Award Letters and Student Loans
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1 Next Steps: Award Letters and Student Loans Sonia K. Wagner, Board President Executive Director 1
2 Award Letters The Offer Review Accept 2
3 Award Letters - The Offer Student must be an Admitted Student by the Institution FAFSA completed and received possibly needs verification before Award Letter can be created and delivered Generally received Late March / Early April 3
4 Award Letters - Review Award Letters come in many formats and styles Electronic (College Portal or ) and/or USPS Mail Break apart the Offer Gift Aid Work Loans 4
5 Award Letters - Review Must Have Answers on the Awd LTR Total Cost for 1 year of school Sticker Price (t/f, r/b, b/s, personal expenses, transportation) How much Free Money did the student receive Grants and Scholarships that don't have to be repaid How much will the student have to pay for the 1st year? Are the funds being offered in 1st Yr applicable to remaining years? 5
6 FA Awd Ltr : Example Electronic processing of Award Acceptance 6
7 FA Awd Ltr: Example Read with Caution: Expected Cost does not include books/supplies, transportation, or personal expense Aid offered is not separated into Gift or Self- Help / Loans 7
8 FA Awd Ltr: Example Where is the HUGE Red Flag in this award letter? 8
9 FA Awd Ltr Comparison Worksheet allows you to realistically visualize the OOPS (Out of Pocket Spending) for each college. 9
10 Financial Aid Appeal NOW is the time. (generally to late after May 1) Professional Judgement Letter to a PERSON in the Financial Aid Office, written by the STUDENT Supporting documents / compelling situation 10
11 Award Letters - Accept May 1, 2015 Universal acceptance date Deposits Admissions Room/Board Award letter offers 11
12 Disbursement of Aid Grants / Federal and Institutional Disbursed once per term by the College Scholarships / Institutional and Outside Institutional - disbursed once per term Outside KNOW the contact information for your Scholarship Check with the Bursar s Office in Late Sept/Early Oct If not received at that time, or call Scholarship Provider Always write a Thank You to the Scholarship Provider! It s just nice! 12
13 Refund Policy Return of Federal Student Aid based on federal regulations Review each schools policy, differs at each institution Percentage of time attended before withdrawal determines if student receives refund 13
14
15 Education Loans Somewhat inevitable Tuition/Fees and Room/Board costs Use with caution Good rule of thumb: Don t borrow more than your 1st year s expected salary. Have a full understanding of the true cost of borrowing Interest accumulated over the life of the loan; All repayment options; Forbearance and Deferment; Income Contingencies 15
16 Loan Comparison Chart Federal Perkins Loan Federal Direct Loans! (subsidized & unsubsidized) Federal Direct PLUS Loan Private Alternative Loan Borrower Student Student Parent Student Cosigner None None Only if poor credit Probable Credit check No No Yes Yes FAFSA required Yes Yes Yes Recommended Interest Rate 5% Fixed 4.66% Fixed subsidized 4.66% Fixed unsubsidized 7.21% (Direct) Fixed Variable Fees None Origination Fee & Default Fee may apply at 1.071% Origination and Default Fees apply at 4.292% Vary by loan program and credit rating Loan Limits Determined by school based on need and available funds 1 st year - $5500 (up to $3500 sub)! 2 nd year - $6500 (up to $4500 sub)! 3,4,5 years - $7500 (up to $5500 sub)! Graduate - $20500 (up to $8500 sub)! Unsubsidized available to all Cost of Attendance less Aid Cost of Attendance less Aid Repayment 9 months after leaving school or dropping below ½ time 6 months after leaving school or dropping below ½ time 60 days after fully disbursed (Upon request, may delay payments until after student graduates) Check with lender
17 Accepting Loans College will send letter/ to alert you to their procedure for Federal Direct Student Loans Master promissory note: Entrance Counseling Worksheet before disbursement can be made 17
18 Federal vs Private Fixed Rates vs Variable Rates Loan Amounts - Limits, etc Repayment terms Forgiveness Bankruptcy 18
19 Accepting Loans Loan limits Duration of Loans Academic year Interest rates Fixed, but will be different each award year 19
20 Paying Loans Who has responsibility? Student name Parent name Co-signor 20
21 Managing Repayment Know Your Loans History of All Federal Loans 21
22 Consolidate Loans - Federal Federal Direct Loans discussion about consolidation tab Repayment and Consolidations Application 22
23 Consolidate Loans - Federal Pros Cons Free process Weighted average of Interest Rates Increases Length of Repayment period - in turn, increase # of payments and amount of interest paid Gives up to 30 years to pay back May be eligible for Alternative Repayment Plans Loans can not be un consolidated, may lose favorable lower fixed interest rates Cannot include PLUS by parent borrower 23
24 Repayment Options
25 Repayment How Long Does it Take to Get to $0? tab Repayment Estimator 25
26 Repayment Options Consolidate Loan Balance $49,091 Consolidated Interest Rate 5.635% Repayment Period Standard Graduated Extended Fixed Extended Graduated Income-Based Repayment (IRB) IRB for New Borrowers Pay As You Earn Income Contingent Repayment (ICR) Initial Mo Payment $451 $257 $305 $ $32 Final Mo Payment Projected Loan Forgiveness Total Interest Paid $451 $772 $305 $472 $227 $73 $73 $ $102,865 $85,340 $85,340 $39,331 $13,129 $16,618 $42,540 $50,767 $15,385 $3,220 $3,220 $60,560 Total Amount Paid $54,129 $57,618 $91,630 $99,858 $15,385 $3,200 $3,200 $66,220 26
27 Consolidation - Private Loans Based on Credit History Perhaps a Fee for participation Review of Income to Debt Generally, you have taken an unsecured consumer loan 27
28 Tax Information IRS 1098-E Statement: how much interest paid for tax year. IRS1098-T Statement: how much tuition / fees paid in tax year 28
29 Resources fafsa.gov studentaid.gov studentloans.gov nslds.ed.gov National Student Loan Data System manage your student loans through stats and graphs 29
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