Financial Aid at Shenandoah University

Transcription

1 Financial Aid at Shenandoah University

2 Financial Aid Office Location: Wilkins Building - Winchester Campus Hours: 9am-5pm Monday through Friday Phone: finaid@su.edu

3 Tuition and Fees Fall Spring Summer 2016 Full-time Tuition $14,785 per term Clinical Fees $225 per clinical course per term imlearning Fee (laptop/ipad) $285 per term Technology Fee $160 FT $80 PT Student Activity Fee $150 per term NCLEX Review Fee $350 attached to course N- 407

4 Applications FAFSA-Free Application for Federal Student Aid School Code: Must apply every year Virginia Tuition Assistance Grant Due July 31 st Paper application

5 Undergraduate Students Spring 2016 Admits 1 st Award Year = Spring 2016/Summer 2016 Complete FAFSA (available now) 2 nd Award Year = Fall 2016/Spring 2017 Complete FAFSA (after 01/01/2016) Fall 2016 Admits 1 st Award Year = Fall 2016/Spring 2017 Complete FAFSA 2 nd Award Year = Summer 2017/Fall 2017 Complete FAFSA (after 01/01/2017)

6 Financial Aid Virginia Tuition Assistance Program Shenandoah Academic Scholarships Federal Nursing Loans Direct Federal Student Loans Direct Federal Parent Loans For parents of dependent students Students must be enrolled at least 6 credits/term Alternative Student Loans

7 State Financial Aid VTAG Virginia Tuition Assistance Grant Must be a domiciled resident of Virginia Must be full-time (12 credits) per term Only available Fall and Spring terms Not available for Summer Award amount for is $3100 $1550 per semester

8 Institutional Financial Aid Academic Transfer Scholarships Based on cumulative Transfer GPA Amounts awarded anywhere from $3000 to $6500 Must maintain 2.5 GPA while in attendance at SU Must be full-time (12 credits) Can be used for Summer attendance Awarded by Admissions Office once you are accepted to SU No additional application required

9 Institutional Financial Aid Shenandoah University Grants Based on cumulative Transfer GPA and need as determined by the FAFSA Amounts vary per individual student Must be full-time (12 credits) Can be used for Summer attendance Will be awarded, if eligible, at the time your Federal Aid is awarded.

10 Institutional Financial Aid Transfer Nursing Grant $2000 grant for those students enrolling in the Accelerated Second Degree Nursing program Must be full time (12 credits) Can be used for Summer Attendance No additional Application necessary

11 Federal Financial Aid Federal Nursing Loans Need based loan $4000 per year Interest rate = 5% Repayment begins 9 months after you cease enrollment at half-time status

12 Federal Financial Aid Direct Federal Student Loans Must be enrolled for 6 academic credits per term Annual amounts of Direct Student loans Dependent Independent Base Amount $5,500 $5,500 Additional Amount $2,000 $7,000 Total $7,500 $12,500 Loans are split into two disbursements with each disbursement sent at the beginning of each term

13 Federal Financial Aid Subsidized Loan Need based loans Government pays the interest while in school Fixed interest rate is 4.29% % Fee at the time of disbursement Unsubsidized Loan Current fixed interest rate is 4.29% % Fee at the time of disbursement Parent PLUS Loan Parents of Dependent Students are the borrowers Current fixed interest rate is 6.84% % Fee at the time of disbursement

14 Federal Financial Aid Undergraduate Aggregate Loan Limits Dependent Students $31,000 (up to $23,000 may be subsidized) Independent Students $57,500 (up to $23,000 may be subsidized) Retrieve Your Loan Information Not eligible for the PELL grant for second Bachelors degree

15 Financial Aid Alternative Loans Credit based loans through private lenders Interest rates are fixed or variable and vary, depending on credit report of student and cosigner Most require a cosigner Student applies via a web application on a lenders website Lender will contact school for certification Lender will send money to school prior to bill due date

16 Tuition and Fees Tuition and Fees are due December 15 for Spring 2016 Check Web Advisor Tuition and Fees are due May 10 for Summer 2016 Check Web Advisor Tuition and Fees are due August 15 for Fall 2016 Check Web Advisor

17 Undergraduate Students Timeline for Financial Aid Send in FAFSA early Complete the admissions process Must be accepted into a degree program here at SU to be awarded financial aid Must have SSN on file to receive FAFSA Consideration for Fall begins March Consideration for Spring begins late October

18 Payment Plans Office of Student Accounts payments per term FALL: August/September/October/November SPRING: December/January/February/March Setup fee per term = 2% of payment plan balance

19 Payment Plan Example Payment Plan Example Fall Term Tuition and Fees $14,785 tuition $150 student service fee $225 clinical $225 clinical $285 imlearning fee $160 technology fee Total = $15830

20 Payment Plan Example Financial Aid Received Fall Term Financial Aid Award $3250 Academic Transfer Scholarship $1500 SU Grant $1000 Nursing grant $1550 VTAG $2721 Subsidized Direct Loan 1 st disbursement of $5500 annual loan with the 1.068% fee taken out $3463 Unsubsidized Direct Loan 1 st disbursement of $7000 annual loan with the 1.068% fee taken out $13484 = Total Financial Aid Received

21 Payment Plan Example Tuition and Fees Financial Aid Received $ $13484 = $2346 balance owed $2346 x 2% = $46.92 $ $46.92 = $ new balance owed $ / 4 payments = $ Payments made August, September, October, November

22 Questions The Office of Financial Aid (540)