Office o f Student Financial Assistance (SFA) How do I view m y - - PowerPoint PPT Presentation

Office o f Student Financial Assistance (SFA)

How do I view m y Financial Aid Records?

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Click on the “Financial Aid” tab

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Click on the “Financial Aid Status” link

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Accepting Award Offers

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Satisfying Requirem ents

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Verification of Parent Incom e IRS Tax Return Transcript Request Process

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Satisfying Requirem ents

20 15-16 Estim ated Annual Cost of Attendance – WV Residents

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Living on Cam pus Living with Parents Tuition and Fees $6,814 $6,814 Student Success Fee $100 $100 Program Fee $200 - $1,100 $200 - $1,100 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078

• Aver. Fed. Dir. Loan Fee

$70 $70 Total $20,394 - $21,294 $14,312 - $15,212

20 15-16 Estim ated Annual Cost of Attendance – Metro Residents

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Living on Cam pus Living with Parents Tuition and Fees $11,958 $11,958 Student Success Fee $100 $100 Program Fee $200 - $1,700 $200 - $1,700 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078

• Aver. Fed. Dir. Loan Fee

$70 $70 Total $25,538 - $27,038 $19,456 - $20,956

20 15-16 Estim ated Annual Cost of Attendance – Non-residents

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Living on Cam pus Living with Parents Tuition and Fees $15,602 $15,602 Student Success Fee $100 $100 Program Fee $200 - $1,700 $200 - $1,700 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078

• Aver. Fed. Dir. Loan Fee

$70 $70 Total $29,182 - $30,682 $20,150 - $24,600

How do I figure out how m uch I owe?

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Loan & Paym ent Options Available to Help Pay for Educational Costs

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 Student Federal Direct Loan

 Subsidized  Unsubsidized

 Parent Federal Direct PLUS Loan  Private Educational Loan (visit

www.marshall.edu/ go/ loans)

 OASIS Payment

Federal Direct Stafford Loan (FDL)

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 Subsidized FDL

 Student must demonstrate financial need  Federal Government pays the interest while the student is enrolled at

least half time

 Unsubsidized FDL

 Student is responsible for interest while enrolled and while in loan

repayment

 FAO determines eligibility and originates FDL  U.S. Department of Education is the lending institution

 4.29% fixed interest rate for 2015-16

 1.073% origination fee (ex. $5,500 FDL has a $59.01

• rigination fee cost – net loan disbursed is approx. ($5,440)

 Repayment begins 6 months after the student graduates or

ceases to be enrolled at least half time

Federal Direct Stafford Loan (FDL) Annual Lim its

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Dependent Students (excluding students whose parents cannot borrow PLUS) Base Am ount Subsidized/ Unsubsidized Additional Unsubsidized Loan Am ount Total 1st Year (0 -29 credit hours) $3,500 $2,000 $5,500 2nd Year (30 – 59 credit hours) $4,500 $2,000 $6,500 3rd – 4th Years (60

• r more credit

hours) $5,500 $2,000 $7,500 Aggregate Undergraduate Limits $23,000 $31,000

Federal Direct Stafford Loan (FDL)

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Independent students and dependent students whose parents cannot borrow PLUS Base Am ount Subsidized/ Unsubsidized Additional Unsubsidized Loan Am ount Total 1st Year (0 -29 credit hours) $3,500 $6,000 $9,500 2nd Year (30 – 59 credit hours) $4,500 $6,000 $10,500 3rd – 4th Years (60

• r more credit

hours) $5,500 $7,000 $12,500 Undergraduate Aggregate Limits $23,000 $57,500

How Do I Borrow an FDL?

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 “Accept” all or a portion of

your FDL offer(s)

 Remember: Subsidized is

more favorable than Unsubsidized

 Visit

www.studentloans.gov to complete

 FDL Entrance Loan

Counseling

 FDL Master Promissory Note

(You will need your FSA ID, Driver’s License Number, and two references)

FDL PLUS (Parent Loan)

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 USDE is the lending institution and makes the

decision of approval or denial – applicant must be credit worthy

 FAO originates and determines maximum annual

eligibility

 6.84% fixed interest rate for 2015-16  4.292 origination fee (ex. $5,000 PLUS has $214.60

• rigination fee cost)

 Repayment begins 60 days after disbursement (may

request deferment)

How do I borrow a FDL PLUS

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 Parent visits

www.studentloans.gov to complete the PLUS Request Process

 Marshall University FAO

will receive approval or denial

 If denied, student will be

• ffered up to an additional

$4,000 unsubsidized FDL, although parent may apply again with an endorser

Marshall University Paym ent Options

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 Visit

www.marshall.edu/ bursar

 Click on Tuition &

Payment tab

 Payment may be made by

credit card (includes a convenience fee) or electronic check

 OASIS Payment Plan (3

payments with a 1% fee for two final payments)

Aid Refund Due to Credit Balance

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 Bursar Office via PNC Bank issues financial aid

refunds beginning the first day of classes to students’ accounts whose financial aid is finalized 10 days prior to the start of the semester/ term

 Refund options:

 Deposit directly to PNC account  Direct deposit to current bank account  Receive a paper check by mail

How Do I Rem ain Eligible for Financial Aid?

 File the FAFSA annually by April 15  Respond to requests for information and documentation

promptly and within prescribed deadlines (log onto myMU often!)

 Maintain Satisfactory Academic Progress (SAP) for

Financial Aid

 2.0 MU & Overall GPA  67% Completion Ratio  Maximum Time Frame – 150% (e.g., 180 attempted credit hours)  Academic Probation/Suspension

 Understand terms & conditions of financial aid awards  Summer Financial Aid requires additional application,

visit www.marshall.edu/go/summeraid

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MU & WV Scholarship & WV Grant Renewal Criteria

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Program GPA after Freshm an Year GPA after Sophom ore Year and beyond Annual Credit Hour Com pletion Other Promise Scholarship & Most MU Scholarships 2.75 3.0 30 Summer courses prior to enrollment do not count; can make up deficiency summer prior to next academic year WV Higher Education Grant 2.0 2.0 24 Must be met in fall/ spring semesters only

Effects of Withdrawal on Financial Aid

 Change in enrollment status may impact eligibility for

certain funds

 Failure to attend class may require the cancelation of

previously disbursed funds

 Total Withdrawal on or before the 60% point in time of

an academic term may require an adjustment of previously disbursed financial aid

 Withdrawing from courses excessively may affect future

financial aid eligibility due to Satisfactory Academic Progress Policy rules

 Pell, WV Grant, Promise, and other programs have

lifetime limits

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Special Circum stances

Occasionally, family circumstances change, which could lead to increased eligibility for aid. Examples include income loss or reduction due to:

• Unemployment
• Disability
• Divorce
• Death

Appeal Due to Income Reduction Form is available at www.marshall.edu/sfa, click on Forms & Applications tab

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Student Financial Assistance Contact Inform ation

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Office Location: Old Main, Room 116 Phone: (304) 696-3162 Fax: (304) 696-3242 Email: sfa@marshall.edu Website: www.marshall.edu/sfa Facebook: www.marshall.edu/sfafacebook