WELCOME CANDIDATES FOR THE COLLEGE OF VETERINARY MEDICINE Class of 2019 Enrollment Services TOPICS TO BE COVERED Applying for Financial Aid. Cost of.
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WELCOME CANDIDATES FOR THE COLLEGE OF VETERINARY MEDICINE
Class of 2019
Enrollment Services
TOPICS TO BE COVERED
Applying for Financial Aid.
Cost of Attendance Types of Financial Aid Available.
Typical Financial Aid Awards.
Important Web Sites.
NOTE: All information on Federal Direct Loans is taken from their website at studentaid.ed.gov
Enrollment Services
APPLYING FOR FEDERAL FINANCIAL AID
Apply for a Personal Identification Number (PIN) at pin.ed.gov
as soon as possible. Complete the FAFSA at fafsa.ed.gov
in January, or as soon afterward as possible even if you have not yet made a decision to attend OSU.
OSU School Code: 003090 If all eligibility is met, and FAFSA information is received by OSU in time, you WILL be awarded enough financial aid to cover your entire Cost of Attendance for OSU CVM. Financial Aid Award Notifications will be sent by July 1 st .
Enrollment Services
HOW DEPENDENCY STATUS IS DETERMINED ON THE FAFSA
You are considered an “independent” student once you check that you are in enrolling in a GRADUATE/PROFESSIONAL program.
This means you are not required to answer questions about your parents. However, you may want to answer these questions if you are a health professions student…
Note:
Students in the College of Veterinary Medicine are automatically considered independent for federal financial aid purposes. It does not matter whose health insurance, etc. you are covered under.
Enrollment Services
COST OF ATTENDANCE
• All institutions of higher learning are required to establish a Cost of Attendance BEFORE they can disburse any federal dollars. • The Cost of Attendance includes:
Tuition
,
Fees
,
Books and Supplies
,
Living Expenses
, and all
Miscellaneous
charges such as laundry and clothing. • All Ohio Resident CVM students in the Class of 2018 began with the same COA of $
50,468
• All NR CVM students in the Class of 2018 began with the same COA of $
85,620
(NR students have a higher COA because they pay the NR surcharge with fees).
*All CVM students who complete the FAFSA and meet all eligibility checks will be awarded enough financial aid to cover their Cost of Attendance. It does NOT matter if you have 0 income or have 100,000 in income!
Enrollment Services
**9 MONTH** COA breakdown for the CVM class of 2018 (1 st year) Tuition & All Fees (Direct Costs) Total Living Expenses (Indirect Costs) Housing/Meals
Rent
$29,426 Resident $21,042 Resident $10,066
5,548
$64,578 Non-Resident $21,042 Non-Resident
Utilities 884 Phone 330 Groceries 3,304
Books & Supplies
Also includes cost of immunizations, equipment, scrubs, etc.
Misc. Expenses for 9 Months $6,174
Laundry
$4,802
216 Clothing 826 Transportation 2,460 Misc. Personal 2,494
Total Cost of Attendance $50,468 Resident $85,620 Non-Resident **Your personal budget may differ from our estimates!
Enrollment Services
TYPES OF FINANCIAL AID AVAILABLE
• Scholarships • Federal Direct Loans • Health Professions Student Loans (HPSL)
Enrollment Services
FEDERAL DIRECT LOANS - UNSUBSIDIZED
• Awarded based on completing the FAFSA & meeting eligibility requirements.
• Students enrolled in Senior Health Sciences (Dentistry, Medicine, Optometry,
Veterinary Medicine
) are eligible for up to
$40,500
in the Unsubsidized Stafford Loan. • Interest rate fixed at 6.21% for loans disbursed on or after July 1 st , 2014.
• Interest accrues from date of disbursement. • Must be enrolled at least half time for loan to remain in deferment. • Repayments begins 6 months after graduation or withdrawal or dropping below half time enrollment. • Repayment can be postponed if serving in a residency or internship after graduation.
Enrollment Services
FEDERAL DIRECT GRADUATE PLUS LOAN
• Must complete the FAFSA in order to receive this loan. • Does require a credit check for students (If student has an adverse credit history, an endorser/co-signer can be used).
• Can be awarded up to the Cost of Attendance. • Interest rate is fixed at 7.21% for loans disbursed on or after July 1 st , 2014.
• Interest begins accruing at disbursement. • Repayment is automatically deferred until 6 months after graduation (as long as student remains enrolled for at least half time in an eligible program) for graduate and professional students.
Enrollment Services
FEDERAL HEALTH PROFESSIONS STUDENT LOAN (HPSL)
• Federal Guidelines require parent information on the FAFSA even though an independent student. • The HPSL is only available to students enrolled in Dentistry, Optometry, Pharmacy, and Veterinary Med.
• Interest rate is fixed at 5% for the life of the loan. • Amount awarded varies depending on how many students qualify. • Interest and repayment is deferred for 12 months after graduation, withdrawal, or enrolled below full time. • Priority is given to 4 th year students, but 1 st years may still be eligible to receive the loan!
Enrollment Services
TYPES OF NON-FEDERAL FINANCIAL AID
Alternative/Private Loans:
Apply online through banks. Does not require completing the FAFSA .
Student Employment:
Paid by specific employer on campus. Does not require FAFSA information.
