CHOICES Applying for Financial Aid at James Madison University

1. CHOICESApplying for Financial Aidat James Madison University February 16, 2019

2. JMU ID

3. FAFSA The 2019-20 Application for Federal Student Aid (FAFSA) is the only application students at JMU need to complete to apply for all of the federal and state financial aid offered through the Office of Financial Aid & Scholarships

4. Financial Aid Process • Submit FAFSA (preferably before March 1st) • Receive Student Aid Report • Receive Preliminary Financial Aid Award Notice prior to May 1st • After May 1st receive Verification request and/or Official Financial Aid Award Notice • The process of sending Official Financial Aid Award Notices generally begins the middle to end of June • Submit required acceptance documents

5. 2019-20 FAFSA Priority Filing Date • March 1st, 2019 • This means your FAFSA should have been logged in at the federal processor by March 1st to be considered “on-time” • You can still complete a FAFSA after March 1st, but the funds available for awarding at that time could be limited

6. Importance of Priority Filing Date • In some cases, meeting the priority filing date can increase your eligibility for specific types of financial aid • Allows appropriate amount of time for processing before the 2019-20 school year begins

7. Professional Judgment • Unexpected issues not reflected on the FAFSA • Tuition expenses at an elementary or secondary school if it is medically recommended that the student attend a private school • Medical or dental expenses not covered by insurance • Unusually high child care costs • Job loss or unemployment • Parents enrolled at least half-time in a degree or certificate program • Roth IRA rollovers • Dependency overrides • Beginning in March, e-mail finaid_pj@jmu.edu a letter of appeal if you have qualifying circumstances • Review the “Financial Aid Appeals (PJ) section of our website at www.jmu.edu/financialaid for instructions • Issues such as credit card expenses, car payments, standard living expenses, and other “normal” daily items cannot be considered under Professional Judgment for federal and state aid purposes

8. PACKAGING 101

9. Cost of Attendance(2018-19 Figures) COMPONENTS • Tuition & fees • Room & board • Books & supplies • Transportation • Personal • Loan fees EXAMPLES • Full-time In-state • $26,726 • $22,018 = average billable • $4,708 = estimate • Full-time Out-of-state • $43,434 • $38,726 = average billable • $4,708 = estimate • Note: Average billable includes average tuition/fees, room/board, & internet fee. Costs may vary based on actual registration and housing arrangements.

10. EFC = Expected Family Contribution • The federal government determines a family’s ability to pay for post-secondary expenses (including living expenses) • The figure schools use to determine a student’s eligibility for need-based aid

11. JMU Net Price Calculator • Get your Expected Family Contribution (EFC) by completing the FAFSA • Go to www.jmu.edu/financialaid • Select “JMU Net Price Calculators” in the Quick Links section • Answer the applicable questions • Receive an estimated award immediately

12. Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial need

13. Sample Award Notice In-State (1) FAFSA Filed by March 1 26,726 COA - 100 EFC 26,626 Need 6,045 Pell Grant 6,174 VGAP Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 6,977 PLUS (includes EFC) = Fully Packaged FAFSA Filed after March 1st 26,726 COA - 100 EFC 26,626 Need 6,045 Pell Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan -13,151 PLUS (includes EFC) = Fully Packaged Note: These are provided for example purposes only, based on 2018-19 figures, and are not a guarantee of award amounts, as VGAP and Workstudy eligibility are subject to funding availability and other criteria.

14. Sample Award Notice In-State (2) FAFSA Filed by March 1 26,726 COA - 12,000 EFC 14,726 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 19,196 PLUS (includes EFC) = Fully Packaged* *Even though applied by March 1st, no VGAP because EFC is too high. FAFSA Filed after March 1st 26,726 COA -12,000 EFC 14,726 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 19,196 PLUS (includes EFC) = Fully Packaged* *Missed March 1st FAFSA date and EFC too high for VGAP • Note: These are provided for example purposes only, based on 2018-19 figures, and are not a guarantee of award amounts.

