Transcript School of Journalism

Financial Aid
Office of Student Financial Planning
Columbia University
School of Journalism
Financial Aid
Orientation 2009
http://www.fafsa.gov/
FREE APPLICATION
FOR FEDERAL STUDENT AID
(FAFSA)
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FAFSA is federal form required to award federal financial
aid
 Select 2014-2015 Form
 Documents needed to complete your FAFSA include:
 Social Security Number, driver’s license, income tax
returns, bank statements and investment records
 School Code - 002707
 Request PIN (www.pin.ed.gov) to sign electronically
 FAFSA Follow-Up
Aid Options Available
 Federal
Perkins Loan
 Federal Direct Unsubsidized Stafford Loan
 Federal Direct Graduate PLUS
 Private/Alternative Educational Loans
 Federal Work Study Award
Federal Perkins Loan
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Awarded based on financial need
Registered at least half time (6 credits)
U.S. Citizen or eligible non-citizen
Must meet Satisfactory Academic Progress requirements
Must complete Federal Loan Entrance and Exit Interview
Requirements
Graduate students - up to $2,500 per school year
 Subsidized (Interest deferred while in school)
Fixed interest rate of 5%
No origination fees
Grace period on repayment of 9 months from date of
graduation or last date of half-time enrollment
Federal Direct Stafford Loans
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Registered at least half time (6 credits)
 U.S. Citizen or eligible non-citizen
 Must meet Satisfactory Academic Progress
requirements
 Must complete Federal Loan Entrance and Exit
Interview Requirements
 Graduate students - up to $20,500 per school year
 Unsubsidized only (Accrues interest upon
disbursement)
 Fixed interest rate of 5.41%
 Origination fees of 1.072%
 Grace period on repayment of 6 months from date of
graduation or last date of half-time enrollment.
Federal Direct Graduate PLUS Loans
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Stafford Loan eligibility must be used first
Registered at least half time (6 credits)
U.S. Citizen or eligible non-citizen
Must meet Satisfactory Academic Progress requirements
Must complete Federal Loan Entrance and Exit Interview
Requirements
Fixed interest rate of 6.41%
4.288% loan origination fee
Approval for loan based on credit decision
Borrow up to “Unmet” need – cost of attendance minus financial aid
awarded
Interest accrues upon disbursement
Forms Required
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Federal Direct Stafford and Graduate PLUS
Loans
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Master Promissory Note (MPN)
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Can be completed electronically through Direct
Loans (www.studentloans.gov)
Federal PIN (www.pin.ed.gov) needed to
electronically sign MPN
Forms Required
 Federal
Perkins Loans
Promissory Note can be completed via
SSOL (https://ssol.columbia.edu
Entrance Counseling
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Entrance Counseling informs you of your rights
and responsibilities as a federal loan borrower
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Entrance Counseling is a federally required
document when borrowing federal funds and
must be completed prior to the disbursement of
these funds
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EI can be completed online at:
 www.StudentLoans.gov
Private/Alternative
Educational Loan
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Can be variable or fixed interest rate – varies by lender
Approval based on credit decision
Can borrow up to “unmet need” - cost of attendance minus other
financial aid
You must apply and complete a promissory note directly with your
lender of choice
A list of suggested lenders can be found here:
http://sfs.columbia.edu/grad-private-loans
PLEASE NOTE: While the University has a suggested lender list,
students have the right to borrow from any lender they choose.
Private/Alternative
Educational Loan
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International Students
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Ineligible for Federal Aid
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May apply for a private educational loan with a creditworthy US Citizen or Permanent Resident co-signer
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Approval based on credit decision
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Can borrow up to “unmet need” – cost of attendance
minus other financial aid
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You must apply and complete a promissory note directly
with a lender of your choice
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Suggested lenders for international students:
http://sfs.columbia.edu/grad-private-loans
PLEASE NOTE: While the University has a suggested lender
list, students have the right to borrow from any lender they
choose.
Let’s Compare Loans
FEDERAL DIRECT
GRADUATE PLUS LOANS
 6.41% fixed interest rate
 4.288% origination fee
 No grace period (can be
deferred)
 Can be consolidated with
Federal Direct Stafford
Loans
 Credit Based
PRIVATE/ALTERNATIVE
EDUCATIONAL LOANS
 Fixed or Variable interest
rate
 Most have both origination
and repayment fees
 Grace period varies by
lender and in some cases,
by program
 Cannot be consolidated
with Federal Direct Stafford
Loans
 Credit Based
Federal Work Study Award
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Employment program designed to help qualifying
students pay for their education
 Registered at least half time (6 credits)
 U.S. Citizen or eligible non-citizen
 Must meet Satisfactory Academic Progress requirements
 Awarded based on financial need
 Funds are not credited directly to a student’s charges
 Earnings are paid to students as a pay check
 May earn up to $6,000 per academic year
Time Line for Processing
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Federal Direct Stafford loans may take up to 10
business days to process
 Graduate PLUS loans typically take 2 to 3 weeks
to process
 Loans typically disburse at the start of each
semester
 Alternative/Private Loans processing time varies
depending on the lender
Other helpful websites
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Research outside scholarship opportunities:
 http://www.fastweb.com
 http://www.finaid.org/
Department of Education’s summary on federal financial
aid programs
 http://studentaid.ed.gov
Overview of financial aid programs at the University:
 http://sfs.columbia.edu/graduate-financial-aid
Student Financial Planning
 202
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Kent Hall
Hours:
• 9 - 5 Monday - Friday
• No appointment necessary
(212) 854 – 7040
 Fax: (212) 854 – 2818
 [email protected]
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