Transcript Financial aid Myth - University of Wisconsin Oshkosh

Financial Aid Office
Odyssey 2011
Where excellence and opportunity meet.™
FINANCIAL AID PROCESS
Financial Aid Office
 Obtain PIN online (www.pin.ed.gov)
 File FAFSA online (www.fafsa.gov)
 Review Student Aid Report (SAR)
 Complete ‘To Do’ Items (TitanWeb)
 Accept/Decline Awards (TitanWeb)
 Complete Promissory Note(s) (if applicable)
 Complete Loan Entrance Counseling (if applicable)
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OBTAIN PIN
Financial Aid Office
(Personal Identification Number)
www.pin.ed.gov
 Serves as your electronic signature
 May be used to file your FAFSA, make corrections
to your SAR, and monitor federal loans you receive
 Parents of dependent students should also obtain
a PIN to electronically sign the FAFSA
Financial Aid Office
FREE APPLICATION FOR FEDERAL
STUDENT AID (FAFSA)
www.fafsa.gov
UW Oshkosh Federal School Code: 003920
COMPLETE ‘TO DO’ ITEMS
Financial Aid Office
Read carefully and submit
the information requested –
may simply require you to
complete an online process!
(TitanWeb)
WWW.UWOSH.EDU/FIN_AID/FORMS
Financial Aid Office
Online forms can be
submitted online by the
student, other forms must be
printed and signed by the
student and/or parent before
submission.
Financial Aid Office
SUBMITTING DOCUMENTS TO THE
FINANCIAL AID OFFICE
 Always include the student’s ID number
 Submit requested items in a timely manner
 Many items require the student’s AND a
parent’s signature
 Student can email the Counselor listed on the
‘To Do’ Item for clarification
AWARD NOTIFICATION
Financial Aid Office
 Your student’s award notification will be sent
via e-mail, directing him/her to TitanWeb to
Accept/Decline Awards
The award notification includes important
information, so be sure to read carefully!
ACCEPT/DECLINE AWARDS
Financial Aid Office
HOW FINANCIAL AID IS AWARDED
Financial Aid Office
Estimated Cost of Attendance (COA)
(Determined by UW Oshkosh)
–
Expected Family Contribution (EFC)
(Determined by FAFSA)
__________________________________________________________________________________________________________________
= Financial Need
* Total Financial Aid awards cannot exceed COA and need based awards cannot exceed
financial need (outside scholarships may be an exception)
ESTIMATED COA
(Cost of Attendance aka ‘Budget’)
Financial Aid Office
Undergraduate Full-Time Students 2011-2012 (per semester)
Budget
Item
WI
Resident
NonResident
MN
Resident
Midwest
Exchange
Return
to WI
Books
$500
$500
$500
$500
$500
Room/Board
$3,521
$3,521
$3,521
$3,521
$3,521
Loan Fees
$19
$19
$19
$19
$19
Personal
$1,000
$1,000
$1,000
$1,000
$1,000
Transportation
$350
$350
$350
$350
$350
Tuition
$3,500
$7,495
$3,639
$4,992
$5,750
TOTAL
$8,890
$12,885
$9,029
$10,382
$11,140
The COA is an estimate of total expenses (direct and/or indirect) used to determine
financial aid eligibility. It is not necessarily the amount that will appear on your bill.
WHAT DOES EFC MEAN?
Financial Aid Office
(Expected Family Contribution)
 Determined by the information provided on
the FAFSA and through federal calculation
 Combined parent and student contribution
 Determines what types of financial aid a
student may be eligible to receive
 Not what you owe the university – it is a
number used to determine aid eligibility
FUNDING AT A GLANCE
Financial Aid Office
 Scholarships
 State, Institutional, Private
 Grants or Fee Remission
 Federal, State, Institutional
 Federal Work-Study
 Loans
 Subsidized/Unsubsidized Federal Direct Loans
 Parent Loans for Undergraduate Students (PLUS)
SCHOLARSHIPS
Financial Aid Office
 www.uwosh.edu/fin_aid
 Types of Aid > Scholarships > Available Scholarships
 In addition, look to community resources:
 Service clubs, corporations, foundations, high
school counseling office, employers, etc.
FEDERAL AND STATE GRANTS
Financial Aid Office
(Eligibility determined by filing FAFSA)
 Federal
 Pell Grant, Supplement Educational Opportunity Grant
(SEOG), etc.
 State of Wisconsin
 Higher Education Grant, Tuition Grant, Talent Incentive
Program Grant, etc.
