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Federal Direct Loans Subsidized Non-interest bearing while in school Interest rates 2012-2013: 3.4% Sub and $3500 FR max 6.8% Unsub and $2000 FR max $5500 total maximum loan as Freshman Unsubsidized Interest bearing while in school Additional Options Direct PLUS (interest 7.9% fixed) Alternative Education Loans (interest varies) Which is better? Apply for both from our website: www4.uwm.edu/financialaid Payment of Financial Aid January 12th 1st disbursement of financial aid occurs January 16th TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition deposit Financial Aid Department of Financial Aid, Student Employment & Military Education Benefits 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 4 Steps To Financial Aid: Apply Award Accept Disburse Award Accept Each student must “Accept” any work study or loan awards they plan to use through their PAWS account. Self-Service Third Party Access Allows Parents to view Student information Parents Cannot Accept Funds 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 Website 4)Report any additional funding (i.e. Scholarships) To Ensure On-time Disbursement: Tuition and/or housing is paid first excess cash is mailed Determining Balance Due: Tuition/Housing – Aid = Balance Due Positive Balance = balance due Negative Balance = Excess $$$ Academic Progress Students must maintain academic progress to continue to receive federal aid Pace = attempted credits vs. completed credits Students are eligible to receive aid for up to 180 credits in their undergraduate academic career Mellencamp Hall, Room 162 P.O. Box 469 Milwaukee, WI 53201-0469 414 229-4541 phone 414 229-5699 fax www4.uwm.edu/financialaid finaid@uwm.edu Apply Application Processing 1. 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 - request 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 Master Promissory Note (MPN) & Entrance Loan Counseling (ELC): www.studentloans.gov Disbursement 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: Submit any required documents to financial aid office View financial aid award via PAWS account accept awards Complete MPN and ELC for Direct 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! FAFSA.gov Remember ~ Apply every year after January 1st. “TO DO” Items New! IRS DRT 1% origination fee COA-EFC=Need