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New Student Orientation 2009.  Who qualifies for aid?  What is the FAFSA?  What other forms are needed to complete the process?  What is “Cost of.

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Presentation on theme: "New Student Orientation 2009.  Who qualifies for aid?  What is the FAFSA?  What other forms are needed to complete the process?  What is “Cost of."— Presentation transcript:

1 New Student Orientation 2009

2  Who qualifies for aid?  What is the FAFSA?  What other forms are needed to complete the process?  What is “Cost of Attendance”?  Different types of aid  What is VERIFICATION?  How is financial aid processed?  What if we don’t have enough to cover all expenses?  What is my role as a student/parent?  How to access your aid information

3  Must be admitted into a degree-seeking program  Must maintain satisfactory academic progress  Must be a U.S. citizen or eligible non-citizen  In most cases, must be enrolled in at least half time (6 credit hours)

4  Free Application for Federal Student Aid (FAFSA)  First step in the financial aid process  Application for grants, loans, HOPE Lottery Scholarship, college work study  Requires income tax information from prior year

5  Must be done every year, preferably on-line at:  Recommend early application (by February 15 th ) for the best financial aid package  The University of Memphis’ school code: 003509

6  You and your student’s income tax information (if applicable)  Check Spectrum/myMemphis regularly to see if other documents are required   SIGN and submit required forms to Student Financial Aid Office  If file is incomplete, NO AID will be processed

7  Otherwise known as “budget” or COA  This is the amount of estimated expenses a student may incur for an academic year  Allows for tuition, room/board, books, travel, misc.  Based on career, residency, and housing status  Career – undergraduate, graduate, law  Residency – in-state, out-of-state  Housing – at home, on campus, off campus  Your total financial aid package, including scholarships, cannot exceed your COA

8  Grants – all are need-based  Federal Pell Grant – has a yearly amount; awarded in 3- hour increments  Tennessee Student Assistance Corporation (TSAC) Grant – runs out by February 15 th each year; minimum enrollment of 6 hours required  Federal Supplemental Educational Opportunity Grant (FSEOG) – only $250/semester; very limited funds  Academic Competitive Grant (ACG) – must complete a rigorous secondary school program; available to freshmen and sophomores  National Science & Mathematics Access to Retain Talent (SMART) Grant – for students majoring in science, math, engineering, or foreign language; available to juniors and seniors

9  Student loans – must be repaid; minimum enrollment of 6 credit hours; requires completion of Master Promissory Note (MPN) and Entrance Counseling/Interview  Subsidized loan – need-based; interest-free while in school  Unsubsidized loan – not based on need; interest-bearing while in school  Perkins Loan – need-based; limited amount of funding; 5% interest rate; 2.5 cumulative GPA required Note: Undergraduate student loan indebtedness upon graduation averages approximately $20,517

10  College Work Study – need-based; part time job on campus; student is paid bi-weekly; this is not money up front  HOPE Lottery Scholarship  Other aid:  Parent Loan for Undergraduate Students (PLUS) – credit check required; repayment begins 60 days after second disbursement; if credit is denied, FAFSA must be completed

11  Other aid:  Academic Scholarships – based on merit; may or may not require FAFSA  Private Scholarships  Student Fee Discount for Spouse or Dependent Child of Employees (obtain form from Benefits Section of Human Resource Department)  Regular student employment  Alternative loan – private lending institutions Note: More information about the different types of aid programs can be found on our website at:

12  Process to “VERIFY” information on FAFSA matches what is on actual tax return.  Students selected by Federal Processing Center  Required to verify at least 30% of financial aid population  Documents requested can include, but are not limited to Federal Verification Forms, and student and/or parent tax returns  Once all documents are completed and signed, submit them to Financial Aid Office for processing.  Processing can be as soon as 24 hours with no corrections, and as long as 5 business days with corrections  Must be completed before any aid can be processed

13  FAFSA must be completed, preferably by February 15 th  University receives results within 3 to 5 business days  If no additional requirements, aid is processed; if additional documents needed, they will be listed in Spectrum/myMemphis  Aid is processed for 2 semesters – Fall and Spring  If eligible, student is awarded grants and scholarships first  Award is based on “interested in being considered for work study or student loans”  Funds “sit” in the system until fee payment period  Financial Aid Office releases aid to the Bursar’s Office for fee payment  Bursar’s Office will deduct what student owes for tuition/fees and/or dorm  Bursar’s Office will release excess funds to student, if any

14  Fee payment methods for the balance are available through the Bursar’s Office website:  Commute -vs- dorm?  Re-assess your expenses. Where else can you cut?  Alternative loan – private lending institutions, as a last resort

15 STUDENTPARENT  Get paperwork done AND submitted as soon as you are aware  Be aware of deadlines  Check Spectrum/myMemphis as often as possible for updates to your account  READ YOUR EMAIL from key offices, as it will contain important information  Keep parent(s) informed of status  Get paperwork done AND involve your student in the process  Be aware of deadlines  Have your child get to know certain people in key offices  Build a relationship with your child  Under the Family Educational Rights and Privacy Act (FERPA), we cannot release information to parent

16  Go to home page:  Click on Spectrum/myMemphis, then log in  Click on the Account$ tab  Financial Aid Requirements  Red flag – hyperlink to a form that we need from student or click on the yellow box to read the message  Green check mark – item received/completed  Financial Aid Awards link  Select the Aid Year 2009-2010, then Submit  Click on the Award Overview tab

17 Student Financial Aid 103 Wilder Tower (901) 678-4825 Phone (901) 678-3590 Fax Scholarship Office 107 Wilder Tower (901) 678-3213 Phone (901) 678-5621 Fax

18 Student Employment 103 Wilder Tower (901) 678-5774 Phone (901) 678-5902 Fax

19 Questions??

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