information; we will update for you

  17. Third party access • Allows Parents to view Student Information • Parents cannot accept funds

  18. Everything you need in one spot: www.financialaid.uwm.edu • Ask the Panther • The student handbook • PAWS tutorial • Presentations and Handouts

  19. Questions? Department of Financial Aid, Student Employment and Military Education Benefits 2442 E. Kenwood Blvd MellencampHall, rm 162 PO Box 469 Milwaukee, WI (414)229-4541

More Related