Financial Aid Kickoff Wednesday August 31, 2011 G100 Bondurant Hall

FinAid Staff Sheila Graham-McDonald Debbie Williams Denitra Price 1001 Bondurant Hall Financial Aid Forum

Introducing your Financial Aid Review Board (FARB) representatives: VPs Financial Affairs: Mike Cowherd and Maria Thekkekandam Financial Aid Advisor: Mrs. Sheila Graham-McDonald MSI Representatives: 2 MS2 Representatives: 2 MS3/4 Representatives: 4-5

Practical considerations:

Financial Diversity of Representatives: Single Married Non-traditional Students Loans Scholarships Different Lenders

Purpose of FARB representatives: Address wide range of student concerns Provide “Reality Check” to admins Increase student input Serve as class representative Improve communication Newsletter

Our purpose: To help students understand how financial aid works: -Filling out a FAFSA every year by March 1 st -Disbursement check twice a year (fall, spring) -Budgeting to be sure you only take what you need

How we do it: Money matters series/Workshops Availability to meet and discuss budget with Sheila Resources: Budgeting website: html Financial aid calendar and website (working on) FARB representatives for your class

Finding Federal Loans To access provide your: Social Security # Date of Birth First 2 letters (last name) PIN # (

Loan Servicers ServicerBorrower Contact Information Direct Loan Servicing Center NSLDS Servicer Code: Web: ACS Education Services NSLDS Servicer Code: Web: FedLoan Servicing (PHEAA) NSLDS Servicer Code: Web: Great Lakes Edcuational Loan Services NSLDS Servicer Code: Web: Nelnet NSLDS Servicer Code: Web: Sallie Mae NSLDS Servicer Code: Web:

The FIRST Stop… Medloans ® Organizer and Calculator Refer to page 3

Have a Spending Plan

Dates to Remember October, 2011 send an about reducing spring or returning Fall aid Revisions – car repairs, medical/dental expenses not covered by insurance January, 2012 Start completing the FAFSA for the year Spring aid disbursed March, 2012  Send an about returning spring aid  Revisions – car repairs, medical/dental expenses not covered by insurance  FAFSA completed by March 1st

Money Matters Series: Budgeting and Money Management Credit Workshops Loan Consolidation and Debt Repayment Student Loan Town Hall Meetings Other topics suggested by students

“What can Financial Aid Do For You” Money leftover at end of semester Revisions/over awards Additional expenses What documents come from what office Bills - Cashier’s Office Scholarship payout- Cashier’s Office MyUNC- declining/reducing awards Scholarship “Thank You letters”

Calculating Interest How interest is calculated: Loan amount disbursed:$10,000 X interest rate: 6.8% = $680 Divide $680/365 (no. of days in yr)= $1.86 (daily rate) X 21 (days disbursed) $39.06 interest payment due

Interest Statements Usually sent quarterly Not automatically mailed, will need to contact lender When mailing payments make sure SSN# is on check Sending more than regular interest payment, specify where money should be applied

Loan Portfolio Fixed As of 7/1/06 6.8% fixed interest rate Variable Loans borrowed between 7/1/98 – 6/30/ % variable interest rate − Changes every July 1 st Consolidated Consolidation loans have a fixed rate based on the interest rates of the loans you are consolidating − It is calculated as the weighted average of the rates on the loans consolidated, rounded up the nearest 1/8% − Cannot exceed 8.25%

What’s on the Horizon!!! One-on-one mtgs with FA staff Oct – Dec 2011 Financial Aid survey

Questions? FARB representative Your VP of financial affairs Mike Your Senior VP of Financial affairs Maria Thekkekandam Your financial aid advisor Sheila Graham General financial aid questions Specific questions about your financial aid package/budgeting

Thank You Financial Aid Office 1001 Bondurant Hall Financial Aid forum