Financing your Education Federal Financial Aid. María G. Carrizales Ruben Torres Office of Student Financial Aid UTEP

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1 Financing your Education Federal Financial Aid María G. Carrizales Ruben Torres Office of Student Financial Aid UTEP

2 Financial Aid Made Easy I CAN AFFORD TO CONTINUE MY EDUCATION TOPICS WHAT HOW WHEN HELPFUL INFORMATION

3 WHAT: Types of Aid Scholarships (Merit Based) Grants(free money) Loans

4 WHAT: Types of Aid GRANTS (free money; most is need based ) FUNDED AT FEDERAL AND STATE LEVELS Apply Early: before March 15 th Get accepted to Graduate School LOANS (largest of all programs) 1. UNSUBSIDIZED 2. Graduate PLUS - credit based Go to: for Entrance Counseling & Master Promissory Note

5 WHAT: Types of Aid Unsubsidized Loan: with 5.84% interest for Limits per Academic Year (fall/spring/summer): Graduate $20,500 PLUS: Credit based loan for Graduate students (6.84% interest for 15-16) Amounts disbursed are adjusted based on enrollment and Cost of Attendance.

6 HOW:FAFSA on the Web Candidates for Master s and PhD may submit the Free Application for Federal Student Aid to apply for assistance to help pay tuition. Web site: Priority date: March 15th FAFSA (now) UTEP Federal School CODE: Available 01/01/16

7 HOW:FAFSA on the Web Apply Every Year MUST BE ENROLLED AT LEAST HALF-TIME Graduate School may assign a full time attribute in certain situations Enrollment levels for Graduate : Full Time Three Qrtr Time Half Time Graduate 9+ hours 6-8 hrs Fall 2015:4hrs & Spring 2016: 5 hrs Less Than Half Time 3 hrs UTEP-Connect Graduate Degrees 6+ hours 4-5 hrs. 3 hrs. n/a

8 How: Enrollment Amounts Paid are based on Enrollment: -All awards offered are based on full time enrollment. -If your enrollment level changes, let us know. -Your awards may need to be adjusted. -Grant amounts will be reduced automatically but loans require a manual adjustment and this may delay payment of the loan or create a balance due back to UTEP immediately. -At least half-time enrollment is required to receive a loan. -Award adjustments, based on changes in enrollment, are processed throughout the academic year as needed to prevent over awards.

9 HOW: Cost of attendance BASED ON Housing Plans and Enrollment Level Fall or Spring: Full Time (9 or more hrs.) TX Resident Non-Resident Parents On Campus Off Campus Fall or Spring Half Time (4.5-6 hrs) TX Resident Non-Resident Parents On Campus Off Campus

10 WHEN REFUNDS (ANY FUNDS LEFT AFTER EVERYTHING HAS BEEN PAID TO THE INSTITUTION) ARE TYPICALLY SENT BY DIRECT DEPOSIT

11 Helpful Hints: Apply Early Read Everything mailed/ ed to you Respond to requested information in a timely manner. Direct Deposit Understand Satisfactory Academic Progress requirements: Maintain at least a cumulative 3.00 GPA Pass 75% of all attempted credit hours Do not exceed 150% of the total degree plan credit hours

12 When it s time to repay your Federal Student Loans: Remember these are Long Term Loans With Various Repayment Plans Some offer cancellation/forgiveness options Benefits: Deferment (going back to school) and Forbearance (available in times of financial or medical hardship) Consolidating loans with different loan servicers is an option. Defaults (270 days of delinquency) can be cured (request a loan rehabilitation by paying voluntary monthly, on time payments for 6-9 Months) Bankruptcy will not discharge loans https://www.youtube.com/watch?v=ojhysmdxjxe

13 When it s time to repay your Federal Student Loans: Payments Should NOT exceed 8% of your total income Use repayment estimator at: Explore your Federal Student Loan Repayment Options When selecting a Repayment Plan consider that smaller monthly payments result in paying more interest over time

14 When it s time to repay your loan: Federal Student Loan Payment Plans: Graduated: Gradually increases My income is low but it should increase gradually Fixed: Same payment for the life of the loan I prefer a fixed payment Income-Driven: Payment based on income, not just loan debt I m not sure what my income will be

15 When it s time to repay your loan Federal Student Loans: Source: studentaid.gov

16 When it s time to repay your loan Federal Student Loans:

17 Helpful Hints: -Forms -Guidance -Other

18 Helpful Hints: Alternative ways to pay Cash Installment Plan (fall and spring only) Credit Card Emergency Loans Tuition Books Private Alternative Student Loans (credit based) Some loans require school certification and may be approved up to the Cost of Attendance Some loans require a co-signer, select options where the co-signer is dropped after a year of payments.

19 Office of Student Financial Aid Information: See your status at: mystatus.utep.edu Contact us at: (915) Mike Loya Academic Services Building Corner of Schuster and Hawthorne Room 204 Office Hours: M-F: 8am-5pm

20 Good Luck!

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