CLASS OF Now That We re Here, How Do We Pay for This?

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1 CLASS OF 2020 Now That We re Here, How Do We Pay for This?

2 Office of Financial Aid Knott Humanities Center, Room 211 Ph: Fax:

3 Financial Aid Cycle Verification Award Notification Loan Processing Procedures Federal Work-Study Bill Calculation Worksheet & PLUS Loan Calculator Financial Access for Parents Financial Aid Application Procedures Agenda

4 Financial Aid Cycle Academic Year Apply CSS PROFILE FAFSA Submit 2015 Income Information (Verification) File Review Financial Aid Award Notification

5 Application Procedures

6 Verification Federal Verification Only applicants selected by the federal processor 2015 Data Retrieval Process or 2015 Tax Transcript (parents and student s) Non-tax Filer Statement and 2015 W-2 Form(s) Update Student Aid Report (SAR) Institutional Verification All applicants applying for federal and institutional need-based aid 2015 Federal Tax Returns (parents and student s) Non-tax Filer Statement and 2015 W-2 Form(s) College Board s Institutional Documentation Service (IDOC)

7 Need-based financial aid (grants, loans, workstudy) remains in pending status until verification is complete! Verification

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9 Loan Procedures 1. Federal Direct Stafford Loan Subsidized & Unsubsidized 2. Federal Perkins Loan 3. Federal Direct Parent Loan (PLUS) 4. Private Student Loans

10 Federal Direct Stafford Loans Subsidized Loan Based on demonstrated need $3,500 freshman year 1.068% origination fee 3.76% interest rate Interest benefit Federal Government pays interest while in school Unsubsidized Loan Eligibility is not based on financial need $2,000 freshman year 1.068% origination fee 3.76% interest rate No interest benefit borrower is responsible for paying all interest

11 Federal Direct Stafford Loans Loan Entrance Counseling AND Master Promissory Note (MPN) Detailed information available on Loyola Office of Financial Aid website

12 Federal Direct Stafford Loans

13 FSA ID FSA ID username and password Replaced the Federal Student Aid PIN on 5/10/15 If you already have a PIN, you can link your information to your new FSA ID FSA ID offers added security and simplicity Parent will need own FSA ID

14 Federal Perkins Loan Maximum loan amount for first year students: $1000 ($500/$500) Fixed interest: 5% Interest benefit Loan Servicer: ACS/Xerox Master Promissory Note (MPN) Detailed information available on Loyola Office of Financial Aid website

15 Federal Perkins Loan

16 Federal Direct Parent Loan (PLUS) Available to parents of dependent undergraduate students Parent may not have adverse credit history origination fee 6.84% interest rate Interest accrual begins on the date of the first disbursement Repayment begins 60 days after the second disbursement; repayment deferral option available Student must file FAFSA Best if student exhausts eligibility for Direct Loans first; lower interest rates and fees Federal Direct PLUS Loan Request for Supplemental Information Federal Direct PLUS Loan MPN Detailed information available on Loyola Office of Financial Aid website

17 Federal Direct Parent Loan (PLUS)

18 Private Student Loans aka Alternative Student Loans Non-federal education loans Made by banks, credit unions, etc. Interest rates, fees and other terms set by the lender, not the federal government May require a cosigner Will probably have to be school certified the lender will confirm with Loyola the student is enrolled and eligible to receive a private student loan Detailed information is available on the Loyola Office of Financial Aid website

19 Federal Work-Study (FWS) Provides on-campus employment in administrative and academic departments 10 to 15 hours per week Hourly wage rate starts at $8.75 FWS Employment Information (August via ) Job listings (departments, job descriptions, contacts) Payroll procedures (employment agreement, direct deposit, etc.) FWS Manual (terms and conditions) Detailed information available on Loyola Office of Financial Aid website

20 Bill Calculation Worksheet & PLUS Loan Calculator

21 Financial Access for Parents FERPA Financial Access for Parents Access must be granted by your student Not mandatory Allows parent access to student account, billing, and/or financial aid information Will be discussed in greater detail by Student Administrative Services (SAS)

22 Financial Aid Application Procedures CSS PROFILE FAFSA 3. Based on student and parent 2015 income 4. College Board IDOC Service 5. Data Retrieval/Tax Transcript 6. Application Filing Deadline: April 20, 2016 (March 1, 2016 for MD residents)

23 Student Administrative Services One Stop Shopping Maryland Hall 1 st Floor Monday Friday 7:30AM-5:00PM Main Responsibilities Billing OneCard

24 Student Administrative Services Payment of Bills Fall Mid June Due August 1 st Spring December 1 st Due January 6 th Parking Registration Emergency Loans ATM Machines

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26 Payment Methods Cash/Check Credit/Debit Cards (2.5% convenience fee) E-Check (no fee) 529 Plans/Third Party Wires Tuition Management Systems Payment Plan

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36 The Loyola OneCard 1. ID Card 2. Library Card 3. Security/Gate Card 4. Athletic Entry 5. Meal Plan 6. Meal Points 7. Evergreen Account

37 Evergreen Account No Minimum deposit required Book Store Vending Machines Laundry Machines All Food Services Post Office Student Activities Photocopier Recreational Sports Theatre Box Office Health Center Selected Off- Campus Merchants

38 Off Campus Merchants Restaurants Angelo s Egyptian Pizza Café Miss Shirley s Qdoba Roland Park Bagel Co. Subway Toss Retail/Services Balance Salon CVS 4625 Falls Rd (West Side of Campus) 5200 York Rd (Ease Side of Campus)

39 Evergreen Account Deposits Web Inside Loyola (Quick Links>Evergreen Card) ~or~ Phone Mail Loyola University Maryland 4501 N. Charles Street Baltimore, MD Attn: SAS

40 Guest Deposit Only Need Name & Loyola ID Anyone can contribute Credit/Debit Cards No Additional Fees No Account Information Available Immediately Receipts up to 3 addresses

41 Student Logged In Full Account Information Balances Meal Plan/Points & Evergreen Statements Back to June 2014 Save Credit Card Info Securely Schedule Recurring Deposits Start/End Dates Daily/Weekly/Monthly/Yearly

42 QUESTIONS & COMMENTS