understanding your financial aid award · 2017-02-20 · • federal parent plus loans – 6.31%...
TRANSCRIPT
Understanding Your Financial Aid Award
Award Letter
Award Letter
Your EFC
Gift Aid
Student Loans
Student Loans
Federal Direct Stafford Subsidized Loans3.76% for new federal loans
Interest does NOT accrue during enrollment.
Subsidized Loan Limits for 2016-2017First-Years $3,500Sophomores $4,500Juniors $5,500Seniors $5,500
Student Loans
Federal Direct Stafford Unsubsidized Loans (Not need based)
3.76% for new federal loans
Interest DOES accrue during enrollment.Loan values are subject to annual limits less the subsidized loan.
Unsubsidized Loan Limits for 2016-2017First-Years $5,500Sophomores $6,500Juniors $7,500Seniors $7,500
Additional Financial Resources
Employment
Total Financial Aid
Estimated Cost of Attendance (COA)
Estimated Cost of Attendance (COA)
• Federal Parent PLUS Loans– 6.31% Interest Rate
• Alternative Loans
• Payment Plans– 4-payment plan ($50 enrollment fee)– 5-payment plan ($35 enrollment fee)
Options to Finance the Remaining Annual Cost
• Verification is the process of validating FAFSA Data
• Turn in any requested documents as soon as possible
• Financial aid will not appear on your bill until all documents are returned and reviewed
Verification
Paying Your Bill
• Guest Access allows us to share a student’s information with other people.
• Request Guest Access using the link in your Enrollment Checklist in MyMichiganTech
Guest Access
• Create a budget• Manage student loans• Use credit cards wisely• Watch out for identity theft• Beware of Scholarship Scams • Do not pay for FAFSA
mtu.edu/finaid/aid/literacy
Be financially savvy!
