Paying for your College Experience - PowerPoint Presentation

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Paying for your College Experience

Cindy Reindl, M.S.

Senior Financial Aid Advisor

UWM Financial Aid

Who We Are

Assist students and their

families to seek

out, obtain, and make the best use of all financial resources available to bridge the gap between financial aid resources, student and family contributions and the cost of attending UWM

Assist students with understanding their financial aid eligibility and educational costs

Assist students in reviewing additional aid options

Assist students with the completion of their FASFA, verification or other required documents, discuss special circumstances and the impact on their aid eligibility

Connecting With Us

Today, Visit our Table at the Resource Fair!

In our Office,

Mellencamp

162:

Appointments: call, email, stop in to schedule

Mondays: 8:00am-6:00pm, appointments up to 5:30pm (when classes are in session)

Tuesday, Thursday, Friday: 8:00am-4:30pm

Wednesday Walk-Ins: 11:00am-3:00pm (when classes are in session)

Deadlines For 2020-2021 Academic Year:

2020-2021 FAFSA Opens:

October 1

st

, 2019

2020-2021 FAFSA Due:

June 1

st

, 2020

Documents Due :

July 1

st

, 2020

Finalize Funding Plan:

August 1

st

, 2020

Tuition and Fees Due:

September 2

nd

, 2020

After the FAFSA is Completed:

Check for needed documents

UWM Email account and PAWS

Begin building a budget and planning for expenses

Continue to apply for scholarships

Report any scholarships to the Financial Aid Office

Research additional funding options

Complete Entrance Loan Counseling

Complete any Direct Loan Master Promissory Notes

Read Financial Aid policies or handbooks

Communication

UWM Email Account

Additional Document request

Taxes, selective service, citizenship, etc.

Financial Aid Eligibility Notification

PAWS Account

Requested Documents

Review

Financial Aid Eligibility

Charges (tuition and housing)

Account Balance Due

Make Payments

Cost of College: Questions to Ask

What are your fiscal responsibilities?

What are your costs? (Tuition, housing and meals, books/supplies, Orientation fees, etc.)

When are tuition and fees due?

Are books included in the cost of tuition?

What happens if you have to drop classes or withdraw for the semester?

Housing contracts= lease: know before you sign!

Compare your Financial Aid Offers

What is your bottom line out of pocket total (does this include loans)?

What is your funding plan beyond Federal, State, and Institutional sources?

Be prepared for other expenses that are not part of the bill:

Course materials

Transportation costs

Where do you find answers?

Financial Aid websites/Financial Aid Office/Financial Aid Staff!

College Cost websites

Conversations to have as a Family:

Begin building a budget, setting financial goals and priorities

Discuss ways to manage expenses

Identify needs versus wants

How will bills being paid? Who is paying?

Set clear expectations

How much will the student be expected to contribute?

What are the student’s due dates?

How will they accomplish tasks on time?

What type of accounts will your student have and who will manage them?

What other resources are available to the student?

Types of Aid

GRANTS: Qualify for based on FAFSA and Financial Need

Federal Pell Grant

Federal Supplemental Education Opportunity Grant

Wisconsin Grant

Tuition Assistance Grant

SCHOLARSHIPS

FEDERAL WORK STUDY (Need Based)

LOANS:

Subsidized (Need based) and Unsubsidized

Annual Federal Loan Limits

Grade Level

Subsidized Annual Maximum Eligibility

Unsubsidized Annual Minimum Eligibility

Combined Annual Maximum Eligibility

Freshman

(Dependent)

$3,500

$2,000

$5,500

Sophomore (Dependent)

$4,500

$2,000

$6,500

Junior & Senior

(Dependent)

$5,500

$2,000

$7,500

Freshman

(Independent)

$3,500

$6,000

$9,500

Sophomore

(Independent)

$4,500

$6,000

$10,500

Junior & Senior

(Independent)

$5,500

$7,000

$12,500

Lifetime Aggregate Federal Loan Limits

Grade Level

Subsidized Lifetime

Maximum Eligibility

Unsubsidized

Lifetime Minimum Eligibility

Combined Lifetime

Maximum Eligibility

Freshman

(Dependent)

Sophomore (Dependent)

Junior & Senior (Dependent)

$23,000

$8,000

$31,000

Freshman

(Independent)

Sophomore (Independent)

Junior & Senior (Independent)

$23,000

$34,500

$57,500

Check

NSLDS.ed.gov

to know how much you have borrowed

Lifetime Federal Pell Grant Limits

There is a limit to Pell Grant eligibility

12 full-time semesters (6 years)

Maximum lifetime eligibility = 600%

One full-time semester = 50%

If attending part time, a percentage of Lifetime Eligibility Used (LEU) is calculated

Example: ½ time enrollment = 25% of Pell LEU

*** Pell received in

Winterim

and Summer terms count toward aggregate limits!

