School of Journalism Financial Aid Orientation 2009 Financial Aid Office of Student Financial Planning Columbia University

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)  FAFSA is federal form required to award federal financial aid  Select Form  Documents needed to complete your FAFSA include: Social Security Number, driver’s license, income tax returns, bank statements and investment records Social Security Number, driver’s license, income tax returns, bank statements and investment records  School Code  Request PIN ( to sign electronically  FAFSA Follow-Up

Aid Options Available  Federal Direct Subsidized Stafford Loan*  Federal Direct Unsubsidized Stafford Loan*  Private/Alternative Educational Loans  *available only to qualified students enrolled in federally-approved certificate or post-baccalaureate programs.

Federal Direct Stafford Loans  Eligible to receive loans for one consecutive twelve month period. This period begins on the first day of the loan period as determined by the school.  Registered at least half time (6 credits)  U.S. Citizen or eligible non-citizen  Must meet Satisfactory Academic Progress requirements  Must complete Federal Loan Entrance and Exit Interview Requirements  Post-Baccalaureate students - up to $12,500 per school year Subsidized (No interest accrual until graduation) – up to $5,500 Subsidized (No interest accrual until graduation) – up to $5,500 Unsubsidized (Accrues interest upon disbursement) up to $12,500 minus any subsidized loan funds Unsubsidized (Accrues interest upon disbursement) up to $12,500 minus any subsidized loan funds  Fixed interest rate of 5.41%  Origination fees of 1.072%  Grace period on repayment of 6 months from date of graduation or last date of half-time enrollment.

Forms Required  Federal Direct Stafford Loans Master Promissory Note (MPN) Master Promissory Note (MPN) Can be completed electronically through Direct Loans or SSOL (Student Services On Line) Can be completed electronically through Direct Loans ( or SSOL (Student Services On Line) Federal PIN ( needed to Federal PIN ( needed towww.pin.ed.gov electronically sign MPN electronically sign MPN

Entrance Counseling  Entrance Counseling informs you of your rights and responsibilities as a federal loan borrower  Entrance Counseling is a federally required document when borrowing federal funds and must be completed prior to the disbursement of these funds  EI can be completed online at: or or

Private/Alternative Educational Loan  Can be variable or fixed interest rate – varies by lender  Approval based on credit decision  Can borrow up to “unmet need” - cost of attendance minus other financial aid  You must apply and complete a promissory note directly with your lender of choice  A list of suggested lenders can be found here: PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Private/Alternative Educational Loan  International Students May apply for a private educational loan with a credit-worthy US Citizen or Permanent Resident co-signer May apply for a private educational loan with a credit-worthy US Citizen or Permanent Resident co-signer Suggested lenders for international students: Suggested lenders for international students: Ineligible for Federal Aid Ineligible for Federal Aid PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Time Line for Processing  Federal Direct Stafford loans may take up to 10 business days to process  Alternative/Private Loans processing time varies depending on the lender  Loans typically disburse at the start of each semester

Other helpful websites  Research outside scholarship opportunities:  Department of Education’s summary on federal financial aid programs  Overview of financial aid programs at the University:

Student Financial Planning  202 Kent Hall Hours: Hours: Monday - Friday9 - 5 Monday - Friday No appointment necessaryNo appointment necessary  Ph: (212) 854 – 7040  Fax: (212) 854 – 2818 