New Student Information Understanding Financial Aid Presented by Office of Financial Aid 2017-2018 Academic Year Western University of Health Sciences | The discipline of learning. The art of caring. 11/13/2018

Agenda Disbursements Student Budget Loans Repayment Resources to Managing Debt Policies 11/13/2018

Disbursements Dates are based on the length of your program’s enrollment period.  Federal funds are divided into equal payments. Funds are first applied to your student account to pay off tuition and other fees before the tuition due date.  A credit balance will be disbursed to your checking account on your scheduled disbursement dates. 11/13/2018

Budgets Financial Aid budgets at WesternU are developed using guidelines set forth by the Department of Education and estimated costs associated with each college/university. Important: Per federal regulations, the Financial Aid Office at WesternU is unable to make budget adjustments for anyone other than the student. The only exception to this policy is childcare. For budgeting basics and a budget work sheet/calculator, please select one of the following: Family Budget Calculator Student Budget Calculator Review Estimated Student Budget Sheet 11/13/2018

Loans Interest Rates and Origination Fees Determined at a specific point in time each year. Direct Loans are accrued by “simple daily interest” method. For example, on a $47,167 Direct Unsubsidized Loan with a 6.0% interest rate, the amount of (0.06/365)*$47,167 = $7.75 a day National Student Loan Data System (NSLDS) NSLDS provides information regarding loan servicers and federal loans borrowed. Administrators, Loan Guarantors, and Servicers have access to obtain your information through NSLDS. 11/13/2018

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10 25 Repayment Plans Standard Repayment Graduated Repayment Shortest time and pay the least amount of interest over the life of your loan. Payments are fixed. Graduated Repayment Payments begin low then increases… 10 Extended Repayment Lower monthly payments over a longer period of time. Must have more than $30,000 in outstanding Direct Loans. You will pay more over time than under the 10-year Standard Plan. 25 Income Driven Repayment Plans Designed to make your student loan debt more manageable by reducing your monthly payment amount. Repayment Calculators Calculate your monthly payments. Six month Grace Period is a set period of time before you must begin repayment on your loan. 11/13/2018

Resources to Manage 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. Financial Aid Forms Return of loans before 120 days. 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.  SALT – Open a FREE account today! Ombudsman’s Office Confidential group/resource to help resolve disputes about your federal student loans. 11/13/2018

Policies Your Rights - (on the web - scroll down to its heading) Receive a copy of your signed Master Promissory Note (MPN) Receive a six-month grace period Your Responsibilities - (on the web - scroll down to its heading) Repay your loan(s) Make on-time monthly payments Financial Aid Warning Policy (Title IV and Title VII) - on the web - go to the bottom of the page 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 11/13/2018

Financial Aid Counselors Last Name – first initial David Summerfield A-D and Federal Work Study Students Ralph Araujo E-K Berennisse Behr L-O & Z and Scholarship Students Toni Litke P-R and Nursing Students Nicole A. Lee S-Y 11/13/2018

Thank You for Listening! Additional Questions? Email - finaid@westernu.edu 11/13/2018