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TUHSC Office of Financial Aid 2012 Summer Financial Aid Workshop Thursday, March 22, 2012

TUHSC Office of Financial Aid 2012 Summer Financial Aid Workshop Thursday, March 22, 2012. Introduction.

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TUHSC Office of Financial Aid 2012 Summer Financial Aid Workshop Thursday, March 22, 2012

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  1. TUHSC Office of Financial Aid 2012 Summer Financial Aid Workshop Thursday, March 22, 2012

  2. Introduction • TUHSC Office of Financial Aid Staff Counselors A - HO Carl Hudson, Counselor HP - MB James Bourgeois, Associate Director MC - Z Shirley Davis, Counselor Administrative Secretary A - Z Donna Fasullo

  3. Introduction / Outline Applications required Types of aid available Annual loan limits Federal aid eligibility Academic year: ‘11-12 vs. ‘12-13 Cost of attendance Tuition & Fees Weeks of attendance Abroad programs Loan processing Federal Stafford Federal Grad PLUS Private (non-federal) Federal Work Study Billing of tuition & fees Disbursements of aid Refunds for living expenses Reconsiderations Applying for 2012-2013 Workshop Outline

  4. Applications Required • 2012 Summer Addendum • 2012-2013 Free Application for Federal Student Aid (FAFSA) • 2011-2012 Free Application for Federal Student Aid (FAFSA) • Federal Direct Loan Applications: Federal Direct Stafford Loan Master Promissory Note Federal Direct Grad PLUS Loan Master Promissory Note • Private (non-federal) Student Loan Application • IRS federal tax transcript (being filed by 4/15/12)…if necessary • Verification Addendum (if necessary) • Website: http://tulane.edu/financialaid/hsc/index.cfm

  5. Types of Financial Aid Available • Scholarships Dean’s Grants/ Departmental Grants Outside Scholarships • Loans Subsidized: Federal Subsidized Stafford Loan Unsubsidized: Federal Unsubsidized Stafford Loan Federal Grad PLUS Loan Non-federal, Private Student Loan • EmploymentFederal Work Study will likely NOT be available!

  6. Annual Loan Limits • Federal Stafford Loan:PH Annual LimitFederal Subsidized Stafford $ 8,500 Federal Unsubsidized Stafford $24,500 Total $33,000 MD Annual Limit Federal Subsidized Stafford $ 8,500 Federal Unsubsidized Stafford $32,000 Total $40,500 • Federal Grad PLUS Non-federal, private alternative loan: No annual limitCost of Attendance less Other Aid

  7. Academic Year: 2011-2012 vs. 2012-2013 • 2011-2012: 7/1/11 through 6/30/12 Use only if 11-12 annual loan limits available. • 2012-2013:7/1/12 through 6/30/13Use if 11-12 annual loan limits exhausted, or to borrow Subsidized Stafford for the last time. • CAN NOT MIX ACADEMIC YEAR ELIGIBILITY!

  8. Federal Aid Eligibility • You must enroll for at least 5 credit hours and/or “Practicum” or “Dissertation” each semester to be eligible for federal aid. • Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award.

  9. Cost of Attendance • 2012 Summer Tuition & Fees Based on current 2011-2012 rate schedule: $ 983 tuition per credit hour + $ 45 academic support fee per credit hour = $1,028 total per credit hour + $60 technology fee for summer semester • Living Expenses Based on actualweeksofenrollment Based on 2012-2013 budgets $460 per week for resident students or $186 per week for commuter students$50 per credit hour for books ($150 for Practicum and/or Dissertation)

  10. Cost of Attendance Example #1 • 2012 Summer Enrollment:GCHB6030-01 3 hrs $3,084 tuition & fees 6/4/12 – 6/29/12 4 weeks GEHS6030-01 3 hrs $3,084 tuition & fees 6/4/12 – 6/29/12 4 weeks Summer Cost of Attendance: $6,168 tuition & academic support fee + $ 60 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $1,840 living expenses (4 weeks) = $8,368 TOTAL

  11. Cost of Attendance Example #2 • 2012 Summer Enrollment: GCHB6030-01 3 hrs $3,084 tuition & fees 6/4/12 – 6/29/12 4 weeks TRMD6010-01 3 hrs $ 3,084 tuition & fees 7/2/12 – 7/27/12 4 weeks Summer Cost of Attendance: $ 6,168 tuition & academic support fee + $ 60 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 3,680 living expenses (8 weeks) = $10,208 TOTAL