What Do I Pay to the School?

Direct Costs/The Bill

(varies by school)

Tuition and Fees

+

Housing and Meals*

=Direct Costs to be paid to the institution

Indirect Costs

(varies by school)

Transportation

Living expense (off campus)*

Books & supplies**

Miscellaneous Living Expenses

Spending cash

*Depending on your student’s housing choice*

**Books are NOT included in tuition and fees

Example of Semester Cost after

Financial Aid is Applied

Direct Costs

Tuition

:

Residence Hall:

Meal Plan:

Total Direct Cost:

Financial Aid

Fed. Direct Unsubsidized Loan:

Balance Due

Direct Costs

$4,794

 +$3,301

$2,095

$10,190

(less)

$2,722

$7,468

Calculate your estimated balance at

uwm.edu/

costestimator 

One Stop: Financial Aid

Information about Scholarships, Loans and other aid

Information about Payment Plans and paying tuition

Student Financial Aid Handbook  

Federal Direct Loan Requirements

Student Rights and Responsibilities

https://uwm.edu/onestop/

Scholarships

When looking for scholarships at UWM…

Check out the UWM Scholarship website:

scholarships.uwm.edu

Fill out the general application on the Panther Scholarship Portal

When looking for outside scholarships, remember...

Most scholarships will have an application process and will be merit based. 

You should never pay for a scholarship opportunity. If they are asking for money

it is most likely a scam!

Additional Loan Options

If additional funds are needed beyond offered federal aid, common next options are: 

Direct PLUS

(19-20 interest 7.08% fixed) 

(20-21 rates announced in May 2020)

Private Educational Loans

(interest varies)

***

Should a parent be denied Parent PLUS, an additional $4,000 (Freshmen & Sophomores) or $5,000 (Juniors & Seniors) in

unsubsidized loan can be added to the student’s financial aid offer

Satisfactory Academic Progress (SAP)

The following two components are evaluated at the end of each semester:

PACE - You must successfully

complete

a cumulative of 2/3 (66.67%) of the credits which you

attempt

.

Attempted

credits determined on the 10

th

day of classes and includes classes that appear on your official transcripts – this will include any failed credits and may include dropped or withdrawn credits.

Completed

credits includes all classes with a passing grade (D or above)

TIMEFRAME

– You may not receive aid for more than 150% of the number of credits needed to complete your degree. Typically, this is 180 credits.

All credits are counted toward your timeframe, even those for which you did not receive financial aid. 

Privacy Laws: FERPA

FERPA (

Family Educational Rights and Privacy Act of 1974

): rights to student records 

States that only individuals who have a specific reason to view student records within the university may view those records

Student's 

parent, spouse, or partner, etc. cannot access student records without consent

! 

There are two ways to share information: the Student Consent Release allows departments the ability to discuss information and Designate Access provides access to the student’s account.

Visit:

https://uwm.edu/onestop/your-student-record/sharing-and-protecting-your-information/

Campus Resources

Undergraduate Admissions:

Phone: (414)229-2222,

Email:

undergraduateadmissions@uwm.edu

Recruit/advise prospective students, process applications for acceptance to UWM, determine residency status

University Housing:

Phone: (414)229-4065

Email:

university-housing@uwm.edu

,

Manages contracts, processes housing exemptions, billing, and room assignments for students electing to live in University provided Housing

Campus Resources

Bursar Office:

Phone: (414)229-4915,

Email:

bursar@uwm.edu

Responsible for billing, collecting payments, and issuing excess funds checks

Registrar’s Office:

Phone: (414)229-3800,

Location:

Mellencamp

274

Confirms enrollment, transcript review, graduation confirmation, confer diplomas, processes transcript requests

Military Education Benefits Office (MEBO):

Phone: (414)229-6627

Email:

vets@uwm.edu

,

Location:

Mellencamp

Hall 168A

Assist with benefit applications, collect paperwork, process enrollment certifications, and enter benefits into PAWS

Connecting With Us

Email:

finaid@uwm.edu

Phone: 414-229-4541

Website: financialaid.uwm.edu

Social Media:

Facebook: https://www.facebook.com/uwmfinaid/

Twitter: @

uwmfinaid

Ask The Panther

—soon to be replaced

with Pounce, the

ChatBot

!