TUHSC Office of Financial Aid 2019 Summer Financial Aid Workshop Thursday, March 21, 2019

1. TUHSC Office of Financial Aid 2019 Summer Financial Aid Workshop Thursday, March 21, 2019

2. Introduction • TUHSC Office of Financial Aid Staff Counselors A - FRAM Jermaine Allen, Counselor FRAN - JOL James Bourgeois, Sr. Assoc. Director Marissa Lespinasse, Assoc. Director JOM - RH Miguel Devezin, Counselor RI - Z Jonathan Jouet, Assistant Director Senior Administrative Program Coordinator A - Z Donna Fasullo Monica Caminita Website: https://financialaid.tulane.edu/resources/additional-resources

3. Introduction / Outline Applications required Types of aid available Annual loan limits Federal aid eligibility Academic year: ’18-19 vs. ‘19-20 Cost of attendance Tuition & Fees Weeks of attendance Abroad programs Loan processing Federal Direct Federal Grad PLUS Private (non-federal) Billing of tuition & fees Disbursements of aid Refunds for living expenses Reconsiderations Applying for 2019-2020 Workshop Outline

4. Applications Required • 2019 Summer Health Sciences Addendum *NOW available On-Line • 2019-2020 Free Application for Federal Student Aid (FAFSA) • 2018-2019 Free Application for Federal Student Aid (FAFSA) • Federal Direct Loan Applications: Federal Direct Loan Master Promissory Note Federal Direct Grad PLUS Loan Master Promissory Note • Private (non-federal) Student Loan Application • IRS 2017 (or 2016) federal tax transcript …if necessary • Federal Independent Student Verification Worksheet (if necessary)

5. Types of Financial Aid Available • Scholarships Dean’s Grants/ Departmental Grants Outside Scholarships • Loans Unsubsidized: Federal Unsubsidized Direct Loan Federal Grad PLUS Loan Non-federal, Private Student Loan • EmploymentFederal Work Study will NOT be available!

6. Annual Loan Limits • Federal Unsubsidized Direct Loan:PH Annual Limit $33,000 MD Annual Limit $40,500 • Federal Grad PLUS Non-federal, private alternative loan: No annual limitCost of Attendance less Other Aid

7. Academic Year: 2018-2019 vs. 2019-2020 • 2018-2019: 7/1/18 through 6/30/19 Use only if 18-19 annual loan limits available. • 2019-2020:7/1/19 through 6/30/20Use if 18-19 annual loan limits exhausted Summer loans impact remaining AY availability • CAN NOT MIX ACADEMIC YEAR ELIGIBILITY!

8. Federal Aid Eligibility • You must enroll for at least 5 credit hours and/or “Practicum” or “Dissertation” each semester to be eligible for federal aid. • Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award.

9. Cost of Attendance • 2019 Summer Tuition & Fees Based on current 2018-2019 rate schedule: $ 1,319 tuition per credit hour + $ 100 academic support fee per credit hour = $ 1,419 total per credit hour + $ 100 technology fee for summer semester • Living Expenses Based on actualweeksofenrollment Based on 2019-2020 budgets $507 per week for resident students or $208 per week for commuter students$50 per credit hour for books ($150 for Practicum and/or Dissertation)

10. Cost of Attendance Example #1 • 2019 Summer Enrollment:SPHL 6080-01 3 cr. hrs. $4,257 tuition & fees 6/3/19 – 6/28/19 4 weeks GCHB 6030-01 3 cr. hrs. $4,257 tuition & fees 6/3/19 – 6/28/19 4 weeks Summer Cost of Attendance: $ 8,514 tuition & academic support fee + $ 100 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 2,028 living expenses (4 weeks) = $10,942 TOTAL

11. Cost of Attendance Example #2 • 2019 Summer Enrollment: SPHL 6080-01 3 cr. hrs. $4,257 tuition & fees 6/3/19 – 6/28/19 4 weeks HPAM 6140-01 3 cr. hrs. $4,257 tuition & fees 7/28/19 – 8/1/19 1 week Summer Cost of Attendance: $ 8,514 tuition & academic support fee + $ 100 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 2,535 living expenses (5 weeks) = $11,449 TOTAL

