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Financial Aid Information Session

Financial Aid Information Session. Financing Your Education. What is goal of financial aid? How do I apply? How is financial need determined? What aid is available? What is the role of the financial aid office?. Goal of Financial Aid. To assist students in paying for college.

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Financial Aid Information Session

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  1. Financial Aid Information Session

  2. Financing Your Education • What is goal of financial aid? • How do I apply? • How is financial need determined? • What aid is available? • What is the role of the financial aid office?

  3. Goal of Financial Aid • To assist students in paying for college. • To provide opportunity and access to higher education. • To help “bridge” the gap between what the family can pay and the cost of education.

  4. My PINwww.pin.ed.gov • Personal Identification Number • If you have one from Undergraduate School, you use that one • Electronic signature for FAFSA on the Web • PIN delivered immediately • Can also be used for: • Renewal on the Web • Corrections on the Web • National Student Loan Database • Signing promissory notes for student loans (Perkins, Stafford, PLUS)

  5. FAFSA on the Web • Apply • Renewal • Access PIN Web site • Check status of application • View SAR information • Make corrections • Download Worksheet www.fafsa.ed.gov

  6. Applying Online is so Easy: • Complete and send FAFSA on the internet directly to federal processor • Automatically edits data as you enter it and detects errors before submission • Skip logic: asks only what you must answer • English or Spanish versions • Electronic Signature • E-mail notification of results • Detailed online help screens • Real-time online chat for immediate answers • Instant access to EFC estimate • Parents with more than one child in college only need to enter parental information once.

  7. Frequent FAFSA Errors • Missing Signatures/PIN • Wrong Social Security Number • Divorced/remarried information • Untaxed income • U.S. income taxes paid • Household size • Number in postsecondary education • Real estate and investment net worth • Not using real name • NOT APPLYING AT ALL

  8. Expected Family Contribution (EFC) • The EFC is an index of need that will be used to determine the type of federal student aid for which you qualify.

  9. Main Determinants of the EFC • Income • Assets • Family size • Number in College • Age of the student Adjustments to EFC may be made due to Verification and/or Special Circumstances that limit ability to pay

  10. After you file the FAFSA • Results are sent electronically to UW-Milwaukee. • Students will receive the results of their FAFSA by e-mail (or regular mail) - Student Aid Report (SAR). • Students may be required to verify the information submitted on the FAFSA (submit tax forms). • Contact UWM with any Special Circumstances. • After the student is admitted to a college, a financial aid package will be prepared. • Must enroll for a minimum of 4 credits each semester.

  11. Cost of Attendance Components • Tuition and Fees • Room and Board • Books and Supplies • Transportation • Personal Expenses • Loan Fees • Dependent Care • Study Abroad • Disability Related Expenses • Computer

  12. Federal Stafford Student Loan • Annual Loan Limits for Students • Graduate students are eligible for a combined total of $20,500 in subsidized and unsubsidized loans. • Graduate students may borrow up to $138,500. • Subsidized and/or Unsubsidized • Subsidized: must demonstrate “need”; interest paid by Federal government while student in college • Unsubsidized: need is not a consideration; interest paid by student while in college (interest payment can be deferred)

  13. Other Financing Options • Scholarships • Fellowships • Assistantships All three may affect your Financial Aid Award and must be reported to the Financial Aid Office • Grad PLUS Loan Must Apply for sepeartely Based on Credit Interest 7.9% Similar to Unsubsidized loan Can Consolidate with other Stafford loans

  14. Entrance Loan Counseling and Master Promissory Note • Required of all first time borrowers of Stafford Loan Program • Both completed online at www4.uwm.edu/financialaid • Click on “On-line Loan Applications” • Click on “Stafford Loan Borrowers”

  15. Special Circumstances? Call the Financial Aid Office • Divorce/Separation • Loss of income or benefits • One-time income • Death or Disability of student • Medical/Dental expenses not covered by insurance • Elementary or secondary school tuition (Note: Professional Judgment is at the sole discretion of each institution.)

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