  12. Cost of Attendance Example #3 • 2012 Summer Enrollment:EPID6030-01 3 hrs $3,084 tuition & fees 7/2/12 – 7/29712 4 weeks TRMD6010-01 3 hrs $ 3,084 tuition & fees 7/2/12 – 7/27/12 4 weeks Summer Cost of Attendance: $6,168 tuition & academic support fee + $ 60 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $1,840 living expenses (4 weeks) = $8,368 TOTAL

  13. Cost of Attendance • Summer Abroad Programs Add additional costs associated with program Airfare, lodging, visas, etc. Allow for local rent charges while abroad Can NOT disburse aid prior to your summer semester start Recommend completing all possible application materials Recommend signing up for “direct deposit”

  14. Loan Processing • Federal Direct Stafford Loan * No need to e-sign a new Direct MPN if borrowed this year * Unless you tell us differently, we will certify for the maximum amount eligible • Federal Direct Grad PLUS Loan* No need to e-sign new Direct Grad PLUS MPN if borrowed this year; HOWEVER…Do need to apply for Grad PLUS for 2012 summer and then again for the 2012-2013 academic year • Non-federal Private LoanIf borrowing non-federal, private student loan funds, then must complete lender’s loan application process (preferred private lenders offer an on-line application process). You need to complete separate private loan applications for the 2012 summer and for the 2012-2013 academic year. All non-federal, private loans are credit based.

  15. Federal Work Study • Federal Work Study (FWS)Due to Congressional budget cuts, Tulane does not anticipate having FWS funding for the 2012 summer semester! The TUHSC FAO will maintain a “wait list” of those students seeking FWS for the 2012 summer, and IF funding becomes available every effort will be made to make a FWS award. If interested, then complete the FWS section of the Summer Addendum. Paid every two weeks for hours worked. Employment can not extend beyond summer employment calendar. Summer FWS award does not guarantee a FWS award for 2012-2013.

  16. Billing of Tuition & Fees • You are billed tuition for every credit hour enrolled. • Practicum is billed at $50 tuition per semester. • Tuition and fees are billed at the start of the summer semester.

  17. Example #1 Revisited Financial Aid Budget for the 2012 Summer Semester: assumptions: * enrolled for 6 credit hours * enrolled for 4 weeks * not residing with parents Tuition & fees: $ 6,228 Room: $ 872 Board: $ 508 Books $ 300 Transportation: $ 214 Parking: $ 86 Miscellaneous: $ 160 TOTAL: $ 8,368

  18. Example #1 Revisited Financial Aid Award for the 2012 Summer Semester: (based on prior cost of attendance = $8,368) Federal Direct Subsidized Stafford Loan: $ 8,368 TOTAL: $ 8,368 Thus, total financial aid award = total cost of attendance.

  19. Disbursements of Aid • Loan period for the 2012 spring semester: 05/21/12 to 08/10/12 • Federal regulations allow for a single disbursement of Stafford loan funds during a loan period, all at the start of enrollment. • Federal Direct loans disburse loan funds via electronic fund transfer (EFT) to Tulane. • All eligibility criteria must be satisfied prior to disbursement of aid.

  20. With all aid arriving at start of the semester: Tuition & fees $ 6,228 - Subsidized Stafford $ 8,368 = A/R balance ($2,140) + Refund $ 2,140 = A/R balance $ 0 Refunds

  21. Refunds Sign up for “direct deposit” for refunds http://pandora.tcs.tulane.edu/acctrec/

  22. Reconsiderations • SUMMER IS A SHORT SEMESTER… so decide on summer schedule before submitting Summer Addendum! • If drop credit hours, can impact tuition costs as well as number of weeks of living expenses! • If add credit hours will process additional aid after priority processing is complete. • Receive any other financial assistance: departmental grant outside scholarship • DEADLINE is JUNE 15, 2012!!

  23. Applying for 2012-2013 • 2012-2013 FAFSA • 2012-2013 SPH&TM Financial Aid Addendum • No need to complete Federal Direct Stafford and/or Federal Direct Grad PLUS MPN (unless using loan program for the first time) • Apply for Federal Direct Grad PLUS or private loan (if applicable)

  24. Additional Information • Communication: e-mail local address • Always borrow conservatively • Complete a “Title IV Release” form allows for federal aid to be used to cover all non-tuition & fee expenses • Reminder: Sign up for “direct deposit” to receive refunds expeditiously

  25. Final Thoughts Questions???

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