1. STUDENT FINANCIAL SERVICES Graduate Financial Aid Information Session Debbie Davis, dlb8n@virginia.edu Assistant Director of Graduate Financial Aid

2. Agenda Student Financial Services Cost of Attendance Budget Types of Aid Student Information System (SIS) Checklist and Calendar Questions

3. Student Financial Services Financial Aid Office - Award financial aid for undergraduates and graduates - Process student loans and work study - Financial counseling Student Accounts Office - Billing for all University charges - Lee Emergency Loans - Brewer Deferment Plan - Payment Plan

4. 1001 North Emmet Street – Carruthers Hall (across from the Barracks Road Shopping Center) on UTS North Line sfs@virginia.edu or 434-982-6000 www.sfs.virginia.edu FAX: 434-924-7636 BARRACKS RD SHOPPING CENTER

5. Applying for Aid Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov - Looks at prior year tax information for student’s financial data -Create FSA ID and password at StudentAid.gov/fsaid University Financial Aid Application (UFAA) in SIS Student Center (available after FAFSA is received)

6. Graduate Cost of Attendance (COA) COA Budget includes: - Tuition and Fees - Living Expenses $16,808/year - Books $1,630/year *Health Insurance by request only* (2015-16 rate $2,613) If receiving any federal aid, students may not exceed their Cost of Attendance for the year.

7. Grad Financial Aid Facts  Graduate students are considered “independent” for financial aid purposes.  Parental information is NOT required. (If married, however, you must report spouse information.)  No institutional aid for graduate students; only department aid and federal aid (loans/work study).  Only required to demonstrate financial need in order to qualify for work study. Loans are not need based.

8. Types of Aid Departmental Awards/Scholarships Federal Work Study Direct Unsubsidized Loans Grad PLUS Loans Private Loans

9. Federal Work Study Must demonstrate financial need COA – Expected Family Contribution (EFC) = Need Indicate interest on FAFSA 16-17 Award: $5,000/year ($2,500 per term) Paid as wages directly to student; available work study jobs posted on CAVLink

10. Direct Unsubsidized Loan The Department of Education is the lender Must be U.S. Citizen or eligible noncitizen to apply Annual Maximum Amount is $20,500 Interest Rate for 15-16: 5.84% Origination Fee of 1.068% Interest begins to accrue once the loan is disbursed. Students have the option to pay it while in school. Repayment begins 6 months after leaving school Direct Loan Master Promissory Note (MPN) and entrance counseling are required before disbursement www.StudentLoans.gov

11. Graduate Plus Loans Guaranteed by the Federal government Requires a credit check May borrow up to the COA minus other financial aid Interest Rate for 15-16: 6.84% Origination Fee of 4.272% Interest begins to accrue once the loan is disbursed. Students have the option to pay it while in school. Repayment begins 6 months after leaving school Grad Plus Master Promissory Note (MPN) and Grad Plus Entrance Counseling are required before disbursement www.studentloans.gov

13. Private Loans Not guaranteed by the Federal government Requires a credit check Some require a credit worthy co-signer May borrow up to the COA minus other financial aid Most have a variable interest rate (LIBOR or Prime) TILA disclosures (type of interest, fees, repayment terms, alternatives to private loans, rights of the consumer )

14. AmeriCorps Funding If you plan to use your AmeriCorps funds to pay education costs, please visit the following website for instructions www.nationalservice.gov/programs/americorps/segal- americorps-education-award UVA must approve requested amount before the award is processed AmeriCorps funds count as a resource toward your cost of attendance; may reduce your loan eligibility

15. Log in to the Student Information System (SIS) to view your Financial Aid Award

16. Go to the Finances Section of your Student Center Check To Do List to see if additional information is requested. If your award is available, click on View Financial Aid

17. Checklist Once you have received notification of your financial aid award: Accept/Decline Loans in SIS Sign up for Direct Deposit in SIS Student Center Complete Master Promissory Notes and Entrance Counseling

18. Calendar Fall Semester Fall Semester Charges posted, mid-July Fall Semester Balance Due, August (before 1 st day of class) Refund of Excess Financial Aid, starting one week after due date Spring Semester Spring Semester Charges posted, December Spring Semester Balance Due, January (before 1 st day of class) Refund of Excess Financial Aid, January

19. YOUR QUESTIONS??