Second Look Weekend Financial Aid. Sylvie Hangen - Director of Financial Aid Carmela Vitale Financial Aid Assistant

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1 Second Look Weekend Financial Aid Sylvie Hangen - Director of Financial Aid Carmela Vitale Financial Aid Assistant

2 Financial Aid Application Process Step 1: Completing the FAFSA WHY complete it? It determines Federal Funding eligibility Application Deadline: 2 weeks after acceptance Our School Code:

3 Financial Aid Application Process Step 2: Completing the Need Access Application WHY Complete it? It determines Institutional funding eligibility Provides a more complete picture of your financial situation. Application deadline: 2 weeks after acceptance

4 Institutional Funding and Timeline

5 Accepting Your Awards -Students will receive an notification -This is a direct link to their Electronic Financial Aid Award Letter - Students will use this to accept/decline their awards - Available 24-hours a day, 7 days a week * Please remember to click Submit once you have accepted your awards

6 Budgeting Basics: Managing Your Money During the Lean Years Benefits of Budgeting: Maintain better control of your spending. Cover all essential expenses before making optional purchases. Prepare for unexpected expenses by building an emergency fund. Budgeting is important! Avoid running into credit problems

7 Tips to Manage your Credit Wisely: The Impact of Bad Credit: Pay bills on time. Don t max out your credit card(s). Check your credit report annually: Failure to qualify for purchases of home, car, etc. Loss of job opportunities if employer conducts a credit check. Difficulty renting an apartment.

8 COST OF ATTENDANCE (C.O.A.) (Health Insurance Can be Added to Budget) Off Campus Budget At Home Budget Tuition $53, Fees $ Computer + Supplies $1, Medical Equipment $ Living Allowance $16, Transportation $3, Loan Fees $ Total C.O.A. $77, Tuition $53, Fees $ Computer + Supplies $1, Medical Equipment $ Living Allowance $11, Transportation $2, Loan Fees $ Total C.O.A. $70,553.00

9 C.O.A. EQUATION The Following Example is Based on the: Off Campus Budget : COA($77,256.00) Financial Aid (Internal & External)= X X - Stafford Loan (max $42,722.00)= The Maximum you can borrow on a Graduate Plus Loan, Private Loan, Etc Therefore: $77, $42, ( If no Internal and External Aid) =$34,534.00

10 Direct Stafford Loans 101 What is a Direct Stafford Loan? A federal fixed-rate loan for students who enroll at least half-time. How is Eligibility Determined? Eligibility for Stafford Loan determined by completion of the FAFSA. Check federal student loans (if any): (National Student Loan Data System) - Displays loan amounts/loan status.

11 MPN and Entrance Counseling For students interested in applying for Federal Loans log on to: What is an MPN(Master Promissory Note)? - Your legally binding contract between you and the Department of Education regarding your rights and responsibilities as a Federal Student Loan Borrower. What is Entrance Counseling? -An interactive online tool that reviews with the student, his/her rights and responsibilities as a Federal Student Loan Borrower.

12 Federal Direct Graduate Plus Loan vs. Alternative (Private) Loans Research and Then Decide : Before making a decision, research and compare program features, including: - Loan terms - Interest Rates (Grad PLUS 7.21% through June 30th) - Origination Fees (Grad PLUS 4.292% through June 30 th ) - Conditions.

13 Federal Direct Graduate PLUS Loan

14 Billing Medical student invoices will be available on Web Advisor Payments due July 22nd for Fall month payment plans available for $75

15 Guide To Financing Your Medical Education Verification Standards for Satisfactory Academic progress Medical School Refund Policy

16 AAMC and FIRST FIRST includes: 1. Financial Information i.e. Monthly Payment estimator 2.Resources i.e. podcasts/publications 3. Services i.e. webinars/debt management workshops 4. Tools i.e. online calculator For more information, visit:

17 $ALT The First Form of Money You can access SALT by going to:

18 Sign Up For $ALT and Begin YOUR Quest For Financial Savviness:

19 Questions?