Presentation is loading. Please wait.

Presentation is loading. Please wait.

Division of Financial Aid 1 Financial Aid at Purdue: What You Need to Know Presented by the Purdue University Division of Financial Aid Span Plan Luncheon.

Similar presentations

Presentation on theme: "Division of Financial Aid 1 Financial Aid at Purdue: What You Need to Know Presented by the Purdue University Division of Financial Aid Span Plan Luncheon."— Presentation transcript:

1 Division of Financial Aid 1 Financial Aid at Purdue: What You Need to Know Presented by the Purdue University Division of Financial Aid Span Plan Luncheon

2 Division of Financial Aid 2 Agenda Action items Purdue’s financial aid processes Understanding the award notification Loan processes Private awards Student employment Billing and aid disbursement Payment options Summer School

3 Division of Financial Aid 3 Action Items Learn about the financial aid process Complete the 2011-12 FAFSA by March 1 st, 2011 Read all email from Purdue Utilize Financial Aid Self Service System via your myPurdue account at https://myPurdue.purdue.edu Sign up for Boilermaker Direct Deposit for excess financial aid funds via your myPurdue Familiarize yourself with info on our website: –

4 Division of Financial Aid 4 Student Information Items Financial aid information and news items Satisfactory Academic Progress: –Aid may be suspended for: Academic probation Maximum timeframe Not completing at least 67% of courses attempted Loan counseling information:

5 Division of Financial Aid 5 Student Tips Develop and use a conservative budget (use cost-aid worksheet provided in this presentation) For good money management advice visit Be wary of credit card marketing –The average college student has 4+ credit cards –56% of students receive their first credit card as freshmen Use credit cards wisely (if at all) A $4,000 tuition bill charged to credit card costs more than $9,000 if repaid over 10 years at 19.9% interest rate

6 Division of Financial Aid 6 Student Tips Remember to file the FAFSA before the March 1 priority filing date Respond to any requests by DFA for additional information quickly If family financial situation changes, discuss with Financial Aid Office (loss of income, divorce, death in family, etc.)

7 Division of Financial Aid 7

8 8 Aid Eligibility Notice Terminology Estimated Cost of Attendance: tuition & fees, room & board, books & supplies, travel, and personal expenses Expected Family Contribution-EFC: measurement of family financial strength used to determine eligibility for aid programs Financial Need: difference between cost and EFC

9 Division of Financial Aid 9 Cost of Education 2010-11 ResidentNonresident Tuition & Fees $ 9,070 $ 26,622 Room & Board$ 9,120$ 9,120 Books & Supplies$ 1,270$ 1,270 Travel$ 180$ 300 Personal$ 2,180$ 2,180 Some programs may have additional fees; please contact the department or see for specific course

10 Division of Financial Aid 10 Cost/Aid Worksheet Tuition/Fees (from Financial Aid Notice) $___________ Campus Room/Board (from Housing Contract)+ $___________ Total Due the University = $___________ Less Grants and Scholarships (from Financial Aid Notice)- $(__________) Less Deposits Paid - $(__________) Estimated Balance Due (after gift aid)=$___________ Less Certified Student Loans Total - $(__________) Remainder =$___________ If the Remainder is a Positive Number = $ Balance Due If the Remainder is a Negative Number = $ Excess Aid Refund

11 Division of Financial Aid 11 Enrollment and Aid Eligibility Enrollment may affect financial aid eligibility Fulltime for financial aid is 12 or more credit hours, whereas for billing it is 8 or more Aid is initially awarded based on expected enrollment noted on FAFSA Aid is reviewed at end of 4 th week of classes. If enrollment level different from level packaged at aid may be adjusted Should contact our office before dropping below 12 credit hours

12 Division of Financial Aid 12 Grant and Scholarship Programs Students should file the FAFSA annually by March 1 st to be considered for all types of federal, state (Indiana residents), and institutional types of aid. Check out info on Scholarships at: –And These scholarships require a separate application

13 Division of Financial Aid Grant and Scholarship Programs International students should visit: ?noload=Y For information on funding educational expenses –Payments of institutional gift funds to international students must be processed through Purdue’s tax area and students will receive funds in a check 13

