Accepted Student Day April 10, 2010

 Frequently Asked Questions  General Financial Aid  Federal Student Employment  Federal Pell Grant/SEOG  State Grants  Stafford Loans  PLUS (Parent Loan for Undergraduate Students)  Perkins Loan  Alternative Loans

 Complete FAFSA  Apply on-line at  Student and parent both need a PIN to sign FAFSA electronically (  If estimates are used parents must correct once taxes are filed  Corrections may change the aid award

 Used to sign FAFSA electronically  PIN Site:  Results much faster  Real-Time PIN  Parents must also apply for a PIN  Secured link is only valid for 14 days

 Summary of information reported on the FAFSA  Should be reviewed for any errors or necessary corrections  Will be sent via if a valid address is provided on the FAFSA

 Expected Family Contribution  Methodology developed by Congress  Formula = Parent contribution from income and assets + Student contribution from available income and assets.

 33% of all students who complete a FAFSA are selected for Verification by the Federal Processor  Required to verify the tax information with the FAFSA information  If there are discrepancies the student will then be selected

 Tuition and fees  Room and board  Books and supplies, equipment, transportation, and miscellaneous personal expenses  Loan fees  Health Insurance  HP Tablets

 Employment may be on or off campus  Eligible employers  School  Federal, state, or local public agency  Private nonprofit organization  For-profit organization

 Have to work to receive the money  Students have the option to sign their employment checks over to Chatham  They should not subtract their award from their balance, if they are not going to sign their checks over  On campus positions are also available for students who are not eligible for federal work study

 Students with EFC’s ranging from 0 to 5273 are eligible ( )  Awards range from $976 to $5550  Awarded to eligible undergraduates pursuing first bachelor’s or professional degree and  Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status

 Awarded to students who have completed a rigorous high school curriculum  Must be Pell eligible  FY student – eligible for $750 per year  Need a 3.0 cumulative GPA for the grant to be renewed for their second year  Need final high school transcript to determine requirements have been met

 Eligible students  Undergraduates pursuing first bachelor’s or professional degree  Awarded first to students with exceptional financial need (i.e., students with the lowest EFCs at that school)  Priority to Federal Pell Grant recipients  Chatham’s maximum is $1500 per year (based on approved funding)

 Pennsylvania State Grant (PHEAA) – current maximum award is $4120  Deadline is May 1, 2010  Eligibility criteria established by PHEAA  In most cases – FAFSA is the only form that students’ from other states need to complete, unless there is an exception by that state.  If student is from out of state and is told that we do not participate in their state grant program – we can complete the necessary paperwork to comply

 Subsidized Stafford: Must demonstrate “need”  Unsubsidized Stafford: Need is not a consideration  Base annual loan limits (combined subsidized and unsubsidized)  $3,500 for 1st year undergraduates  $4,500 for 2nd year undergraduates  $5,500 for each remaining undergraduate year  $8,500 for each year of graduate/professional study

 Additional unsubsidized loan eligibility for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program:  $4,000 per year for first and second years of undergraduate study  $5,000 per year for remaining years of undergraduate study  All undergraduate students who complete the FAFSA are now eligible for $2000 in an Unsubsidized Stafford loan

 Undergraduate  Dependent—$23,000 between subsidized and unsubsidized Stafford loans  Independent—$57,500 (up to $23,000 may be in subsidized Stafford loans)

 Fixed interest rate – 6.8% - Unsubsidized Loan  Fixed interest rate – 4.5% - Subsidized Loan  Loan fees based on principal amount of each loan:  After rebate are.5%

 Six-month grace period  Maximum repayment period between 10 and 20 years depending on repayment plan chosen  Deferment and cancellation provisions available

 Student completes a Master Promissory Note (MPN) once when they first borrow  Complete on-line at

 Borrowers are parents of dependent undergraduate students  Must be credit-approved  Annual loan limit: cost of attendance minus other aid  Fixed interest rate: 7.9%  Loan fees based on principal amount of each loan:  2.5% in fees – after rebate

 Repayment begins 60 days after loan is fully disbursed  Deferment provisions available – parents must complete paperwork on an annual basis

 Eligible students  Undergraduate students  Priority to students who show exceptional need  Loan amount varies  Maximum annual loan  $5,500 undergraduate students – our maximum is $2200

 Interest rate: 5%  Nine-month grace period  Repayment period may be up to 10 years  Deferment and cancellation provisions available  Perkins MPN – administered through Student Accounts

 Loan used to cover educational expenses  Student can borrow up to the cost of attendance – minus other aid  Dependent students must have a co-signer because they do not have an established credit history  Loan is deferred until six months after graduation  Loan accrues interest while they are in school – interest rate changes quarterly  Student may make interest only payment while they are in school

 4 monthly payments each term  No enrollment fees  Late fees will be applied monthly if payment missed

 Student will receive award letter with secured link  Award will be sent to address listed on Admissions application  Can make changes on the website and they will be sent to our office automatically  Students will be able to complete the entire financial aid process on-line

 Listed on all dependent student award letters  Amount listed is up to cost (this is what the student/parent can borrow)  Student and parent must choose to borrow PLUS or alternative loan  PLUS is more of a cost-savings if parent does not mind that the loan is in their name  This is not an actual loan until it has been approved

 Review credit report at least once per year   Free of charge – once every 12 months  FICO score available for a nominal fee  80% of credit scores contain an error

 Payment History  Pay on time  Amounts Owed  Installment better than revolving  Length of Credit History  Keep oldest account open  New Credit  Ok to check credit  Types of Credit  Apply only for what you need

 Students are required to maintain a 2.0 cumulative grade point average in order for scholarships to be renewed  Scholarships are available for right terms of full- time study  Students are reviewed once they have been here for two terms of full time study  After two terms if they do not have a 2.0 cumulative GPA, then they will have one probationary term in which they will still receive the award

 Full-time students are required to complete at least 12 new credits each term and maintain a 2.0 cumulative grade point average  If a student does not make progress they will be on financial aid probation  Students may be on financial aid probation for up to two terms and still receive financial  After two terms of probation if a student does not make up the deficiencies they will be on financial aid suspension

 Hours: Monday through Friday: 8 to 5   Phone:  Fax:  Address:  Woodland Road; Braun Hall; Pittsburgh, PA 15232

 aduate/types.cfm aduate/types.cfm