Your MONEY FINANCIAL AID 101

Transcription

1 Your MONEY FINANCIAL AID 101

2 ESTIMATED YEARLY TUITION AND FEES: Wisconsin resident: $9,300 Minnesota resident: $12,429 MSEP states 1 : $12,346 Non-resident: $18,029 1 UWM is a participant in the Midwest Student Exchange Program (MSEP). Students from Illinois, Indiana, Kansas, Michigan, Missouri, Nebraska and North Dakota may qualify for reduced non-resident tuition. Minnesota is also a participant, however, students from this state are required to apply for the Minnesota-Wisconsin reciprocity program. Out-of-state students can bring costs down by as much as $8,500 with a UWM Merit Award. Tuition and fees: $9,300* Room and meals: $9,136** Books and supplies: $700*** Transportation: $1,306*** Personal expenses: $2,000*** Loan fees: $66*** Total: $22,508 * Tuition and fees reflect those of a full-time, dependent undergraduate student. ** Room and meal plan options vary. For determining financial aid eligibility, UWM uses $9,136, which reflects an estimate of the expense a student may incur for housing and meals when living away from a parent, whether on or off campus.you will want to calculate costs based on your selected plan. OUT-OF-STATE STUDENTS See page 9 for additional free money! *** These figures are only estimates; actual costs will vary with purchasing decisions.

3 WELCOME College might be the biggest investment you ever make, but it s one that you ll never regret. And our students can tell you that a UWM degree definitely pays off. UWM students score highly on professional exams and land great jobs in their chosen fields. Living, studying and working in a major metropolitan area also adds value that you just can t calculate, such as amazing internship and networking opportunities. Add in our top-ranked academic programs and award-winning faculty, and you ll see that a UWM degree is money well spent. 300,000, ,000,000 We know that financing your college education can seem daunting, but you don t have to do it alone. We re here to help you understand and take advantage of all your financial options, including grants, scholarships, 200,000,000 loans and work-study. UWM s Department of Financial Aid, Student Employment and Military Education 150,000,000 Benefits processes more than 30,000 applications each year with the goal of providing the best financial aid package possible for each of our students. We want you to be able to focus on making the most of your 100,000,000 UWM experience, not worrying about how to pay for it. We look forward to working with you! 50,000, Federal University Private FINANCIAL AID DISTRIBUTION AT UWM: TYPES AND TRENDS Undergrad Financial Aid Type State Undergrad Financial Aid Source 300,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 50,000, ,000, ,000,000 50,000, Grant Loan Scholarship Federal University Private State Other Work-Study 300,000,000 3

4 NEARLY 80% OF STUDENTS OR 23,000+ RECEIVE MORE THAN $283 MILLION IN FINANCIAL AID YEARLY AVERAGING OVER $11,000 PER STUDENT. COLLEGE: BIG INVESTMENT, BIGGER REWARDS Many students and parents wonder if they can really afford to go to college right now. But the research is clear: You can t afford not to go to college. A college degree is the best way to boost your income potential and job prospects for a lifetime. Not only do college graduates make more money, but they also have lower unemployment rates than those with a two-year degree or high-school diploma. A worker with a bachelor s degree can expect to earn about $1 MILLION MORE than a high school graduate over a 40-year career. Source: U.S. Census Bureau You can also start building your resume (and help cover college costs) as soon as you join UWM. Nearly 500 UWM students earn money through the federal work-study program, and about 5,000 students hold on-campus jobs. Thousands more help finance their education by connecting to the largest job market in Wisconsin: Metro Milwaukee. More than 600 local businesses, firms and nonprofits recruit UWM students for jobs and internships before graduation day. 4

