Exploring the World of Financial Aid

Transcription

1 Exploring the World of Financial Aid

2 Financial Aid Administrators Each student is assigned an advisor by alpha Carol Miller, Director Connie Murray, Associate Director Shirley Butler, Assistant Director Shari DuClos, Assistant Director Susan Johnson, Financial Aid Advisor Jacky Lueker, Financial Aid Advisor Julimar Rivera Lippincott, Financial Aid Advisor

3 Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) Not too late to apply, do so ASAP Must reapply every year FAFSA is available Jan 1 Priority date March 1

4 Already Applied What s next? WINS Whitewater Information Network for Students To Do list displays required documents View, accept, and print award View disbursement information View billing information when available

5 Billing Information July 22 Informational bill ed to student August 19 Second bill sent to students Students need to sign up parents for access to billing site NO financial aid on first two bills, only charges

6 How does aid pay the bill? Grants and UWW Scholarships pay directly Work Study DOES NOT pay student bill Outside scholarships, students might need to endorse the check

7 How does aid pay the bill? Loans pay directly after completing required steps Entrance Loan Counseling Direct Loan Master Promissory Note Perkins Loan Master Promissory Note First disbursement Aug 31, overnight process View on WINS Sept 1

8 If Aid Does Not Cover Bill Parents can apply for PLUS Loan Students can apply for a Private (Alternative) Loan with a co-signer University payment plan

9 How do I estimate the bill? Tuition $7600* Residence Hall $3800 Meal Plan $2600 Total Estimate: $14,000* *WI Residents Non-Residents should estimate $22,300

10 Other Costs? Items which might be added to the bill: Purple Points Additional Dining Dollars Weight Room Pass Parking Pass Other budget items to think about: Cell phone bill Laundry Gas to go home Residence Hall supplies Educational supplies

11 PLUS Loans Borrowed from the federal government Maximum available to borrow included on award notification Amount includes direct costs & miscellaneous expenses Interest Rate: 6.84% fixed Fee: 4.292% Repayment 60 days after loan disburses, or 6 months after student graduates if request deferment

12 PLUS Loans, cont d PLUS Loan Online Application Process: Credit Check will determine eligibility, if denied: Co-signer Appeal credit check Student may receive Unsubsidized Loan, need to indicate parent will not pursue the PLUS If you estimate too high and would like to reduce your loan, complete the Loan Adjustment Request Form

13 Private (Alternative) Loans Borrowed from an outside lender Terms vary by lender READ fine print for interest rate, fees, repayment co-signer information Usually repayment will begin 6 months after student graduates, but lender may require interest payments Visit our website for questions to ask your lender

14 University Payment Plan Due Date for Fall: September 11, 2015 If balance remains after this date, will incur fees Two required payment due dates during the semester Questions? Stop by Student Accounts table at Info Orbit

15 If Aid Overpays Bill Refunds Student aid generates refund Direct Deposit refund, sign up on billing site OR Paper check, mailed to mailing address (residence hall) Parent PLUS loan generates refund If application requested refund go to parent, paper check sent to parent, mailed to address on PLUS application If application requested refund go to student, see above.

16 Student Employment Hawkjobs the online job database for students to search for jobs Jobs are posted regularly Work Study students must be on the payroll by October 1 (or request an extension) Students who didn t receive Work Study can call after October 1 to see if funds are available Minimum wage: $7.25

17 Special Circumstances Has your family experienced a hardship? Divorce Lost job Unusual medical expenses not covered by insurance Loss of child support Other?

18 Wisconsin Covenant Wisconsin residents who signed a pledge in 8 th grade to prepare for college Awards range from $250 to $2500 Currently working on processing awards Students will receive revised letter with information on Covenant awards and will also be able to view award on WINS

19 Eligibility Issues Financial aid must be revised if a student receives an outside source of funding, e.g., scholarships, tuition waivers, DVR. Dropping classes or withdrawing affects financial aid. Students must maintain Satisfactory Academic Progress (SAP) to continue to be eligible for aid in future years.

20 Additional Questions? Visit our table during the Info Orbit Computer will be available to look up specific information Packets of information Turn in required documents Special Condition Forms, etc. available Contact our office: Hyer Hall, 130 (262)