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Financial Aid (for current students)

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Emily at Financial Aid

on 5 October 2013

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Transcript of Financial Aid (for current students)

The World of
Financial Aid

Satisfactory Academic Progress
Scholarship Applications
Loans
Minimum GPA
Undergraduate 2.0
Graduate 3.0
Application
Personal Statement
Include specific scholarship requirements
Community Service, Volunteer
How will you help the community in the future?
2-3 Letters of Recommendations
Other requirements
Minimum GPA
Financial Need
National Student Loan Data System
www.nslds.ed.gov
Determine how much you owe, types of loans you have, how much interest has accumulated, etc.
Who your Servicer is so you know who to contact if you need help or want to make payments.
Federal loan website
www.studentloans.gov
Estimated repayment schedule
Consolidation
What to do if you can’t pay
Types of Aid
Need Based
Grants
Scholarships
Federal Work Study
http://career.uhh.hawaii.edu/
Loans (Subsidized Stafford, Perkins, SHEL)
Non-need Based (can be used to cover EFC)
Loans (Unsubsidized)
Parent Plus Loan
Private Alternative Loans
Financial Aid Application process
Types of aid
Awarding process
Revising your aid
Satisfactory academic progress
Scholarships and other aid
opportunities
Loan information
Enrollment status and transfer credit
Agenda
Financial Aid Application Process
Complete the 2013-14 FAFSA (March 1st)
Central Processing System (CPS) ‘matching’ process
Social Security, citizenship, NSLDS, selective service, etc.
Calculates Expected Family Contribution (EFC)
Student Aid Report (SAR) and Institutional Student Information Record (ISIR)
You’ll receive an email when processed
Log on to fafsa.gov
Select 2013-14
Click ‘View Processed Information’ button
Read 1st page ‘Comments About Your Information’
Keys to Success
2012-13 COA Budget
Aid Eligibility
File online at www.fafsa.gov.
Sign the form with your PIN.
www.pin.ed.gov
Use accurate information.
File taxes early. File electronically.
Use IRS Data Retrieval or
Estimate using 2011 tax info updated with 2012 income information. Then go back and make corrections using IRS Data Retrieval after 2012 taxes have been filed.
Contact school to check on status.
Be ready for Verification
Cost of Attendance Budget (COA)
- Expected Family Contribution (EFC)

Tuition 5,880
Fees 304
Books & Supplies 1,212
Room & Board 7,338
Personal 1,582
Travel 300
Loan fees 64
}
Actual costs
}
Estimated
S
COA $16,680
EFC - $3,000
EXAMPLE
(non-resident)
Estimated Need $13,680
Other Resources - $2,000
Financial Need $11,680
EXAMPLE
(resident)
TOTAL $16,680
COA $28,272
EFC - $3,000
Estimated Need $25,272
Other Resources - $2,000
Financial Need $23,272
Pell Grant 2,600
UHH Opportunity Grant 3,550
Federal Work Study 3,500
Subsidized Stafford Loan 2,030
Unsubsidized Stafford Loan 3,000
AWARD
(non-resident)
Total $14,680
Outside Resources $2,000
AWARD
(resident)
Awards= Total COA $16,680
Awards CANNOT > COA
Pell Grant 2,600
SEOG 2,000
Federal Work Study 3,500
Subsidized Stafford Loan 5,500
Federal Perkins Loan 3,000
Unsubsidized Stafford Loan 2,000
Total $18,600
Outside Resources $2,000
Awards < Total COA $20,600
Remaining need $6,672
}
Financial
Need
$11,680
}
EFC
Awarding Process
Emily Tarring
Total aid combined cannot exceed COA
Scenario 3: A student thought they were going to live on-campus, but finds a house with roommates off-campus
Scenario 2: A student drops down to 3/4 time (during add/drop period)
Resident:
Total aid is now: $1,000 + $16,680 = $17,680
Need to reduce Subsidized Stafford Loan
Non-resident:
Still has unmet need, no change to awards
Scenario 1: Student receives an external scholarship for $1,000
Revising your aid
Complete and pass 75% of all attempted credits @ UHH
Maximum attempted hours including transfer
Undergraduate – 160
Graduate - 45
Visit our website!
Scholarship Search Engines
Helpful tips:
Apply! Apply! Apply!
Start early
Re-use your personal statements/ essays
Beware of deadlines
Follow-up after you have applied
And stop by our office! Lots of apps in our lobby!
Know what you owe!
Contact us!
Financial Aid Office
Student Services
Building
uhhfao@hawaii.edu
Ph: (808) 974-7323
Fax: (808) 933-0861
Taking courses at another institution (ie: Hawaii CC) does not automatically count toward your financial aid enrollment. The course must be required for your degree program at UH Hilo. A Prior Authorization for Transfer Credit Form is required.
Enrollment status and Transfer Credit
Resident:
Paying less tuition so COA reduces, a decrease of $1,772
Reduce pell and reduce Subsidized Stafford loan
Non-resident:
Paying less tuition so COA reduces, a decrease of $4,670
Reduce pell
Resident:
Higher room & board costs, COA increases by $4,180
Offer additional subsidized loan ($4,180)
Non-resident:
Higher room & board costs, COA increases by $4,180
No change to awards
Enrollment status is based on credit hours:
Full-time
= 12 credits or more (UG), 6 credits or more (GR)
3/4 time
= 9, 10, or 11 credits (UG)
1/2 time
= 6, 7 or 8 credits (UG); 3, 4, or 5 (GR)
Less than 1/2 time
= 1-5 credts (UG); 1 or 2 credits (GR)

Enrollment status affects COA budgets, which in turn could affect award amounts. Notify our office if you plan to change your enrollment to see how it affects your aid.
www.collegeanswer.com
www.collegeboard.com/scholarships
www.fastweb.com
www.scholarshipexperts.com
}
Financial
Need
$16,600
}
EFC
Stafford Loan
$27,000 student loan
6.8% interest rate
10-year term (120 monthly payments)
Loan Repayment Example
Estimated Financial Need
- Other resources
Actual Financial Need
Undergraduate, Resident, On-campus, FT
Monthly payment is
$310.72
Total interest paid is
$10,286.03
Total repaid is
$37,286.03
Non-resident tuition= $17,472
COA= $28,272
}
}
Actual
costs
Estimated
REMEMBER- total aid cannot exceed COA
Full transcript