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OFFICE OF STUDENT FINANCIAL AID 105 SCHMITZ HALL BOX 355880 Phone: 206-543-6101 Fax: 206-685-1338

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Presentation on theme: "OFFICE OF STUDENT FINANCIAL AID 105 SCHMITZ HALL BOX 355880 Phone: 206-543-6101 Fax: 206-685-1338"— Presentation transcript:

1 OFFICE OF STUDENT FINANCIAL AID 105 SCHMITZ HALL BOX 355880 Phone: 206-543-6101 Fax: 206-685-1338 Email: osfa@uw.edu

2 2016-2017 Financial Aid Workshop How much will it cost? Applying for Aid Sources of Money Information Release

3 Undergraduate Aid Scholarship $ 44 million(11%) Grants $ 214 million(52%) Loans $ 154 million(37%) Work Study $ 2.8 million(1%) Total $ 415 million Estimated aid to undergraduates in 2015-16

4 Sources of Undergraduate Aid Estimated Undergraduate Aid in 2015-16 Federal$ 209 million(50%) State$ 78 million(19%) University$ 105 million(25%) Private$ 22 million(5%) Total$ 415 million

5 How much will it cost? 2016-2017 Academic Year Costs Tuition/Fees - Resident$10,753 Books and Supplies$ 825 Room & Board$11,691 Personal Expenses$ 2,265 Transportation$ 414 Loan Fees$ 62 Total$26,010 Tuition/Fees –Non Resident$34,791 Books and Supplies$ 825 Room & Board$11,691 Personal Expenses$ 2,265 Transportation$ 414 Loan Fees$ 62 Total$50,048

6 Financial Need Cost of Attendance -Estimated Family Contribution Financial Need Direct Cost: Tuition, Housing (if on financial aid payment plan), UPASS, Misc. student fees Indirect Cost: Books/Supplies, Personal, and Transportation

7 File the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov www.fafsa.ed.gov UW Federal School Code is 003798 The FAFSA will now be available starting October 1 st Remember to re-apply each year Check out our website www.finaid.uw.edu for more information about the application process (which will include the new priority filing date)www.finaid.uw.edu Applying for Financial Aid

8 What happens next? You may be asked at any time to submit documents or other information to be used in the review of your application and eligibility Respond to any request as soon as possible. The review and disbursement of financial aid may be delayed until all requested documents are submitted and reviewed Award notifications occur spring and summer. Initial award notifications, as well as subsequent award notifications are sent electronically – Check UW email and MyUW frequently We may have a delay in reviewing your documents due to heavy workload volumes. We make every attempt to have the documents reviewed and aid ready by the start of autumn quarter

9 MyUW 2016-2017 Messages

10 MyUW 2016-2017 Document Tracking

11 MyUW 2016-2017 Award Review/Update

12 Revisions to Eligibility We can review changes in parent & student income We can review unusual expenses for the student and parent Unemployment, job layoffs, high medical expenses are typical but not the only adjustments we make See www.finaid.uw.edu under the Forms sectionwww.finaid.uw.edu

13 Check out Work Study information at http://workstudy.uw.edu http://workstudy.uw.edu Eligible students may start to look for work study positions in September Other employment options can be found at http://careers.washington.edu/Students/HuskyJobs http://careers.washington.edu/Students/HuskyJobs Work Study

14 Federal Perkins Loan Priority to exceptional need Interest rate: 5% Nine-month grace period Sign promissory note online  To access your e-note, logon to MyUW and click on Financial Aid Status where you will find the Perkins e-note linkMyUW  The Perkins Loan program is scheduled to end at the end of the 2017-18 academic year.

15 Stafford Loans Student is the borrower Interest rate 3.76% (July 1, 2016 – June 30, 2017) Loan origination fee 1.068% (July 1, 2016 – Sept. 30, 2016) and 1.069% (October 1, 2016 – June 30, 2017) Repayment begins 6 months after student drops below ½ time, leaves school or graduates Sign promissory note online at https://studentloans.govhttps://studentloans.gov Entrance counseling for first-time borrowers https://studentloans.gov https://studentloans.gov

16 Subsidized vs. Unsubsidized Subsidized Loan -Need based -Interest paid by government while student attending school ½ time or more Unsubsidized Loan -Non-need based -Government does not pay interest -Students have option of paying interest while attending school or have it added to the principal

17 PLUS - Parent Loan for Undergraduate Students Non-need based Interest rate 6.31% (July 1, 2016 – June 30, 2017) Loan origination fee 4.272% (July 1, 2016 – Sept. 30, 2016) and 4.276% (October 1, 2016 – June 30, 2017) Repayment options: -Begins 60 days after the final loan disbursement for the period of enrollment for which you borrowed - Make interest payments and defer principal until after the student is no longer enrolled, with 6 month grace period Complete PLUS Request Process at https://studentloans.gov, then credit check will occurhttps://studentloans.gov Funds electronically transferred to the student’s account unless parent indicates otherwise

18 Scholarships There are many scholarship opportunities available at the UW – covering a wide scope of academic pursuits, community service and research activities Scholarship programs are highly competitive Scholarship sources: Office of Student Financial Aid UW Honors Academic Departments/major related ROTC

19 Scholarships ~Getting Started… The application process starts early- plan ahead and meet with advisors and mentors during Summer and Autumn Quarters, keeping in mind that deadlines generally occur during Winter Quarter The Office of Student Financial Aid website http://www.finaid.uw.edu contains information and links to numerous scholarship resources http://www.finaid.uw.edu Office of Merit Scholarships, Fellowships & Awards (OMSFA) provides information and resources to increase student awareness of the scholarship and application process. OMSFA mentors students through the process by offering resources, advising, and individual feedback. More information can be found at http://expd.washington.edu/scholarships/omsfa/office-of-merit-scholarships- fellowships-awards.html or in Mary Gates Hall, room 171 http://expd.washington.edu/scholarships/omsfa/office-of-merit-scholarships- fellowships-awards.html

20 Non-UW Scholarships The student needs to report other scholarships to us We will use the scholarships to reduce unmet need, then loans, then work study, then grants/UW scholarships Scholarship checks are sent to: University of Washington, Scholarships Box 24967 Seattle, WA 98124-1967

21 MyUW 2016-2017 Resources Review/Update

22 Veterans Benefits for Dependents The Veterans Education Benefits Office, located in 520 Schmitz Hall, will assist you in obtaining any veterans benefits you have transferred to your student under the Post-9/11 GI Bill (Ch.33) or, Any benefits your student may be eligible to receive under the Survivors & Dependents Assistance program (Ch.35) and Washington State 100% tuition waiver program.

23 Generally, aid disbursement at the start of the quarter. For autumn quarter 2015, aid disbursement begins on September 26. Students with direct deposit set up and completed paperwork should have funds in their bank account by this day. More info at http://www.finaid.uw.edu http://www.finaid.uw.edu Financial Aid Disbursement

24 Payment Tuition due by the 3 rd Friday of each quarter UW Housing—due by the 3 rd Friday of each quarter Aid pays tuition and fees and housing charges on student’s account (If you did not sign up for the financial aid transfer process when submitting your housing application, please contact the HFS Student Services Office at hfsinfo@uw.edu to request this change to your housing application) hfsinfo@uw.edu Remaining aid will be sent direct deposit or mailed to student.

25 Payment Example #1 Detail of Account - Charges and payments beginning: Autumn 2016 (9/28/16) DateTransactionPaymentsChargesDue DateCancel DateComments 9/21/16 NSOF (New Student Fee) 310.0010/14/16 Tuition (15 credits) 3501.0010/14/16 Course Fee for CHEM 210 50.0010/14/16 UW PCE FEES (Early Fall Start) 1495.0010/14/16 U PASS 84.0010/14/16 Housing Charge 3897.0010/14/16 9/21/16 PELL GRANT (Account)1939.00 STATE NEED (Account)3116.00 SUPP GRANT (Account)100.00 TUITION EXEMPTION (Account)183.00 PERKINS LOAN (Account)200.00 DL STAFFORD (Account)1167.00 UNSUBSTAFFRD (Account)667.00 PLUS (Account)1965.00 PLUS (Dir. Dep.)932.00 Aid from Direct Deposit 932.00 TOTAL:10269.00 BALANCE : $0.00

26 Quarterly Cost Estimator Example #1 Quarterly Cost Worksheet Quarterly Cost of Attendance: $8,670 (Average UW Quarterly Cost of Attendance) Direct CostIndirect Cost Tuition: 3501 Books/Supplies: 275 Housing: 0Personal:755 (Residence Hall) UPASS: 84 Transportation: 138 Loan Fee: 21 Misc Fees:0 Housing: (Rental, Sorority/Fraternity) 3897 Total Direct Cost: $3,585 Total Indirect Cost: $5,085 Financial AidCalculation Grants:500 Direct Cost Total: 3585 Scholarships: 0 Financial Aid Total: 2334 Loans: 1834 Balance Owing: $1,251 Other Resource: 0 -OR- Total Financial Aid:$2,334 Remaining Amount: $0 (Refunded to pay Indirect Cost above) Direct Cost: Tuition, Housing (if on financial aid payment plan), UPASS, Misc. student fees Indirect Cost: Books/Supplies, Personal, Transportation, Loan Fee & Housing (Rental, Sorority/Fraternity)

27 Quarterly Cost Estimator Example #2 Quarterly Cost Worksheet Quarterly Cost of Attendance (Non-Resident): $16,683 (Average UW Quarterly Cost of Attendance) Direct CostIndirect Cost Tuition: 11513 Books/Supplies: 275 Housing: (Residence Hall) 3897Personal:755 UPASS: 84 Transportation: 138 Loan Fee: 21 Misc Fees:0 Housing: 0 (Rental, Sorority/Fraternity) Total Direct Cost: $15,494 Total Indirect Cost: $1,189 Financial AidCalculation Grants:3273 Direct Cost Total: 15494 Scholarships: 0 Financial Aid Total: 16683 Loans: 13410 Balance Owing: $0 Other Resource: 0 -OR- Total Financial Aid:$16,683 Remaining Amount: $1,189 (Refunded to pay Indirect Cost above) Direct Cost: Tuition, Housing (if on financial aid payment plan), UPASS, Misc. student fees Indirect Cost: Books/Supplies, Personal, Transportation, Loan Fee & Housing (Rental, Sorority/Fraternity)

28 529 Plans Educational savings plans, like 529 plans or Washington GET are sent to Student Fiscal Services Check with your plan’s administrator to set up the amounts you want to use and that your student attends the UW Funds will flow through the student account to pay UW charges

29 Tax Credits The American Opportunity Tax Credit (up to $2,500 for four years) is available for all students attending at least part-time, with a head of household income of less than $90,000 or a married-filing jointly income of up to $180,000. As much as 40% ($1000) can be received as a refund. The Lifetime Learning Credit (up to $2,000) is available for any student or parent paying qualified education expenses, but cannot be taken at the same time as the American Opportunity Tax Credit. There is no minimum enrollment requirement. 1098-T forms list all tuition and related fees, scholarships, fellowships, and grants. They are available online through MyUW and are mailed in January, and are helpful in claiming tax credits. Student Fiscal Services offers free tax assistance (http://f2.washington.edu/fm/sfs/tax).

30 Remember, a student’s financial aid record and account is their private information. In accordance with U.S. privacy laws, University offices cannot give out information to parents or any 3rd party without the student’s written permission – even if they are paying tuition for the student. The online form can be found at https://sdb.admin.washington.edu/sisStudents/uwnetid/rel ease.aspx. https://sdb.admin.washington.edu/sisStudents/uwnetid/rel ease.aspx Release of Information

31 Financial aid notices, communication from UW offices are often sent to UW e-mail address. Student needs to check at least weekly. Students can check status of award, holds, payment and disbursement information on MyUW---24/7! Still keep us informed of address changes. UW Email / MyUW

32 Contact Me Kay Lewis Assistant Vice Provost for Enrollment Executive Director of Financial Aid & Scholarships 206-543-6107 sklewis@uw.edu


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