TUHSC Office of Financial Aid 2017 Summer Financial Aid Workshop Thursday, March 23, 2017

Introduction TUHSC Office of Financial Aid Staff Counselors A - FRAM Jermaine Allen, Counselor FRAN - JOL James Bourgeois, Sr. Assoc. Director JOM - RH Miguel Devezin, Counselor RI - Z Jonathan Jouet, Assistant Director Senior Administrative Program Coordinator A - Z Donna Fasullo Website: http://tulane.edu/financialaid/hsc/index.cfm Q

Workshop Outline Introduction / Outline Applications required Types of aid available Annual loan limits Federal aid eligibility Academic year: ’16-17 vs. ‘17-18 Cost of attendance Tuition & Fees Weeks of attendance Abroad programs Loan processing Federal Direct Federal Grad PLUS Private (non-federal) Billing of tuition & fees Disbursements of aid Refunds for living expenses Reconsiderations Applying for 2017-2018 Changes for 2017-2018

Applications Required 2017 Summer Health Sciences Addendum *Available NOW On-Line 2017-2018 Free Application for Federal Student Aid (FAFSA) 2016-2017 Free Application for Federal Student Aid (FAFSA) Federal Direct Loan Applications: Federal Direct Loan Master Promissory Note Federal Direct Grad PLUS Loan Master Promissory Note Private (non-federal) Student Loan Application IRS 2015 federal tax transcript …if necessary Federal Independent Student Verification Worksheet (if necessary)

Types of Financial Aid Available Scholarships Dean’s Grants/ Departmental Grants Outside Scholarships Loans Unsubsidized: Federal Unsubsidized Direct Loan Federal Grad PLUS Loan Non-federal, Private Student Loan Employment Federal Work Study will NOT be available!

Annual Loan Limits Federal Unsubsidized Direct Loan: PH Annual Limit $33,000 MD Annual Limit $40,500 Federal Grad PLUS Non-federal, private alternative loan: No annual limit Cost of Attendance less Other Aid

Academic Year: 2016-2017 vs. 2017-2018 2016-2017: 7/1/16 through 6/30/17 Use only if 16-17 annual loan limits available. 2017-2018: 7/1/17 through 6/30/18 Use if 16-17 annual loan limits exhausted Summer loans impact remaining AY availability CAN NOT MIX ACADEMIC YEAR ELIGIBILITY!

Federal Aid Eligibility You must enroll for at least 5 credit hours and/or “Practicum” or “Dissertation” each semester to be eligible for federal aid. Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award.

Cost of Attendance 2017 Summer Tuition & Fees Based on current 2016-2017 rate schedule: $ 1,208 tuition per credit hour + $ 90 academic support fee per credit hour = $ 1,298 total per credit hour + $ 100 technology fee for summer semester Living Expenses Based on actual weeks of enrollment Based on 2017-2018 budgets $487 per week for resident students or $200 per week for commuter students $50 per credit hour for books ($150 for Practicum and/or Dissertation)

Cost of Attendance Example #1 2017 Summer Enrollment: BIOS 6030-01 3 cr. hrs. $3,894 tuition & fees 6/5/17 – 6/30/17 4 weeks GEHS6030-02 3 cr. hrs. $3,894 tuition & fees 6/5/17 – 6/30/17 4 weeks Summer Cost of Attendance: $ 7,788 tuition & academic support fee + $ 100 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 1,948 living expenses (4 weeks) = $10,136 TOTAL

Cost of Attendance Example #2 2017 Summer Enrollment: BIOS 6030-01 3 cr. hrs. $3,894 tuition & fees 6/5/17 – 6/30/17 4 weeks GHSD 6140-01 3 cr. hrs. $3,789 tuition & fees 7/30/17 – 8/3/17 1 week Summer Cost of Attendance: $ 7,788 tuition & academic support fee + $ 100 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 2,435 living expenses (5 weeks) = $10,623 TOTAL

