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Office of Student Financial Aid Summer 2019 Orientation Todays - - PowerPoint PPT Presentation
Office of Student Financial Aid Summer 2019 Orientation Todays - - PowerPoint PPT Presentation
Office of Student Financial Aid Summer 2019 Orientation Todays Agenda Financial Aid Timeline Undergraduate Loans at a Glance Student Loan Process Additional Loans Student Employment Final Notes Contact Information
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Today’s Agenda
- Financial Aid Timeline
- Undergraduate Loans at a Glance
- Student Loan Process
- Additional Loans
- Student Employment
- Final Notes
- Contact Information
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October – January
Complete FAFSA
Complete Scholarship Applications February – April Submit Documents Review Award Offers May –June Accept Awards and make deposits July First Fall bills go
- ut July 8
Payment Deadline August 7
Financial Aid Timeline
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Program Borrower Credit Check? Interest Rate as of 7/1/2018 Repayment Begins
Federal Direct Subsidized Stafford Loan Students with financial need No 5.045% Six months after leaving school Federal Direct Unsubsidized Stafford Loan Students No 5.045% Six months after leaving school Federal Direct Plus Loans Parents Yes 7.595% Sixty days after second disbursement unless deferred Private Loans Students with creditworthy cosigner Yes Variable or fixed; depends on borrower and cosigner credit scores Varies by loan product
Undergraduate Loans at a Glance
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Applying for Federal Direct Stafford Loans
The student completes the Master Promissory Note online at https://studentloans.gov Via PiratePort, the student reviews and accepts all or any portion of the Federal Direct Stafford Loans The student completes the Entrance Counseling online at https://studentloans.gov The Financial Aid Office will electronically receive this information within 3 – 5 business days Step 1 Step 2 Step 3 Step 4
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Applying for Federal PLUS Loans
Credit check will be performed by the US Department of Education Parent completes an online application at https://studentloans.gov If approved, Parent completes a Promissory Note via https://studentloans.gov. If denied, Parent may seek endorser or additional loan funds available in student’s name. The Financial Aid Office will receive the results within 3 – 5 business days. The PLUS loan process can take 10 – 14 business days to complete once received. Step 1 Step 2 Step 3 Step 4
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Private/Alternative Student Loans
Credit check will be performed by the Lender. Student completes application online with chosen educational lender. Most students will require a creditworthy cosigner. If approved, the Financial Aid Office will receive a “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
days from the date the office receives the request. Based
- n regulations, this process may take up to 30 days.
Step 1 Step 2 Step 3 Step 4
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Based on Financial Need Awarded by Financial Aid Office Comes in the form of a paycheck Must work to receive funds
Federal Work Study
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Satisfactory Progress Special Circumstances External/ Additional Scholarships FERPA –Buckley Form Check Email Daily
Final Notes
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Phone 252-328-6610 Fax 252-328-4347
Email faques@ecu.edu 2103 Old Cafeteria Complex