School of Journalism Financial Aid Orientation 2009 Financial Aid Office of Student Financial Planning Columbia University.

School of Journalism School of Journalism

Financial Aid Financial Aid

Orientation 2009Orientation 2009

Financial AidOffice of Student Financial PlanningColumbia University

http://www.fafsa.gov/

FREE APPLICATION FREE APPLICATION FOR FEDERAL STUDENT AIDFOR FEDERAL STUDENT AID

(FAFSA)(FAFSA)

FAFSA is federal form required to award federal financial FAFSA is federal form required to award federal financial aid aid

Select 2015-2016 FormSelect 2015-2016 Form Documents needed to complete your FAFSA include:Documents needed to complete your FAFSA include:

Social Security Number, driver’s license, income tax Social Security Number, driver’s license, income tax returns, bank statements and investment recordsreturns, bank statements and investment records

School Code - 002707School Code - 002707 Request PIN (Request PIN (www.pin.ed.gov) to sign electronically) to sign electronically FAFSA Follow-UpFAFSA Follow-Up

Aid Options Available Aid Options Available

Federal Perkins LoanFederal Perkins Loan Federal Direct Unsubsidized Stafford LoanFederal Direct Unsubsidized Stafford Loan Federal Direct Graduate PLUS Federal Direct Graduate PLUS Private/Alternative Educational LoansPrivate/Alternative Educational Loans Federal Work Study AwardFederal Work Study Award

Federal Perkins LoanFederal Perkins Loan Due to the potential termination of the Federal Perkins Loan Due to the potential termination of the Federal Perkins Loan

program, your Master Promissory Note (MPN) and entrance program, your Master Promissory Note (MPN) and entrance counseling form must be completed no later than September 15, counseling form must be completed no later than September 15, 2015 and funds disbursed no later than September 30, 2015. 2015 and funds disbursed no later than September 30, 2015.

If you are a first time borrower in the 2015-2016 academic year, you If you are a first time borrower in the 2015-2016 academic year, you will not be eligible to receive future Federal Perkins loan funds. If will not be eligible to receive future Federal Perkins loan funds. If you received Federal Perkins loan funds in the 2014-2015 academic you received Federal Perkins loan funds in the 2014-2015 academic year at the same school in which you will be enrolled in the 2015-year at the same school in which you will be enrolled in the 2015-2016 academic year, you may be eligible for future Federal Perkins 2016 academic year, you may be eligible for future Federal Perkins loan funds.loan funds.

Federal Perkins LoanFederal Perkins Loan Awarded based on financial needAwarded based on financial need Registered at least half time (6 credits)Registered at least half time (6 credits) U.S. Citizen or eligible non-citizenU.S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirementsMust meet Satisfactory Academic Progress requirements Must complete Federal Loan Entrance and Exit Interview Must complete Federal Loan Entrance and Exit Interview

Requirements Requirements Graduate students - up to $3,000 per school yearGraduate students - up to $3,000 per school year

Subsidized (Interest deferred while in school)Subsidized (Interest deferred while in school) Fixed interest rate of 5%Fixed interest rate of 5% No origination feesNo origination fees Grace period on repayment of 9 months from date of Grace period on repayment of 9 months from date of

graduation or last date of half-time enrollmentgraduation or last date of half-time enrollment

Federal Direct Stafford LoansFederal Direct Stafford Loans Registered at least half time (6 credits)Registered at least half time (6 credits) U.S. Citizen or eligible non-citizenU.S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress Must meet Satisfactory Academic Progress

requirementsrequirements Must complete Federal Loan Entrance and Exit Must complete Federal Loan Entrance and Exit

Interview RequirementsInterview Requirements Graduate students - up to $20,500 per school yearGraduate students - up to $20,500 per school year

Unsubsidized only (Accrues interest upon Unsubsidized only (Accrues interest upon disbursement)disbursement)

Fixed interest rate of 6.21%Fixed interest rate of 6.21% Origination fees of 1.073%Origination fees of 1.073% Grace period on repayment of 6 months from date of Grace period on repayment of 6 months from date of

graduation or last date of half-time enrollment.graduation or last date of half-time enrollment.

Federal Direct Graduate PLUS LoansFederal Direct Graduate PLUS Loans Stafford Loan eligibility must be used firstStafford Loan eligibility must be used first Registered at least half time (6 credits)Registered at least half time (6 credits) U.S. Citizen or eligible non-citizenU.S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirementsMust meet Satisfactory Academic Progress requirements Must complete Federal Loan Entrance and Exit Interview Must complete Federal Loan Entrance and Exit Interview

RequirementsRequirements Fixed interest rate of 7.21%Fixed interest rate of 7.21% 4.292% loan origination fee4.292% loan origination fee Approval for loan based on credit decisionApproval for loan based on credit decision Borrow up to “Unmet” need – cost of attendance minus financial aid Borrow up to “Unmet” need – cost of attendance minus financial aid

awardedawarded Interest accrues upon disbursementInterest accrues upon disbursement

Forms Required Federal Direct Stafford and Graduate PLUS

Loans Master Promissory Note (MPN)

• Can be completed electronically through Direct Loans (www.studentloans.gov)

