Office of Student Financial Aid Summer 2019 Orientation Todays - PowerPoint PPT Presentation

Office of Student Financial Aid Summer 2019 Orientation

Today’s Agenda • Financial Aid Timeline • Undergraduate Loans at a Glance • Student Loan Process • Additional Loans • Student Employment • Final Notes • Contact Information

Financial Aid Timeline October – January Complete FAFSA May – June Payment Complete Accept Awards Deadline Scholarship and make August 7 Applications deposits February – April July Submit First Fall bills go Documents out July 8 Review Award Offers

Undergraduate Loans at a Glance Credit Interest Repayment Program Borrower Check? Rate as of Begins 7/1/2018 Federal Direct Students with No 5.045% Six months after Subsidized financial need leaving school Stafford Loan Federal Direct Students No 5.045% Six months after Unsubsidized leaving school Stafford Loan Federal Direct Parents Yes 7.595% Sixty days after Plus Loans second disbursement unless deferred Private Loans Students with Yes Variable or Varies by loan creditworthy fixed; product cosigner depends on borrower and cosigner credit scores

Applying for Federal Direct Stafford Loans Via PiratePort, the student reviews and accepts all or any Step 1 portion of the Federal Direct Stafford Loans The student completes the Master Promissory Note online at Step 2 https://studentloans.gov The student completes the Entrance Counseling online at Step 3 https://studentloans.gov The Financial Aid Office will electronically receive this Step 4 information within 3 – 5 business days

Applying for Federal PLUS Loans Parent completes an online application at Step 1 https://studentloans.gov Credit check will be performed by the US Department of Step 2 Education If approved, Parent completes a Promissory Note via https://studentloans.gov. If denied, Parent may seek Step 3 endorser or additional loan funds available in student’s name. The Financial Aid Office will receive the results within 3 – 5 Step 4 business days. The PLUS loan process can take 10 – 14 business days to complete once received.

Private/Alternative Student Loans Student completes application online with chosen Step 1 educational lender. Most students will require a creditworthy cosigner. Step 2 Credit check will be performed by the Lender. If approved, the Financial Aid Office will receive a Step 3 “certification request” from the lender 14 days after application is completed. The Financial Aid Office will certify the loan eligibility for the student. The Private/Alternative Loan process can take 14 Step 4 days from the date the office receives the request. Based on regulations, this process may take up to 30 days.

Federal Work Study Based on Financial Need Awarded by Financial Aid Office Comes in the form of a paycheck Must work to receive funds

Final Notes Satisfactory Special Progress Circumstances External/ FERPA – Buckley Additional Form Scholarships Check Email Daily

Ways to contact our office: Phone Fax 252-328-6610 252-328-4347 2103 Email Old Cafeteria faques@ecu.edu Complex www.ecu.edu/financial