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Funding Your Dental Education 2013-2014 Presented by Liz Holm Office of Student Finance UPlan.

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Presentation on theme: "Funding Your Dental Education 2013-2014 Presented by Liz Holm Office of Student Finance UPlan."— Presentation transcript:

1 Funding Your Dental Education Presented by Liz Holm Office of Student Finance UPlan

2 Visit the One Stop home page

3 One Stop Home Page, cont. Contains much helpful information: Registration, financial aid, deadline dates Forms online Grades, transcripts, degree planning Respond to your eFAAN Monitor your bill and any holds on your record Direct deposit sign-up – very important! Parent/guest access

4 The Financial Aid Process – Six Steps FAFSA Packaging eFAAN Promissory notes/ entrance counseling Disbursement Refund “check”

5 1 st Step: Complete a FAFSA FREE Application for Federal Student Aid U of M – Twin Cities federal school code is Apply in January prior to fall semester enrollment (must do this each year) Name must exactly match name on SSN card Complete tax return first; use IRS data retrieval tool Must be U.S. citizen or eligible non-citizen to receive federal aid UPlan

6 2 nd Step - Packaging Packaging first occurs mid-July for students with complete records “Complete record” = FAFSA data received, no holds, etc. Packaging done weekly thereafter Primary form of funding is through federal loans See your department or college for other types of aid (non-resident tuition waivers, scholarships, fellowships, etc.) Keep FAFSA PIN# - it will be needed later to sign MPN for federal loans

7 3 rd Step - eFAAN (electronic Financial Aid Award Notification) After packaging, you will be notified of eFAAN via communication to your U of M account Respond to your loan offers via your eFAAN (“financial aid status” link on One Stop home page) Accept, reduce, or decline loan offers by responding to eFAAN – plan your budget carefully before responding to loan offers Report any scholarships, tuition benefits, non- resident tuition waivers, military service contracts, etc., in “self-reported awards” section on eFAAN

8 4 th Step - Promissory Notes and Entrance Counseling After accepting loans on eFAAN at One Stop link, will be directed to sign electronic master promissory note (MPN) for federal loans Use FAFSA PIN# to sign MPN for federal loans Separate MPNs required for federal unsubsidized and federal Grad PLUS loans if borrowing both loans MPN good for 10 years if enrolled continuously Complete Entrance Counseling – link on One Stop takes you to StudentLoans.gov Separate MPN and Entrance Counseling required for unsubsidized and Grad Plus if borrowing both loans UPlan

9 5 th Step - Disbursement First disbursement date occurs within 10 days prior to start of fall semester (mid-August for D1 and end of August for D2, D3, D4) Fall disbursement occurs twice weekly thereafter Fall half of loan disburses into your fall account; is first applied to fall tuition and fees FAWA choice on eFAAN allows loans to pay other charges in student account (books, library fines, etc.) Spring half of loans disburse into your spring account, starting no sooner than 10 days prior to start of spring semester (mid-January) Spring disbursement occurs twice weekly thereafter

10 6 th Step - Refund “check” Your refund (or credit balance) is the surplus money after aid has paid tuition and fees; this is returned to student for living expenses The University no longer issues refund checks; refunds are sent electronically to bank account Everyone must set up direct deposit! (via link on One Stop home page) If aid does not cover that semester’s charges in your student account, remaining amount owing must be paid by due date -

11 Cost of Attendance (COA) COA set by University Regents each year (at the end of June); are six components. Fall/spring semester amounts for : –Tuition and fees ($17820 resident/ $30480 non-resident) –Room and Board ($5332) –Books and Supplies ($3863) –Transportation ($375) –Personal and Miscellaneous ($1000) –Loan fees (weighted average $190) All aid – scholarships, loans, tuition waivers, employer reimbursements, military service contracts, etc., must fit within COA ($57160 res/ $82480 non-res for fall/spring period) Budget carefully; COA adjustments allowed only in unusual circumstances

12 Loan Types and Amounts Federal Unsubsidized 6.8% interest, 1.051% origination fee Annual maximum $40500 (fall/spring) and $20250 summer Lifetime unsubsidized loan aggregate $ (includes undergraduate borrowing) Federal Graduate PLUS 7.9% interest, 4.204% origination fee No annual or lifetime loan limit, Grad Plus loans do not count toward unsubsidized aggregate Student is borrower, Grad Plus must fit within COA UPlan