14 Division of Financial Aid 14 Loan Programs Loans are financing plans allowing 10 years or longer for repayment Loans require repayment with interest There are a variety of loan programs and each one has different eligibility requirements, rates and terms Eligibility generally requires a minimum of half-time enrollment (6 hours or more)

15 Division of Financial Aid 15 Purdue and Perkins Loans The student is the borrower, no co-signer required Must accept or reject loan online via your myPurdue account Once accepted, student notified by e-mail to go online and complete promissory note and related documentation prior to loan disbursement Details on Perkins Loans found at: Details on Purdue Loans found at: Repayment of principal deferred while student enrolled at least half-time 6-9 month grace period, with 10 years to repay

16 Division of Financial Aid 16 Federal Stafford Loan Student is borrower, no established credit required Borrow directly from federal government (not through a bank) No interest accrues on subsidized loans (need-based); Interest accrues on unsubsidized loans (non-need-based) 6-month grace period after borrower ceases half-time enrollment, 10 years to repay All borrowers must complete Stafford Master Promissory Note on-line at $10,000 borrowed = approximately $115 monthly payment Visit for

17 Division of Financial Aid 17 Independent Students* Freshman$3,500$6,000$9,500 Sophomore$4,500$6,000$10,500 Junior or senior$5,500$7,000$12,500

18 Division of Financial Aid 18 Federal Parent PLUS Loan A creditworthy parent or graduate students is the borrower Parent borrows directly from federal government (not from bank) A signed promissory note is required before the Federal Direct Loan Servicing Center can run a credit check Standard 10-year repayment period Each $10,000 borrowed = approximately $124 monthly payment All borrowers required to complete a PLUS Master Promissory Note on-line at Visit for grad student borrowing and for parent borrowing details

19 Division of Financial Aid 19 The borrower must be a creditworthy student or student with creditworthy co-signer Variable interest rates are based on LIBOR or prime lending rates plus or minus points (check with your lender for current rates) Payments are deferred until borrower ceases (minimum) half-time enrollment but interest accrues More info at Private / Alternate Loans

20 Division of Financial Aid 20 Private Awards Students must report all awards from donors outside Purdue that are not already listed on their aid notice Submit information today or download the Outside Award Reporting Form at Private awards will only credit the student bill after the funds have been received from the donor and processed by the Bursar office Students should contact their donor to determine when funds will be sent to the Bursar office Do not send private award checks with the fee bill Endorse co-payable checks, write PUID on the check, mail to Purdue University Bursar Office/Outside Awards, 610 Purdue Mall, West Lafayette, IN 47907-2050 or hand-deliver to Bursar, Hovde Hall, Room 20

21 Division of Financial Aid 21 Student Employment Student employment… –Earnings help keep student loan debt lower –Can improve student retention and academic performance –Boosts career achievement after graduation Students apply for jobs on their own (no placement) Federal Work-Study (FWS) eligibility is a need-based award that may make student more employable; bi- weekly pay; note that FWS awards are not credited to the student bill “Regular” student employment opportunities also available

22 Division of Financial Aid 22 Student Employment Tips Job search tips: –Search for jobs via –Visit Division of Financial Aid Student Employment Services, Schleman Hall Room 302: “It Works!” –Check with Professors, Departments, Residence Halls, Memorial Union, Recreational Sports, etc. –See Purdue Exponent and Lafayette Journal & Courier job listings –Internship info: –Co-op info:

23 Division of Financial Aid 23 Other Sources of Funding Federal tax credits Hope “Scholarship” and Lifelong Learning tax credits 1098-T Form available on-line from Purdue each January (unless gift aid exceeded tuition bill) R.O.T.C. program Vocational Rehabilitation Private aid sources ( or Home Equity IRA Withdrawal/Loan

24 Division of Financial Aid 24 Billing Information Tuition, and fees are billed separately for the fall and spring semesters (about 6 weeks prior to the start of classes each semester). University housing is billed according to chosen plan. In 2009-10 Purdue stopped using paper invoices. You will view invoices online through myPurdue Bills are due on the first day of the semester Please contact the Bursar office if you have any questions regarding your invoice Phone: (765) 494-7570 - E-mail:

