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Student Financial Aid Information Session

New Student Orientation 2009. Student Financial Aid Information Session. Who qualifies for aid? What is the FAFSA? What other forms are needed to complete the process? What is “Cost of Attendance”? Different types of aid What is VERIFICATION? How is financial aid processed?

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Student Financial Aid Information Session

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  1. New Student Orientation 2009 Student Financial AidInformation Session

  2. Who qualifies for aid? What is the FAFSA? What other forms are needed to complete the process? What is “Cost of Attendance”? Different types of aid What is VERIFICATION? How is financial aid processed? What if we don’t have enough to cover all expenses? What is my role as a student/parent? How to access your aid information What We Will Talk About

  3. Must be admitted into a degree-seeking program Must maintain satisfactory academic progress Must be a U.S. citizen or eligible non-citizen In most cases, must be enrolled in at least half time (6 credit hours) Who qualifies for aid?

  4. Free Application for Federal Student Aid (FAFSA) First step in the financial aid process Application for grants, loans, HOPE Lottery Scholarship, college work study Requires income tax information from prior year What is the FAFSA?

  5. Must be done every year, preferably on-line at: www.fafsa.ed.gov Recommend early application (by February 15th) for the best financial aid package The University of Memphis’ school code: 003509 What is the FAFSA? (cont.)

  6. You and your student’s income tax information (if applicable) • Check Spectrum/myMemphis regularly to see if other documents are required • https://myspectrum.memphis.edu • SIGN and submit required forms to Student Financial Aid Office • If file is incomplete, NO AID will be processed What other forms are needed to complete the process?

  7. Otherwise known as “budget” or COA • This is the amount of estimated expenses a student may incur for an academic year • Allows for tuition, room/board, books, travel, misc. • Based on career, residency, and housing status • Career – undergraduate, graduate, law • Residency – in-state, out-of-state • Housing – at home, on campus, off campus • Your total financial aid package, including scholarships, cannot exceed your COA What is “Cost of Attendance”?

  8. Grants – all are need-based • Federal Pell Grant – has a yearly amount; awarded in 3-hour increments • Tennessee Student Assistance Corporation (TSAC) Grant – runs out by February 15th each year; minimum enrollment of 6 hours required • Federal Supplemental Educational Opportunity Grant (FSEOG) – only $250/semester; very limited funds • Academic Competitive Grant (ACG) – must complete a rigorous secondary school program; available to freshmen and sophomores • National Science & Mathematics Access to Retain Talent (SMART) Grant – for students majoring in science, math, engineering, or foreign language; available to juniors and seniors Different types of aid

  9. Student loans – must be repaid; minimum enrollment of 6 credit hours; requires completion of Master Promissory Note (MPN) and Entrance Counseling/Interview • Subsidized loan – need-based; interest-free while in school • Unsubsidized loan – not based on need; interest-bearing while in school • Perkins Loan – need-based; limited amount of funding; 5% interest rate; 2.5 cumulative GPA required Note: Undergraduate student loan indebtedness upon graduation averages approximately $20,517 Different types of aid (cont.)

  10. College Work Study – need-based; part time job on campus; student is paid bi-weekly; this is not money up front • HOPE Lottery Scholarship • Other aid: • Parent Loan for Undergraduate Students (PLUS) – credit check required; repayment begins 60 days after second disbursement; if credit is denied, FAFSA must be completed Different types of aid (cont.)

  11. Other aid: • Academic Scholarships – based on merit; may or may not require FAFSA • Private Scholarships • Student Fee Discount for Spouse or Dependent Child of Employees (obtain form from Benefits Section of Human Resource Department) • Regular student employment • Alternative loan – private lending institutions Note: More information about the different types of aid programs can be found on our website at: www.memphis.edu/financialaid Different types of aid (cont.)

  12. Process to “VERIFY” information on FAFSA matches what is on actual tax return. Students selected by Federal Processing Center Required to verify at least 30% of financial aid population Documents requested can include, but are not limited to Federal Verification Forms, and student and/or parent tax returns Once all documents are completed and signed, submit them to Financial Aid Office for processing. Processing can be as soon as 24 hours with no corrections, and as long as 5 business days with corrections Must be completed before any aid can be processed What is verification?

  13. FAFSA must be completed, preferably by February 15th University receives results within 3 to 5 business days If no additional requirements, aid is processed; if additional documents needed, they will be listed in Spectrum/myMemphis Aid is processed for 2 semesters – Fall and Spring If eligible, student is awarded grants and scholarships first Award is based on “interested in being considered for work study or student loans” Funds “sit” in the system until fee payment period Financial Aid Office releases aid to the Bursar’s Office for fee payment Bursar’s Office will deduct what student owes for tuition/fees and/or dorm Bursar’s Office will release excess funds to student, if any HOW is financial aid PROCESSED?

  14. Fee payment methods for the balance are available through the Bursar’s Office website: http://bf.memphis.edu/finance/bursar/ Commute -vs- dorm? Re-assess your expenses. Where else can you cut? Alternative loan – private lending institutions, as a last resort What if we don’t have enough to cover all expenses?

  15. STUDENT PARENT • Get paperwork done AND submitted as soon as you are aware • Be aware of deadlines • Check Spectrum/myMemphis as often as possible for updates to your account • READ YOUR EMAIL from key offices, as it will contain important information • Keep parent(s) informed of status • Get paperwork done AND involve your student in the process • Be aware of deadlines • Have your child get to know certain people in key offices • Build a relationship with your child • Under the Family Educational Rights and Privacy Act (FERPA), we cannot release information to parent What is my role?

  16. Go to home page: www.memphis.edu • Click on Spectrum/myMemphis, then log in • Click on the Account$ tab • Financial Aid Requirements • Red flag – hyperlink to a form that we need from student or click on the yellow box to read the message • Green check mark – item received/completed • Financial Aid Awards link • Select the Aid Year 2009-2010, then Submit • Click on the Award Overview tab How To Access Your Aid Information

  17. Student Financial Aid 103 Wilder Tower (901) 678-4825 Phone (901) 678-3590 Fax http://www.memphis.edu/financialaid/ Scholarship Office 107 Wilder Tower (901) 678-3213 Phone (901) 678-5621 Fax http://www.memphis.edu/scholarships/ Office Information

  18. Student Employment 103 Wilder Tower (901) 678-5774 Phone (901) 678-5902 Fax http://www.memphis.edu/financialaid/segeinfo.php Office Information (cont.)

  19. Questions??

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