5 SCHOLARSHIPS & STUDY ABROAD SHAPE FUTURE FOR DOUBLE MAJOR MARIA DEL CARMEN CORPUS. Maria s financial aid advice: Encourage your parents to file their taxes early so you can complete your FAFSA early. Be informed about priority dates, as well as the different kinds of financial aid that are awarded. Maria s financial aid package: Thanks to the Chancellor s Scholarship for Diversity and Leadership, I am able to focus on my academics and take advantage of the many opportunities UWM offers. Her take: As a first-year student at UWM, there are endless opportunities yet to come. I will continue volunteering in the community and on campus. Highlights include my work with Our Next Generation nonprofit and the alternative spring break trip to New Orleans. In the next year, I hope to study, and potentially intern, in France. Myth: My parents income is too high for me to qualify for financial aid. Reality: There are no income limitations on aid. Although not every student will qualify for need-based grants or scholarships, most students are at least eligible for a Federal Direct Unsubsidized Loan. There are limits on how much can be borrowed, however. Financial aid allocations are also influenced by other factors, including the number of family members attending college, household size, age of older parent, etc. 5

6 TYPES OF FINANCIAL ASSISTANCE Paying for college typically involves three sources: Work Many students work during the school year and over the summer. Individual contribution Most students pay part of the cost, depending on circumstances. Financial aid To be considered for most types of financial aid, students need to submit the Free Application for Federal Student Aid. SCHOLARSHIPS GRANTS We encourage all students to apply for scholarships. In , UWM provided more than $20 million in assistance to students, including approximately $4.4 million in scholarships to undergraduate students. Most scholarships are based on academic merit, do not require a FAFSA, and do not need to be repaid. Numerous scholarship opportunities, including some full-ride scholarships, are available through the Department of Financial Aid, Student Employment and Military Education Benefits and academic departments at UWM, as well as private scholarship sources. If you are currently a high school student, don t forget to check with your guidance counselor for potential scholarship opportunities. More information, including a list of free scholarship search websites and tips for applying, can be found at scholarships.uwm.edu. A grant is generally based on financial need and does not have to be repaid. Grants are awarded to students who demonstrate the greatest financial need. Eligibility is often based on having a low Expected Family Contribution (EFC). The chart below shows the four federal grant programs, the largest state grant program, and the maximum a student may be eligible to receive. Learn more at grants.uwm.edu. Federal Pell Grant Up to $5,645 Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Iraq and Afghanistan Service Grant Up to $1,000 Up to $3,760 Up to $5,080 Wisconsin Higher Education Grant Up to $2,324 6

7 STUDENT LOANS These are funds that you must repay. Federal loan programs offer a secure, government-regulated and reasonably affordable way to invest in yourself and your goal of a higher education. Even though some loans are based on financial need and there are limits to how much a student can borrow each year, there are programs available to all federally eligible students regardless of income. Federal loan programs include the Perkins, Nursing, and Direct Stafford (subsidized and unsubsidized) loans. We encourage families to think of borrowing for college as they might think of a home mortgage: loans are a way to ease the burden of paying for a major investment. Given the importance of a college education, most surveys show college students and parents are willing to take on a reasonable loan debt as part of an overall financial aid strategy. loans.uwm.edu WORK-STUDY The Federal Work-Study Program provides employment opportunities to students who demonstrate significant financial need. Due to funding, work-study placement is limited to approximately 500 UWM students. However, many UWM students find employment opportunities both on and around campus. Details and suggestions on how to find a job are available online. studentemployment.uwm.edu Federal Perkins Loan Federal Nursing Loan Federal Direct Subsidized Loan Federal Direct Unsubsidized Loan Up to $2,000 for undergraduates; $500 for graduate students Up to $4,000 and at least junior standing $3,500-$5,500 depending on year in school $5,500-$20,500 (minus any subsidized amounts) depending on career, year in school and dependency status DON T PROCRASTINATE! Funds are limited, and the earlier you apply for financial aid, the more you could potentially save. March 1 is the priority filing date. 7

