1. Learning with Purpose UMass Lowell Fall Open House Financial Aid Presentation October 25, 2015

2. Learning with Purpose Overview of financial aid How do students apply? Financial aid award letters Paying for College Free Resources Agenda

3. Learning with Purpose Financial Aid Breakdown Undergraduate Student Aid 2012-13 ($185.1Billion)

4. Learning with Purpose Awarded to our most academically qualified students Based on SAT and High School GPA UMass Lowell Co-op Scholarship Program Priority consideration given to Early Action applicants (November 1) UMass Lowell Merit-Based Aid

5. Learning with Purpose State Scholarships John and Abigail Adams Scholarship For other programs www.osfa.mass.edu Private Scholarships Other Merit-Based Aid

6. Learning with Purpose Grants – gift aid Federal, state and institutional Based on need Need-Based Aid

7. Learning with Purpose Allows students to earn money to assist with payment of educational expenses UMass Lowell Student Employment Programs pay $10-$12 per hour Students work 10-15 hours per week UMass Lowell Student Employment team assists students in finding jobs on campus and in the surrounding community Student Employment

8. Learning with Purpose Student is the borrower – not based on credit No principal payments due while enrolled Federal Direct Stafford Loans (two types) Subsidized – fixed interest rate of 4.29% after leaving school Unsubsidized – fixed interest rate of 4.29% begins immediately 5.84% for graduate / professional students UML strongly recommends students exhaust federal student loan options before borrowing from other sources Federal Student Loans

9. Learning with Purpose Free Application for Federal Student Aid (FAFSA) Open January 1st: FAFSA.gov Must sign with a FSA ID: StudentAid.gov/fsaid IRS Data Retrieval Tool – available February 1st Requires data from all parents who live together, married or not Must be completed every year UMass Lowell Priority Deadline MARCH 1 st How do Students Apply? The FAFSA

10. Learning with Purpose Tax Filing Estimate taxes to meet deadline Importance of good estimate Update FAFSA with actual taxes IRS Data Retrieval Reduce error and selection for verification Verification Review Special Circumstances Taxes and Verification

11. Learning with Purpose 1.Apply by November 1 for Early Action 2.Acceptance Letters & Merit Award Notification 3.January 1 – Complete FAFSA application College Goal Sunday – January 31, 2016 (www.fafsaday.org) 4.March – Financial Aid Notification Welcome Day MEFA’s After the Acceptance seminars Award Notification

12. Learning with Purpose samplesCollege ACollege BCollege C Total Cost$27,724$35,000$56,000 Less – Gift Aid- $11,759-$15,000- $20,000 Equals “Net Price”$15,965$20,000$36,000 Student Loans- $5,500- $7,500 Student Employment- $3,500- $2,500- $2,200 Remaining Cost$6,965$10,000$26,300 Comparing Financial Aid Award Letters

13. Learning with Purpose Payment Plan: Tuition Pay Parent PLUS Loan Alternative Loans Be a wise consumer! Paying for College Alternative Financing Options

14. Learning with Purpose Ask questions – we are here to help! Education is an investment in your future We are a partner in your educational journey The Solution Center Phone: 978-934-2000 Web: www.uml.edu/thesolutioncenter Email: The SolutionCenter@uml.edu UMass Lowell as a Partner

15. Learning with Purpose Free assistance to complete the FAFSA Over 30 locations in Massachusetts Sunday, January 31, 2016 at 1:00 pm Locations and additional dates listed at www.fafsaday.org College Goal Sunday FAFSA Day Massachusetts

16. Learning with Purpose After the Acceptance Seminars 25 Massachusetts locations March & April One on One Guidance College Financing Seminars Download the College Financing e-book Sign up for MEFA emails Bookmark mefa.org/seniors Online calculators MEFA Resources

17. Learning with Purpose The Solution Center www.uml.edu/thesolutioncenter Federal Student Aid www.studentaid.gov Massachusetts Office of Student Financial Aid www.osfa.mass.edu High school guidance counselors Online calculators Resources

18. Learning with Purpose Massachusetts Educational Financing Authority (MEFA) is a not-for-profit quasi-public organization separate from UMass Lowell UMass Lowell does not in any way endorse MEFA or suggest to students/parents that they either must or should seek loans through MEFA Students and parents have the right to select any lender when borrowing educational loans Presentation was developed using MEFA student advisory materials Disclaimer