Financial Aid

Paying for College: Financial aid was created as the BRIDGE to Higher education. All the information gathered on the FAFSA is to develop an understanding of the household information

Websites: Apply online - It is Free and Fast! UWM Department of Financial Aid www4.uwm.edu/financialaid

Best Advice: APPLY!!!

Applying Online is so Easy : Complete and send FAFSA on the internet directly to federal processor Automatically edits data as you enter it and detects errors before submission Skip logic: asks only what you must answer English or Spanish versions Electronic Signature notification of results Detailed online help screens Real-time online chat for immediate answers Instant access to EFC estimate Parents with more than one child in college only need to enter parental information once.

Dependency Status At least 24 years old; Graduate or professional student; Married; Has child for whom student provides more than half support; Has dependent other than child or spouse who lives with student and for whom provides more than half support; Orphan; In foster care or a ward of the court, at any time when the individual is 13 years of age or older; Is an emancipated minor or is in legal guardianship; Has been verified as an unaccompanied youth who is homeless or at risk of homelessness and is self-supporting; Veteran of the U.S. Armed Forces or currently serving active duty for other than training purposes in the U.S. Armed forces; or Determined to be independent by the financial aid administrator via Professional Judgment (Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

Frequent FAFSA Errors Missing Signatures/PIN Wrong Social Security Number Divorced/remarried parent information Untaxed income U.S. income taxes paid Household size Number in postsecondary education Not using real name NOT APPLYING AT ALL

REMEMBER: Re-apply every year between January 1 st and March 1 st

Application Processing 1.FAFSA is submitted and processed by Federal Department of Education 2.UWM retrieves the info (1-2 weeks) 3. UWM sends notification of award - OR - missing/inaccurate information (3-5 weeks) - Verification process: Average of 6 weeks - Admission Match (Name, DOB, SSN)

What is Financial Aid? - Gift Aid (Grants and Scholarships) - Federal Work Study - Loans

FFELP Stafford Loans Subsidized Non-interest bearing while in school Unsubsidized Interest bearing while in school Interest rates : 5.6% Sub and $3500 FR max 6.8% Unsub and $2000 FR max $5500 total maximum loan as Freshman FFELP Stafford Loans Subsidized Non-interest bearing while in school Unsubsidized Interest bearing while in school

Self-Service Each student must “Accept” any work study or loan awards they plan to use through their PAWS account.

Master Promissory Note (MPN) & Entrance Loan Counseling: www4.uwm.edu/financialaid Click on“Online Loan Applications”, then click on “Stafford Loan Borrower”

MPN : Selecting a Lender Suggested lender list Borrower benefits Origination fees

Additional Options PLUS (interest 8.5% fixed) Alternative Education Loans (interest varies) Which is better? Apply for both from our website: www4.uwm.edu/financialaid

How do I make sure my financial aid will be disbursed on time? 1)“Accept” any work study and loan awards through PAWS account Self-Service feature 2)Report Credit Level if less than 12 credits 3) Complete a Master Promissory Note & Entrance Loan counseling from Website 4) Report any additional funding (i.e. Scholarships)

Payment of Financial Aid August 22 nd 1st disbursement of financial aid occurs August 24 th TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition deposit

Payment of Financial Aid, cont. Tuition and/or housing is paid first; excess cash is mailed Determining Balance Due: Tuition/Housing – Aid = Balance Due Positive Balance = balance due Negative Balance = Excess $$$

Unusual Circumstances Examples: Divorce, unemployment, death, high medical expenses Call or set up an appointment with an advisor to discuss Don’t wait to pay your tuition!

RECAP: - Submit any required documents to financial aid office - View financial aid award via PAWS account accept awards - Complete MPN and ELC for Stafford loans - Apply for additional loans if desired or needed - Remember to re-submit the FAFSA each year between January 1 st and March 1 st

Questions? Thank You for your time!