Financial Aid 101. Trine University Peoria, Arizona

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1 Financial Aid 101 Trine University Peoria, Arizona

2 Agenda How to Apply Types of Aid Renewing Your Aid Loans NSLDS Access Contact Information

3 What is Financial Aid Financial aid is funds provided to students to assist them in paying for postsecondary education expenses

4 How to Apply for Financial Aid Complete FAFSA by March 1 st every year Submit additional documentation in timely manner Check your and mailbox for notifications Accept awards online at MyTrineFA Begin attendance in all of your classes

5 FAFSA Trine s School code is

6 Type of Aid Grants Loans

7 Types of Aid Financial aid comes from a variety of sources. federal government outside/ private sources

8 Common Federal Aid Programs Grants Federal Pell Grant Self-Help Direct Stafford Loans Parent PLUS Loans

9 MyTrineFA One stop shop for all things Financial Aid! Log-in using SSN-different than MyPortal Complete list of all aid Items needed to finalize aid Forms

10

11 Sample Billing Statement for Students

12 Renewing My Financial Aid Satisfactory Academic Progress (SAP) Enrollment Status

13 Satisfactory Academic Progress Evaluated every semester (1 st year students after full year) Minimum GPA (aim to stay above 2.0) Pace Maximum Time Frame

14 Calculating Pace/Max Time Frame Pace: hours earned/hours attempted 70% required Max Time Frame: 150% of total published time required to earn degree 120 hours X 150% = 180 hours

15 Consequences of Not Meeting SAP 1 st Term Alert Financial Aid Warning Financial Aid Suspension Financial Aid Probation (after appeal)

16 Other Important Information Must remain full-time to receive most aid (12-18 hours) Changing majors - Engineering vs. Non-Engineering Begin attendance in ALL classes Withdrawing

17 Loans Federal Direct Stafford Subsidized Loans Federal Direct Stafford Unsubsidized Loans Federal Direct Parent PLUS Loans Private/Alternative Loans

18 Stafford Subsidized Loan Available to students with financial need Maximum eligibility based on grade level Dept. of Ed pays interest While enrolled at least ½ time During grace period (Note: If you first receive a subsidized loan first disbursed between July 1, 2012 and July 1, 2014 you will be responsible for paying interest during grace period) During a period of deferment

19 Stafford Unsubsidized Loan Available to students, no requirement of financial need Maximum eligibility based on grade level You are responsible for paying interest Can make interest payments while in school (not required) Added to total loan

20 Parent PLUS Loan Federal Loans that parents of dependent undergraduate student can use to help pay education expenses Credit approval required Borrowers responsibility to repay

21 Private/Alternative Loans Non-federal loans Made through lender such as bank or credit agency Co-signer usually required Credit approval required

22 Where to apply for loans?

23 Federal vs. Private Loans Federal Student Loans Repayment begins after graduation/less than ½ time Fixed interest rate-generally lower than private loan May qualify for subsidized (no interest) No credit check required (Stafford only) No cosigner required Many repayment options Can be consolidated Postponement options available Private Student Loans May require payment while in school Often have variable interest rates No option for subsidized loan (you always pay interest) Credit check Cosigner most likely required Lender specific repayment options Can not be consolidated May not offer postponement options

24 Repayment plans Standard: Students will make fixed monthly payments to repay their loan in full within 10 years. Graduated: payments will be lower at first and then will increase, usually every 2 years. Students must repay their loan in full within 10 years. Extended: Students will make fixed or graduated monthly payments and repay their loan in full over a period of time, not to exceed 25 years (not including periods of deferment or forbearance). To be eligible student must have more than $30,000 in outstanding Direct Loans.

25 Repayment Plan Income-based: monthly payment amount will be based on student s annual income (and that of their spouse if married), family size, and the total amount of Loans. As income changes, payments may change. If students do not fully repay their loan after 25 years under this plan, the unpaid portion will be forgiven. Students may have to pay income tax on any amount forgiven. Income-contingent: the required monthly payment amount will be based on the student s income during any period when they have a partial financial hardship. The monthly payment amount may be adjusted annually. The maximum repayment period under this plan may exceed 10 years. If student s meet certain requirements over a specified period of time, they may qualify for cancellation of any outstanding balance on their loans.

26 Repayment plans For all repayment plans, student can: Prepay loans without penalty; Pay on a shorter schedule; and Change repayment plans once per year.

27 Postponement Options Deferment: a period during which repayment is temporarily delayed Types of Deferment: enrolled at least ½ time, unemployment, economic hardship, active military duty

28 Postponement Options Forbearance: Similar to deferment only interest accrues during period of postponement Types of Forbearance: financial hardship, illness

29 FINDING YOUR (FEDERAL) LOANS Be sure to review the information on You will need: 1. Your SS # 2. Your DOB 3. First 2 letters of your last name 4. Your FAFSA Pin # If you have forgotten your pin #, go to (

30 Office of Financial Aid option 2

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