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Money Matters: Part 1: Financial Aid Process for First Year Students. Presented by: University Scholarships & Financial Aid Services (USFAS). LEAVE THIS SPACE CLEAR. Money Matters Session Goals. Two part presentation: University Scholarships & Financial Aid Services (USFAS)
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Money Matters:Part 1: Financial Aid Process for First Year Students Presented by: University Scholarships & Financial Aid Services (USFAS) LEAVE THIS SPACE CLEAR
Money Matters Session Goals Two part presentation: • University Scholarships & Financial Aid Services (USFAS) Goal-Help you understand the financial aid process at USF, provide tools for your students to monitor their application and explain how they receive aid • University Controllers Office (Student Financial Services) Goal-Help you understand what your student owes, when and how to pay
Agenda-Money Matters Part 1 • USFAS website to understand the financial aid process, policies and more… • Using OASIS to find answers and monitor your student’s financial aid status… • Florida Bright Futures • Deferments • Tools to help students budget for college costs
Agenda-Money Matters Part 2 • Presented by Student Financial Services • Using OASIS to see what your student owes and how to pay the bill • Important Payment Information • How Financial Aid Pays Your Student’s Bill • Florida Pre-Paid
2011-2012 Estimated Cost of Attendance (fall and spring) Based on 2010-2011 Costs Tuition……………………………………..............................................$5,200 (15 credit hours/semester) Room/Board…………………………………………………………………….…$9,000 Books……………………………………………………………………………….…$1,500 Personal……………………………………………………………………… …….$2,500 Transportation……………………………………………………………………$1,600 Total for Florida Residents………………………………………………….$19,800 Non-Resident Tuition Fee…………………………………………………..$10,810 Total for Non-Residents………………………………………………………$30,610 *Tuition rate is currently $170.80per credit hour plus $37 flat fee per semester *Non-resident fee is currently $531.11 per credit hour plus $37 flat fee per semester *Final tuition rates will be available late July 2011
OASIS: Answers your student’s questions 24/7! www.usf.edu/oasis
Financial Aid Year Selection Menu Select the aid year you wish to view: 1011 for summer, 1112 for fall/spring
Florida Bright Futures New for 2011-2012! All Bright Futures recipients must complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.gov
Florida Bright Futures (continued) • Florida Academic Scholars- $101 per credit hour • Florida Medallion Scholarship- $76 per credit hour • Gold Seal Vocational Scholars- $76 per credit hour • Your student will receive Bright Futures even if they have other types of aid that pay tuition & fees, including Florida Pre-Paid plans
Florida Bright Futures, continued Students must repay the university for any courses dropped or withdrawn from that were paid with Bright Futures funds
Florida Bright Futures, continued • Example: Academic Scholars recipient • If student is registered for 15 credit hours; • Academic Scholars will pay (15x101=) $1,515; • If one 3 credit hour course is dropped, the student will owe USF (3x101=) $303; AND • Will not meet renewal requirements for the next school year until USF has been repaid
Report Funds From Other Sources • Financial aid must be reduced if the student receives more aid than the cost of attendance • If your student expects funds not listed on the award notice, notify us immediately using the ‘Additional Resources’ tab in OASIS • Students will receive an email reminder in June
Why a Tuition Deferment is Important • Tuition is due at the end of the fifth day of classes each term • Financial aid is paid on the sixth day of classes after your student’s enrollment is confirmed • Without a tuition deferment, the tuition payment would be late & the student’s classes would be cancelled
Tuition Deferments Tuition Deferments for financial aid recipients • Automatically provided if the student has Bright Futures and/or a USF scholarship or if a FAFSA is on file by the deadline announced on the USFAS website • Prevents cancellation for non-payment • After registration, check OASIS; remember check each term • Temporarily prevents a late payment fee • Provides temporary extension to pay tuition
Housing Deferments • Automatically provided for in-state residents if the student has $4,750 in financial aid for the semester • Automatically provided for non-Florida residents if the student has $12,200 in financial aid for the semester • After your student receives their room assignment, check OASIS to see if the student qualifies • Allows your student to move in without paying the first month’s rent • Provides temporary extension to pay housing charges
Meal Plan Deferments • Automatically provided for in-state residents if the student has $6,875 in financial aid for the semester • Automatically provided for non-Florida residents if the student has $14,200 in financial aid for the semester • After your student receives their room assignment and has completed the meal plan contract, check OASIS to see if the student qualifies • If the student is eligible for the meal plan deferment, a $50 administrative fee is due by August 3, 2011, paid to USF Dining in MSC 1502 or online at www.usfdining.com • Provides temporary extension to pay meal plan charges for the semester
Did you know that…. • every semester a student extends their enrollment, he/she will be adding about $9,900 to the cost of their degrees! • …if your student withdraws from one 3 hour course each semester, he/she will have to enroll for at least one more year at a cost of $20,000! • …in addition to the cost of the degree, your student will lose wages of $41,000 per year (median income for 2006 college graduates per the National Center for Educational Statistics). • …if your student completes two-thirds or less of the courses attempted, it will take two additional years to graduate and two years of lost wages. The price tag: $120,000! Talk with your student so they understand the financial implications before dropping a class!
Things for your student to consider as they enroll in classes Staying eligible for aid means: • not enrolling in classes that are not needed for his/her degree program • having a 2.0 GPA by the time he/she is in junior standing • completing at least 67% of the courses in which he/she enroll • attaining a bachelor’s degree in less than 180 hours attempted FINISH WHAT THEY START!
Impact of Enrollment Decisions • Repaying Bright Futures for dropped courses • Reaching the 120 credit hour limit on Bright Futures and not having a degree • Being able to enroll but losing aid for low completion ratio (67%) or low GPA (less than a 2.0) • Paying excess hours charges for credit hours attempted over 144 • Paying repeat course surcharges if a course is taken for a third time
Be a Smart Borrower • Financial aid awards may include student loans which have: • Low interest rates • Deferred repayments • Borrow only what is needed! • Use our cost calculators!
Cost Calculators Use our cost calculators to determine actual costs and budget wisely!
Financial Literacy 101 • Required course for all first time college students • Complete the module before school starts in the fall • Access via BlackBoard-`Life Skills for Student Success’ • Designed to give students basic financial management information • Credit card use • Financial aid (including student loans) • Budgeting
Next Steps • Make sure your student registers for classes! • Complete any outstanding unsatisfied financial aid requirements • Read and accept T&C and accept awards • Complete the online MPN & online Entrance Counseling if loans are accepted • Make sure your student pays close attention to emails and keep his/her email address current in OASIS • Sign up for eDeposit in OASIS • Notify UCO of 3rd party payments (others paying tuition on the student’s behalf) • Make sure the student pays his/her bill by the deadline if not receiving a deferment • Review this presentation on our website (www.usf.edu/finaid)
