School of Journalism Financial Aid Orientation 2009 - - PowerPoint PPT Presentation

School of Journalism

Financial Aid Orientation 2009 Financial Aid Office of Student Financial Planning Columbia University

http://www.fafsa.gov/

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

• FAFSA is federal form required to award federal financial

aid

• Select 2015-2016 Form
• Documents needed to complete your FAFSA include:

 Social Security Number, driver’s license, income tax

returns, bank statements and investment records

• School Code - 002707
• Request FSA ID (https://fsaid.ed.gov) to sign

electronically

• FAFSA Follow-Up

Aid Options Available

• Federal Perkins Loan
• Federal Direct Unsubsidized Stafford Loan
• Federal Direct Graduate PLUS
• Private/Alternative Educational Loans
• Federal Work Study Award

Federal Perkins Loan

• Please be advised that due to the termination of the Federal Perkins

loan program, your Master Promissory Note (MPN) and entrance counseling form must be completed no later than September 15, 2015 and funds disbursed no later than September 30, 2015.

• If you are a first time borrower in the 2015-2016 academic year, you

will not be eligible to receive future Federal Perkins loan funds. If you received Federal Perkins loan funds in the 2014-2015 academic year at the same school in which you will be enrolled in the 2015- 2016 academic year, you may be eligible for future Federal Perkins loan funds.

Federal Perkins Loan

• Awarded based on financial need
• Registered at least half time (6 credits)
• U.S. Citizen or eligible non-citizen
• Must meet Satisfactory Academic Progress requirements
• Must complete Federal Loan Entrance and Exit Interview

Requirements

• Graduate students - up to $4,000 per school year

 Subsidized (Interest deferred while in school)

• Fixed interest rate of 5%
• No origination fees
• Grace period on repayment of 9 months from date of

graduation or last date of half-time enrollment

Federal Direct Stafford Loans

• Registered at least half time (6 credits)
• U.S. Citizen or eligible non-citizen
• Must meet Satisfactory Academic Progress

requirements

• Must complete Federal Loan Entrance and Exit

Interview Requirements

• Graduate students - up to $20,500 per school year

 Unsubsidized only (Accrues interest upon

disbursement)

• Fixed interest rate of 5.84%
• Origination fees of 1.068%
• Grace period on repayment of 6 months from date of

graduation or last date of half-time enrollment.

Federal Direct Graduate PLUS Loans

• Stafford Loan eligibility must be used first
• Registered at least half time (6 credits)
• U.S. Citizen or eligible non-citizen
• Must meet Satisfactory Academic Progress requirements
• Must complete Federal Loan Entrance and Exit Interview

Requirements

• Fixed interest rate of 6.84%
• 4.272% loan origination fee
• Approval for loan based on credit decision
• Borrow up to “Unmet” need – cost of attendance minus financial aid

awarded

• Interest accrues upon disbursement

Forms Required

• Federal Direct Stafford and Graduate PLUS

Loans

 Master Promissory Note (MPN)

• Can be completed electronically through Direct Loans

(www.studentloans.gov)

• FSA ID (https://fsaid.ed.gov) needed to electronically sign

MPN

• Federal Perkins Loans
• Promissory Note can be completed via SSOL

(https://ssol.columbia.edu)

Entrance Counseling

• Entrance Counseling informs you of your rights and

responsibilities as a federal loan borrower

• Entrance Counseling is a federally required document

when borrowing federal funds and must be completed prior to the disbursement of these funds

• EI for Federal Perkins Loan can be completed online at

https://ssol.columbia.edu

• EI for Federal Stafford/Graduate PLUS Loans can be

completed online at:

 www.StudentLoans.gov

Private/Alternative Educational Loan

• Can be variable or fixed interest rate – varies by lender
• Approval based on credit decision
• Can borrow up to “unmet need” - cost of attendance

minus other financial aid

• You must apply and complete a promissory note directly

with your lender of choice

• A list of suggested lenders can be found here:

http://sfs.columbia.edu/financial-aid/private-loans PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Private/Alternative Educational Loan

• International Students



Ineligible for Federal Aid



May apply for a private educational loan with a credit-worthy US Citizen

• r Permanent Resident co-signer



Approval based on credit decision



Can borrow up to “unmet need” – cost of attendance minus other financial aid



You must apply and complete a promissory note directly with a lender of your choice



Suggested lenders for international students: http://sfs.columbia.edu/financial-aid/private-loans

PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Let’s Compare Loans

FEDERAL DIRECT GRADUATE PLUS LOANS PRIVATE/ALTERNATIVE EDUCATIONAL LOANS

• 6.84% fixed interest rate
• 4.272% origination fee
• No grace period (can be

deferred)

• Can be consolidated with

Federal Direct Stafford Loans

• Credit Based
• Fixed or Variable interest

rate

• Most have both origination

and repayment fees

• Grace period varies by

lender and in some cases, by program

• Cannot be consolidated

with Federal Direct Stafford Loans

• Credit Based

Federal Work Study Award

• Employment program designed to help qualifying

students pay for their education

• Registered at least half time (6 credits)
• U.S. Citizen or eligible non-citizen
• Must meet Satisfactory Academic Progress requirements
• Awarded based on financial need
• Funds are not credited directly to a student’s charges
• Earnings are paid to students as a pay check
• May earn up to $4,000 per academic year

Time Line for Processing

• Federal Direct Stafford loans may take up to 10

business days to process

• Graduate PLUS loans typically take 2 to 3 weeks

to process

• Loans typically disburse at the start of each

semester

• Alternative/Private Loans processing time varies

depending on the lender

Other helpful websites

• Research outside scholarship opportunities:

 http://sfs.columbia.edu/content/outside-awards

• Department of Education’s summary on federal financial

aid programs

 http://studentaid.ed.gov

• Overview of financial aid programs at the University:

 http://sfs.columbia.edu/content/financial-aid-overview

Student Financial Planning

• 202 Kent Hall

 Hours:

• 9 - 5 Monday - Friday
• No appointment necessary
• Ph: (212) 854 – 7040
• Fax: (212) 854 – 2818
• Email: sfp@columbia.edu