Navigating Your Next Steps

2. Navigating Your Next Steps • Review award letter for any missing documents, especially IRS tax transcripts and W-2’s • Federal tax returns (1040, 1040A or 1040EZ) are no longer acceptable as income verification. New Federal regulations require us to collect IRS Tax Return Transcripts. • Two options for providing IRS tax information

3. 1st Option; Request IRS Tax Transcript a) At http://www.irs.gov/Individuals/Get-TranscriptFollow the directions to order a “TAX RETURN TRANSCRIPT” b) make sure you ask for the 2013 year.

4. c) IRS tax return transcripts will be required for both the student and parent if they filed. d) Once the IRS tax return transcript(s) are received, please mail or email them to the financial aid office, keeping a copy for your records. financialaid@springfieldcollege.edu 2nd Option for submitting IRS Tax Information: • Via the FAFSA – if you have already filed the FAFSA, go back to http://www.fafsa.ed.gov/ and login

5. IRS Data Retrieval cont. • Click on the link in the middle of the page ”Make FAFSA Corrections” • In the “Financial Information” section indicate you have completed your tax return • You should then be asked if you wish to use the IRS Data Retrieval…follow the directions given

6. Navigating Your Next Steps • Sign and accept the award (declining or reducing aid sources as necessary). Accept the aid offer even if you are contemplating sending us an appeal. • Documents related to the federal Perkins Loan may be taken care of in September, after the student arrives on campus. • ***IMPORTANT*** No aid will be credited to the tuition account until the award letter is accepted/signed, and all required paperwork is received.

7. Federal Direct Loan Information • Students accepting their subsidized or unsubsidized Federal Direct Loan(s) must complete a master promissory note and entrance counseling. The website to accomplish this is: www.studentloans.gov

8. Navigating Your Next Steps • Federal Work Study – Job Fair held during 1st week of classes. Students find their own jobs. • Students must complete the federal I-9 and W-4 process before working. • Jobs are available on a first come, first served basis and are reserved for FWS eligible students for the first few weeks of the semester. • Any student with special skills (lifeguard, academic tutor, etc.) may be hired at any time.

9. Navigating Your Next Steps • Outside Scholarships - must be reported to the FAO - will in most instances not change the award we have offered - if it does become necessary to revise our aid offer, we will try to reduce any loan or work aid first before adjusting grants

10. Navigating Your Next Steps • Appeals are considered for students who have had a change of financial circumstance since the financial aid applications were completed. • Some examples are unemployment, medical or dental expenses not covered by insurance, unusual differences in income from one year to the next.

11. Navigating Your Next Steps • Reason(s) for an appeal must be sent in writing to the aid office. Any supporting documentation (last paystub, medical bills, unemployment benefit statement, etc.) must be included with the appeal. • If we have not already received them, your 2013 federal tax transcript(s) and W-2’s must be on file before we consider the appeal. Or, you have successfully used the IRS Data Retrieval Process

12. Navigating Your Next Steps • Financing/Payment Options 1. Payment plan: information will be sent to you by the business office in early June 2. Parent/student current income/savings etc. 3. Parent loans: Federal PLUS, MEFA 4. Student alternative loans

13. Federal Direct PLUS Loan • Apply online at www.studentloans.gov • The current interest rate for Direct PLUS Loans is a fixed rate of 6.41%. Interest is charged on Direct PLUS Loans beginning on the date of your loan's first disbursement.  • There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's education minus any other financial aid received. Springfield College will determine the maximum amount you may borrow.

14. MEFA Loans • Apply online at www.mefa.org • Choice of repayment options: immediate, interest-only, or deferred. • Fixed interest rates on all MEFA student loans • No tiered pricing: all qualified MEFA borrowers receive the same fixed interest rates for the applicable student loan program. • Step-up repayment strategy features a lower interest rate while the student is in school, making the monthly payment amount low during the college years.

15. MEFA Loans cont. • Current MEFA Student Loan Interest Rates Undergraduate loans with fixed interest rates as low as 5.99% (APR 7.26%-8.55%). MEFA’s Student Deferred Loan features a fixed interest rate of 8.09% (APR 7.95%-8.68%), deferred repayment, and a co-borrower release option after 48 on-time payments.  

16. Student Alternative Loans • Available from various national lenders • Usually requires a creditworthy co-signer • Interest rates most often tiered to credit scoring • Interest rates are almost always higher than loans available to Parents (federal, private, or home equity)

17. Web Info • www.consumerfinance.gov/payingforcollege/costcomparison/ • www.finaid.org • www.studentloans.gov • www.mefa.org • www.fafsa.ed.gov