TUHSC Office of Financial Aid 2009 Fall Semester Entrance Interview Session Thursday, August 20, 2009

Introduction Michael T. Goodman Associate Vice President, University Financial Aid, Tulane University

Session Outline Introduction / Outline Operations Types of financial aid Student loan information Prior loan deferments Master promissory note Perkins promissory note Grad PLUS loan Alternative (non-federal) loan application Entrance interview form Critical SPH&TM info Budgeting & billing Disbursements of aid Refunds for living expenses Reconsiderations Applying for Aid for 2010 summer Additional information Questions???

Operations Counselor by alphabet (last name): A-Hip: Carl Hudson, Counselor Hiq-McC: James Bourgeois, Assistant Director McD-Z: Shirley Davis, Counselor Program Coordinator: Donna Fasullo

Operations Location: Room 1213, Tidewater Bldg. Hours: 9AM – 5PM, Monday – Friday Counselors available: M-W 1PM – 4PM Th & F 9AM – 1PM Recommend appointments Communications: (504) (504) fax Website:

Types of Financial Aid Scholarships Scholarship for Disadvantaged Students (SDS) U. S. Public Health Traineeship Grants Dean’s Grants/ Departmental Grants Outside Scholarships Loans Subsidized: Federal Subsidized Stafford Loan Federal Perkins Loan Unsubsidized:Federal Unsubsidized Stafford Loan Federal Grad PLUS Loan Non-federal, Alternative Loan Employment Federal Work Study

Student Loan Information Subsidized loans: Federal Subsidized Stafford ($8,500) Federal Perkins ($8,000) Unsubsidized loans: Federal Unsubsidized Stafford ($24,500) Federal Grad PLUS (COA - aid) Non-federal, Alternative Loan(COA - aid) Interest rates: Federal Perkins: 5% Federal Stafford:6.80% Federal Grad PLUS:8.50% Alternative loans:varies, check with lender

Student Loan Information Loan fees: Federal Perkins: none Federal Stafford:0% to 4% varies by lender example: borrow $10,000 with 3% fees: $10,000 x.03 = $300 $9,700 disbursed, yet repayment = $10,000 Federal Grad Plus:usually 3% Alternative Loans:usually 0% front fees, varies on back-end fees, see lender Capitalization: Unsubsidized Loans: accrued interest added to principal balance

Student Loan Information Standard Length of repayment: Federal Perkins and Stafford: 10 years (120 months) Non-federal, Alternative Loan: varies…usually years Grace period: Federal Perkins: 9 months Federal Stafford:6 months Federal Grad PLUS: NO GRACE PERIOD Non-federal:varies Repayment Options: Details during “exit interview” sessions

Loan Deferments Loan Deferments: current loans: will be in an in-school deferment status prior loans: contact your loan servicer in-school deferment forms signed by Registrar’s Office (uptown)

Master Promissory Note (MPN) Federal Stafford Loan Federal Grad PLUS No need to sign new loan application each year (unless change lender) Unless you tell us differently, we will certify for the maximum amount eligible Grad PLUS is credit based

Federal Perkins Promissory Note If awarded Federal Perkins Loan funds, then must complete and electronically sign (e-sign) Perkins Loan Promissory Notes, via ACS. Like the Federal Stafford Loan MPN, you will NOT need to complete and sign new Perkins promissory notes each year.

Non-federal Alternative Loan Applications and Promissory Notes If borrowing non-federal, alternative loan funds, then must complete lender’s loan application and/or promissory note (private lender loan applications are available at their websites). You will need to complete and sign new alternative loan applications/promissory notes each year. All non-federal, private loans are credit based.

Entrance Interview Form Write “Stafford & Grad PLUS” on top of form Complete all information at top section. Check each box item under “read this section carefully”. Sign & date bottom of page. Retain bottom “yellow” copy for your records and turn in top white copy to the TUHSC Office of Financial Aid.

Critical SPH&TM Financial Aid Information You are billed tuition for every credit hour enrolled, there is NO flat tuition charge! You must enroll for at least 5 credit hours and/or “Practicum/Dissertation” each semester to be eligible for federal aid. Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award. Tuition and fees are billed at the start of each semester.

Budgeting & Billing You will receive a monthly billing statement detailing charges and credits that occurred during the prior month SPH&TM tuition & fees: $918 tuition per credit hour $ 45 academic support fee per credit hour $120 student activity fee per semester ($80 < 9 hrs) $272 health services fees per semester ($0 < 9 hrs) $ 65 rec. center fee per semester ($0 < 9 hrs) $ 60 technology fee per semester Other charges: Books, Parking, Room rent: Deming Pavilion

Budgeting & Billing Financial Aid Budget for the Academic Year: assumptions: - enrolled for 9 credit hours - not residing with parents Tuition & fees:$18,368 Room & board:$12,100* Books$ 1,500 Transportation:$ 2,800* Miscellaneous:$ 3,770* TOTAL:$37,938 *$18,670 living expenses equates over $2,000/month

Budgeting & Billing Financial Aid Award for the Academic Year: (based on prior cost of attendance = $37,938) Federal Subsidized Stafford Loan:$ 8,500 Federal Unsubsidized Stafford Loan:$24,500 Federal Graduate PLUS Loan:$ 1,938 Federal Work Study:$ 3,000 TOTAL:$37,938 Thus, total financial aid award = total cost of attendance.

Disbursements of Aid Loan period for the Academic Year: 08/24/09 to 05/8/10 Federal regulations usually require 2 disbursements of Stafford loan funds during a loan period, half at start (8/24/09); remainder at mid-point (01/11/10). Tulane’s streamlined lenders disburse loan funds via electronic fund transfer (EFT) to Tulane. Federal Perkins Loan funds and institutional scholarship funds will disburse in equal installments at the start of the 2009 fall and 2010 spring semesters. All eligibility criteria must be satisfied prior to disbursement of aid.

Disbursements of Aid Example of 2009 Fall Semester disbursements: Tuition & fees $ 9, = $ 9, Sub. Staff. ($ 4,250.00) -Unsub. Staff. ($12,250.00) -Grad. PLUS ($ ) = $17, = A/R balance ($ 8,255.93) + Refund $ 8,255.93* = A/R balance $ 0.00 * Federal Work Study earnings would be additional

Disbursements of Aid Sign up for “direct deposit” for all future refunds: www2.tulane.edu/acctrec Otherwise, refund via “check”, pick up at: Financial Services Office 2 nd floor (Room 247) Lesa Williams Pick up location also used for: outside scholarship checks non-preferred loan lenders

Federal Work Study Employment at: Department at SPH&TM State of Louisiana’s Office of Public Health Recommend contacting Tulane’s Career Center: Link is found from TUSHC FAO website Career Center is located on the uptown campus Earnings directly deposited: Paid every two weeks based on hours worked. Payment directly deposited to your bank account

Budgeting & Billing (Revisited) Budget your expenses! Meet with your financial aid counselor to discuss your budget as necessary. Total financial aid, including private loans (with a few exceptions) CAN NOT exceed cost of attendance. Summer is processed separately.

Reconsiderations If add or drop credit hours Computer purchase (max. = $2,500) Special financial circumstances Review eligibility Receive any other financial assistance: departmental grant outside scholarship

Applying for FAFSA SPH&TM Financial Aid Addendum Financial Aid Workshop Check and bulletin board for scheduled time, date, and location. No need for new Stafford or Grad PLUS MPN* Apply for Grad PLUS & private loan (if applicable) *for continued borrowers with same lender

Applying for 2010 Summer FAFSA 2010 SPH&TM Summer Financial Aid Addendum (available March 2010) 2010 Summer Financial Aid Workshop will be scheduled for 3 rd week in March PLAN ON ATTENDING!!!!

Additional Information Outside Scholarships: check bulletin board Communication: Tulane address local address

Additional Information Maintain financial aid records and files Always borrow conservatively Complete a “Title IV Release” form allows for federal aid to be used to cover all non-tuition & fee expenses Reminder: Sign up for “direct deposit” to receive all future refunds expeditiously

Final Thoughts Reminder: turn in the top copy of the “entrance interview” form Reminder: complete loan promissory notes Perkins, Stafford MPN, Grad PLUS MPN and/or private loan (if applicable) Good luck during your Tulane career! Questions???