New Student Information Understanding Financial Aid and Managing your Loans Presented by The Office of Financial Aid Western University of Health Sciences | The discipline of learning. The art of caring.

Rights and Responsibility Student Academic Progress Repayment Plans Agenda Financial Aid Award Loan Information Disbursement Rights and Responsibility Student Academic Progress Repayment Plans Lower and Manage Your Debt

Financial Aid Student Budget Estimates Two types of loans Financial Aid Award Financial Aid Student Budget Estimates Two types of loans Direct Unsubsidized Stafford Loan and Graduate PLUS Loan Graduate PLUS Loan is based on creditworthiness. Loan limit (Direct Subsidized plus Unsubsidized loans) = $224,000. Doctor of Dental Medicine, Optometry, Osteopathic Medicine, Pharmacy, Podiatric, and Doctor of Veterinary Medicine Loan limit (Direct Subsidized plus Unsubsidized loans) = $138,500. Doctor of Physical Therapy, Physician Assistant, Nursing programs, Biomedical Sciences, Masters in Medical Sciences, Master in Pharmaceutical Sciences, and Master of Science in Health Science

Interest Rate and Origination Fee Loan Information Interest Rate and Origination Fee Determined at a specific point in time each year. Direct Loans are accrued by “simple daily interest” method. For example, on a $10,000 Direct Unsubsidized Loan with a 6.8% interest rate, the amount of (0.068/365)*$10,000 = $1.86 Six month Grace Period The grace period is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. National Student Loan Data System (NSLDS) NSLDS provides information regarding loan servicers and federal loans borrowed. Direct Subsidized and Unsubsidized loans, Graduate PLUS loans, and Perkins loans. Administrators, Loan Guarantors, and Loan Servicers all have access to obtain their financial information through NSLDS.

Loan Information Continued Open a FREE account with your Loan Servicer(s). Federal versus Private Loans Federal student loans: These loans are funded by the federal government. Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school. Free Application for Federal Student Aid (FAFSA) Application opens October 1, 2016 Based on 2015 federal taxes

Disbursement Disbursement Dates Your financial aid disbursement will be applied to your student account to pay off tuition and other fees before the tuition due date.  If there is a credit balance, it will be disbursed to your checking account on your scheduled disbursement date. 

Rights and Responsibilities Your Rights Receive a copy of your signed Master Promissory Note (MPN) Receive a six-month grace period Your Responsibilities Repay your loan(s) Make on-time monthly payments Note: You have more rights and responsibilities, please read it here. 9/21/2018

Student Academic Progress Financial Aid Warning Policy (Title IV and Title VII) Not making Satisfactory Academic Progress (SAP)? You will be on a “Financial Aid Warning” status but continue to receive financial aid for that period. Not eligible for financial aid: Academic Suspension Auditing courses

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10 and 25 year Repayment Plans Standard Repayment Shortest time and pay the least amount of interest over the life of your loan. Payments are fixed made for up to 10 years. Graduated Repayment If your income is low now, but you expect it to increase steadily over time, this plan may be right for you. Payments up to 10 years. Extended Repayment Lower monthly payments over a longer period of time. Payments are made for up to 25 years. 9/21/2018

Income Driven Repayment Plans Income Drive Repayment Plans These plans are designed to make your student loan debt more manageable by reducing your monthly payment amount. Income-Based Repayment (IBR) Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE) Payments are based on your income, family size, the state you live in, and federal student loan type. Payments are made for up to 25 years. Repayment Calculators Calculate your monthly payments. 9/21/2018

Lower and Manage Your Debt Scholarship Database Search for scholarships and loan forgiveness programs (Public Service Loan Forgiveness). Financial Literacy One stop site for all your financial literacy questions. SALT – Open a FREE account today! Financial Aid Forms Return federal loans. If funds are returned to the Department of Education within 120 days of the disbursement of funds to the university, interest and/or loan fees that are assessed will be waived. Ombudsman’s Office The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans. 9/21/2018

Thank You for Listening! Additional Questions? Email – finaid@westernu.edu 9/21/2018