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OU-HCOM Class of 2013 Q2S & FINANCIAL AID PRESENTATION

OU-HCOM Class of 2013 Q2S & FINANCIAL AID PRESENTATION. Agenda for today. What is Q2S and how does it affect your financial aid? Quick review of financial aid packages When can you expect your money? Other misc important info. Q2S Effect on Tuition.

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OU-HCOM Class of 2013 Q2S & FINANCIAL AID PRESENTATION

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  1. OU-HCOMClass of 2013 Q2S &FINANCIAL AID PRESENTATION

  2. Agenda for today • What is Q2S and how does it affect your financial aid? • Quick review of financial aid packages • When can you expect your money? • Other misc important info.

  3. Q2S Effect on Tuition Rules for the Q2S transition state that a school can’t use the transition to charge the students more in tuition with semesters than they would have paid under the quarter system. This does not include annual increases in tuition – average at HCOM has been 5% each year O.U. Undergrads & Graduate Students pay by the credit hour. OU-HCOM Students pay a set tuition amount each term.

  4. Comparison: Quarters with Semesters OU-HCOM Quarters (old system) = 14 Terms Year 1: Fall Winter Spring Year 2: Fall Winter Spring Year 3: Summer Fall Winter Spring Year 4 Summer Fall Winter Spring OU-HCOM Semesters (starting in 12-13) = 10 Terms Year 1: Fall Spring Year 2: Fall Spring Year 3: Summer Fall Spring Year 4 Summer Fall Spring

  5. Impact on Financial Aid for 2012-13 • Q2S – some impact but less than other factors. • Federal regulations that govern fin aid create some impact on aid delivery. • Because of Q2S, the tuition semester amount for your class will be different from other HCOM students.

  6. Two Factors in Determining your Financial Aid Packages: The Educational Budget - set by OUCOM Stafford Loan Limits - set by federal regulations – based on number of months of enrollment

  7. Student Educational Budget Year 4 in-state = $68,841 What is included?Tuition & fees $42,006Books & Equipment $2,949Room & Board-9 months $16,158 Transportation $3,570Personal Expenses $4,158

  8. What kind of aid is available?Stafford Loans: The Subsidized loan has been eliminated for 2012-13. Stafford Unsubsidized Loan - $47,167 Interest = 6.8% Fixed -There are origination fees on the Stafford Loans – last year the origination fee was .5% this year it is 1% Sample: $1,000(principal) - $10(fee) = $990

  9. Prorating the Stafford Loan Summer = $11,000 Fall = $18,084 Spring = $18,083 TOTAL = $47,167

  10. What kind of aid is available?Grad PLUS Loans: Grad PLUS loans -7.9% fixed interest -Must pass credit check to borrow a Grad PLUS loan. Have the option of getting a co-signer if credit is an issue. -May borrow up to the cost of attendance – there no aggregate limit on the Grad PLUS loan. There are origination fees on Grad PLUS Loans – last year the origination fees were 2.5% this year they are 4% Sample: $1,000(principal) - $40(fee) = $960

  11. Prorating the Grad PLUS Loan Summer = $2,000 Fall = $9,837 Spring = $9,837 TOTAL = $21,674

  12. OU-HCOM ScholarshipsWe are hoping to award the OU-HCOM Institutional Scholarships by FallEveryone who applied for scholarships will be notified when we award the scholarships. Disadvantaged Scholarships – the application will not be available until we hear if we have been awarded federal disadvantaged funds this year.

  13. When is my loan money coming? Scheduled Disbursement Dates: Will also be listed at your MyOhio account *Note –It can take up to a week for you to receive your overage money Summer = 7/2/2012 Fall = 8/30/2012 Spring = 1/11/2013

  14. Projected Overages Example – Borrowing only the Stafford Loan Summer Fall Spring Stafford Loan $11,000 $18,084 $18,083 Charges • Tuition -$9,419 -$14,829 -$14,829 • Gen Fee -419 -$616 -$616 • Med Fee -302 -$444 -$444 • SIS Fee -22 -$33 -$33 • Health Ins (*estimate) -$0 -$650* -$650* Stafford overage (estimate) $838 $1,512* $1,511* 7/1/12 – 8/30/12 9/1/12 – 1/11/13 1/12/13 -6/30/13 61 Days 133 Days 170 Days *This calculation does not take origination fees into account.

  15. Borrowing Maximum Stafford & Grad PLUS Summer Fall Spring Stafford Loan $11,000 $18,084 $18,083 Grad PLUS $2,000 $9,837 $9,837 Charges • Tuition -$9,419 -$14,829 -$14,829 • Gen Fee -419 -$616 -$616 • Med Fee -302 -$444 -$444 • SIS Fee -22 -$33 -$33 • Health Ins (*estimate) -$0 -$650* -$650* Total overage (estimate) $2,838* $11,349* $11,348* 7/1/12 – 8/30/12 9/1/12 – 1/11/13 1/12/13 -6/30/13 61 Days 133 Days 170 Days *This calculation does not take origination fees into account.

  16. Questions?

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