Transcript Slide 1

David Geffen School of Medicine At UCLA

Financial Aid Basics

Gloria Pinedo Associate Director Student Financial Services Office Foundations 2011

Before We Get Started…

 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:  Rebecca Eskins 1 st and 2 nd Year Classes (310) 794-5476 [email protected]

 Patrick Julian 3 rd and 4 th Year Classes (310) 794-5482 [email protected]

Financial Aid Application

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2011-12 Financial Aid Application Email

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Entering Students – NO DEADLINES Continuing Students – deadlines in March / April Application Options A.

B.

SOM Scholarship, and Federal Direct Loans Direct Loans Only Check status on MyFAO:

www.fao.ucla.edu

and click on MyFAO to login to Document Tracking

Missing forms can be downloaded from the Document Tracking Complete application → Need Analysis and Awarding

Need Analysis and Awarding

How need is calculated go to:

 www.medstudent.ucla.edu

, click on “Financial Aid” and then

“Understanding Need Analysis ”

Need-based Scholarships, loans and Direct Loans are awarded:

 To those that provided parent and student information

and

are deemed eligible

“Direct Loans only” are awarded:

 To those that provided student info only  Or, were in eligible for need-based scholarship

Need Analysis and Awarding

How we award your financial aid (in this order): 1.

2.

3.

4.

5.

Gift aid (if eligible) Campus based loans (if eligible) Direct Subsidized Direct Unsubsidized Grad PLUS

* Total package of aid cannot exceed the Student Financial Aid Budget

Direct Loans are initially awarded in the amounts requested on your Institutional Application (IA)

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Subsidized

$8,500 annual max Unsubsidized, whichever is less:

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Amount requested on IA, or $34,222 annual max, or Up to the budget You will accept, decline and/or reduce these awards when you complete and sign your eFAN (award letter)

Electronic Financial Aid Notification (eFAN)

Your “official” financial aid award letter

 You’re emailed when an eFAN is available to complete and sign on line    Access your eFAN(s) at MyFAO : www.fao.ucla.edu - click on MyFAO to login You are

required

to accept 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: 1.

Go to: www.studentloans.gov

2.

Click on "Sign In" 3.

4.

5.

6.

Enter your SSN, first two letters of your last name, birth date, and FAFSA pin Click on "Complete MPN" Click on Subsidized/Unsubsidized to complete the MPN 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 www.loans.ucla.edu/epnote.html

  Carefully read and follow the instructions Problems, call SLS 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

  It’s a Federal requirement It’s done on-line at: www.loans.ucla.edu/dms.html

 Complete

all

sections (Direct Loan Sub and Unsub, Perkins, Grad PLUS)  Once completed, the Loan Office will flag the system to release your loan funds

Financial Aid Disburses…

    Into your UCLA Bruinbill called BAR) account (formerly Each semester 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…

 Is the left over aid

after

tuition and fees (and other debts on Bruinbill) are paid in full  Can be equal to the entire amount of aid for the semester,

if

there is

no

debt on Bruinbill  Is used to pay for rent, food, books, computer, etc.

 Can get to you 2 ways:  Bruin Direct into your personal bank account  For Bruin Direct, go to http://www.sfs.finance.ucla.edu/  A check mailed to your current address, which can be updated via URSA

Standard Student Financial Aid Budget

Total cost of attendance and maximum amount of financial aid you can receive for the school year

Is assigned based on:

 Year in school – 1 st year, 2 nd   Commuter - with parents year, 3 rd year, etc.

Where you will live during the school year  Off Campus – in an apartment or Weyburn 

Includes education and living costs for the student only, not dependents

Covers costs incurred during the enrollment period only

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

  Will usually be Unsubsidized Can borrow up to the Student Budget

or

limit, whichever is less annual loan

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

  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)

      An advance against your financial aid until it disburses Interest-free Loan Available usually a week before instruction begins or on a case-by-case basis if aid is delayed For up to $2,000 or Fees + $2,000 2-part application process: 1.

2.

Complete E-Loan Application at FAO: 12-109 CHS Take signed application to Student Loans: 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 PLUS loans Requires that you’re enrolled / attending status / Direct , Perkins , and school at least halftime Defers repayment on both interest and principal May apply to your university and/or private loans To get one: 1.

Print a deferment form 2.

3.

Complete your portion and bring to the FAO: 12-109 CHS We’ll certify and sign/stamp it 4.

You mail it to your loan servicer Via the “ clearinghouse deferment ”, UCLA updates DOE/servicers when you’ve paid fees in full, which automatically puts your loans into When in doubt, call your loan servicer to verify deferment status

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Important Information

www.fao.ucla.edu

click on MyFAO to log in

MyFAO

To check the status of your FA Application

To view, complete, sign & print your eFAN www.ursa.ucla.edu

URSA

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Change your address View / pay your Bruinbill (formerly BAR) UCLA Registrar

View annual tuition and fee breakdown Student Loan Services

Perkins / Univ. Loan paperwork questions Graduate Student Health Insurance (GSHIP) Main Cashier

Pay Bruinbill / tuition and fees in-person Residence Deputy

CA residency for tuition purposes Student Accounting

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Bruinbill / Bruin Direct Issues Financial aid refund check pick-up Veterans Affairs / Vet Benefits www.registrar.ucla.edu/fees A227 Murphy (310) 825-9864 (310) 794-5613 www.studenthealth.ucla.edu/ 1125 Murphy (310) 825-2201 1113 Murphy 1121 Murphy (310) 825-3447 (310) 825-9194 1113 Murphy(310) 825-5391 www.registrar.ucla.edu/faq/veteranfaq.htm

From Student Financial Services (FAO)…

We would like to say, “THANK YOU” for coming And

Welcome!!

Feel free to stop by anytime We’re here to help!!