1. Financial Aid & Money Management

3. Agenda Federal Student Aid Process Payment Plan Options
Importance of Financial Literacy
GradReady and Budgeting
Helpful resources

4. Free Application for Federal Student Aid (FAFSA)
2019/2020 FAFSA available now!
Must be completed every year
FAFSA completion tips provided in margin for all FAFSA questions

5. Federal Student Aid ID (FSA-ID)
students need FSA-ID to sign FAFSA and loan documents electronically
FSA-ID requirement replaces former FAFSA PIN process

6. Materials Needed to Complete FAFSA
Student demographic information
Student 2017 federal tax return information (if required to file; otherwise W-2 info will be used)
Spouse demographic information (if applicable)
Student 2017 federal tax return information (if applicable and required to file; otherwise W-2 info will be used)
Marital status is at the time of FAFSA filing

7. Awarding Aid Direct costs = tuition, fees, room, and board
Indirect costs = books, transportation, and personal expenses
Cost of Attendance (COA) = direct costs + indirect cost allowances
COA represents max amount of aid student can receive from any source

8. Federal Work Study (FWS)
FWS is awarded on a first-come, first-serve basis
Receive paycheck for hours worked
On-campus and off-campus options available
Job listings found on jobs.uc.edu
Eligibility determined by data provided on FAFSA

9. Federal Loans Federal Direct Unsubsidized Loan
Federal Direct Graduate PLUS Loan
Everyone that completes the FAFSA is eligible for federal loan money, regardless of income

10. Federal Direct Unsubsidized Loan
Unsubsidized loan = Interest accrues annually for life of the loan
6.60% variable-fixed interest rate for graduate students (2018/2019 rate)
New rate for each new loan, but rate for each loan is fixed for life of the loan
Repayment begins six months after enrollment drops below ½ time status

11. Unsubsidized Loan Limits
Be aware of annual and lifetime maximum loan limits:
Annual Unsub grad limit = $20,500
Lifetime grad loan limit = $138,500

12. Federal Direct Graduate PLUS Loan
Based on credit approval
7.60% variable-fixed interest rate for graduate students (2018/2019 rate)
Interest accrues/compounds annually for life of loan
Repayment begins 60 days after loan is fully disbursed
Borrower has option to defer repayment until they graduate or enrollment drops below ½ time status

13. Private Loans
Loans borrowed through a private lender (bank, credit union, etc.)
Things to consider:
Interest rate
Credit-based (debt-to-income vs. adverse credit)
Repayment terms and options
More information available at

14. Tuition Payment Plan
Option if financial aid does not cover costs or as an alternative to loan borrowing
Helps prevent late fees and registration holds for otherwise unpaid bills
Requires timely monthly payments
Information available at

15. Loan Deferment for Undergrad Loans
A deferment is a postponement of repayment
Student must maintain at least ½ time enrollment status

16. Importance of Financial Literacy
$1.48 TRILLION in total U.S. student loan debt
About 40% of this was used to finance graduate and professional degrees
Average monthly student loan payment (for borrowers years old): $351
Combined average undergraduate and graduate debt by degree:
MBA = $42,000 (11% of graduate degrees)
Master of Education = $50,879 (16%)
Master of Science = $50,400 (18%)
Master of Arts = $58,539 (8%)
Law = $140,616 (4%)
Medicine and Health Sciences = $161,772 (5%)

19. GradReady
A free service to UC students with engaging videos and tools for specific help with:
Paying for college
Money management
Student loan repayment
UC.GradReady.com

20. Where Do I Go From Here? Meet all application deadlines
Investigate other sources of aid
Utilize available resources
Borrow as little as possible

21. One Stop Student Services Center
Questions?
One Stop Student Services Center