1. Financial Aid Information Session

2. Paying for College: Financial aid was created as the BRIDGE to Higher education. All the information gathered on the FAFSA is to develop an understanding of the household information. 2

3. 3 Websites: –www.PIN.ed.gov –www.FAFSA.ed.gov - Apply online - It is Free and Fast! –UWM Department of Financial Aid www4.uwm.edu/financialaid

4. Best Advice: APPLY!!! 4

5. Applying Online is so Easy : Complete and send FAFSA on the internet directly to federal processor Automatically edits data as you enter it and detects errors before submission Skip logic: asks only what you must answer English or Spanish versions Electronic Signature E-mail notification of results Detailed online help screens Real-time online chat for immediate answers Instant access to EFC estimate Parents with more than one child in college only need to enter parental information once. 5

6. Frequent FAFSA Errors Missing Signatures/PIN Wrong Social Security Number Divorced/remarried parent information Untaxed income U.S. income taxes paid Household size Number in postsecondary education Not using real name NOT APPLYING AT ALL 6

7. Assets and the FAFSA Assets Not Included Home in which you live Family farm which you live on and operate Value of Business land, buildings, equipment, inventory, etc. for companies with under 100 employees. Value of life insurance and retirement plans (pensions, annuities, Keogh’s non- education IRA funds, etc.) Value of prepaid college tuition plans 7 Assets Included Cash, Savings & Checking Accounts Rental Real Estate equity Value of Business land, buildings, equipment, inventory, etc. for companies with 100 or more employees. Trust Funds, Mutual Funds CD’s, Money Market Funds Stocks, Bonds Education IRA’s College Savings Plans (529’s)

8. Application Processing 1.FAFSA is submitted and processed by Federal Department of Education 2.UWM retrieves the info (1-2 weeks) 3.UWM sends notification of award - OR - missing/inaccurate information (3-5 weeks) - Verification process: Average of 6 weeks - Admission Match (Name, DOB, SSN) 8

9. Expected Family Contribution (EFC) (Federal Methodology established by U.S. Congress) 9 Determined by filing the FAFSA www.FAFSA.ed.gov

10. Financial Need Defined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need 10

11. What Are the Costs? Tuition and Fees +Room and Board +Transportation +Books & Supplies +Miscellaneous Living Expenses =Cost of Attendance (COA) 11

12. What is Financial Aid? – Gift Aid (Grants and Scholarships) –Federal Work Study –Loans 12

13. FFELP Stafford Loans Subsidized Non-interest bearing while in school Unsubsidized Interest bearing while in school Interest rates 2009-2010: –4.5% Sub and $3500 FR max –6.8% Unsub and $2000 FR max –$5500 total maximum loan as Freshman 13

14. Master Promissory Note (MPN) & Entrance Loan Counseling: www4.uwm.edu/financialaid Click on“Online Loan Applications”, then click on “Stafford Loan Borrower” 14

15. Additional Options –PLUS (interest 8.5% fixed) –Alternative Education Loans (interest varies) –Which is better? Apply for both from our website: www4.uwm.edu/financialaid 15

16. REMEMBER: Re-apply every year between January 1 st and March 1 st 16

17. Don’t Get Scammed on Your Way to College Consumer complaints are mainly about business practices: College prep/financial aid advice services FAFSA for a fee Be aware of tactics used to convince students to buy services: “If you use our services, you’re guaranteed to get at least $2000 in student aid for college, or we’ll give you your money back.” “Applying for aid is complicated. We’re the only ones who can help you through the process and find all the aid for which you’re eligible.” “I’d like to offer you a scholarship (or grant). All I need is your bank account information so the money can be deposited and a processing fee charged.” 17 Contact your nearest college financial aid office if you have questions regarding the legitimacy of any questionable offer

18. Unusual Circumstances Examples: Divorce, unemployment, death, high medical expenses Call or set up an appointment with an advisor to discuss 18

19. Questions? Thank You for your time! 19