15. Sample Award NoticeOut-of-State SAMPLE 1 43,434 COA - 100 EFC 43,234 Need 6,045 Pell Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 29,859 PLUS (includes EFC) = Fully Packaged SAMPLE 2 43,434 COA -12,000 EFC 31,434 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 35,904 PLUS (includes EFC) = Fully Packaged • Note: These are provided for example purposes only, based on 2017-18 figures, and are not a guarantee of award amounts. Additionally, meeting the March 1st FAFSA Priority Filing Date does not provide a funding advantage in the awarding formulas, but does allow a Preliminary Financial Aid Award Notice to be sent in a timely fashion.

16. OTHER RESOURCES

17. Options • Personal savings • Investments (e.g., 529 plans, ESA’s, Mutual Funds, etc.) • Payment plans • Part-time employment • Scholarships (institutional and private) • Private Loans (student and parent)

18. Loan Repayment Example • Dependent student beginning in 2018-19 and eligible for maximum Direct Loans for 4 years (assume student accepts the loans): • 1st year - $5,500 - no more than $3,500 subsidized (5.05%)* • 2nd year - $6,500 - no more than $4,500 subsidized (5.05%)* • 3rd year - $7,500 - no more than $5,500 subsidized (5.05%)* • 4th year - $7,500 - no more than $5,500 subsidized (5.05%)* • Total debt - $27,000 (aggregate maximum $31,000, no more than $23,000 subsidized)

19. Loan Repayment (cont.) • Standard Repayment Plan is 10 years • $287/month in loan payments • $34,445 repaid over the 10 year period • $7,445 paid in interest • This does not include any capitalized interest, which will increase the cost • Note: This is based on the 2018-19 rate of 5.05% (rates will differ each year)

20. Payment Plan Example(2018-19 figures) • Payment Plan (5 months per term) • Full-time, in-state, on-campus example • $11,009 per term / 5 months = $2,201.80 (make payment monthly) • Averages to $550.45 per week in a 4 week month (figure for budgeting purposes) • Full-time, out-of-state, on-campus example • $19,363 per term / 5 months = $3,872.60 (make payment monthly) • Averages to $968.15 per week in a 4 week month (figure for budgeting purposes) • See the University Business Office at www.jmu.edu/ubo for more details

21. JMU Specific Aid • You will not see these on a Financial Aid Award Notice • Institutional Employment • Off-Campus Employment • You will see these on a Financial Aid Award Notice if you also are receiving aid from the FAFSA • JMU Scholarships

22. Prospective Student Scholarships www.jmu.edu/scholarships • Admissions & University Departments • Thomas A. Dingledine Scholarship for Achievement in Academics and Service • Madison Award for Academic Excellence • Second Century Scholars Scholarship Program • Centennial Scholarship Program • Foundation Scholarships • Departmental Scholarships • Financial Aid • Sarah Lanier Tabb Oliver Scholarship (single student) • Private

23. Scholarships and Financial Aid • Receipt of scholarship funds from any source may reduce your eligibility for need based federal and state financial aid • Please use the Supplemental Information Sheet to inform the Office of Financial Aid & Scholarships as soon as you are aware you will receive a scholarship

24. Thomas A. Dingledine Scholarship for Achievement in Academics and Service • Award amount is equivalent to full in-state tuition for four years at JMU • Generally five new students awarded each year • Early Action freshman application to JMU is required • Application and recommendations must have been postmarked no later than November 1, 2018 to be considered • Top candidates were notified no later than February 1, 2019 and invited to campus for an interview scheduled for mid-February • The final scholarship recipients will notified by the end of April (mail)

25. Madison Award for Academic Excellence • Award amounts are determined by the individual awarding department and can vary in amount from: • $5,000 to $10,000 per year, depending on department • No additional application is required for the this scholarship, as students will be reviewed using their application for admission to JMU • Recipients will be notified by mid-April (mail)

26. Second Century Scholarships (STEM Majors) This program financially supports exemplary students entering any of the following STEM majors: • Biology • Biotechnology • Chemistry • Computer Science • Earth Science • Engineering • Geographic Science • Geology • Information Analysis • Integrated Science and Technology • Mathematics • Physics

