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Money Matters - Financial Aid

Tulane University Parent Orientation 2014
by Rachel Champagne on 13 May 2014

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Transcript of Money Matters - Financial Aid

Financial Aid
Questions?
Additional Information
University Financial Aid Office
Phone: 504.865.5723 or 800.335.3210
E-mail: finaid@tulane.edu
Web Address: www.tulane.edu/~finaid/

Financial Aid Overview
Operations
Status of Financial Aid
Info for Federal Loan Borrowers
Info for Alternative (non-federal) loan borrowers
Disbursements of aid
Scholarship Academic Progress requirements
Applying for 2015-2016
Aid for 2015 summer
Academic requirements for scholarship retention
Additional information
Cost of Attendance
Types of Federal Loans
Stud
ent Borrower
Direct Stafford Loans
Perkins Loans
Info for Federal Direct PLUS Borrowers


Parent is the borrower and is responsible for repayment. Not the student.
Loan is credit-based, thus U.S. Department of Education will determine initial eligibility.
PLUS loans are solely unsubsidized, thus interest accrues upon disbursement, yet payment may be deferred.
Awarded regardless of need as per federal needs analysis (FAFSA required) and federal regulations.
Interest rate is fixed at: 7.9%
Steps for Federal Direct PLUS Loan Borrowers
Parent Federal Direct PLUS Loan Borrowers must:

1. Review award to determine amount of PLUS loan parent wishes to borrow.
Recognize that a PLUS loan was NOT included or identified in student’s initial award notification.


2.
Locate your Federal PIN
that was used in the FAFSA application process. If this has been lost or not completed, then visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp .

3. Visit the U.S. Department of Education’s website: StudentLoans.gov
to apply and then complete and e-sign
a Master Promissory Note.

4.
Wait for Tulane
to receive and certify your approved Direct PLUS certification request.
Satisfactory
Academic Progress

All students receiving Tulane institutional funding and/or Federal student aid funds must
meet the specified academic requirements
in order to retain future eligibility.

Details can be found on the Tulane financial aid website.
Location: Science & Engineering Complex
Hours: Monday – Friday 9AM – 5PM
Counselors available: Monday – Friday 9AM– 12PM & 1PM– 4:30PM

Status of Aid
Info for Federal Perkins Loan Borrowers
Perkins is solely a
Subsidized
loan.
Interest is subsidized during periods of deferment, such as “in-school.”
Awarded
based on need as per federal needs analysis
and federal regulations.
Tulane
has limited
Perkins Loan funds to award, thus not all students receive a Perkins Loan offer.
Interest rate is fixed at 5.0%.
Annual loan maximum limit:$5,500 for undergraduates, regardless of year in school.
Tulane is the lender
and repayments will ultimately be made to Tulane (via Tulane’s designated loan servicing vendor, currently ACS).
Steps for Federal Perkins Loan Borrowers
Student Federal Perkins Loan Borrowers must:

1. Review award and
accept on-line
any Perkins Loan amount if offered.

2. Upon notification from Tulane,
complete your Federal Perkins Loan Master Promissory Note (MPN).
Info for Non-Federal Alternative Loan Borrowers
Non-federal alternative loans are
generally viewed as the least attractive
educational loans available. Students and families are encouraged to maximize their eligibility under the various federal loan programs prior to borrowing from a non-federal alternative loan source.
The student and/or the parent is the borrower and is responsible for repayment. Who is the borrower depends on details of specific lender’s loan program. Often, if student is the borrower, then a co-signer is required.
Loan is credit-based (stricter criteria than a PLUS loan), thus lender will determine initial eligibility.
All non-federal loans are solely unsubsidized
, thus interest accrues upon disbursement. Need to check with lender with regard to possible deferment of payment.
Awarded regardless of need.
Interest rate will vary depending on the loan program. Often tied to prime, LIBOR, T-bills, etc.
Disbursements of Aid
Applying for 2015 Summer
2015-2016 FAFSA

2015 Summer Financial Aid Addendum (available April 2015)

Only Federal Aid is available for summer
with
Financial Aid Staff

Parent Orientation 2014
Contact Information
Parent Guide pgs. 13-14
There will be time for questions!







Students should already have:
Accepted on-line all Tulane merit and need-based scholarships.
Accepted other awarded aid on-line as desired, such as Federal loans (Stafford Loan, Perkins Loan), and/or Federal Work Study.