12. Cost of Attendance Example #3 • 2019 Summer Enrollment: SPHL 6080-01 3 cr. hrs. $4,257 tuition & fees 6/3/19 – 6/28/19 4 weeks TRMD 8100-01 2 cr. hrs. $2,838 tuition & fees 6/3/19 – 7/26/19 8 weeks Summer Cost of Attendance: $ 7,095 tuition & academic support fee + $ 100 technology fee for summer semester + $ 250 books (5 hrs @ $50 per hr) + $ 4,056 living expenses (6 weeks) = $11,501 TOTAL

13. Cost of Attendance • Summer Abroad Programs Add additional costs associated with program Airfare, lodging, visas, etc. Allow for local rent charges while abroad Can NOT disburse aid prior to your summer semester start Recommend completing all possible application materials Recommend signing up for “direct deposit”

14. Loan Processing • Federal Unsubsidized Direct Loan * No need to e-sign a new Direct MPN if borrowed this year * Unless you tell us differently, we will certify for the maximum amount eligible • Federal Direct Grad PLUS Loan* No need to e-sign new Direct Grad PLUS MPN if borrowed this year; HOWEVER…Note that for Grad PLUS for 2019 summer and then again for the 2019-2020 academic year a credit check is performed by DOE. • Non-federal Private LoanIf borrowing non-federal, private student loan funds, then must complete lender’s loan application process (preferred private lenders offer an on-line application process). You need to complete separate private loan applications for the 2019 summer and for the 2019-2020 academic year. All non-federal, private loans are credit based.

15. Billing of Tuition & Fees • You are billed tuition for every credit hour enrolled. • Practicum is billed at $50 tuition per semester. • Tuition and fees are billed at the start of the summer semester.

16. Example #1 Revisited Financial Aid Budget for the 2019 Summer Semester: assumptions: * enrolled for 6 credit hours * enrolled for 4 weeks * not residing with parents Tuition & fees: $ 8,614 Room & Board: $ 1,520 Books: $ 300 Transportation: $ 332 Miscellaneous: $ 176 TOTAL: $10,942

17. Example #1 Revisited Financial Aid Award for the 2019 Summer Semester: (based on prior cost of attendance = $10,942) Federal Unsubsidized Direct Loan: $ 10,942 TOTAL: $ 10,942 Thus, total financial aid award = total cost of attendance.

18. Disbursements of Aid • Loan period for the 2019 spring semester: 05/13/19 to 08/16/19 • Federal regulations allow for a single disbursement of Federal Direct loan funds during a loan period, all at the start of enrollment. • Federal Direct loans disburse loan funds via electronic fund transfer (EFT) to Tulane. • All eligibility criteria must be satisfied prior to disbursement of aid.

19. With all aid arriving at start of the semester: Tuition & fees $ 8,614 - Unsubsidized Direct $10,942 = A/R balance ($2,320) + Refund $ 2,320 = A/R balance $ 0 Refunds

20. Refunds Sign up for “direct deposit” for refunds http://pandora.tcs.tulane.edu/acctrec/

21. Reconsiderations • SUMMER IS A SHORT SEMESTER… so decide on summer schedule before submitting Summer Addendum! • If drop credit hours, can impact tuition costs as well as number of weeks of living expenses! • If add credit hours will process additional aid after priority processing is complete. • Receive any other financial assistance: departmental grant outside scholarship • DEADLINE is JUNE 15, 2019!!

22. Applying for 2019-2020 • 2019-2020 FAFSA • 2019-2020 SPH&TM Financial Aid Addendum *NOW available On-Line • No need to complete Federal Direct Loan and/or Federal Direct Grad PLUS MPN (unless using loan program for the first time) • Apply for private loan (if applicable)

23. Additional Information • Communication: e-mail local address • Always borrow conservatively • Complete a “Title IV Release” form allows for federal aid to be used to cover all non-tuition & fee expenses • Reminder: Sign up for “direct deposit” to receive refunds expeditiously

24. Final Thoughts Questions???