Specific Scholarships:
Awarded by the College based on GPA, etc. May or may not require FAFSA information.
External Scholarships:
Awarded by outside agencies, clubs, businesses May or may not require FAFSA information.
Enrollment Services
TYPICAL AWARD PACKAGES FOR THE CLASS OF 2018 (RESIDENTS)
Ohio Resident Who Completed the FAFSA and Provided Parent Income Info
Health Professions Student Loan $3,000 Unsubsidized Direct Loan $40,500 Grad/PLUS Loan $6,968
Total Awarded $50,468 Total COA/Budget $50,468 Total Cost of Attendance has been met regardless of student income!
Ohio Resident Who Completed the FAFSA and Did NOT Provide Parent Income
Unsubsidized Direct Loan $40,500 Grad/PLUS Loan $9,968
Total Awarded $50,468 Total COA/Budget $50,468 Total Cost of Attendance has been met regardless of student income!
Estimated Refund for living expenses:
Total Aid (minus origination fees) - Resident Tuition & Fees ($29,426)= $21,042 Total--
$10,521 per semester
Enrollment Services
TYPICAL AWARD PACKAGES FOR THE CLASS OF 2018 (NON-RESIDENTS)
Non-Resident Who Completed the FAFSA and Provided Parent Income Info
Health Professions Student Loan $3,000 Unsubsidized Direct Loan $40,500 Grad/PLUS Loan $42,120
Total Awarded $85,620 Total COA/Budget $85,620 Total Cost of Attendance has been met regardless of student income!
Non-Resident Who Completed the FAFSA and Did NOT Provide Parent Income
Unsubsidized Direct Loan $40,500 Grad/PLUS Loan $45,120
Total Awarded $85,620 Total COA/Budget $85,620 Total Cost of Attendance has been met regardless of student income!
Estimated Refund for living expenses:
Total Aid (minus origination fees) – Non Resident Tuition & Fees ($64,578)= $21,042 Total--
$10,521 per semester
Enrollment Services
TOTAL COST OF ATTENDANCE FOR CLASS OF 2018 OVER FOUR YEARS
The COA For All Four Years at OSU VME For a Resident Student: The COA For All Four Years at OSU VME For a NR student who gains Residency:
1 st Year $50,468 1 st Year $85,424 2 nd Year $49,158 2 nd Year $49,158 3 rd Year $50,004 4 th Year $73,044
Total COA $222,674* Tuition/Fees ONLY $132,417* *Note: These Figures Do NOT Include Future Yearly Tuition Increases
3 rd Year $50,004 4 th Year $73,044
Total COA $257,630* Tuition/Fees ONLY $167,569* NR Tuition Alone Could Exceed $250,000 (all 4 years) if Not Regaining Residency!
Enrollment Services
IMPORTANT FACTS TO REMEMBER CONCERNING FINANCIAL AID
YOU SHOULD COMPLETE THE FAFSA EVEN IF YOU HAVE NOT YET BEEN ACCEPTED INTO CVM.
YOU WILL BE AWARDED FUNDS FOR LIVING EXPENSES. YOU ARE NOT REQUIRED TO ACCEPT ALL STUDENTS LOANS OFFERED TO YOU. RESOURCES ARE AVAILABLE TO ASSIST YOU WITH PERSONAL BUDGETING AND FINANCIAL AID QUESTIONS
Enrollment Services
Important Web Sites
How Financial Aid Works at OSU sfa.osu.edu
How Financial Aid Works at OSU and VetMed Vet.osu.edu
How Financial Aid Works for ALL Colleges and Universities in the USA Studentaid.ed.gov
Financial Aid Awards, Statement of Account, Direct Deposit Residency Issues Federal Student Loans Buckeyelink.osu.edu
ssc.osu.edu
Registrar.osu.edu
Studentaid.ed.gov
Call - 1.800.848.0979
Income Based Repayment Plan Info on Deferments, Forbearance, and Cancellation of Student Loans Studentaid.ed.gov
Studentaid.ed.gov
Student Health Insurance Calculators for Loan Repayment Buckeyelink.osu.edu
Studentaid.ed.gov
Finaid.org/calculators
Enrollment Services
FINANCIAL AID FLOW CHART
Complete FAFSA at FAFSA.ed.gov
as soon as possible after Jan. 1, 2015 even if not notified of acceptance. OSU’s federal FAFSA code: 003090.
When completing the FAFSA, you are automatically considered an INDEPENDENT student for financial aid purposes. Providing parent income information is OPTIONAL, but required for the Health Professions Loan.
Make sure that SSN is provided on Graduate Admissions Application so that FAFSA information can “link up”. No federal loans can be awarded if an SSN is not provided. Accept all financial aid needed at your Student Center buckeyelink.osu.edu
by following instructions provided with Award Notification. Be sure that OSU email account is activated so that Award Notification can be delivered via email by July 1 st .
Respond to any requests from OSU requesting additional information concerning FAFSA information.
Be sure to sign all electronic Promissory Notes and do all electronic Entrance Counseling required by following instructions at Student Center. Makes sure Direct Deposit account is set up by following instructions at Student Center. For any questions concerning financial aid at OSU while in CVM, contact Kelsey Conklin at [email protected]
or at 614-292-8831.
Enrollment Services