Transcript UMass Lowell Welcome Day Financial Aid Presentation

UMass Lowell
Fall Open House
Financial Aid Presentation
October 04, 2014
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Agenda
Overview of financial aid
How do students apply?
Financial aid award letters
Paying for College
Free Resources
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Financial Aid Breakdown
Undergraduate Student Aid 2012-13 ($185.1Billion)
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UMass Lowell Merit-Based Aid
Awarded to our most academically qualified
students
Based on SAT and High School GPA
UMass Lowell Co-op Scholarship Program
Priority consideration given to Early Action
applicants (November 15)
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Other Merit-Based Aid
State and Private Scholarships
State Scholarships
• John and Abigail Adams Scholarship
• For other programs www.osfa.mass.edu
Private Scholarships
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Need-Based Aid
Grants – gift aid
Federal, state and institutional
Based on need
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Student Employment
Allows students to earn money to assist with
payment of educational expenses
UMass Lowell Student Employment Programs
pay $10-$12 per hour
Students work 10-15 hours per week
UMass Lowell Student Employment team
assists students in finding jobs on campus and
in the surrounding community
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Federal Student Loans
Student is the borrower – not based on credit
No principal payments due while enrolled
Federal Direct Stafford Loans (two types)
• Subsidized – fixed interest rate of 4.66% after leaving school
• Unsubsidized – fixed interest rate of 4.66% begins immediately
• 6.21% for graduate / professional students
Federal Perkins Loan
• Fixed interest rate of 5%
UML strongly recommends students exhaust federal student
loan options before borrowing from other sources
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How do Students Apply?
The FAFSA
Free Application for Federal Student Aid (FAFSA)
Open January 1st: FAFSA.gov
Must sign with a PIN: PIN.ed.gov
IRS Data Retrieval Tool – available February 1st
Requires data from all parents who live together, married or not
Must be completed every year
UMass Lowell Priority Deadline
MARCH 1st
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Taxes and Verification
Tax Filing
• Estimate taxes to meet deadline
• Importance of good estimate
• Update FAFSA with actual taxes
IRS Data Retrieval
• Reduce error and selection for verification
Verification Review
Special Circumstances
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Award Notification
1. Apply by November 15 for Early Action
2. Acceptance Letters & Merit Award Notification
3. January 1 – Complete FAFSA application
College Goal Sunday (www.fafsaday.org)
4. March – Financial Aid Notification
Welcome Day
MEFA’s After the Acceptance seminars
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Comparing Financial Aid Award
Letters
samples
College A
College B
College C
Total Cost
$26,000
$35,000
$56,000
Less – Gift Aid
- $8,000
- $10,000
- $20,000
Equals “Net Price”
$18,000
$25,000
$36,000
Student Loans
- $5,500
- $5,500
- $5,500
Student Employment
- $3,500
- $2,500
- $2,200
Remaining Cost
$9,000
$17,000
$28,300
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Paying for College
Alternative Financing Options
Payment Plan:
TMS (Tuition Management Systems)
https://umasslowell.afford.com/
Parent PLUS Loan
Alternative Loans
Be a wise consumer!
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UMass Lowell as a Partner
Ask questions – we are here to help!
Education is an investment in your future
We are a partner in your educational journey
UMass Lowell Financial Aid Office
• Phone: 978.934.4220
• Web: www.uml.edu/financialaid
• Email: [email protected]
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College Goal Sunday
FAFSA Day Massachusetts
• Free assistance to complete the FAFSA
• Over 30 locations in Massachusetts
• Sunday, January 25, 2015 at 1:00 pm
• Locations and additional dates listed at
www.fafsaday.org
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MEFA Resources
After the Acceptance Seminars
• 25 Massachusetts locations
• March & April
• One on One Guidance
College Financing Seminars
Download the College Financing e-book
Sign up for MEFA emails
Bookmark mefa.org/seniors
Online calculators
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Resources
Financial Aid Office
The Solution Center
• http://www.uml.edu/thesolutioncenter/default.aspx
Federal Student Aid
www.studentaid.gov
Massachusetts Office of Student Financial Aid
www.osfa.mass.edu
High school guidance counselors
Online calculators
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