Transcript Federal Direct Stafford Loan

TUHSC Office of Financial Aid
2014 Summer
Financial Aid Workshop
Thursday, March 20, 2014
Introduction
• TUHSC Office of Financial Aid Staff
Counselors
A - HO
HP - MB
MC - Z
Carl Hudson, Counselor
James Bourgeois, Associate Director
Shirley Davis, Counselor
Administrative Secretary
A - Z Donna Fasullo
Workshop Outline
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Introduction / Outline
Applications required
Types of aid available
Annual loan limits
Federal aid eligibility
Academic year:
’13-14 vs. ‘14-15
• Cost of attendance
Tuition & Fees
Weeks of attendance
Abroad programs
• Loan processing
Federal Stafford
Federal Grad PLUS
Private (non-federal)
• Billing of tuition & fees
• Disbursements of aid
• Refunds for living
expenses
• Reconsiderations
• Applying for 2014-2015
Applications Required
• 2014 Summer Addendum
• 2014-2015 Free Application for Federal Student Aid (FAFSA)
• 2013-2014 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 4/15/14)…if necessary
• Verification Addendum (if necessary)
• Website: http://tulane.edu/financialaid/hsc/index.cfm
Types of Financial Aid Available
• Scholarships
Dean’s Grants/ Departmental Grants
Outside Scholarships
• Loans
Unsubsidized: Federal Unsubsidized Stafford Loan
Federal Grad PLUS Loan
Non-federal, Private Student Loan
• Employment
Federal Work Study will NOT be available!
Annual Loan Limits
• Federal Stafford Loan:
PH Annual Limit
Federal Unsubsidized Stafford
$33,000
MD Annual Limit
Federal Unsubsidized Stafford
$40,500
• Federal Grad PLUS
Non-federal, private alternative loan:
No annual limit
Cost of Attendance less Other Aid
Academic Year:
2013-2014 vs. 2014-2015
• 2013-2014:
7/1/13 through 6/30/14
Use only if 13-14 annual loan limits available.
• 2014-2015:
7/1/14 through 6/30/15
Use if 13-14 annual loan limits exhausted
• CAN NOT MIX ACADEMIC YEAR
ELIGIBILITY!
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.
Cost of Attendance
• 2014 Summer Tuition & Fees
Based on current 2013-2014 rate schedule:
$ 1,064 tuition per credit hour
+
$ 45 academic support fee per credit hour
=
$1,109 total per credit hour
+
$ 100 technology fee for summer semester
• Living Expenses
Based on actual weeks of enrollment
Based on 2014-2015 budgets
$475 per week for resident students
or
$195 per week for commuter students
$50 per credit hour for books ($150 for Practicum and/or
Dissertation)
Cost of Attendance Example #1
• 2014 Summer Enrollment:
EPID6420-01
3 hrs
$3,327 tuition & fees
6/2/14 – 6/27/14
4 weeks
GEHS6030-01
3 hrs $3,327 tuition & fees
6/2/14 – 6/27/14
4 weeks
Summer Cost of Attendance:
$6,654 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 300 books (6 hrs @ $50 per hr)
+
$1,900 living expenses (4 weeks)
=
$8,954 TOTAL
Cost of Attendance Example #2
• 2014 Summer Enrollment:
EPID6420-01
3 hrs
$3,327 tuition & fees
6/2/14 – 6/27/14
4 weeks
GCHB6030-02
3 hrs
$ 3,327 tuition & fees
6/30/14 – 7/25/14
4 weeks
Summer Cost of Attendance:
$ 6,654 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 300 books (6 hrs @ $50 per hr)
+
$ 3,800 living expenses (8 weeks)
=
$10,854 TOTAL
Cost of Attendance Example #3
• 2013 Summer Enrollment:
GHSD6010-01
2 hrs
$ 2,218 tuition & fees
6/30/14 – 7/18/14
3 weeks
GCHB6030-02
3 hrs
$ 3,327 tuition & fees
6/30/14 – 7/25/14
4 weeks
Summer Cost of Attendance:
$5,545 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 250 books (5 hrs @ $50 per hr)
+
$1,900 living expenses (4 weeks)
=
$7,795 TOTAL
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”
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…Note that for Grad PLUS for 2014 summer and then again for
the 2014-2015 academic year a credit check is performed by DOE.
•
Non-federal Private Loan
If 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
2014 summer and for the 2014-2015 academic year.
All non-federal, private loans are credit based.
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.
Example #1 Revisited
Financial Aid Budget for the 2014 Summer Semester:
assumptions: * enrolled for 6 credit hours
* enrolled for 4 weeks
* not residing with parents
Tuition & fees:
Room & Board:
Books:
Transportation:
Miscellaneous:
TOTAL:
$ 6,754
$ 1,424
$ 300
$ 312
$ 164
$ 8,954
Example #1 Revisited
Financial Aid Award for the 2014 Summer Semester:
(based on prior cost of attendance = $8,954)
Federal Direct Subsidized Stafford Loan:
TOTAL:
$ 8,954
$ 8,954
Thus, total financial aid award = total cost of attendance.
Disbursements of Aid
• Loan period for the 2014 spring semester:
05/19/14 to 08/7/14
• 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.
Refunds
With all aid arriving at start of the semester:
Tuition & fees
$ 6,754
- Unsubsidized Stafford $ 8,954
= A/R balance
($2,200)
+ Refund
$ 2,200
= A/R balance
$
0
Refunds
Sign up
for
“direct deposit”
for refunds
http://pandora.tcs.tulane.edu/acctrec/
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 13, 2014!!
Applying for 2014-2015
• 2014-2015 FAFSA
• 2014-2015 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 private loan (if applicable)
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
Final Thoughts
Questions???