Cost of Attendance Example #3 2017 Summer Enrollment: BIOS 6030-01 3 cr. hrs. $3,894 tuition & fees 6/5/17 – 6/30/17 4 weeks TRMD 8100-01 2 cr. hrs. $2,596 tuition & fees 6/5/17 – 7/28/17 8 weeks Summer Cost of Attendance: $ 6,490 tuition & academic support fee + $ 100 technology fee for summer semester + $ 300 books (6 hrs @ $50 per hr) + $ 3,896 living expenses (6 weeks) = $10,786 TOTAL

Cost of Attendance Summer Abroad Programs Add additional costs associated with program Airfare, lodging, visas, etc. Allow for local rent charges while abroad Can NOT disburse aid prior to your summer semester start Recommend completing all possible application materials Recommend signing up for “direct deposit”

Loan Processing Federal Unsubsidized Direct Loan * No need to e-sign a new Direct MPN if borrowed this year * Unless you tell us differently, we will certify for the maximum amount eligible Federal Direct Grad PLUS Loan * No need to e-sign new Direct Grad PLUS MPN if borrowed this year; HOWEVER…Note that for Grad PLUS for 2017 summer and then again for the 2017-2018 academic year a credit check is performed by DOE. Non-federal Private Loan If borrowing non-federal, private student loan funds, then must complete lender’s loan application process (preferred private lenders offer an on-line application process). You need to complete separate private loan applications for the 2017 summer and for the 2017-2018 academic year. All non-federal, private loans are credit based.

Billing of Tuition & Fees You are billed tuition for every credit hour enrolled. Practicum is billed at $50 tuition per semester. Tuition and fees are billed at the start of the summer semester.

Example #1 Revisited Financial Aid Budget for the 2017 Summer Semester: assumptions: * enrolled for 6 credit hours * enrolled for 4 weeks * not residing with parents Tuition & fees: $ 7,888 Room & Board: $ 1,460 Books: $ 300 Transportation: $ 320 Miscellaneous: $ 168 TOTAL: $10,136

Example #1 Revisited Financial Aid Award for the 2017 Summer Semester: (based on prior cost of attendance = $10,136) Federal Unsubsidized Direct Loan: $ 10,136 TOTAL: $ 10,136 Thus, total financial aid award = total cost of attendance.

Disbursements of Aid Loan period for the 2017 spring semester: 05/15/17 to 08/11/17 Federal regulations allow for a single disbursement of Federal Direct loan funds during a loan period, all at the start of enrollment. Federal Direct loans disburse loan funds via electronic fund transfer (EFT) to Tulane. All eligibility criteria must be satisfied prior to disbursement of aid.

Refunds With all aid arriving at start of the semester: Tuition & fees $ 7,888 - Unsubsidized Direct $10,136 = A/R balance ($2,248) + Refund $ 2,248 = A/R balance $ 0

Refunds http://pandora.tcs.tulane.edu/acctrec/ Sign up for “direct deposit” for refunds http://pandora.tcs.tulane.edu/acctrec/

Reconsiderations SUMMER IS A SHORT SEMESTER… so decide on summer schedule before submitting Summer Addendum! If drop credit hours, can impact tuition costs as well as number of weeks of living expenses! If add credit hours will process additional aid after priority processing is complete. Receive any other financial assistance: departmental grant outside scholarship DEADLINE is JUNE 15, 2017!!

Applying for 2017-2018 2017-2018 FAFSA 2017-2018 SPH&TM Financial Aid Addendum *NOW: On-Line No need to complete Federal Direct Loan and/or Federal Direct Grad PLUS MPN (unless using loan program for the first time) Apply for private loan (if applicable)

Changes for 2017-2018 2017-2018 FAFSA became available on 10/1/2016 (instead of 1/1/2017) 2017-2018 FAFSA will request prior-prior year (2015 calendar year) income data (instead of prior year 2016 calendar year income data) Currently unable to use IRS Data Retrieval Tool

Additional Information Communication: e-mail local address Always borrow conservatively Complete a “Title IV Release” form allows for federal aid to be used to cover all non-tuition & fee expenses Reminder: Sign up for “direct deposit” to receive refunds expeditiously

Final Thoughts Questions???