If your student has been awarded Tulane Scholarship (need-based scholarship) OR If U.S. Department of Education selected FAFSA for verification:

Then students need to submit to the Tulane FAO:
Copies of signed 2013 1040 forms for parent(s) and student for Tulane need-based scholarship validation
Copy of signed 2013 IRS tax transcript for parent(s) and student for FAFSA verification
Copies of 2013 W-2 forms
Completed 2014-2015 Verification Addendum for FAFSA verification

Complete non-filer form if no IRS tax form filed for 2013
Status of Aid, cont.

Addendums and forms available on Tulane FAO website
An origination fee (3%) and a default fee (1%) are charged by the U.S. Department of Education. A total 4.0% fee means for each gross amount of $1,000 borrowed, the net amount disbursed is $960 ($1,000 - $40 fees). Parent is responsible for repayment of the total gross amounts (plus accrued interest).
PLUS stands for Parental Loan for Undergraduate Students
More Info for Federal Direct PLUS Borrowers
Cost of Attendance
(COA)

All other aid

Maximum PLUS loan amount
Loan Fees:
Federal regulations usually require 2 disbursements of Federal aid (Pell Grant, Stafford loan) funds during an academic year, half at start (8/25/14); remainder at mid-point (01/12/15).
Most non-federal alternative lenders disburse loan funds via electronic fund transfer (EFT) to Tulane.
Institutional scholarship funds will disburse in equal installments at the start of the 2014 fall and 2015 spring semesters.
All eligibility criteria must be satisfied prior to disbursement of aid.
Loan period for the 2013-2014 Academic Year:
08/25/14 to 05/9/15
Origination and guaranty fees are usually charged. Fee amounts an vary. Often non-federal alternative loan fees are not assessed at the time of disbursement but rather are added to the loan principal at the time of disbursement and/or repayment.
Loan Fees:
Cost of Attendance (COA)
All other aid
Maximum alternative loan amount
Communication with Students: Tulane e-mail address & local mailing address
Loan Fees:
There are no loan fees associated with the Perkins Loan program. For each gross amount of $1,000 borrowed, the net amount disbursed is $1,000.
except Tuesday mornings
Annual loan maximum limit:
Annual Maximum loan limit:
Information for Parents of New Students
Students check on-line:
http://tulane.edu/gibson-online.cfm
Outside Scholarships: http://www.finaid.org
Access both office websites from the main Tulane page.
Parent Borrower
Direct PLUS Loan
Financial Aid Operations
*sibling enrollment is required for spring disbursement of Tulane need-based scholarship
Full-Time Undergraduate Financial Aid Counseling Staff

Sonda Johnson, Associate Director, sondaj@tulane.edu
Responsible for full-time undergraduate student caseload
A

Andrea Nolan, Senior Financial Aid Counselor, agerret@tulane.edu
Responsible for full-time undergraduate student caseload
B-DRO

Jennifer Beck, Associate Director, jmcneel@tulane.edu
Responsible for full-time undergraduate student caseload
DRP-FLT

Tanya Robichaux, Financial Aid Counselor, trobicha@tulane.edu
Responsible for full-time undergraduate student caseload
FLU-JOF

Treshena Felder, Assistant Director, twillia1@tulane.edu
Responsible for full-time undergraduate student caseload
JOH-MIK

Robyn Kiper, Assistant Director, rkiper@tulane.edu
Responsible for full-time undergraduate student caseload
MIL-ROV

Roland Keller, Financial Aid Counselor, rkeller1@tulane.edu
Responsible for full-time undergraduate student caseload
ROW-TRX

Cherie Plaideau, Financial Aid Counselor, ccollet@tulane.edu
Responsible for full-time undergraduate student caseload
TRY-Z

Jonathan Jouet, Financial Aid Counselor, jjouet@tulane.edu
Providing additional assistance

Marissa Matel, Financial Aid Counselor, mmatel@tulane.edu
Providing additional assistance

Claudine Sikorski, Financial Aid Counselor, csikorsk@tulane.edu
In Training
University Financial Aid Office
Phone: 504.865.5723 or 800.335.3210
E-mail: finaid@tulane.edu
Web Address: www.tulane.edu/~finaid/
Location: Science & Engineering Complex
Hours: Monday – Friday 9AM – 5PM
Counselors available: Monday – Friday 9AM– 12PM & 1PM– 4:30PM
Contact Information
Parent Guide pgs. 13-14
except Tuesday mornings
Access both office websites from the main Tulane page.
See the full transcript