Transcript Slide 1

David Geffen School of Medicine
At UCLA
Financial Aid Basics
Gloria Pinedo
Financial Aid Director
Student and Resident Financial Services
Orientation 2012
Before We Get Started…
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We are located at 12-109 CHS
Office number is (310) 825-4181
Email is [email protected]
Our website is: www.medstudent.ucla.edu/ and click
on “Financial Aid”
Counselors:
 Vanessa Ornelas
1st and 2nd Year Classes
(310) 794-5476
[email protected]
 Patrick Julian
3rd and 4th Year Classes
(310) 794-5482
[email protected]
Financial Aid Application
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2012-13 Financial Aid Application Email
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Entering Students – NO DEADLINES
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Continuing Students – deadlines in March / April
Application Options
A. SOM Scholarship, and Federal Direct Loans
B. Direct Loans Only
Check status on MyFAO:
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www.fao.ucla.edu and click on MyFAO to login to
Document Tracking
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Missing forms can be downloaded from Document
Tracking
Complete application → Need Analysis and Awarding
Need Analysis and Awarding
How need is calculated go to:
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www.medstudent.ucla.edu, click on “Financial Aid” and then
“Understanding Need Analysis”
Need-based scholarships, loans and Direct
Loans are awarded:
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To those that provided parent and student information
and are deemed eligible
“Direct Loans only” are awarded:
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To those that provided student info only
Or, were ineligible for need-based scholarship
Need Analysis and Awarding
How we award your financial aid (in this order):
1.
Gift aid (if eligible)
2.
Campus based loans (if eligible)
3.
Direct Unsubsidized
4.
Grad PLUS
* Total package of aid cannot exceed the Financial Aid Budget
Direct Loan award amounts:
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Unsubsidized, whichever is less:
 Amount requested on Institutional Application, or
 $42,722 / $44,944 annual max, or
 Up to the budget
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Grad PLUS:
 Up to the budget, after annual Unsub is awarded
Electronic Financial Aid Notification (eFAN)
Your “official” financial aid award letter
 You are emailed when an eFAN is available to
complete and sign on-line
 Access your 2012-13 eFAN(s) at www.fao.ucla.edu click on MyFAO to login
 Accept, reduce, or decline each award, and
electronically sign your eFAN; loans will not disburse
unless accepted
 Each time your award package changes, a revised
eFAN will be available to complete and sign
In addition, the following is required before your
loans will disburse…
Complete your Direct Loan
Master Promissory Note (MPN)
To complete your DL MPN:
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Go to: www.studentloans.gov
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Click on "Sign In"
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Enter your SSN, first two letters of your last name,
birth date, and FAFSA pin
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Click on "Complete MPN"
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Click on Subsidized/Unsubsidized to complete the
MPN
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If you’ve been awarded Grad PLUS, you’ll need to
complete an additional MPN for Grad PLUS
Complete your Campus-based Loan
Promissory Note
Perkins Loan Prom Note and Documentation
 Can be completed on line at
http://www.loans.ucla.edu/epnote.html
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Carefully read and follow the instructions
Problems, call Student Loans Services at (310) 825-9864
University Loan Prom Note and Paperwork
 Mailed to you from Student Loan Services (SLS)
 Complete and sign all paperwork
 Return in envelope to SLS or to FAO (12-109 CHS)
Before your loans will disburse…
Complete your Loan Entrance / Debt
Management Session
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It’s a Federal requirement
It’s done on-line at:
www.loans.ucla.edu/dms.html
Complete all sections (Direct Loan Unsub,
Perkins, Grad PLUS)
Once completed, the SLS Office will flag the
system to release your loan funds
Financial Aid Disburses…
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Into your UCLA Bruinbill account
Each semester (fall and spring)
To pay tuition and fees and other debt owed to
the school
You can view your Bruinbill on URSA at:
www.ursa.ucla.edu
Financial Aid Refund…
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Is the left over aid after tuition and fees (and other
debts on Bruinbill) are paid in full
Is used to pay for rent (Weyburn), food, books,
computer, etc.
Can get to you 2 ways:
 BruinDirect into your personal bank account
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To sign up for BruinDirect, go to
http://www.sfs.finance.ucla.edu/
A check mailed to your current address, which
can be updated via URSA - www.ursa.ucla.edu
Bruinbill Autopay
Not Recommended for Financial Aid Recipients
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“Autopay” debits (once a month) your personal
bank account to pay charges posted on your
Bruinbill Account
To work, there has to be enough funding in your
personal bank account to cover the debit(s)
Financial aid recipients should NOT sign up for
Autopay mainly because the tuition and fee bill
can be posted weeks before aid is allowed to
disburse – causing an overdraft and bank fees
on your bank account.
Standard Student
Financial Aid Budget
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Total cost of attendance and maximum amount of financial aid you can
receive for the school year
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Is assigned based on:
 Year in school – 1st year, 2nd year, 3rd year, etc.
 Where you will live during the school year
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Off Campus – in an apartment or Weyburn
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Commuter - with parents
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Includes education and living costs for the student only, not dependents
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Covers costs incurred during the enrollment period only
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Developed using:
 Set costs - such as tuition, fees, books, parking, Hep B vaccines, etc.
 Cost averages - derived from annual student survey - such as rent, utilities,
food, clothing, etc.
If Your Financial Aid Is Not Enough
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Request in writing additional Direct Loan
 Unsubsidized and Grad PLUS
 Can borrow up to the Student Budget or annual loan
limit, whichever is less
Request an allowable increase to the Student Budget
 Medical/Dental expenses not covered by insurance
 Childcare expenses when the other parent works
 Add-ons to the budget are covered by loan
Appeal in writing for reevaluation of your financial need
 If your spouse or parents’ income, assets or household
have changed since applying for aid
Revisions to the financial aid package are in September
Research and Apply for Outside
Scholarships
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Will supplement your need-based scholarship
and reduce Direct Loan requirement
Look at “Pennies From Heaven” on our
website (our compilation of outside agencies)
Watch for emails from the FAO about outside
scholarship opportunities
Search the web for free scholarship
information
Advance Against Financial Aid Related Expenses
AKA Emergency Loan (E-Loan)
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An advance against your financial aid until it disburses
Interest-free Loan
Available 1 week before financial aid disburses for the
term, or on a case-by-case basis if aid is delayed
For up to $2,000 or Fees + $2,000
2-part application process:
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Complete E-Loan Application at FAO: 12-109 CHS
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Take signed application to Student Loan Office: A227
Murphy Hall
Later e-loan is posted on BAR to be paid automatically
when financial aid disburses
In-School Student Loan Deferment
Postpones repayment on your Stafford / Direct, Perkins, and
PLUS loans
 Requires that you’re enrolled / attending med school
 Defers repayment and interest does not accrue on “sub” loans
 May apply to your university and/or private loans
 To get one:
1. Print a deferment form
2. Complete your portion and bring to the FAO: 12-109 CHS
3. We’ll certify and sign/stamp it
4. You mail it to the loan servicer
Via the “clearinghouse”, UCLA updates DOE/servicers when
you’ve paid fees in full, which automatically puts your loans into
deferment
When in doubt, call your loan servicer to verify deferment status
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Questions?
Welcome to DGSOM
Feel free to stop by anytime!