27. Second Century Scholarships (STEM Majors) • The amount of the scholarship is set at 75 percent of in-state tuition of the year recipients enter the university and continues at this amount for the four consecutive years • Applications deadline is February 19, 2019 • Apply at: http://www.jmu.edu/scholarships/propectstudents.shtml • Recipients will be notified by the end of April (mail) • Potential applicants must meet the following criteria to apply for the SCS scholarship: • GPA 3.75 or higher (performance in science, technology and mathematics courses will receive additional consideration) • Demonstrated interest and commitment to study in a STEM area • Declaration of major in a designated STEM area

28. Centennial Scholars Program • Award amount is equivalent to full in-state tuition/fees and room/board for four years at JMU • Up to 50 new students awarded each year, but this can vary • Virginia resident, Pell Grant eligible, aptitude and interest in program activities • Application due no later than March 1, 2019 • Once application has been received the applicant will be sent a receipt notification at the email address listed on the application within 72 business hours. The email will contain instructions about further procedures, processes, and potential interview information.

29. Private Scholarships • Private scholarships can originate from any non JMU source • You can find some private scholarship searches at www.jmu.edu/scholarships • If you receive a private scholarship, complete an online Supplemental Information Sheet to inform the financial aid office regarding your good fortune • According to state and federal regulations, we must consider outside sources of financial assistance when awarding aid

30. AWARDNOTICES

31. Types of Non-Scholarship Financial Aid Available (FAFSA Related) • Federal Grants (Pell SEOG) • State Grants (VGAP and CA) • University Grants • Federal Loans (Direct Loans & Parent PLUS Direct Loan) • Federal Work-Study Note: You will see these on a Financial Aid Award Notice

32. Preliminary Financial Aid Award Notice • E-mailed to the same e-mail address Admissions used to notify the student of his/her acceptance to JMU • This is an estimate, as the 2019-20 tuition/fees and room/board figures will not be set at the time the award is generated • Students and parents cannot accept aid based on this notice • Verification will not have been conducted

33. Preliminary Financial Aid Award Notice • The notice will contain tentative eligibility for aid from: • Federal aid programs • State aid programs • JMU Scholarships (if you also have FAFSA related offers) • Official JMU scholarship notifications will come from individual campus departments • After May 1, 2019 Preliminary financial aid awards will be canceled • New JMU students will receive: • Verification request to secure additional information to complete a final FAFSA review (generally in May), or • Official Financial Aid Award Notice (generally begins around the middle to end of June)

34. Additional Information • If information is needed to verify elements on the FAFSA, then JMU will request it • Make sure the student’s “Home” address is current in MyMadison • Use IRS Data Retrieval Tool for inputting or updating tax information on the FAFSA

35. Official Financial Aid Award Notice • Beginning in the middle to end of June, eligible students will be awarded and sent an Official Financial Aid Award Notice • These notices are sent electronically to the student’s JMU e-mail address (note the change from the Preliminary process) • Parents will receive a separate notice regarding Parent PLUS Direct Loan eligibility • These notices are sent to the parental e-mail address listed on the FAFSA • Each notice will contain instructions for how to accept or decline the offered aid • Students will do this through MyMadison • Parents will do this through www.studentloans.gov, after receipt of Official Award Notice

36. CLOSING ITEMS

37. Subsequent Years • The FAFSA must be filed each year for need-based scholarships • Scholarships for continuing JMU students are typically awarded through: • Academic departments, and • Office of Financial Aid & Scholarships • Application procedures may vary by department • Scholarship applications are required for the Office of Financial & Scholarships

38. Helpful Tools www.jmu.edu/financialaid • “Choices – Financial Aid Presentation” (February) • ”Prospective Student Scholarships” video • Quick Links - Terms & Conditions – Consumer Information” • Review information under the “Learn” section • Many other options available

39. Questions • If you have any questions, please do not hesitate to contact our office via one of the following methods: • In person on the 5th floor of the Student Success Center • By phone at (540) 568-7820 • On the web at www.jmu.edu/financialaid