Presentation on theme: "Financial Aid University of Akron Wayne College. What is financial aid? Any assistance used to reduce the amount you must pay Grants Loans Work-Study."— Presentation transcript:
What is financial aid? Any assistance used to reduce the amount you must pay Grants Loans Work-Study Scholarships Tuition reimbursement Military Benefits
Grants Federal Pell Grant Available almost exclusively to undergraduates. Students will receive the Federal Pell Grant amount they qualify for based on financial need. Estimated annual awards range from $705.50to $5,645 (2013-14) and these grants are prorated based on the number of enrolled credit hours.
Grants Federal Supplemental Educational Opportunity Grant These grants are only awarded to students who meet the strict need guidelines established by the U.S. Department of Education, and submit the FAFSA by March 1. You must be Pell eligible to receive this grant.
Grants The Teach Grant A federal grant program for students planning to be teachers in a high need field within a low-income school. The University of Akron has set additional specifications for its TEACH Grant recipients.
Loans Subsidized Direct Loan The most popular federal student loan, a Subsidized Direct Loan is awarded based on need as determined from information on the FAFSA form. The U.S. Department of Education pays interest while the borrower is in school and during any grace and deferment periods. The student must be at least a half-time student (six credit hours) and have financial need. The annual loan limit ranges from $3,500 to $8,500 based on grade level.
Loans Unsubsidized Direct Loan This loan is not need-based and is given in lieu of, or in combination with, Direct Subsidized Loans. Terms are the same as the Subsidized Loan, except the borrower is responsible for the interest from the date of disbursement.
Loans Federal Direct Parent Loan for Undergraduate Students (PLUS) The applicant is the student's parent, who is responsible to begin repayment almost immediately upon disbursement. The interest rate is fixed at 8.5%. If a parent is denied for this loan, the student may be eligible for a Stafford Unsubsidized Loan. To receive the PLUS loan, apply at www.studentloans.gov to see if you qualify.
Loans Alternative Loans These are private loans that are generally in the name of the student and may need to have a creditworthy co- borrower. Interest rates, repayment plans and deferment options vary widely among lenders. Be sure to "shop" for the option that is right for your situation since these are loans that are designed to bridge the funding gap when savings, scholarships, grants, federal loans, and other resources are not sufficient.
Loans Perkins Loan The Perkins Loan is another need-based loan program. Students must have filed their FAFSA by March 1 to be considered for this program. Interest charged on this loan is 5 percent. As long as a student is in school, the government pays the interest on the loan. Upon graduation, the student has a nine month grace period, and then a 10 year repayment period.
Federal Work Study The Federal Work-Study Program is a federally funded, campus-based aid program designed to provide part-time jobs for eligible students with financial need. The Office of Student Financial Aid will include this with other student financial aid information.
Federal Work Study To be considered for Federal Work Study: Submit the FAFSA no later than March 1 each year. Students must have financial need. Students must have a grade point average of 2.25. Students must be enrolled at least half time (6 credit hours) each semester they are employed.
Who can get federal financial aid? U.S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security Number Satisfactory academic progress No issues with receiving aid in the past
Scholarships Wayne College offers 33 different scholarships to our students each year. The criteria for each varies. Some scholarships are based on financial need while others are based on academic record. Some require additional information such as a letter of recommendation or an essay. Priority deadline for new students: March 1 Priority deadline for continuing students: April 1 Deadline for academic year: July 1 Deadline for second awarding (spring only): Oct 1
Scholarships Students attending Wayne may also be eligible for Akron campus scholarships. A list of the scholarships and additional information can be found at: http://wayne.uakron.edu/admissions/financial- aid/scholarships.dot
Military Benefits The University of Akron is a “Veteran Friendly” institution and recognizes its obligations to our students who serve in the military. We are committed to making your transition to The University of Akron as smooth as possible. After all, it is the least that we can do, given the sacrifices that you have made for our country. Contact the Student Services Center to speak with our representative 330-684-8900.
Tuition Reimbursement Most commonly, tuition reimbursement comes from a students’ employer. Check with your place of employment to see if they offer that program and if you are eligible.
How do I apply for federal student aid? Complete the Free Application for Federal Student Aid (FAFSA) as early as possible, it is available January 1 at www.fafsa.gov (this is a free application, if they ask for payment, you are at the wrong website!) Use the data retrieval tool on the FAFSA for quicker completion, less chance for error, and possibly avoid having to do verification paperwork Scholarship deadline for new freshmen is March 1. For continuing students it is April 1 for priority awarding. Applications are available in the Student Services Center and online at: http://wayne.uakron.edu/admissions/financial- aid/scholarships.dot
How do I apply for federal student aid? Within a few days of completing your FAFSA, you will receive confirmation that the application is complete. If you do not, call them (1-800-433-3243) After your application is complete, you will receive paperwork from Akron if you are selected for verification Be sure to return any paperwork immediately, the awarding process will NOT continue until all documents are received
How do I apply for federal student aid? Any documentation requested by Akron can be turned in at the Wayne Student Services Center, we will send it for you If no verification is needed, you should receive an award letter (new students only) or check your My Akron Experience (formerly Zipline) for your award Call with any questions
How much federal student aid can I get? In general, this depends on your financial need Your financial need is determined by your Expected Family Contribution (EFC) and cost of attendance (COA) EFC is determined by the information entered on your Free Application for Federal Student Aid (FAFSA) COA is tuition, fees, room and board, transportation and other charges
How much federal student aid can I get? Federal Pell Grant: $2775 - $5645 TEACH Grant: $4,000 Federal direct Loan: up to $5500 Federal Perkins Loan: $$200-$1000
I’ve been awarded, now what? No action is necessary to receive grants that you qualify for, they will apply to your account automatically Loans must be accepted through the My Akron (formerly Zipline) and if you are a first time borrower at Wayne/Akron, you must complete the Entrance Counseling and Master Promissory Note (MPN) at www. Studentloans.gov in order for the school to receive the funds for you
Additional information…. Federal grants, like the Pell Grant, will be based on the number of credit hours you have (ex: if you are ½ time, you will receive half of your grant amount) You must be enrolled in six (6) credit hours or more to be eligible for any loan money you’ve accepted
Quick Reference: FAFSA website: www.fafsa.gov FAFSA number: 1-800-4fed aid (800-433-3243) Akron Financial aid: 330-972-7032 Wayne Student Services: 330-684-8900 Wayne Financial aid: 330-684-8942 or 330-684-8747 Information about aid: www.studentaid.gov (types of aid, how to apply, how to avoid scams, who is eligible, etc)