Money Matters Summer 2015 New Student Orientation Presented by the Office of Student Financial Aid Services & Bursar’s Office.

Money Matters

Summer 2015 New Student Orientation

Presented by the Office of Student Financial Aid Services &

Bursar’s Office

Financial AidDiscussion Items

Financial Aid Timeline

Financial Aid and the Fee Bill

Student Loan Process

Wrap-Up

Topics

January - FebruaryComplete Free Application for Federal

Student Aid (FAFSA)

April - JulySubmit all requested documents in a

timely manner

Financial Aid Timeline

You are

here

Fee Bill

Federal Direct Stafford Loan

Federal and University

Grants

University Scholarships

Outside ScholarshipsPrivate

(Alternative) Loan

Federal Direct PLUS Loan

Financial Aid and the Fee Bill

Financial Aid Shopping Sheet

Undergraduate Loans at a Glance

Program Borrower Credit Check

Required?

Interest RateAs of

7/1/15

Repayment Begins

Federal Perkins Loan Students with financial need

No 5.00% Nine months after graduation

Federal Direct Subsidized Stafford

Loan

Students with financial need

No 4.29% Six months after graduation

Federal Direct Unsubsidized Stafford Loan

Students No 4.29% Six months after graduation

Federal Direct PLUS Loans

Parents Yes 6.84% Sixty days after second

disbursement unless deferred

Private/Alternative Loans

Students with a creditworthy

cosigner

Yes Variable or fixed; usually depend on borrower and cosigner credit

scores

Varies by loan product

Applying for Federal DirectStafford Loans

1 •Via the Student Administration System, the student reviews and accepts all or any portion of the Federal Stafford loan(s)

2 •The student completes Master Promissory Note online•http://www.studentloans.gov

3 •The student completes Entrance Counseling online•http://www.studentloans.gov

The process for applying for Federal Direct Subsidized and Unsubsidized Stafford Loans is as follows:

Federal Direct Parent Loans for Undergraduate Students (PLUS)

Student accepts PLUS eligibility through Student Administration Self Service

Parent completes an online application via www.studentloans.gov

Online process became available for the 2015-2016 academic year on April 1, 2015

Credit check will be performed by the US Department of Education

Applying for Federal Direct Plus Loans

• Consider Federal Perkins, Stafford, and PLUS loans before applying for a private loan

Private/Alternative Student Loans

Better Interest Rates Federal loan interest rates are fixed

No credit checks for Perkins and Stafford

Less-stringent credit criteria for PLUS

Repayment Options Forbearance options

Wrap-Up

Working On Campus

Scholarship Information

Appeals

On-Time Deadline Reminder

FERPA

Office of Student Financial Aid Services

The Office of Student Financial Aid Services is open 12 months a year; Monday through Friday, 8am - 5pm.

You may contact us by:• Email - ([email protected])• Telephone – (860) 486-2819• In Person – On a walk-in basis.

http://financialaid.uconn.edu

@UConnFinAid

Fall 2015 • Bills are posted online and email

notifications were sent out June 15th

• Due Date: August 1, 2015

Spring 2016• Bills are posted online and email

notifications are sent out in late November

• Due Date: January 8, 2016

University Fee Bills

University Fee Bills• Live Bill- Updated

daily with charges• Charges are posted

from:• Residential Life• Dining Department• Health Services• Parking

Department

University Fee Bills

• Waiving Health Insurance– Waiver available

June 1st - September 15th

Student View

Become an Authorized User• Student must give others access to view and pay the bill

Authorized User View

Methods of Payment

• Electronic Check online• Credit Card online (2.75% convenience fee)

- VISA, Mastercard, Discover, American Express, JCB, BC Card, DinaCard, and Diner’s Club

• Mail in a check• Pay in person with check/cash

• Payment Plan• $45 enrollment fee, must re-enroll each semester• Fall Semester: July 15th , August 15th , September 15th , &

October 15th • Spring Semester: December 15th , January 15th , February 15th ,

& March 15th

Refunds

• Refunds are written when:• Financial Aid is processed and disbursed• Enrollment matches financial aid package• Fee bill is paid in full

• Parent Plus Loan Refunds- Written to whomever took out the loan, and mailed home

• Direct Deposit for Students!

Late Payments

• Hold on account• Cannot enroll in courses, go to the gym, take out library

books, request a transcript

• Late fees (Up to $150 each semester)

For news and important information from the Office of the Bursar…

Follow us on Twitter@UconnBursar

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Like us on FacebookUCONNBURSAR

Q & A