25 Division of Financial Aid 25 Billing Information (continued) If you have a balance due after financial aid is applied, you may choose to utilize the Installment Plan, which is accessed through your myPurdue account If balance on invoice = zero, confirm your registration at: A tuition/fee/housing calculator is available online at

26 Division of Financial Aid 26 Installment Plan The net balance due for tuition, fees, and housing is divided into 4 payments per term Enroll in the plan by making a down payment of at least 25% by the due date, then make 3 three subsequent monthly payments of 25% of the original balance A finance charge is applied to the remaining balance For more info go to: To authorize your parent or another party to make payment, once logged-on to the Bill & Payment site you can set-up an “Authorized User” who will then have the ability to view and make payments on-line

27 Division of Financial Aid 27 A Note from the Bursar’s Office Purdue has contracted with TouchNet Information Systems to allow payment by Master Card, Discover, and American Express. TouchNet does not accept Visa. A convenience fee of 2.75% applies. Be very careful taking on debt using credit cards toward University payments. Loans secured through the financial aid process usually provide more reasonable interest rates.

28 Division of Financial Aid 28 Financial Aid Fund Disbursement All student aid is applied in sequence: 1. Tuition and fees (billed on term-by-term basis) 2. On campus housing (billed according to chosen plan) 3. Excess aid is disbursed to the student Scholarships, grants, fee remissions, Purdue/Perkins loans, and certified Stafford & PLUS loans are credited to the student bill Refund checks (excess aid) will be mailed to the student or, direct deposit to the bank account of your choice may be set up via your myPurdue account Be prepared to cover expenses for the first couple of weeks of each semester

29 Division of Financial Aid 29 Boilermaker Direct Deposit Students can enroll in Direct Deposit to expedite the refund of their excess financial aid To enroll, log-in to your myPurdue account, select the Financial tab, and click on Manage Your Account or Authorize Direct Deposit,then click on the Refund tab and follow the directions utilizing the Payment Profile link Important Note: Your Purdue E-mail account is the primary means of communication for E-billing, important announcements and critical date reminders

30 Division of Financial Aid 30 Timeline January – February: Complete the 2011-12 FAFSA Beginning in March: Provide DFA with any requests for additional information April: Start sending our award notifications May: Start accepting Loans and completing promissory notes and entrance counseling documents, as needed, online June: Enroll in direct deposit via myPurdue, if not already done so July: Billing begins August: Pay bill and accept charges in order to confirm your registration Late August: Begin refunding excess aid. (A variety of criteria must be met before financial aid credits the bill or excess aid is refunded)

31 Division of Financial Aid Financial Aid for Summer There is limited aid available for summer school Pell grant is available (even if enrolled less than 6 credit hours) if you meet eligibility requirements 31

32 Division of Financial Aid Financial Aid for Summer (cont) Stafford and Purdue Loans are available if enrolled at least 6 credit hours. However, can only borrow remaining aggregate amount. For example: Junior limit is $12,500 ($5,500 sub, $7,000 un-sub), if borrowed $10,000 in academic year the most available for summer would be $2,500. 32

33 Division of Financial Aid Financial Aid for Summer (cont) Must have a complete 2010-11 FAFSA on file with Purdue WL. If planning on utilizing CDV benefits also have to file 2011-12 FAFSA. Have to complete a summer aid application. It will be available online in January at: In order to be considered for all forms of aid need to submit the summer aid application by March 1 st 33

34 Division of Financial Aid 34 Division of Financial Aid Services  Call Center Services: 765-494-0998  M-F, 8am-5pm Frequently Asked Questions (FAQ’s) on-line at:  E-mail Inquiry Service:  Informational Website:  Walk In Services: Schleman Hall, Room 305  M,T,W, F 9am-5pm, Th 1pm-5pm  FAX: 765-494-6707

Download ppt "Division of Financial Aid 1 Financial Aid at Purdue: What You Need to Know Presented by the Purdue University Division of Financial Aid Span Plan Luncheon."

Similar presentations

Ads by Google