CLASS OF 2020 Now That We re Here, How Do We Pay for This?
Office of Financial Aid Knott Humanities Center, Room 211 Ph: 800-221-9107 410-617-2576 Fax: 410-617-5149 financialaid@loyola.edu www.loyola.edu/financialaid
Financial Aid Cycle Verification Award Notification Loan Processing Procedures Federal Work-Study Bill Calculation Worksheet & PLUS Loan Calculator Financial Access for Parents 2017-18 Financial Aid Application Procedures Agenda
Financial Aid Cycle 2016-2017 Academic Year Apply 2016-17 CSS PROFILE 2016-17 FAFSA Submit 2015 Income Information (Verification) File Review Financial Aid Award Notification
Application Procedures www.loyola.edu/department/financialaid
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)
Need-based financial aid (grants, loans, workstudy) remains in pending status until verification is complete! Verification
Loan Procedures 1. Federal Direct Stafford Loan Subsidized & Unsubsidized 2. Federal Perkins Loan 3. Federal Direct Parent Loan (PLUS) 4. Private Student Loans
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
Federal Direct Stafford Loans https://studentloans.gov Loan Entrance Counseling AND Master Promissory Note (MPN) Detailed information available on Loyola Office of Financial Aid website
Federal Direct Stafford Loans https://studentloans.gov
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 https://studentaid.ed.gov/sa/fafsa/fillingout/fsaid#fsaid-intro
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
Federal Perkins Loan http://www.loyola.edu/department/financialaid/undergraduate/programs/loans
Federal Direct Parent Loan (PLUS) Available to parents of dependent undergraduate students Parent may not have adverse credit history 4.292 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 2016-17 FAFSA Best if student exhausts eligibility for Direct Loans first; lower interest rates and fees https://studentloans.gov Federal Direct PLUS Loan Request for Supplemental Information Federal Direct PLUS Loan MPN Detailed information available on Loyola Office of Financial Aid website
Federal Direct Parent Loan (PLUS) https://studentloans.gov
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
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 email) 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
Bill Calculation Worksheet & PLUS Loan Calculator
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)
2017-18 Financial Aid Application Procedures 1. 2017-18 CSS PROFILE 2. 2017-18 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)
Student Administrative Services One Stop Shopping Maryland Hall 1 st Floor Monday Friday 7:30AM-5:00PM www.loyola.edu/sas Main Responsibilities Billing OneCard
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
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
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
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
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)
Evergreen Account Deposits Web Inside Loyola (Quick Links>Evergreen Card) ~or~ www.loyola.edu/evergreendeposit Phone 410-617-5802 Mail Loyola University Maryland 4501 N. Charles Street Baltimore, MD 21210 Attn: SAS
Guest Deposit Only Need Name & Loyola ID Anyone can contribute Credit/Debit Cards No Additional Fees No Account Information Available Immediately Email Receipts up to 3 addresses
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
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