Student Financial Aid Information Session

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Student Financial AidInformation Session

• New Student Orientation 2009

2
What We Will Talk About

• Who qualifies for aid?
• What is the FAFSA?
• What other forms are needed to complete the
  process?
• What is Cost of Attendance?
• Different types of aid
• What is VERIFICATION?
• How is financial aid processed?
• What if we dont have enough to cover all
  expenses?
• What is my role as a student/parent?
• How to access your aid information

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Who qualifies for aid?

• Must be admitted into a degree-seeking program
• Must maintain satisfactory academic progress
• Must be a U.S. citizen or eligible non-citizen
• In most cases, must be enrolled in at least half
  time (6 credit hours)

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What is the FAFSA?

• Free Application for Federal Student Aid (FAFSA)
• First step in the financial aid process
• Application for grants, loans, HOPE Lottery
  Scholarship, college work study
• Requires income tax information from prior year

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What is the FAFSA? (cont.)

• Must be done every year, preferably on-line at
  www.fafsa.ed.gov
• Recommend early application (by February 15th)
  for the best financial aid package
• The University of Memphis school code 003509

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What other forms are needed to complete the
process?

• You and your students income tax information (if
  applicable)
• Check Spectrum/myMemphis regularly to see if
  other documents are required
• https//myspectrum.memphis.edu
• SIGN and submit required forms to Student
  Financial Aid Office
• If file is incomplete, NO AID will be processed

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What is Cost of Attendance?

• Otherwise known as budget or COA
• This is the amount of estimated expenses a
  student may incur for an academic year
• Allows for tuition, room/board, books, travel,
  misc.
• Based on career, residency, and housing status
• Career undergraduate, graduate, law
• Residency in-state, out-of-state
• Housing at home, on campus, off campus
• Your total financial aid package, including
  scholarships, cannot exceed your COA

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Different types of aid

• Grants all are need-based
• Federal Pell Grant has a yearly amount awarded
  in 3-hour increments
• Tennessee Student Assistance Corporation (TSAC)
  Grant runs out by February 15th each year
  minimum enrollment of 6 hours required
• Federal Supplemental Educational Opportunity
  Grant (FSEOG) only 250/semester very limited
  funds
• Academic Competitive Grant (ACG) must complete
  a rigorous secondary school program available to
  freshmen and sophomores
• National Science Mathematics Access to Retain
  Talent (SMART) Grant for students majoring in
  science, math, engineering, or foreign language
  available to juniors and seniors

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Different types of aid (cont.)

• Student loans must be repaid minimum
  enrollment of 6 credit hours requires completion
  of Master Promissory Note (MPN) and Entrance
  Counseling/Interview
• Subsidized loan need-based interest-free while
  in school
• Unsubsidized loan not based on need
  interest-bearing while in school
• Perkins Loan need-based limited amount of
  funding 5 interest rate 2.5 cumulative GPA
  required
• Note Undergraduate student loan indebtedness
  upon graduation averages approximately 20,517

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Different types of aid (cont.)

• College Work Study need-based part time job on
  campus student is paid bi-weekly this is not
  money up front
• HOPE Lottery Scholarship
• Other aid
• Parent Loan for Undergraduate Students (PLUS)
  credit check required repayment begins 60 days
  after second disbursement if credit is denied,
  FAFSA must be completed

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Different types of aid (cont.)

• Other aid
• Academic Scholarships based on merit may or
  may not require FAFSA
• Private Scholarships
• Student Fee Discount for Spouse or Dependent
  Child of Employees (obtain form from Benefits
  Section of Human Resource Department)
• Regular student employment
• Alternative loan private lending institutions
• Note More information about the different types
  of aid programs can be found on our website at
  www.memphis.edu/financialaid

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What is verification?

• Process to VERIFY information on FAFSA matches
  what is on actual tax return.
• Students selected by Federal Processing Center
• Required to verify at least 30 of financial aid
  population
• Documents requested can include, but are not
  limited to Federal Verification Forms, and
  student and/or parent tax returns
• Once all documents are completed and signed,
  submit them to Financial Aid Office for
  processing.
• Processing can be as soon as 24 hours with no
  corrections, and as long as 5 business days with
  corrections
• Must be completed before any aid can be processed
  

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HOW is financial aid PROCESSED?

• FAFSA must be completed, preferably by February
  15th
• University receives results within 3 to 5
  business days
• If no additional requirements, aid is processed
  if additional documents needed, they will be
  listed in Spectrum/myMemphis
• Aid is processed for 2 semesters Fall and
  Spring
• If eligible, student is awarded grants and
  scholarships first
• Award is based on interested in being considered
  for work study or student loans
• Funds sit in the system until fee payment
  period
• Financial Aid Office releases aid to the Bursars
  Office for fee payment
• Bursars Office will deduct what student owes for
  tuition/fees and/or dorm
• Bursars Office will release excess funds to
  student, if any

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What if we dont have enough to cover all
expenses?

• Fee payment methods for the balance are available
  through the Bursars Office website
• http//bf.memphis.edu/finance/bursar/
• Commute -vs- dorm?
• Re-assess your expenses. Where else can you cut?
• Alternative loan private lending institutions,
  as a last resort

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What is my role?

• STUDENT

• PARENT

• Get paperwork done AND submitted as soon as you
  are aware
• Be aware of deadlines
• Check Spectrum/myMemphis as often as possible for
  updates to your account
• READ YOUR EMAIL from key offices, as it will
  contain important information
• Keep parent(s) informed of status

• Get paperwork done AND involve your student in
  the process
• Be aware of deadlines
• Have your child get to know certain people in key
  offices
• Build a relationship with your child
• Under the Family Educational Rights and Privacy
  Act (FERPA), we cannot release information to
  parent

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How To Access Your Aid Information

• Go to home page www.memphis.edu
• Click on Spectrum/myMemphis, then log in
• Click on the Account tab
• Financial Aid Requirements
• Red flag hyperlink to a form that we need from
  student or click on the yellow box to read the
  message
• Green check mark item received/completed
• Financial Aid Awards link
• Select the Aid Year 2009-2010, then Submit
• Click on the Award Overview tab

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Office Information

• Student Financial Aid
• 103 Wilder Tower
• [phone] Phone
• [phone] Fax
• http//www.memphis.edu/financialaid/
• Scholarship Office
• 107 Wilder Tower
• [phone] Phone
• [phone] Fax
• http//www.memphis.edu/scholarships/

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Office Information (cont.)

• Student Employment
• 103 Wilder Tower
• [phone] Phone
• [phone] Fax
• http//www.memphis.edu/financialaid/segeinfo.php

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• Questions??