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Parent NSO

Presentation for parents about financial aid.
by Triena Bodart on 16 January 2014

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Transcript of Parent NSO

Federal Direct Loans
Subsidized
Non-interest bearing
while in school
Interest rates 2013-2014:

3.86%
Sub
and $3500 FR max
3.86%
Unsub
and $2000 FR max
$5500 total maximum loan as Freshman
Unsubsidized
Interest bearing
while in school
Additional Options

Direct PLUS
(interest 6.41% fixed)

Alternative Education Loans
(interest varies)

Which is better?

Apply for both from our website:
www4.uwm.edu/financialaid
Payment of Financial Aid
January 11th



1st disbursement of financial aid occurs


January 15th



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 grants, 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
Make sure you are completing all the credits you are taking
Failing a 3 credit class - Approximately $1451
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
IRS DRT
1.05% origination fee
COA
-
EFC
=
Need
See the full transcript