FEDERAL WORK-STUDY
Financial Aid Office
(Eligibility determined by filing FAFSA)
 Disbursed through regular bi-weekly paycheck in workstudy position (not credited to bill) – student must apply
for job, meet job qualifications, interview, etc.
 Job Opportunities @ UW Oshkosh
 www.uwosh.edu/career/TitanJobs
 Convenient locations and flexible hours
LOAN PROGRAMS
Financial Aid Office
 Federal Loan Programs
 Perkins Loan
 Subsidized/Unsubsidized Direct (Stafford) Loans
 PLUS Loans
 Private/Alternative Loans
Financial Aid Office
SUBSIDIZED/UNSUBSIDIZED FEDERAL
DIRECT LOANS
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Eligibility determined by filing the FAFSA; student is borrower
Subsidized based on financial need, but not unsubsidized
Fixed 3.4% interest for subsidized, 6.8% for unsubsidized
Repayment begins 6 months after graduating or dropping
below half-time status
 Maximum Award: $5,500 per year
 Subsidized/Unsubsidized combined, freshman, dependent
 Master Promissory Note and Loan Entrance Counseling
required – student completes at www.studentloans.gov
PARENT (PLUS) LOANS
Financial Aid Office
 Eligibility determined by filing the FAFSA, but separate
application required – available on Financial Aid website
 Not based on financial need and the parent is the borrower
 Fixed 7.9% interest rate – credit check required
 Repayment begins 60 days after the final disbursement (or
parent may contact Direct Loan Services for deferment)
 Award amount based on COA minus all other aid awarded
 Master Promissory Note required by parent who applied –
parent completes at www.studentloans.gov
Financial Aid Office
Begin Parent Loan
(PLUS) Processing on
the Financial Aid
website, under the
Quick Links
Read the information
carefully and follow
the instructions.
1. Application Form
2. Parent MPN
PARENT (PLUS) LOAN
PROCESS
Financial Aid Office
DISBURSEMENT OF
FINANCIAL AID FUNDS
 The student will receive an e-mail from Student Accounts in
August directing him/her to view the charges in TitanWeb and
the due date will be in mid-September
 Financial aid awards will begin to be disbursed about one week
prior to the first day of classes, which is September 7th
 Loan funds are disbursed only after Loan Entrance Counseling
and Master Promissory Notes are completed and correct
FINANCIAL AID OFFICE
Financial Aid Office
Office Hours:
Monday – Friday
7:45 a.m. – 4:30 p.m.
Counselor Walk-In Hours:
Monday – Friday
10:00 a.m. – 2:00 p.m.
www.uwosh.edu/fin_aid
Dempsey Hall 104
800 Algoma Blvd.
(920) 424-3377
[email protected]
Individual appointments also available by request
QUESTIONS?
Where excellence and opportunity meet.™
FINANCIAL AID MYTH
Financial Aid Office
My family’s income is too high to qualify for
financial aid.
Financial aid is determined by more than just
income. And, regardless of income, a student
may qualify for a student loan.
FINANCIAL AID MYTH
Financial Aid Office
A student can accept the Parent (PLUS) Loan in
TitanWeb and the process is complete.
A student cannot accept a parent loan. A parent
would need to apply for it via a form available on the
Financial Aid website, be approved, and have a valid
MPN completed.
FINANCIAL AID MYTH
Financial Aid Office
Students who are not claimed on their parents’
tax return are always considered independent for
financial aid purposes.
Dependency status is determined by the
information you provide on the FAFSA.
FINANCIAL AID MYTH
Financial Aid Office
A student who does not receive a financial aid
award letter through the mail will not receive
financial aid.
Award information is available in TitanWeb. Most
students will receive an e-mail directing them to
TitanWeb to Accept/Decline awards offered.
FINANCIAL AID MYTH
Financial Aid Office
Students who do not accept all the loans offered
to them cannot request them later.
Students should only accept the loans they
need. A student could receive a loan later, if
requested, and eligibility remains.
FINANCIAL AID MYTH
Financial Aid Office
It is too late to apply for financial aid.
Students may be awarded financial aid
throughout the academic year. File the FAFSA
online at www.fafsa.gov.
FINANCIAL AID MYTH
Financial Aid Office
Students who apply for aid this year do not need
to apply again next year.
Students should file the FAFSA every year. If
possible, file the FAFSA by the March 15th priority
date to be considered for limited funded programs.