UWM CIO Office Funding your Education Department of Financial Aid, Student Employment, & Military Education Benefits

UWM CIO Office What is Available? Federal Financial Aid Scholarships Employer Assistance Military Benefits

UWM CIO Office Why Financial Aid? When it comes to paying for school, you are not alone. Grants, work-study, and low interest loans can assist with making your educational dreams a reality. –The Department of Financial Aid, Student Employment and Military Education Benefits processes more than 30,000 applications each year. 3

UWM CIO Office Am I Eligible? Be enrolled at least half-time –6 credits for Undergraduate Degrees –4 credits for Graduate Degrees You are not in default on a federal student loan Prior aid received has not exceeded annual or aggregate limits Complete your FASFA!

UWM CIO Office 5 When Do I apply? As soon as possible for the upcoming Spring 2014 Semester File every year Become available January 1 st of each new year for the upcoming academic year Priority given to students who complete their FAFSA before March 1st

UWM CIO Office How Do I Apply? Complete your FAFSA at What you need: PIN: Federal Tax Returns, W2s, or other income related documents Social Security Number For Non US Citizens: Alien Registration or Permanent resident card Driver’s License Asset information: bank statements, investment statements, etc. Business information 6

UWM CIO Office After you file the FAFSA Results (EFC) are sent electronically to the college(s) the student selected. Students may be required to verify the information submitted on the FAFSA: tax transcript OR IRS Data Retrieval required After the student is admitted to a college, a financial aid package will be prepared. ***Contact the college with any Special Circumstances. 7

UWM CIO Office What Determines My EFC? Income (including spouse) Assets Family Size Number in College Age of older spouse

UWM CIO Office 9 What determines my eligibility? Expected Family Contribution (EFC) –The federal methodology established by U.S. Congress Financial Need

UWM CIO Office What is Financial Need? Cost of Attendance - EFC =Need $23,900 - $2,564 =$21,336

UWM CIO Office What are the types of Financial Aid ? Grants Scholarships Loans 11

UWM CIO Office Free Money? Grants and Scholarships are considered gift aid that does not need to be repaid. Federal Grants State Grant and Scholarships Private Returning Student Scholarships For more information regarding available scholarship at UWM, visit scholarships.uwm.edu or facebook.com/UWMscholarships scholarships.uwm.edu facebook.com/UWMscholarships 12

UWM CIO Office 13 Why Federal Student Loans? The Benefits: If basic eligibility criteria are met, every student qualifies for a Federal Stafford Loan Repayment begins 6 months after dropping below half time status, not enroll in classes, or graduate Current interest rate is 3.86% –Lower than most private loans or credit cards Not based on credit worthiness and a co-signer is not required

UWM CIO Office Why Federal Student Loans? Types of Stafford Loans: Subsidized no interest accrues while in school Student who has need interest rate of 3.86 % Unsubsidized interest begins immediately, although repayment is not required immediately Student has no need interest rate of 3.86%

UWM CIO Office Independent Students (age 24 and older, married, have dependents, or is a graduate student) Annual Loan Limits Freshman: $9,500 Sophomore: $10,500 Junior: $12,500 Senior and Beyond: $12,500 Graduate Student: $20, What are my limits?

UWM CIO Office What are my limits? Aggregate (Lifetime) Limits Independent Undergraduate Total: $57,500 Subsidized: $23,000 Graduate (includes undergraduate loans) Total:$138,500 Subsidized:$65,500

UWM CIO Office Other Loan Options Federal GradPLUS Loans –Borrower must be a graduate student. –Must be credit-worthy. –Interest is a fixed rate, at 6.41%.

UWM CIO Office Alternative/Private Education Loans –Borrower is the student. –Co-signers can be utilized if adverse credit history prevents approval –Interest varies, determined by lender Other Loan Options

UWM CIO Office Borrow Conservatively Loans have to be paid back. Determine the amount of aid you will need for educational expenses] Create a budget Keep detailed records Start a folder for important documents. Keep track of all your loans Update School and Lenders with new address information 19 Tips for Borrowing

UWM CIO Office Where do I Start?  Complete your FAFSA (school code: )  Complete your Admission Application!  Watch your PAWS account for needed documents or steps to complete  Monitor your Pantherlink or PAWS account for Financial Aid Award information and to accept/decline your loans  Complete Master Promissory Note and Entrance Counseling if you wish to receive loans  Register for Classes *Financial aid is disbursed if there are no outstanding documents or steps required and the student registered for classes. The earliest disbursement date is 10 days prior to the start of the first day of classes. 20

UWM CIO Office Special Circumstances? Talk to Us about: Divorce/Separation Loss of income or benefits One-time income source inflating AGI Death or Disability of student or spouse Medical/Dental expenses not covered by insurance Elementary or secondary school tuition Care for elderly parent 21

UWM CIO Office Program offers: A renewable $5,000 scholarship Laptops and Emergency Funds Access to a Life Coach Team Post-Graduation Support Community / Campus Resources and Liaisons Support Groups, Workshops and Social Events The Life Impact Program Serving UWM Students with Children through Scholarship and Support Services

UWM CIO Office What is MEBO? Military Education Benefits Office Our office is dedicated to providing current and past members of the military as well as their qualifying dependents with accurate information and timely processing of their state and federal military educational benefits. Federal Benefits  Post 9/11  Montgomery GI Bill  Selected Reserve  Reserve Educational Assistance Program  Dependents Educational Assistance  Vocational Rehabilitation Other Benefits  WI GI Bill  National Guard Tuition Assistance Grant

UWM CIO Office Questions? Financial Aid Department (414) Life Impact Program (414) MEBO (414)