Office of Student Financial Aid

Transcription

1 Office of Student Financial Aid University of Akron Tammi Sawyer Associate Director

2 Today s Topics Ø Applying for Financial Aid Ø Award Proposals Ø Accepting and Disbursement Ø Special Circumstances Ø Scholarships Ø Deadlines Ø Websites to know 2

3 Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) available online at Ø Apply every school year Ø Available January 1 st Ø Priority deadline March 1 st 3

4 Application Statistics The following statistics are for applications from January 1, September 30, 2012 Applica'on Type (English) Number of applicants FAFSA 3,879,269 19:03 EZ FAFSA 594,765 16:31 Renewal 4,894,169 14:36 EZ Renewal 774,079 10:60 Average Comple'on Time (in minutes) 4

5 IRS DATA RETRIEVAL TOOL (DRT) February 3 rd deployment for The IRS DRT process is enhanced to more effectively encourage users to link to and transfer data from the IRS More applications will have more accurate data, which will contribute to increased accuracy in awarding aid 5

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7 FAFSA ISIR Daily letters We have recently received the results of your FAFSA Master Institutional Aid Application (new students) Dependent Verification Worksheet Independent Verification Worksheet Dependency Criteria Verification Social Security Number Verification Veteran Status Verification Citizenship Verification Selective Service Verification Grade Level Rank Verification Drug Conviction Verification 7

8 Verification Items Same core FAFSA items as in AGI Taxes Paid Four Untaxed Income Items Education Credits Number in Household Number in College SNAP Child Support paid 8

9 Verification Items Fraud Detection and Prevention Two new verification items to combat fraud High School Completion Status Identity/Statement of Educational Purpose 9

10 Award Proposals We begin mailing Award Proposals for new freshman, graduate students, and new law students in March and will continue to mail them throughout the school year. Continuing students may check their My Akron Experience for awards beginning in June. 10

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12 U Financial Aid Shopping Sheet Student Specific Information: Cost of Attendance Elements Grants and Scholarships Net price After Grants Work Options Loan Options Other Options Including Family Contribution IV N U E N I RS I T E D TY O F T S T A T H S E EUniversity of the United States (UUS) Student Name, Identifier Costs in the year Estimated Cost of Attendance Tuition and fees... $ X,XXX Housing and meals... Books and supplies... Transportation... Other educational costs... Grants and scholarships to pay for college Total Grants and Scholarships ( Gift Aid; no repayment needed) X,XXX X,XXX X,XXX X,XXX Grants from your school... $ X,XXX Federal Pell Grant... Grants from your state... Other scholarships you can use... What will you pay for college Net Costs (Cost of attendance minus total grants and scholarships) Options to pay net costs Work options X,XXX X,XXX X,XXX Work-Study (Federal, state, or institutional)... $ X,XXX Loan options* Federal Perkins Loans... $ X,XXX Federal Direct Subsidized Loan... Federal Direct Unsubsidized Loan... X,XXX X,XXX *Recommended amounts shown here. You may be eligible for a different amount. Contact your financial aid office. Other options Family Contribution (As calculated by the institution using information reported on the FAFSA or to your institution.) Payment plan offered by the institution Parent PLUS Loan Customized information from UUS Military and/or National Service benefits Non-Federal private education loan $ X,XXX / yr $ X,XXX / yr $ X,XXX / yr $ X,XXX / yr MM / DD / YYYY Graduation Rate Percentage of full-time students who graduate within 6 years 71% LOW MEDIUM HIGH Loan Default Rate Percentage of borrowers entering repayment and defaulting on their loan 9.8% 8% This institution National Median Borrowing Students at UUS typically borrow $X,XXX in Federal loans for their undergraduate study. The Federal loan payment over 10 years for this amount is approximately $X.XXX per month. Your borrowing may be different. Repaying your loans To learn about loan repayment choices and work out your Federal Loan monthly payment, go to: repay-loans/understand/plans For more information and next steps: University of the United States (UUS) Financial Aid Office 123 Main Street Anytown, ST Telephone: (123) financialaid@uus.edu Institutional Metrics: Graduation rate under Student Right-to-Know 12 Most recent cohort default rate Median debt for completers Loan repayment information Contact information

13 Accepting Financial Aid Grants and Scholarships automatically apply Federal Direct Student Loans Accept / Decline awards via My Akron Complete a Master Promissory Note ( Complete Entrance Counseling ( Plus Loans Apply online at Alternative Loans Apply online at Click on Loan Programs Alternative Loans Fast Choice 13

14 Disbursement of Financial Aid Financial Aid will apply toward a current bill 10 days prior to the start of the term. If the student s account has been overpaid, they will receive a refund by mail unless they have requested Direct Deposit to their checking or savings account. 14

15 Special Circumstances A family s financial situation may be different from the tax year information on the FAFSA. Examples include: Ø Loss of Employment Ø Change in Employment Ø Divorce or Separation Ø Medical Expenses Ø Parent in College Ø Private Tuition Paid 15

16 General Scholarships General Scholarship Requirements New website link January 15 th Admission deadline: March 1 st GPA requirement: Minimum 3.00 Test requirement: Minimum 21 ACT/980 SAT Reading and Math Final scores have to be in to our office by March 1 st Scholarship award letters mailed the week of December 17 th 16

17 Endowed and Innovation Scholarship Endowment Scholarship Requirements Application deadline: May 1 st Innovation Scholarship (APS Scholarship) Finalizing the negotiations this month. Will have a final, definitive plan by January. Current recipients of will be renewed 17

18 Honor Scholarships Honors Scholarship Requirements Early application deadline: November 1 st Standard application deadline: February 1 st GPA requirement: Minimum 3.50 Test requirement: Minimum 27 ACT/ 1800 SAT Reading, Math, and Writing Class Rank: Highest 10 Percent 18

19 Deadlines Fafsa deadline for campus based aid (CWSP, SEOG, PERKINS LOAN & NURSING LOAN) is March 1st. Fafsa deadline for Grants & Loans is the last instructional day of the school year. Except for OCOG October 1 st deadline Special Circumstances for will be available May 1 st and the deadline is January 31 st of the following year. 19

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22 Solution: StudentAid.gov

23 FSA Social Media Twitter YouTube 23 Facebook

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25 College Navigator Tool 25

26 College Scorecard An online tool that will make it easier for students and families to compare colleges by comparing information such as: net price; graduation rates; default rates; student loan debt; and earnings potential College Scorecard 26

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29 Contact Information Office of Student Financial Aid Simmons Hall Akron, OH Web site: Phone: Fax: