Financial Aid

Presented by Name

Paying for College: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

Websites:Websites:

www.PIN.ed.govwww.FAFSA.ed.gov

- Apply online- It is Free and Fast!

UWM Department of Financial Aid www4.uwm.edu/financialaid

Best Advice:

APPLY!!!

Dependency Status● At least 24 years old;● Graduate or professional student;● Married;● Has child for whom student provides more than half

support;● Has dependent other than child or spouse who lives

with student and for whom provides more than half support;

● Orphan;● In foster care or a ward of the court, at any time

when the individual is 13 years of age or older;● Is an emancipated minor or is in legal guardianship;● Has been verified as an unaccompanied youth who

is homeless or at risk of homelessness and is self-supporting;

● Veteran of the U.S. Armed Forces or currently serving active duty for other than training purposes in the U.S. Armed forces; or

● Determined to be independent by the financial aid administrator via Professional Judgment

(Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

Frequent FAFSA ErrorsMissing Signatures/PINWrong Social Security NumberDivorced/remarried parent

informationUntaxed incomeU.S. income taxes paidHousehold sizeNumber in postsecondary

educationNot using real nameNOT APPLYING AT ALL

REMEMBER:REMEMBER:

Re-apply every year between January 1st and

March 1st

Application Processing1.FAFSA is submitted and processed by Federal Department of Education2.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)

What is Financial Aid?

- Gift Aid (Grants and Scholarships) - Federal Work Study- Loans

Federal Direct Loans

SubsidizedNon-interest

bearingwhile in school

Interest rates 2010-2011:

4.5% Sub and $3500 FR max

6.8% Unsub and $2000 FR max

$5500 total maximum loan as Freshman

Unsubsidized

Interest bearing while in school

Each student must “Accept” any work study or loan awards they plan to use through their PAWS

account.

Self-Service

Master Promissory Note (MPN) & Entrance Loan

Counseling:

www4.uwm.edu/financialaid

Click on Online Loan Applications 2010-2011, then go under “Federal Stafford

Loan Borrowers” for the link to complete both

Additional Options

Direct PLUS (interest 7.9% fixed)

Alternative Education Loans (interest varies)

Which is better?

Apply for both from our website:www4.uwm.edu/financialaid

1)“Accept” any work study and loan awards through PAWS account Self-Service feature

2)Report Credit Level if less than 12 credits

3) Complete a Master Promissory Note & Entrance Loan counseling from Website4) Report any additional funding (i.e.

Scholarships)

To Ensure On-time Disbursement:

Payment of Financial Aid

August 23nd

1st disbursement of financial aid occurs

August 27th

TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition deposit

Payment of Financial Aid, cont.

Tuition and/or housing is paid first; excess cash is mailed

Determining Balance Due:

Tuition/Housing – Aid = Balance Due

Positive Balance = balance dueNegative Balance = Excess $$$

Unusual Circumstances

Examples: Divorce, unemployment, death, high medical expenses

Call or set up an appointment with an advisor to discuss

Don’t wait to pay your tuition!

RECAP:RECAP:- Submit any required documents to financial aid office- View financial aid award via PAWS account accept awards- Complete MPN and ELC for Direct loans- Apply for additional loans if desired or needed- Remember to re-submit the FAFSA each year between January 1st and March 1st

Questions?

Thank You for your time!