1 WAYNE STATE UNIVERSITY Office of Student Financial Aid PharmPhest May

2 Contact Information  Office of Student Financial Aid  Welcome Center 42 W. Warren Detroit MI  wayne.edu/financial-aid/  Hours: M-Th 8:30 – 6, Fri 8:30 – 5  Phone:

3 Contact Information  Adam Zangerle   Phone:

4 EACPHS Office Hours  Walk-In Financial Aid Counseling  Tuesdays 12 noon – 3pm  1600 EACPHS Building

5 What you should have done  Completed a 1516 FAFSA  Reviewed your Student Aid Report (SAR) from the Federal Processor  Review pipeline.wayne.edu

Types of Federal Loans Direct Unsubsidized Loans 6.21% fixed interest rate 1.073% loan fee Direct PLUS Loan requires credit check 7.21% fixed interest rate 4.292% loan fee 6

7 Loan amount calculation  Total aid award can not exceed Cost of Attendance  COA for FW: $28,000 - $37,000 tuition estimate = $10,250/semester  COA for SP 2016: $6,000 - $8,800 tuition estimate = $3,000

8 Loan Limits  Yearly Unsubsidized Limit = $37,167 up to $33,000 FW and $4,167 Summer  Grad Plus Loan if additional funds needed  Total Limit $224,000 ($138,500 non-pharmD)

Undergrad Aid  Students with less than 90 credits will be awarded UG level financial aid. 9

10 What’s Next?  What to do AFTER you accept a Stafford loan award?  Master Promissory Note  Entrance Loan Counseling  studentloans.gov

Graduate Plus Loan  Up to Cost of Attendance  Credit Approval Required  studentloans.gov 11

12 How will I receive my financial aid funds?  Financial aid funds are disbursed to your WSU account.  Student Accounts Receivable Office deducts tuition and fees  Refunds can be released to you in one of three ways: 1.Direct Deposit into an existing checking or savings account 2.Direct Deposit into a new checking account with our vendor, Higher One 3.Paper check mailed from Higher One  

13 Contact Information  Adam Zangerle   Phone: