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Funding your Education

Funding your Education. Department of Financial Aid, Student Employment, & Military Education Benefits. What is Available?. Federal Financial Aid Scholarships Employer Assistance Military Benefits. Why Financial Aid?.

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Funding your Education

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  1. Funding your Education Department of Financial Aid, Student Employment, & Military Education Benefits

  2. What is Available? • Federal Financial Aid • Scholarships • Employer Assistance • Military Benefits

  3. Why Financial Aid? • When it comes to paying for school, you are not alone. Grants, work-study, and low interest loans can assist with making your educational dreams a reality. • The Department of Financial Aid, Student Employment and Military Education Benefits processes more than 30,000 applications each year.

  4. Am I Eligible? • Be enrolled at least half-time • 6 credits for Undergraduate Degrees • 4 credits for Graduate Degrees • You are not in default on a federal student loan • Prior aid received has not exceeded annual or aggregate limits • Complete your FASFA!

  5. When Do I apply? • As soon as possible for the upcoming Spring 2014 Semester • File every year • Become available January 1st of each new year for the upcoming academic year • Priority given to students who complete their FAFSA before March 1st

  6. How Do I Apply? • Complete your FAFSA at www.fafsa.gov • What you need: • PIN: www.pin.ed.gov • Federal Tax Returns, W2s, or other income related documents • Social Security Number • For Non US Citizens: Alien Registration or Permanent resident card • Driver’s License • Asset information: bank statements, investment statements, etc. • Business information

  7. After you file the FAFSA • Results (EFC) are sent electronically to the college(s) the student selected. • Students may be required to verify the information submitted on the FAFSA: • 2013 tax transcript OR IRS Data Retrieval required • After the student is admitted to a college, a financial aid package will be prepared. • ***Contact the college with any Special Circumstances.

  8. What Determines My EFC? • Income (including spouse) • Assets • Family Size • Number in College • Age of older spouse

  9. What determines my eligibility? • Expected Family Contribution (EFC) • The federal methodology established by U.S. Congress • Financial Need

  10. What is Financial Need? Cost of Attendance - EFC =Need $23,900 - $2,564 =$21,336

  11. What are the types of Financial Aid ? • Grants • Scholarships • Loans

  12. Free Money? Grants and Scholarships are considered gift aid that does not need to be repaid. • Federal Grants • State Grant and Scholarships • Private • Returning Student Scholarships For more information regarding available scholarship at UWM, visit scholarships.uwm.edu or facebook.com/UWMscholarships

  13. Why Federal Student Loans? The Benefits: • If basic eligibility criteria are met, every student qualifies for a Federal Stafford Loan • Repayment begins 6 months after dropping below half time status, not enroll in classes, or graduate • Current interest rate is 3.86% • Lower than most private loans or credit cards • Not based on credit worthiness and a co-signer is not required

  14. Why Federal Student Loans? Types of Stafford Loans: • Subsidized • no interest accrues while in school • Student who has need • interest rate of 3.86% • Unsubsidized • interest begins immediately, although repayment is not required immediately • Student has no need • interest rate of 3.86%

  15. What are my limits? Independent Students (age 24 and older, married, have dependents, or is a graduate student) Annual Loan Limits • Freshman: $9,500 • Sophomore: $10,500 • Junior: $12,500 • Senior and Beyond: $12,500 • Graduate Student: $20,500

  16. What are my limits? Aggregate (Lifetime) Limits • Independent Undergraduate • Total: $57,500 • Subsidized: $23,000 • Graduate (includes undergraduate loans) • Total:$138,500 • Subsidized:$65,500

  17. Other Loan Options • Federal GradPLUS Loans • Borrower must be a graduate student. • Must be credit-worthy. • Interest is a fixed rate, at 6.41%.

  18. Other Loan Options • Alternative/Private Education Loans • Borrower is the student. • Co-signers can be utilized if adverse credit history prevents approval • Interest varies, determined by lender

  19. Tips for Borrowing Borrow Conservatively • Loans have to be paid back. • Determine the amount of aid you will need for educational expenses] • Create a budget Keep detailed records • Start a folder for important documents. • Keep track of all your loans Update • School and Lenders with new address information

  20. Where do I Start? • Complete your FAFSA (school code: 003896) • Complete your Admission Application! • Watch your PAWS account for needed documents or steps to complete • Monitor your Pantherlink email or PAWS account for Financial Aid Award information and to accept/decline your loans • Complete Master Promissory Note and Entrance Counseling if you wish to receive loans • Register for Classes *Financial aid is disbursed if there are no outstanding documents or steps required and the student registered for classes. The earliest disbursement date is 10 days prior to the start of the first day of classes.

  21. Special Circumstances? Talk to Us about: • Divorce/Separation • Loss of income or benefits • One-time income source inflating AGI • Death or Disability of student or spouse • Medical/Dental expenses not covered by insurance • Elementary or secondary school tuition • Care for elderly parent

  22. The Life Impact ProgramServing UWM Students with Children through Scholarship and Support Services Program offers: • A renewable $5,000 scholarship • Laptops and Emergency Funds • Access to a Life Coach Team • Post-Graduation Support • Community / Campus Resources and Liaisons • Support Groups, Workshops and Social Events

  23. What is MEBO? Military Education Benefits Office Our office is dedicated to providing current and past members of the military as well as their qualifying dependents with accurate information and timely processing of their state and federal military educational benefits. • Federal Benefits • Post 9/11 • Montgomery GI Bill • Selected Reserve • Reserve Educational Assistance Program • Dependents Educational Assistance • Vocational Rehabilitation • Other Benefits • WI GI Bill • National Guard Tuition Assistance Grant

  24. Questions? Financial Aid Department(414) 229-4541 finaid@uwm.edu MEBO (414) 229-6627 vets@uwm.edu Life Impact Program (414) 229-6626 mycoach@uwm.edu

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