8 ADDITIONAL RESOURCES AND LOANS Myth: My parents saved money for my college education, so we won t qualify for aid. Reality: Families who have not saved at all will likely have to finance a larger portion of their expenses. It is true that the more money you save for college, the less you will probably receive in financial aid. However, the expected family contribution is determined more by income than by savings, meaning that you could still qualify for aid even if you have college savings. Federal Tax Incentives. Increase the affordability of a college education by using federal tax breaks aimed at families/students who are saving or paying for college. More information can be found on the IRS website and at taxbenefits.uwm.edu. Installment Payment Plan. Offered through the Bursar Office to those who are unable to pay their bill in full (including any financial aid) by the first due date. bursar.uwm.edu/installment-plan.cfm Parent PLUS Loan. A loan in the name of a student s parent. A FAFSA must be completed before this loan can be certified. Parent PLUS Loans have a fixed interest rate and must be borrowed through the Federal Direct Loan Program. A credit check is required. Parents can borrow up to the cost of attendance (COA) for any dependent child, minus any financial aid received. Repayment of principal and interest begins two months after the loan is fully disbursed, although payments may be deferred as long as the student is enrolled at least half-time. The application and master promissory note (MPN) can be found at studentloans.gov. Private Education Loans. Also known as alternative loans, these are credit-based, usually in the student s name (co-signers often required), and are not guaranteed by the federal government. Many private-education loans are tied to the prime rate or another benchmark. Some lenders do offer fixed rates, ranging from 6-14 percent. Private lenders offering a fixed-rate, no-fee approach may provide a more cost-effective product than the Parent PLUS Loan. Research private loans thoroughly and carefully. 8

9 OUT-OF-STATE STUDENTS: Welcome Studying at UWM can be affordable even if you re coming to us from outside of Wisconsin. Between the programs highlighted below, students from every state can become Panthers with a little less bite to their wallets. Go to outofstate.uwm.edu/fa for more details. MILWAUKEE ADVANTAGE MIDWEST STUDENT EXCHANGE PROGRAM (MSEP) Qualifying students pay 150 percent of the cost of in-state tuition, bringing estimated tuition and fees to $13,346 ($12,346 with the Milwaukee Advantage award). Residents of Illinois, Indiana, Kansas, Michigan, Missouri, Nebraska or North Dakota are eligible. Must apply as a new freshman or undergraduate transfer student for fall-term entry, be admitted to a participating program and enroll full time. MINNESOTA RECIPROCITY Wisconsin s reciprocity agreement with Minnesota enables Minnesota residents to attend UWM for just slightly more than the cost of an in-state student. For , the estimated yearly tuition and fees for a Minnesota resident is $12,929 ($12,429 with the Milwaukee Advantage award). Visit getreadyforcollege.org for more details. Out-of-state students are eligible to receive $1,000 in tuition remission a year. Minnesota residents are eligible to receive $500 a year. UWM MERIT AWARD Out-of-state incoming freshmen or transfer students NOT participating in the MSEP or Minnesota reciprocity program may qualify for this renewable merit-based award worth $4,000 to $8,500 each year. This award requires a minimum cumulative 3.0 GPA and a minimum SAT score of or ACT score of 25. No additional application is required; all eligible applicants will be automatically considered. Award renewal depends on academic performance. 9

10 MILITARY EDUCATION AND WORK-STUDY BENEFITS KEEP SOLDIER-TURNED-STUDENT AMBER SEIFERT FOCUSED ON HER FUTURE. Amber s financial aid advice: Applying for financial aid is probably the best thing you can do coming into UWM because there are a number of grants available to students, and these grants can really help. The financial aid process itself is very self-explanatory and easy, but it is very important to file early. Myth: As a part-time student, I won t be eligible for financial aid. Reality: While we assume all students will enroll full time, financial aid is available for parttime students. Undergraduates must take at least six credits; graduate students must take at least four in order to qualify for any financial aid. Amber s financial aid package: The benefits available for veterans are great. I use the Post-9/11 GI Bill, which I find amazing. I wouldn t be able to go to school without it. I m also in the VA work-study program. Her take: I m a single mom and have a son to provide for. These days you re not going to get a good-paying job without having a degree, and I don t want to struggle like I ve seen my parents struggle. I want to be able to provide a comfortable living for my son. My advice for other students: No matter what you re going through, if you feel like giving up, keep going. Keep pushing yourself to be better. Don t ever give up on yourself. 10

