Date post: | 24-May-2015 |
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PAYMENT PLANSSTUDENT EMPLOYMENTFINANCIAL AID
Topics To Be Discussed
• Financial Aid Award Types of Assistance
• Student Employment Process• Billing System
Financial Aid
• If student applied, a comprehensive award letter was included in Admission packet
• Scholarships are included in the letter of Admission• If you have received an estimated award based on
the CSS Profile, a revised award will be sent at the time the FAFSA is received
• It’s not too late to submit your FAFSA and CSS Profile
CWRU Financial Aid Award
Types of Assistance
• Scholarship• Grant• Loan• Work-Study
• Money that does not have to be paid back
• Scholarships are awarded on the strength of the application
• Need is a component for grant assistance
Scholarships and Grants
• Money students and/or parents borrow to help pay educational expenses
• Repayment usually begins after education is finished
• Only borrow what is really needed
• Educational loans are an investment in the future
Loans
• Subsidized Direct (need) - fixed interest rate of 6.8% as of July 1, 2013
• Unsubsidized Direct (non-need) - fixed interest rate of 6.8%
• Origination fee of 1.051% deducted at the time of disbursement
• Repayment begins after 6-month grace period
Federal Direct Loans
• Base annual loan limits (combined subsidized and unsubsidized):
• $5,500 for 1st year undergraduates with no more than $3,500 Subsidized
• $6,500 for 2nd year undergraduates with no more than $4,500 Subsidized
• $7,500 for each remaining undergraduate year with no more than $5,500 Subsidized
Federal Direct Loan Limits
• Unsubsidized loan program for parents of dependent undergraduate students
• Annual loan limit: COA minus other aid• Fixed interest rate 7.9% - Loan origination fees of 4.204%
assessed on principal amount• Credit-based; if not approved, student is eligible for
additional Direct Unsubsidized Loan• Repayment, upon request, can be deferred until after the
student graduates or drops below half-time
Federal Direct Parent (PLUS) Loans
• Student loan; need-based; subsidized
• Eligibility determined by CWRU
• Nine-month grace period
Federal Perkins Loans
Other Financing Options
• Outside Scholarships
• Alternative Financing• Financial aid counselors can discuss alternative
financing options with families
• The school is required to determine the accuracy of the information reported on the FAFSA
• If you are selected for verification additional documentation will be requested including a Tax Transcript from the IRS or by using the IRS Data Retrieval Tool
• Verification may change your financial aid award
Verification
• Applying for financial aid is an annual process
• FAFSA and required documents must be submitted by May 15th for continuing students• IRS Data Retrieval Tool
Moving Forward
Student Employment
Federal Work-Study• A Federally funded need-based program –
employment helps meet financial need• Funds are not applied to direct costs• Student wages are subsidized by the Federal
Government up to the student’s earnings limit• Encourages students to participate in community
service activities• Federal Work-Study is an optional program
Benefits of Working
• Networking opportunities• Financial gain• Career exploration• Connection with the University community• Non Work Study positions
• Almost 2/3rds of all student employment positions do not require work-study
Basic Pay Information• Campus minimum wage is $9.20 per hour
• Students are paid twice a month
• Direct deposit is the preferred method of payment
• Maximum hours a student can work per week = 20. Average is 8 to 10 hours per week
• May work up to 40 hours per week during long breaks (i.e. Winter break and Summer)
Once you decide to work…Step 1: Paperwork
• Employment Application
• W-4: Federal Withholding Exemption Certificate
• I-9: Employment Eligibility Verification
• IT-4: State Withholding Exemption Certificate
Step 2: Finding a Job
• Work-Study Job Fair
• Job postings located on-line at http://jobbss.case.edu
• Word of mouth
Student Information System (SIS)
2013-14 BudgetTuition $41,420Fees (UG) $381Room & Board $12,898Book Allowance (UG) $1,200*Personal Allowance $1,350*Transportation $100-2,000*Nursing Fees $572 Nursing Books/Supplies $1,600*Matriculation Fee $480
*Non-billable item
Student Information System (SIS)
• Registration/Academic Record• View Pending Financial Aid• View Bill/Make Payments• Set up an Authorized User Account• Health Fee Waiver – A waiver must be submitted
each semester if the student is covered by another plan
Pending Aid• Students will be able to view their pending aid from the
University. It will not include:
• Outside Scholarships
• Federal Work-Study
• Federal Direct PLUS Loans
• Private Loans
Please verify with the Financial Aid Office that all required documents are complete.
Billing & PaymentsBilling• CWRU utilizes a paperless billing system. Notification that Fall
invoices are available will be emailed to the student’s CWRU email account soon after the student has registered.
• Tuition Management System
Making a Payment • E-check or savings deduction• Discover Card (Fee of 1.77% of payment amount will be added
to transaction)• Online payments are reflected immediately and banking account
information can be saved for future use.• Payments will also be accepted via mail
Contact Information•Office of University Financial Aid
•Office of External [email protected]
•Office of Student [email protected]
•BURSAR: Student Accounts Receivable 216-368-2226 [email protected]