1. Federal Student Loan Workshop New Student Orientation 2015 Enrollment Services Student Support Center 103 Wilder Tower Memphis, TN 38152 Student Financial Aid Office Phone: (901) 678-4825 Fax: (901) 678-3590 Website: www.memphis.edu/financialaidwww.memphis.edu/financialaid E-mail: financialaid@memphis.edufinancialaid@memphis.edu

2. Financial Aid Process FAFSA must be completed online www.fafsa.gov Priority deadline March 1 Log on to your my.memphis.edu account Submit any requested documents/requirements listed with red flags Aid is processed for 2 semesters – Fall and Spring

3. Financial Aid Process Log on to your my.memphis.edu account to review your award offers Accept/Accept Partial/ Decline Financial Aid Office forwards funds to the Bursar’s Office to pay tuition/fees Check TigerXpress Excess aid will be refunded by the Bursar’s Office via eRefunds or paper check. Otherwise, pay the balance. Fee Payment Deadline: August 21, 2015

4. Who Qualifies for Federal Student Loans? Student who completes the FAFSA U.S. citizen or an eligible non-citizen (permanent resident) Degree-seeking student Enrolled in at least half time (6 hours) Making Satisfactory Academic Progress

5. Student is the borrower Parent is the borrower What You Should Know About Student Loans: They Must Be Paid Back! Type of Loan Need Based Required Enrollment Interest Rate Interest Accrual Grace Period Subsidized Loan YesAt least six hours 4.29%* Interest free while in school 6 months Unsubsidized Loan NoAt least six hours 4.29%* Not Interest free while in school 6 months Parent Plus for UG Students *Apply via studentloans.gov and undergo a credit check No At least six hours6.84%* Not Interest free while in school NA *The parent can apply for in-school deferment

6. How Much Can Students Borrow? Dependent Loan Amount Grade level (earned hours) Subsidized or Unsubsidized Additional Unsubsidized Yearly Totals Freshman 1-29 hrs 3,5002,0005,500 Sophomore 30-59 hrs 4,5002,0006,500 Junior 60-89 hrs 5,5002,0007,500 Senior 90+ hrs 5,5002,0007,500 TOTAL 19,0008,00027,000 Lifetime limit: Dependent Student = $31,000 You are responsible for monitoring how much you’ve borrowed. Keep up with your federal loans at the National Student Loan Data System at http://www.nslds.ed.govhttp://www.nslds.ed.gov

7. Parent Loan for Undergraduate Students (PLUS) Next option if additional funds are needed Parent is the borrower Apply on-line at www.studentloans.govwww.studentloans.gov A credit check is required If approved, parent must complete a Master Promissory Note (MPN) at same website Parent can request in-school deferment

8. Loan Repayment Examples Total Borrowed$15,000$40,000 Monthly Payment$173$460 Total Owed/Paid$20,714$55,239 This example is based on a standard repayment plan for undergraduate or graduate borrowers at a 6.8% interest rate with 120 monthly payments. (Source: studentaid.ed.gov) You are NOT required to take out the maximum amount of loans Visit www.nslds.ed.gov to monitor your loanswww.nslds.ed.gov Stafford loans have variable interest rates, but they are capped at 8.25% (changes every July 1st)

9. Budget Example #1 (Off-Campus Student) Semester Estimate CostsAwards Tuition $4,482HOPE $1,750 Dining Dollars$ 300 Pell Grant $2,887 Loan$2,750 Total$4,782Total $7,387 Balance Refunded: $2,605 (Do you need the loan? What about a reduced amount?)

10. Budget Example #2 (On-Campus Student) Semester Estimate CostsAwards Tuition $4,482HOPE $1,750 Dining Dollars$ 300Pell Grant $2,887 Room/Board$4,000Loan$2,750 Total:$8,782 Total:$7,387 Balance Owed: $1,395 (Consider the Installment Payment Plan; otherwise, next option is the PLUS)

11. Next Steps? Work on a budget. –Do you really need a loan and/or a PLUS? –Is the Installment Payment Plan an option? Check Bursar’s Office website for details. Review loan amounts on your myMemphis account; accept amount needed. Complete the Master Promissory Note (MPN) and the Entrance Counseling at www.studentloans.gov.www.studentloans.gov Sign up for eRefunds (under TigerXpress) if you expect a refund. (The Bursar’s Office is responsible for eRefunds.)

12. Checking for Red Flags on myMemphis Financial Aid Requirements Red flag – incomplete Green check mark – item received/ completed Financial Aid Awards Click Financial Aid Awards Link

13. Proxy Access Students can log in to myMemphis to give parent/guardian authorization to see selected Financial Aid information Proxy will be emailed to set up access Student will confirm what they want Proxy to be able to view

14. Enrollment Services Student Support Center 103 Wilder Tower, Memphis, TN 38152 FA/Bursar Satellite Location at 12pm