11 MILITARY EDUCATION BENEFITS UWM is proud to enroll the largest population of student veterans in Wisconsin. More than 1,500 military veterans, active-duty servicemembers, spouses and dependents attend UWM using military education benefits. The following benefits are certified with the U.S. Department of Veteran Affairs, Wisconsin Department of Veteran Affairs, or service branches. Learn more, including current eligibility requirements, at veterans.uwm.edu. For veterans, active-duty servicemembers, reservists, or National Guard: Post-9/11 GI Bill (Chapter 33) Yellow Ribbon Program Montgomery GI Bill - Active Duty (Chapter 30) Montgomery GI Bill - Selected Reserve (Chapter 1606) Reserve Educational Assistance - REAP (Chapter 1607) Vocational Rehabilitation and Employment Program (Chapter 31) Wisconsin GI Bill Wisconsin VetEd Reimbursement Grant Wisconsin National Guard Tuition Reimbursement Grant For spouses or dependents of veterans (with qualifying service-connected disability rating): Transferred benefits under the Post-9/11 GI Bill (Chapter 33) Yellow Ribbon Program Survivors & Dependents Assistance (Chapter 35) Wisconsin GI Bill All students receiving military education benefits are STRONGLY encouraged to apply for financial aid in addition to their benefits. Begin your application process by filling out the FAFSA form today! 11

12 DETERMINING YOUR COSTS Myth: My parents can simply say that they won t cooperate in the financial aid process because I m 18 and am supporting myself, so I can be considered an independent student. Reality: The definition of an independent student is set in law. Unless you meet certain criteria, which include being an orphan or ward of the state, 24 years of age, a veteran, married, have a dependent you are supporting, or are a graduate student, you cannot be considered independent. If your parents want to sign off that they refuse to support you, you can be considered ONLY for a dependentlevel unsubsidized loan. Providing parent information on the FAFSA doesn t make them responsible for paying your bills, but it may allow you to qualify for additional funds. To create a college financing plan, you ll need to know the costs: tuition, room and meals, books, fees and more. This process can be challenging, especially if you don t have the necessary funds to cover all expenses or if the actual costs differ from the estimates you used when you began preparing your financing plan. There are online tools available to take some of the guesswork and stress out of determining college costs. Our financial aid counselors recommend the online resources below: Estimated Cost of Attendance and Budget Worksheet (COA). The COA lists allowable costs that will be used in determining your budget if you apply for financial aid. The budget worksheet can help you calculate whether you have enough financial aid to cover tuition and fees or if you will need to use other funding resources. coa.uwm.edu Bursar Office. Review tuition rates by selecting Tuition Information at the bursar s site. bursar.uwm.edu University Housing. Review various rates for housing and meal plans online. housing.uwm.edu Net Price Calculator. Get an estimate of your out-of-pocket cost to attend UWM. awardestimator.uwm.edu 12

13 THANKS TO FINANCIAL AID, SOPHOMORE TOU GER CHANG IS MAKING THE MOST OF HIS UWM EXPERIENCE AND HE S ALREADY PLANNING ON GRADUATE SCHOOL. UWM has been very welcoming to me. Campus has become my second home. I ve been very active in the Hmong Students Association and next year I ll be the public relations officer. I try to be as active as possible because I want to make every year here memorable. Tou Ger s financial aid advice: Apply for work study. I should ve taken work-study freshman year but didn t. Luckily I survived due to the numerous grants provided, but I had to take a few loans. I also highly encourage parents and students to file their taxes as soon as possible to complete the FAFSA early. Grants are limited, and it s basically first come, first served. It s possible not to get as many grants as you would otherwise if you file later, so make that your first priority. Tou Ger s financial aid package: Grants, work-study and loans His take: One of the reasons I chose UWM was because UWM offered me more financial aid than every other school I was thinking of going to. College is an investment. But if you want to continue for a higher-paying job, for higher-paying skills, you have to make that investment. As long as you keep on top of the game, in the long term you will get the money you paid for college back. Myth: My sibling wasn t eligible for much financial aid last year, so I won t be eligible this year. Reality: The number of family members in college has a big impact on your financial aid eligibility, so this may or may not be true. When both siblings are in school at the same time, the parents contribution is divided almost in half for each thus each child has a better likelihood of being eligible for aid. It is always best for each sibling to apply for aid. 13

