MONEY MATTERS New Student Orientation 2013

Lets Talk Money

The Importance of Grants, Scholarships, Work and Loans for UW Students Processed 13,309 FAFSAs Provided some form of financial assistance to 11,316 UW students Provided $105,452,402 in all types of financial aid Awarded $55,121,388 in scholarships and grants Students earned $598,865 in work-study opportunities Students earned $598,865 in work-study opportunities Students borrowed $49.7 million in student loans (UG/GR)

UW Students Need to Know How to make good decisions related to budgeting, college resources and costs, financial obligations, and borrowing. These money matters directly impact academic success!

Financial Aid Topics Budgeting Resources to Pay for College Types of Financial Aid -- Scholarships, Grants, Work, Loans How to Pay Tuition How to Get Refunds How to Remain Eligible for the Money Dates and Deadlines

Preparing a Budget Take a serious look at your finances Be COMPLETELY honest with yourself Is staying out of debt a TOP PRIORITY? Is staying out of debt a TOP PRIORITY? How much money do you have saved up? How much money can you make while attending school? Working over the summer? How much are family members willing to help you with?

Budgeting Tips No magic formula for keeping costs down Preparation---both academic and financial Planning---research funding---extra time in school is money lost---use tax credits if you dont qualify for grants Choices---high cost program or graduate school, attend FT and work PT or reverse Work---school is a job---earn scholarships Sacrifices---lifestyle now or later A penny saved is STILL a penny earned

Expenses*Income** *Expenses may be fixed or variable; expenses occur yearly or monthly **Income may be annual or monthly Tuition and FeesGrants Room and BoardScholarships Books and SuppliesWork-study Clothing and Personal ItemsCollege Savings Plan Child Care – If applicableFamily Assistance Gas / Car Maintenance /Ins.Individual Income (net) Miscellaneous: Medical, Laundry, Entertainment, etc. Student loans Total Expenses:Total Income:

Paying For College Federal Aid – FAFSA Application Grants Grants Loans (student and parent) Loans (student and parent) Based on need or credit Employment Work Study Work Study Student Employment Student Employment Internships Internships Outside Resources Organization Scholarships Organization Scholarships Veterans Benefits Veterans Benefits Employer Benefits Employer Benefits Family Assistance---SAVINGS! Family Assistance---SAVINGS! State Scholarships Hathaway Hathaway 3 levels of awards Institutional Scholarships – apply early!! Scholarships – apply early!! Need-based awards Academic Achievement TalentAssistantships Donor Funded Departmental Short term loans Short term loans

Applying for Federal Student Aid Students are encouraged to apply early so their money is available at the beginning of each fall semester Get PIN at (keep this for all years in college) File taxes and wait a few weeks... File FAFSA at Use the new IRS Data Retrieval process Electronic Award Notices (On WyoWeb) Keep checking - Note changes if you received update notices A Red Flag indicates something is needed

Federal Financial Aid What are the differences among the different types of Federal Financial Aid? GrantsLoansWork Study For students showing greatest need from FAFSA data Less strict income requirements to qualify Need-based program No repaymentRequire repayment with interest Payment for work PELL/SEOGFederal Direct (subsidized, unsubsidized and parent PLUS Limited number of positions and $$ available

Student Employment Great experience & references Many opportunities for part-time employment Approximately 3,000 jobs on and off campus Didnt receive Work Study? There are other employment opportunities Use summer work to offset costs during the semesters Studies show that students who work up to 20 hours per week while going to school have grades similar to those who do not work. – Inside Higher Ed, June, 2009

Student Loans Maximize all other sources before borrowing to pay for college. Know the facts before taking on unnecessary debt. Know what you owe! Loan Amount$20,000$30,000$40,000 Interest6.8% Number of Payments (10 years) 120 Monthly Payment $230.16$345.24$ Salary needed$27,620$41,428$55, 238 Interest paid$7,619$11,429$15,239

Know the Terms of your Loans Do you need a short-term loan or a long-term loan? Should you borrow a federal loan or a private loan? Are the interest rates variable or fixed? Are there origination fees? Are there penalties for prepayment? Am I able to consolidate this loan with other loans?

Know the Repayment Provisions Do you understand federal / private loan benefits? Do you know about extended repayment options for higher loan balances? Are there any loan cancellation or loan forgiveness provisions? –Have you heard about teacher loan cancellation provisions? –Do you know about public service repayment forgiveness provisions? Income-based or income- contingent repayment provisions? –Military service may provide for loan forgiveness

Student Financial Information See-- for Financial Awareness Counseling Tool See-- for Financial Awareness Counseling ToolWWW.STUDENTLOANS.GOV See-- See-- repay info under Tour / Exit Counseling

UW Student Loan Borrowers 58% of undergraduate students do not borrow any student loans For those that borrow, their average debt at the time of graduation is $20,571 UW ranked 47 out of 50 for lowest student loan debt among 50 Comparator Universities Source: The Institute for College Access and Success, College InSight, Graduation Senior Debt

Paying Your Bill Payments are accepted in the Cashiers Office, by mail, online, or over the phone Cash, Check, Money Order, Cashiers Check -Credit Card (MasterCard, VISA) If you are not able to make a payment by its due date, contact the Accounts Receivable Office to make arrangements for payment. Cashiers office – 170 Knight Hall or Accounts Receivable – 250 Knight Hall – or

UW Cowboy Card – Have you heard of it?

UW Cowboy Card This is how your financial refund will be processed If students fail to set up their UW Cowboy Card through HigherOne, a paper check will be mailed to the student in approximately 2 to 3 weeks Federal Work Study aid must be earned and is paid twice each month by check Some aid, such as short-term loans, veterans educational benefits and certain scholarships from private donors, is distributed by check from issuing organization.

Keep Your Grants and Scholarships Meet Application Deadlines Enrollment Requirements – FT or PT Minimum GPA---pass your classes! Always check with Financial Aid before you withdraw from a class Plan your semesters– do not take extra courses or repeat courses

Keeping Your Scholarships Minimum hour requirements Minimum grade point average requirements Continued eligibility determined after spring semester Check with Financial Aid office or website for requirements of your scholarship Always check with Financial Aid before withdrawing from a class

Keeping Federal Financial Aid Satisfactory Academic Progress Must pass and complete 67% of coursework attempted Check with Financial Aid before withdrawing from a class Maintain a 2.00 cumulative GPA Can not exceed 180 credits in pursuit of undergraduate degree Monitored at end of each semester

Important Financial Aid Dates Mid July – Fall semester tuition, fees, room and board, and if applicable, student health insurance are billed to students accounts (bill available on WyoWeb) August 26, 2013 – Classes begin. Fees are now non-refundable Early September, 2013 – All fall semester outstanding balances of university charges are due, unless the Installment Payment Plan has been arranged. September 5, 2013 – Last day to drop without financial penalty. September 9, 2013 – End of drop/add period. Last day to waive mandatory health insurance.

Student Financial Aid Office Knight Hall, Room 174 ** Please stop by while on campus to answer your questions or check on the status of your application and awards. Open 7:30 am to 4:30 pm throughout the summer.

Questions?

Thank you for attending!