Transcript School of Journalism - Columbia University

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)

FAFSA is federal form required to award federal financial
aid
 Select 2015-2016 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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Due to the potential termination of the Federal Perkins Loan
program, your Master Promissory Note (MPN) and entrance
counseling form must be completed no later than September 15,
2015 and funds disbursed no later than September 30, 2015.
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If you are a first time borrower in the 2015-2016 academic year, you
will not be eligible to receive future Federal Perkins loan funds. If
you received Federal Perkins loan funds in the 2014-2015 academic
year at the same school in which you will be enrolled in the 20152016 academic year, you may be eligible for future Federal Perkins
loan funds.
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 $3,000 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 6.21%
 Origination fees of 1.073%
 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 7.21%
4.292% 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)
• Can be completed electronically through Direct Loans
(www.studentloans.gov)
• Federal PIN (www.pin.ed.gov) needed to electronically sign
MPN
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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 for Federal Perkins Loan can be completed online at
https://ssol.columbia.edu
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EI for Federal Stafford/Graduate PLUS Loans can be
completed online at:
 www.StudentLoans.gov
Private/Alternative
Educational Loan
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
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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
May apply for a private educational loan with a credit-worthy US Citizen
or Permanent Resident co-signer
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 a lender of
your choice
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
 7.21% fixed interest rate
 4.292% 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 $5,000 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:
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http://sfs.columbia.edu/grad-outside-awards
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Department of Education’s summary on federal financial
aid programs
 http://studentaid.ed.gov
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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: [email protected]
 Ph: