1. Financial Aid Kickoff Wednesday August 31, 2011 G100 Bondurant Hall

2. FinAid Staff Sheila Graham-McDonald Debbie Williams Denitra Price 1001 Bondurant Hall somfinaid@listserv.med.unc.edu 919.962-6118 Financial Aid Forum

3. Introducing your Financial Aid Review Board (FARB) representatives: VPs Financial Affairs: Mike Cowherd and Maria Thekkekandam Financial Aid Advisor: Mrs. Sheila Graham-McDonald MSI Representatives: 2 MS2 Representatives: 2 MS3/4 Representatives: 4-5

4. Practical considerations:

5. Financial Diversity of Representatives: Single Married Non-traditional Students Loans Scholarships Different Lenders

6. Purpose of FARB representatives: Address wide range of student concerns Provide “Reality Check” to admins Increase student input Serve as class representative Improve communication Newsletter

7. Our purpose: To help students understand how financial aid works: -Filling out a FAFSA every year by March 1 st -Disbursement check twice a year (fall, spring) -Budgeting to be sure you only take what you need

8. How we do it: Money matters series/Workshops Availability to meet and discuss budget with Sheila Resources: Budgeting website: http://med.brown.edu/financialaid/personal/basics. html Financial aid calendar and website (working on) FARB representatives for your class

9. Finding Federal Loans www.nslds.ed.gov To access provide your: Social Security # Date of Birth First 2 letters (last name) PIN # (www.pin.ed.gov)www.pin.ed.gov

10. Loan Servicers ServicerBorrower Contact Information Direct Loan Servicing Center NSLDS Servicer Code: 00100 800.848.0979 Web: www.dl.ed.govwww.dl.ed.gov ACS Education Services NSLDS Servicer Code: 700577 800-835-4611 Web: www.acs-education.comwww.acs-education.com FedLoan Servicing (PHEAA) NSLDS Servicer Code: 700579 800.699.2908 Web: www.myfedloan.orgwww.myfedloan.org Great Lakes Edcuational Loan Services NSLDS Servicer Code: 700581 800.236.4300 Web: www.mygreatlakes.orgwww.mygreatlakes.org Nelnet NSLDS Servicer Code: 700580 888.486.4722 Web: www.nelnet.comwww.nelnet.com Sallie Mae NSLDS Servicer Code: 700578 800.722.1300 Web: www.salliemae.comwww.salliemae.com

11. The FIRST Stop… www.aamc.org/FIRST Medloans ® Organizer and Calculator Refer to page 3

12. Have a Spending Plan www.aamc.org/FIRST/Facts/Budgeting.pdf

13. Dates to Remember October, 2011 send an email about reducing spring or returning Fall aid Revisions – car repairs, medical/dental expenses not covered by insurance January, 2012 Start completing the FAFSA for the 2012-13 year Spring aid disbursed March, 2012  Send an email about returning spring aid  Revisions – car repairs, medical/dental expenses not covered by insurance  FAFSA completed by March 1st

14. Money Matters Series: Budgeting and Money Management Credit Workshops Loan Consolidation and Debt Repayment Student Loan Town Hall Meetings Other topics suggested by students

15. “What can Financial Aid Do For You” Money leftover at end of semester Revisions/over awards Additional expenses What documents come from what office Bills - Cashier’s Office Scholarship payout- Cashier’s Office MyUNC- declining/reducing awards Scholarship “Thank You letters”

16. Calculating Interest How interest is calculated: Loan amount disbursed:$10,000 X interest rate: 6.8% = $680 Divide $680/365 (no. of days in yr)= $1.86 (daily rate) X 21 (days disbursed) $39.06 interest payment due

17. Interest Statements Usually sent quarterly Not automatically mailed, will need to contact lender When mailing payments make sure SSN# is on check Sending more than regular interest payment, specify where money should be applied

18. Loan Portfolio Fixed As of 7/1/06 6.8% fixed interest rate Variable Loans borrowed between 7/1/98 – 6/30/06 6.62% variable interest rate − Changes every July 1 st Consolidated Consolidation loans have a fixed rate based on the interest rates of the loans you are consolidating − It is calculated as the weighted average of the rates on the loans consolidated, rounded up the nearest 1/8% − Cannot exceed 8.25%

19. What’s on the Horizon!!! One-on-one mtgs with FA staff Oct – Dec 2011 Financial Aid survey

20. Questions? FARB representative Your VP of financial affairs Mike Cowherd(michael_cowherd@med.unc.edu)michael_cowherd@med.unc.edu Your Senior VP of Financial affairs Maria Thekkekandam (mariatt@med.unc.edu)mariatt@med.unc.edu Your financial aid advisor Sheila Graham (sheila_graham@med.unc.edu)sheila_graham@med.unc.edu General financial aid questions Specific questions about your financial aid package/budgeting

21. Thank You Financial Aid Office 1001 Bondurant Hall 919-962-6118 somfinaid@listserv.med.unc.edu Financial Aid forum Michael_cowherd@med.unc.edu mariatt@med.unc.edu smgraham@med.unc.edu