13 Graduate PLUS Eligibility Borrower must not have adverse credit history Per federal regulation, adverse credit history = being 90 days or more delinquent on debt, or credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment, etc. Grad PLUS loans do not use debt-to-income ratio or FICO score, unlike private loans – Annual Credit Report Request Service: (Trans Union, Experian, Equifax) Review your credit history for accuracy and correct any errors BEFORE you need a loan If Grad Plus loan denied, student can request an endorser (co- signer) UPlan

14 Health Professions Loan Need-based loan, intended for lower-income families Must include parent data on FAFSA to be considered If you added parent data to your FAFSA late (after initially submitting it), contact Liz immediately Complete FAFSA early, best if we receive your FAFSA data by early May Health Professions Loan amount and availability varies from year-to-year (limited fund) Requires full-time enrollment

15 Health Professions Loan, cont. One-year grace period Five percent interest Ten-year repayment period Payments made to University (Student Account Assistance office) Health Professions Loan can be consolidated with other federal loans Electronic promissory note in

16 Loan Repayment Varies with type of loan Utilize repayment calculators: StudentLoan.gov and Direct Loan websites Health Professions Loan – 1-yr grace period, payments made to U of M Student Account Assistance office Unsubsidized – can pay quarterly interest while in school, or postpone paying interest until you enter repayment –Principal repayment starts 6 months after graduation, leaving school, or dropping to less than half-time enrollment Grad PLUS – repayment starts 45 days after final disbursement but can be deferred while enrolled at least half-time Both unsubsidized and Grad Plus loan payments made to your federal loan servicer

17 Federal repayment plans Several to choose from: Standard, Extended, Graduated, Income Contingent, Income- Based, Pay As You Earn, Income Sensitive Best choice depends on student income Public Service Loan Forgiveness program allows for cancellation of loan after 120 on- time qualifying loan payments Must be employed full-time by federal, state, local agency, or non-profit organization

18 Federal versus Private Loans Federal loans generally more favorable, even though some private loans may have lower interest rates Often private lender requires co-signer or high FICO score to get lower private loan rates; rates also could be variable not fixed Federal loans offer many repayment options and Public Service Loan Forgiveness. See StudentLoans.gov for more information and repayment calculators - https://studentloans.gov/myDirectLoan/index.action Website and article links: private-student-loans_n.htm private-paying-for-college/

19 StudentLoans.gov – become familiar with this website…

20 … and this website

21 How Much Loan Money to Accept? Live frugally and budget carefully Money management tips on One Stop: ex.html If you take too much loan money, loans can be reduced and excess returned to Dept of Ed for you Send Liz request in writing from your U of M account – please include student ID number! If you take too little loan money we can offer additional loan (within reason – limited number of item types)

22 How Much Loan Money to Accept? (resident) Example – student offered and accepts full amount of loans: $40500 unsub ($20250 fall/$20250 spring) and $16660 Grad Plus ($8330 fall/$8330 spring) After loan origination fees removed, $20038 unsub and $7980 Grad Plus will go into fall account (total $28018) Fall resident tuition & fee charges = approx. $20711 Fall refund returned to student = $7307 Is $7307 more than needed to live on during fall semester? If yes, accept a lower loan amount

23 How Much Loan Money to Accept? (non-resident) Example – student offered and accepts full amount of loans: $40500 unsub ($20250 fall/$20250 spring) and $ Grad Plus ($20990 fall/$20990 spring) After loan origination fees removed, $20038 unsub and $20108 Grad Plus will go into fall account (total $40146) Fall resident tuition & fee charges = approx. $33371 Fall refund returned to student = $6775 Is $6775 more than needed to live on during fall semester? If yes, accept a lower loan amount

24 Monitor your loan debt Check your borrowing at NSLDS (National Student Loan Data System - (access with your FAFSA PIN#)http://www.nslds.ed.gov Federal Direct Loan info: (use FAFSA PIN#)http://www.dled.gov Direct loan servicing: Request PIN#: NSLDS shows only federal sub, unsub, Grad Plus, Parent Plus, and Perkins loans. Does not list private, HPL or University loans

25 Finding Answers Walk-in: Room Moos Tower: Tues and Thurs (Note: these hours may change fall semester, and will be canceled periodically through December 2014 due numerous meetings related to University ESUP project – check door sign or contact Liz) - One Stop can answer many questions: –Phone: or –In-person: STSS, West Bank Skyway, or Coffey Hall (St Paul) – Or contact Liz – or

26 Thank you and best wishes! UPlan


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