Date post: | 28-Dec-2015 |
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What is goal of financial aid?
How do I apply? How is financial need
determined? What aid is available? What is the role of the
financial aid office?
To assist students in paying for college.
To provide opportunity and access to higher education.
To help “bridge” the gap between what the family can pay and the cost of education.
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Personal Identification Number If you have one from Undergraduate
School, you use that one Electronic signature for FAFSA on the
Web PIN delivered immediately Can also be used for:
Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student
loans (Perkins, Stafford, PLUS)
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Apply Renewal Access PIN Web
site Check status of
application View SAR
information Make corrections Download
Worksheetwww.fafsa.ed.govwww.fafsa.ed.gov
Complete and send FAFSA on the internet directly to federal processor
Automatically edits data as you enter it and detects errors before submission
Skip logic: asks only what you must answer English or Spanish versions Electronic Signature E-mail notification of results Detailed online help screens Real-time online chat for immediate answers Instant access to EFC estimate Parents with more than one child in college
only need to enter parental information once.
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Missing Signatures/PIN Wrong Social Security Number Divorced/remarried information Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth Not using real name NOT APPLYING AT ALL
The EFC is an index of need that will be used to determine the type of federal student aid for which you qualify.
Expected Family Contribution (EFC)Expected Family Contribution (EFC)
• Income• Assets• Family size• Number in College• Age of the student
Adjustments to EFC may be made due to Verification and/or Special Circumstances that limit ability to
pay
• Results are sent electronically to UW-Milwaukee.
• Students will receive the results of their FAFSA by e-mail (or regular mail) - Student Aid Report (SAR).
• Students may be required to verify the information submitted on the FAFSA (submit tax forms).
• Contact UWM with any Special Circumstances.
• After the student is admitted to a college, a financial aid package will be prepared.
• Must enroll for a minimum of 4 credits each semester.
Tuition and Fees
Room and
Board
Books and
Supplies
Transportation
Personal
Expenses
Loan Fees
Dependent Care
Study AbroadDisability Related
ExpensesComputer
Annual Loan Limits for Students Graduate students are eligible for a combined total of
$20,500 in subsidized and unsubsidized loans. Graduate students may borrow up to $138,500.
Subsidized and/or Unsubsidized Subsidized: must demonstrate “need”; interest paid by
Federal government while student in college Unsubsidized: need is not a consideration; interest paid by
student while in college (interest payment can be deferred)
Scholarships Fellowships Assistantships
All three may affect your Financial Aid Award and must be reported to the Financial Aid Office
Grad PLUS Loan
Must Apply for sepeartely
Based on CreditInterest 7.9%Similar to
Unsubsidized loanCan Consolidate with
other Stafford loans
Required of all first time borrowers of Stafford Loan Program
Both completed online at www4.uwm.edu/financialaid
Click on “On-line Loan Applications”
Click on “Stafford Loan Borrowers”
Divorce/Separation Loss of income or benefits One-time income Death or Disability of student Medical/Dental expenses not covered by
insurance Elementary or secondary school tuition
(Note: Professional Judgment is at the sole discretion of each institution.)