14 WORKING ON CAMPUS HELPS ALYSSA JICHA MAKE THE MOST OF UWM. Myth: The process of applying for financial aid is too complicated. Reality: The only step involved in applying for financial aid at UWM is to fill out the FAFSA. Filling out the FAFSA is actually very easy, especially if you fill it out online at fafsa.gov. There are detailed instructions for every question, as well as online help from customer service representatives if you need it. Depending on the time of year, you may also be able to pull in your income information directly from the IRS. I did well in high school. I was interested in pursuing early childhood education. When it came time to select a college, I chose UWM as my school because, after looking at other colleges, I realized that it had a great school of education, the overall price was great, and it was closer to home. Alyssa s financial aid advice: Complete your FAFSA as soon as possible. Available grants tend to run out fast. Don t be afraid to ask questions. Check your To Do list on PAWS frequently, and if you are selected for verification, complete everything sooner than later. Alyssa s financial aid package: I receive work study and loans. As a junior, this comes closer to covering the entire cost of my tuition. I also work a second job on campus and my parents help out with what they can. Her take: Even though the price of college may seem overwhelming at first, it is manageable. It really helps to have at least one steady job. On-campus jobs are better because they are close to school and they are really flexible with the hours you work. I would definitely recommend UWM to future students because it has great classes and professors who teach them. Financially and educationally, the education value is definitely there. 14

15 FINANCIAL AID TIMELINE September Research and apply for scholarships. Go to scholarships.uwm.edu for tips and resources, and follow facebook.com/uwmscholarships to get the latest scholarship news delivered to your inbox. January Complete the Free Application for Federal Student Aid (FAFSA) for the upcoming academic year. All students are encouraged to apply. It is free, easy, and should be done online at fafsa.gov. March 1 is the annual UWM priority filing date. To receive the best aid package available, file as close to Jan. 1 as possible. Aid is awarded on a first-come, first-served basis. You (and a parent if you are dependent) will need a PIN which can be requested at pin.ed.gov. You must be accepted for admission before we will import the results of your FAFSA. February Check your and PAWS account for important communications from us. If you re selected for verification (30 percent are), you ll need to submit additional documentation. We ll send you the details via and your PAWS To Do list. If you filed the FAFSA using estimates, go back two weeks after you ve filed your taxes electronically and use the IRS Data Retrieval Tool, which will satisfy any need to provide tax transcripts to us! Mid-March We begin awarding financial aid for the upcoming year. We will send you an that includes important information and ask you to review your awards on your PAWS account in order to accept or decline all financial aid offered. You will also be asked to read the Financial Aid Handbook found on our website. Offers not accepted within 30 days are subject to being canceled. Be sure to watch your ! April If you are borrowing any loans, you will need to complete all necessary promissory notes and entrance loan counseling requirements. Details will be provided when you are awarded and reflected in your To Do List. May Finalize your financing plan. Although final tuition and fees charges aren t typically reflected on a bill until late July, you should be able to determine if you need to consider additional funding options. Even though the vast majority of students qualify for financial aid, many need to consider Parent PLUS and Private Alternative Loans. June Apply for Parent PLUS or Private Alternative Loan if needed. 15

16 CONTACT US General financial aid questions can often be answered online 24/7 via Ask the Panther. Submit your questions; The Panther will be able to answer most of them immediately. Other questions will be routed to a staff member, who will then follow up as quickly as possible. FINAID.UWM.EDU/101 Questions finaid@uwm.edu schlrshp@uwm.edu Follow facebook.com/uwmfinaid facebook.com/uwmscholarships twitter.com/uwmfinaid Call