Financial Aid

Paying for College:Paying for College:

Financial aid was created as the BRIDGE to Higher education.

All the information gathered on the FAFSA is to develop an

understanding of the household information

Websites:Websites:

www.PIN.ed.govwww.FAFSA.ed.gov

- Apply online- It is Free and Fast!

UWM Department of Financial Aid www4.uwm.edu/financialaid

Best Advice:

APPLY!!!

Applying Online is so Easy:

•Complete and send FAFSA on the internet directly to federal processor•Automatically edits data as you enter it and detects errors before submission•Skip logic: asks only what you must answer•English or Spanish versions•Electronic Signature•E-mail notification of results•Detailed online help screens•Real-time online chat for immediate answers•Instant access to EFC estimate•Parents with more than one child in college only need to enter parental information once.

Dependency Status•At least 24 years old;•Graduate or professional student;•Married;•Has child for whom student provides more than half support;•Has dependent other than child or spouse who lives with student and for whom provides more than half support;•Orphan;•In foster care or a ward of the court, at any time when the individual is 13 years of age or older;•Is an emancipated minor or is in legal guardianship;•Has been verified as an unaccompanied youth who is homeless or at risk of homelessness and is self-supporting;•Veteran of the U.S. Armed Forces or currently serving active duty for other than training purposes in the U.S. Armed forces; or•Determined to be independent by the financial aid administrator via Professional Judgment(Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

Frequent FAFSA ErrorsMissing Signatures/PIN

Wrong Social Security Number

Divorced/remarried parent information

Untaxed income

U.S. income taxes paid

Household size

Number in postsecondary education

Not using real name

NOT APPLYING AT ALL

REMEMBER:REMEMBER:

Re-apply every year between January 1st and

March 1st

Application Processing1.FAFSA is submitted and processed by Federal Department of Education

2.UWM retrieves the info (1-2 weeks)

3. UWM sends notification of award - OR - missing/inaccurate information (3-5 weeks)

- Verification process: Average of 6 weeks

- Admission Match (Name, DOB, SSN)

What is Financial Aid?

- Gift Aid (Grants and Scholarships) - Federal Work Study- Loans

FFELP Stafford LoansFFELP Stafford Loans

SubsidizedNon-interest bearing

while in school

UnsubsidizedInterest bearing while in

school

Interest rates 2009-2010:

5.6% Sub and $3500 FR max

6.8% Unsub and $2000 FR max

$5500 total maximum loan as Freshman

FFELP Stafford Loans

SubsidizedNon-interest bearing while

in school

UnsubsidizedInterest

bearing while in school

Self-Service

Each student must “Accept” any work study or loan awards they plan to use

through their PAWS account.

Master Promissory Note (MPN) & Entrance Loan

Counseling:

www4.uwm.edu/financialaid

Click on“Online Loan Applications”, then click on “Stafford Loan Borrower”

MPN : Selecting a Lender

Suggested lender list

• Borrower benefits• Origination fees

Additional OptionsPLUS (interest 8.5% fixed)

Alternative Education Loans (interest varies)

Which is better?

Apply for both from our website:www4.uwm.edu/financialaid

How do I make sure my financial How do I make sure my financial aid will be disbursed on time?aid will be disbursed on time?

1)“Accept” any work study and loan awards through PAWS account Self-Service feature

2)Report Credit Level if less than 12 credits

3) Complete a Master Promissory Note & Entrance Loan counseling from Website4) Report any additional funding (i.e.

Scholarships)

Payment of Financial AidAugust 22nd

1st disbursement of financial aid occurs

August 24th

TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition

deposit

Payment of Financial Aid, cont.

Tuition and/or housing is paid first; excess cash is mailed

Determining Balance Due:

Tuition/Housing – Aid = Balance Due

Positive Balance = balance dueNegative Balance = Excess $$$

Unusual Circumstances

Examples: Divorce, unemployment, death, high medical expenses

Call or set up an appointment with an advisor to discuss

Don’t wait to pay your tuition!

RECAP:RECAP:- Submit any required documents to financial aid office- View financial aid award via PAWS account accept awards- Complete MPN and ELC for Stafford loans- Apply for additional loans if desired or needed- Remember to re-submit the FAFSA each year between January 1st and March 1st

Questions?

Thank You for your time!