DAWN HUNDLEY Associate Director OneStop Student Services University of Cincinnati Clermont College 513-558-0087 dawn.hundley@uc.edu

FINANCIAL AID 101

What is Financial Aid? Financial aid are funds provided to students and families to help pay for post-secondary educational expenses. Examples of Sources Colleges or Universities Federal Government State Government Civic Organizations and Churches Employers

What is Cost of Attendance (COA)? Direct Costs Billed by or paid directly to the college, such as tuition and on-campus housing Indirect Costs Necessary expenses, such as transportation, books, off-campus housing and personal care items, that are not paid to the college

What is the Expected Family Contribution? Amount a family can reasonably be expected to contribute, but not what the family will necessarily pay to the college Two components form EFC Parent contribution- Based on income and assets Student contribution- Based on income and assets EFC Range is 0-99999 Expected Family Contribution (EFC) is the same regardless of what college or university the student attends.

What is Financial Need? The difference between the cost of attendance and the expected family contribution Your financial need is used to determine how much aid you may receive A college alone may not be able to offer enough aid to meet your financial need, however, it is our GOAL! COA EFC Need

Grants Federal Pell Grant- Based on Need- Maximum Award for 2019-2020 $6195 State Grants More Grants available by Major- Nursing, Teaching, etc.

Scholarships Need-based OR non-need based Do not have to be repaid Renewable scholarships usually have a GPA requirement Scholarship search engines- FastWeb

Employment Federal Work-Study The school pays a percentage of the student’s wage and the government pays the rest. Earnings are typically not directly applied to a student’s bill, instead, the student receives regular paychecks throughout the year. Work-Study benefits: Increases employment opportunities Wages are excluded from the EFC calculation on the following year’s FAFSA. Reduces student loan amounts Part-time Jobs- Every dollar you make is $1 you don’t borrow!!!

How much should I work?

Federal Student Loans MUST BE REPAID Can be student loans, parent loans, or a combination of student/parent loans Combined with other awards cannot exceed the COA

Loans (cont) Students are eligible for Direct Student Loans regardless of income or credit history Loan amounts are limited to: $5,500 for freshman $6,500 for sophomores $7,500 for juniors and seniors. Independent students are eligible for an additional amount of $4,000 or $5,000 ****Dependency is based on criteria from the federal government Repayment begins 6 months after graduation (or when enrollment falls below ½ time)

Types of Loans Subsidized Federal Student Loans (fixed rate) The interest is paid by the government while the student is in school. Payments are deferred as long as the student attends ½ time (6 Hours) Unsubsidized Federal Student Loans (fixed rate) The interest accrues on the loan while the student is in school. Parent Plus Loans (fixed rate) Loans taken out by the parent of a dependent student Approval is based on parent’s credit history If parent is denied a plus loan due to credit, then the student is eligible for additional unsubsidized loans.

Loan Limits $31,000 Dependent Students Lifetime Eligibility to obtain a Bachelors Degree

College Financial Success Tips Borrow ONLY what you need Take 15 credits/semester 120/12=10 semesters UC Main tuition $55,000 120/15=8 semesters UC Main tuition $44,000

Can I afford it??? Dream BIG- plan smart Talk to your parents about what they are willing to spend/borrow Know if you can afford your school before it’s time to move in

How Do I Apply for Aid?

The FREE Application for Federal Student Aid (FAFSA) File electronically at www.fafsa.ed.gov

You can select “Show Text” to see what you’re typing

FAFSA Tips: File as soon after October 1st as possible- Some funds are 1st come 1st serve and once it’s gone-It’s gone! Filing the FAFSA should be FREE! You should never have to pay someone to complete it for you. UCC One Stop will be happy to help. Both Parent and Student will have to apply for an FSA ID and password.

OHIO TUITION GUARENTEE* TUITION / YEAR ROOM/BOARD TOTAL / YR** UNIVERSITY of CINCINNATI $11,660 $13,200 $23,320 UC BLUE ASH $ 6,010 $ unk. $ 6,010 UC CLERMONT $ 5,634 $ unk. $ 5,634 BOWLING GREEN UNIVERSITY $11,094 $10,632 $21,726 MIAMI UNIVERSITY $15,909 $14,124 $30,033 OHIO UNIVERSITY $12,612 $12,966 $25,578 THE OHIO STATE UNIVERSITY $11,084 $12,708 $23,792 XAVIER UNIVERSITY $20,225 $13,940 $34,165 MOREHEAD STATE UNIVERSITY $10,512 $ 8,000 $18,512 NORTHERN KENTUCKY UNIVERSITY $15,000 metro $ 8,700 $23,700 Public 4-year schools in OHIO will all have a tuition promise or guaranteed price as of 2020.