• Federal PIN (www.pin.ed.gov) needed to electronically sign MPN

Federal Perkins Loans• Promissory Note can be completed via SSOL (Promissory Note can be completed via SSOL (

https://ssol.columbia.edu))

Entrance CounselingEntrance Counseling Entrance Counseling informs you of your rights and Entrance Counseling informs you of your rights and

responsibilities as a federal loan borrowerresponsibilities as a federal loan borrower

Entrance Counseling is a federally required document Entrance Counseling is a federally required document when borrowing federal funds and must be completed prior when borrowing federal funds and must be completed prior to the disbursement of these fundsto the disbursement of these funds

EI for Federal Perkins Loan can be completed online at EI for Federal Perkins Loan can be completed online at https://ssol.columbia.edu

EI for Federal Stafford/Graduate PLUS Loans can be EI for Federal Stafford/Graduate PLUS Loans can be completed online at:completed online at: www.StudentLoans.gov

Private/Alternative Private/Alternative Educational LoanEducational Loan

Can be variable or fixed interest rate – varies by lenderCan be variable or fixed interest rate – varies by lender Approval based on credit decisionApproval based on credit decision Can borrow up to “unmet need” - cost of attendance minus Can borrow up to “unmet need” - cost of attendance minus

other financial aidother financial aid You must apply and complete a promissory note directly You must apply and complete a promissory note directly

with your lender of choice with your lender of choice A list of suggested lenders can be found here: A list of suggested lenders can be found here:

http://sfs.columbia.edu/grad-private-loans

PLEASE NOTE:PLEASE NOTE: While the University has a suggested lender While the University has a suggested lender list, list, students have the right to borrow from any lender they students have the right to borrow from any lender they choosechoose..

Private/Alternative Private/Alternative Educational LoanEducational Loan

International StudentsInternational Students Ineligible for Federal Aid Ineligible for Federal Aid May apply for a private educational loan with a credit-worthy US Citizen May apply for a private educational loan with a credit-worthy US Citizen

or Permanent Resident co-signeror Permanent Resident co-signer Approval based on credit decisionApproval based on credit decision Can borrow up to “unmet need” – cost of attendance minus other Can borrow up to “unmet need” – cost of attendance minus other

financial aidfinancial aid You must apply and complete a promissory note directly with a lender of You must apply and complete a promissory note directly with a lender of

your choiceyour choice Suggested lenders for international students: Suggested lenders for international students: http://

sfs.columbia.edu/grad-private-loanssfs.columbia.edu/grad-private-loans

PLEASE NOTE:PLEASE NOTE: While the University has a suggested lender While the University has a suggested lender list, list, students have the right to borrow from any lender they students have the right to borrow from any lender they choosechoose..

Let’s Compare LoansLet’s Compare Loans

FEDERAL DIRECT GRADUATE PLUS LOANS

PRIVATE/ALTERNATIVE EDUCATIONAL LOANS

7.21% fixed interest rate 4.292% origination fee No grace period (can be deferred) Can be consolidated with Federal Direct Stafford Loans Credit Based

Fixed or Variable interest rate

Most have both origination and repayment fees

Grace period varies by lender and in some cases, by program

Cannot be consolidated with Federal Direct Stafford Loans

Credit Based

Federal Work Study AwardFederal Work Study Award

Employment program designed to help qualifying Employment program designed to help qualifying students pay for their educationstudents pay for their education

Registered at least half time (6 credits)Registered at least half time (6 credits) U.S. Citizen or eligible non-citizenU.S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirementsMust meet Satisfactory Academic Progress requirements Awarded based on financial needAwarded based on financial need Funds are not credited directly to a student’s chargesFunds are not credited directly to a student’s charges Earnings are paid to students as a pay check Earnings are paid to students as a pay check May earn up to $5,000 per academic yearMay earn up to $5,000 per academic year

Time Line for ProcessingTime Line for Processing

Federal Direct Stafford loans may take up to 10 Federal Direct Stafford loans may take up to 10 business days to processbusiness days to process

Graduate PLUS loans typically take 2 to 3 weeks Graduate PLUS loans typically take 2 to 3 weeks to processto process

Loans typically disburse at the start of each Loans typically disburse at the start of each semestersemester

Alternative/Private Loans processing time varies Alternative/Private Loans processing time varies depending on the lenderdepending on the lender

Other helpful websitesOther helpful websites Research outside scholarship opportunities:Research outside scholarship opportunities:

http://sfs.columbia.edu/grad-outside-awardshttp://sfs.columbia.edu/grad-outside-awards

Department of Education’s summary on federal financial Department of Education’s summary on federal financial aid programsaid programs http://studentaid.ed.govhttp://studentaid.ed.gov

Overview of financial aid programs at the University:Overview of financial aid programs at the University: http://sfs.columbia.edu/graduate-financial-aidhttp://sfs.columbia.edu/graduate-financial-aid

Student Financial PlanningStudent Financial Planning

202 Kent Hall 202 Kent Hall Hours: Hours:

• 9 - 5 Monday - Friday9 - 5 Monday - Friday• No appointment necessaryNo appointment necessary

Ph: (212) 854 – 7040Ph: (212) 854 – 7040 Fax: (212) 854 – 2818 Fax: (212) 854 – 2818 Email: [email protected]: [email protected]