TUHSC Office of Financial Aid

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• TUHSC Office of Financial Aid
• 2008 Fall Semester
• Entrance Interview Session
• Tuesday, August 26, 2008

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Introduction

• James A. Bourgeois Assistant Director,
  University Financial Aid, Tulane University

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Session Outline

• Introduction / Outline
• Operations
• Types of financial aid
• Student loan information
• Prior loan deferments
• Master promissory note
• Perkins promissory note
• Grad PLUS loan
• Alternative (non-federal) loan application
• Entrance interview form

• Critical SPHTM info
• Budgeting billing
• Disbursements of aid
• Refunds for living expenses
• Reconsiderations
• Applying for 2009-2010
• Aid for 2009 summer
• Additional information
• Questions???

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Operations

• Counselor by alphabet (last name)
• A-G Carl Hudson, Counselor
• H-M James Bourgeois, Assistant Director
• N-Z Shirley Davis, Counselor
• Administrative Secretary Donna Fasullo

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Operations

• Location Room 1213, Tidewater Bldg.
• Hours 9AM 5PM, Monday Friday
• Counselors available M-W 1PM 4PM
  Th F 9AM 1PM
• Recommend appointments
• Communications [phone] (504)
  988-6136 fax
• Website www.finaidhsc.tulane.edu

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Types of Financial Aid

• Scholarships Scholarship for Disadvantaged
  Students (SDS)no funding for 2008-09 U. S.
  Public Health Traineeship Grants Deans Grants/
  Departmental Grants Outside Scholarships
• Loans Subsidized Federal Subsidized
  Stafford Loan Federal Perkins
  Loan Unsubsidized Federal Unsubsidized
  Stafford Loan Federal Grad PLUS Loan
  Non-federal, Alternative Loan
• Employment Federal Work Study

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Student Loan Information

• Subsidized loans Federal Subsidized
  Stafford (8,500) Federal Perkins (8,000)
• Unsubsidized loans Federal Unsubsidized
  Stafford (24,500) Federal Grad PLUS (COA -
  aid) Non-federal, Alternative Loan (COA - aid)
• Interest rates Federal Perkins
  5 Federal Stafford 6.80 Federal Grad
  PLUS 8.50 Alternative loans varies, check
  with lender

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Student Loan Information

• Loan fees Federal Perkins
  none Federal Stafford 0 to 4 varies by
  lender example borrow 10,000 with 3
  fees 10,000 x .03 300 9,700
  disbursed, yet repayment 10,000 Federal Grad
  Plus usually 3 Alternative Loans usually 0
  front fees, varies on back-end fees, see
  lender
• Capitalization Unsubsidized Loans accrued
  interest added to principal balance

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Student Loan Information

• Standard Length of repayment Federal Perkins
  and Stafford 10 years (120 months)
  Non-federal, Alternative Loan variesusua
  lly 10-20 years
• Grace period Federal Perkins 9
  months Federal Stafford 6 months Federal
  Grad PLUS NO GRACE PERIOD Non-federal varies
  
• Repayment Options Details during exit
  interview sessions

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Loan Deferments

• Loan Deferments current loans will be in an
  in-school deferment status prior
  loans contact your loan servicer
  in-school deferment forms signed by
  Registrars Office (uptown)

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Master Promissory Note (MPN)

• Federal Stafford Loan
• Federal Grad PLUS No need to sign new
  loan application each year (unless change
  lender) Unless you tell us differently,
  we will certify for the maximum amount eligible
  Grad PLUS is credit based

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Federal Perkins Promissory Note

• If awarded Federal Perkins Loan funds, then must
  complete and electronically sign (e-sign) Perkins
  Loan Promissory Notes, via ACS.
• Like the Federal Stafford Loan MPN, you will NOT
  need to complete and sign new Perkins promissory
  notes each year.

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Non-federal Alternative Loan Applications
and Promissory Notes

• If borrowing non-federal, alternative loan funds,
  then must complete lenders loan application
  and/or promissory note (private lender loan
  applications are available at their websites).
• You will need to complete and sign new
  alternative loan applications/promissory notes
  each year.
• All non-federal, private loans are credit based.

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Entrance Interview Form

• Write Stafford Grad PLUS on top of form
• Complete all information at top section.
• Check each box item under read this section
  carefully.
• Sign date bottom of page.
• Retain bottom yellow copy for your records and
  turn in top white copy to the TUHSC Office of
  Financial Aid.

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Critical SPHTM Financial Aid
Information

• You are billed tuition for every credit hour
  enrolled, there is NO flat tuition charge!
• You must enroll for at least 5 credit hours
  and/or Practicum/Dissertation each semester to
  be eligible for federal aid.
• Realize that academic decisions, especially the
  adding and dropping of credit hours, will most
  likely directly impact your financial aid award.
• Tuition and fees are billed at the start of each
  semester.

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Budgeting Billing

• You will receive a monthly billing statement
  detailing charges and credits that occurred
  during the prior month.
• 2008-2009 SPHTM tuition fees 874 tuition
  per credit hour 45 academic support fee per
  credit hour 120 student activity fee per
  semester (80 lt 9 hrs) 272 health services fees
  per semester (0 lt 9 hrs) 60 rec. center fee
  per semester (0 lt 9 hrs) 60 technology fee
  per semester
• Other charges Books, Parking, Room rent
  Deming Pavilion

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Budgeting Billing

• Financial Aid Budget for the 2008-2009 Academic
  Year assumptions - enrolled for 15 credit
  hours - not residing with parents
• Tuition fees 28,594
• Room board 12,100
• Books 1,500
• Transportation 2,800
• Miscellaneous 3,750
• TOTAL 48,744
• 18,650 living expenses equates over
  2,000/month

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Budgeting Billing

• Financial Aid Award for the 2008-09 Academic
  Year (based on prior cost of attendance
  48,744)
• Federal Perkins Loan 3,000
• Federal Subsidized Stafford Loan 8,500
• Federal Unsubsidized Stafford Loan 24,500
• Federal Graduate PLUS Loan 12,744
• TOTAL 48,744
• Thus, total financial aid award total cost of
  attendance.

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Disbursements of Aid

• Loan period for the 2008-2009 Academic
  Year 08/27/08 to 05/9/09
• Federal regulations usually require 2
  disbursements of Stafford loan funds during a
  loan period, half at start (8/27/08) remainder
  at mid-point (01/9/09).
• Tulanes streamlined lenders disburse loan funds
  via electronic fund transfer (EFT) to Tulane.
• Federal Perkins Loan funds and institutional
  scholarship funds will disburse in equal
  installments at the start of the 2008 fall and
  2009 spring semesters.
• All eligibility criteria must be satisfied prior
  to disbursement of aid.

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Disbursements of Aid

• Example of 2008 Fall Semester disbursements
• Tuition fees 14,297.00 14,297.00
• - Perkins ( 1,500.00)
• Sub. Staff. ( 4,250.00)
• Unsub. Staff. (12,250.00)
• Grad. PLUS ( 6,180.84) 24,180.84
• A/R balance ( 9,883.84)
• Refund 9,883.84
• A/R balance 0.00

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Disbursements of Aid

• If initial refund via check, pick up
  at Financial Services Office 2nd floor
  (Room 247) Lesa Williams
• Pick up location also used for outside
  scholarship checks non-preferred loan lenders
• Sign up for direct deposit for all future
  refunds www2.tulane.edu/acctrec

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Budgeting Billing (Revisited)

• Budget your expenses!
• Meet with your financial aid counselor to discuss
  your budget as necessary.
• Total financial aid, including private loans
  (with a few exceptions) CAN NOT exceed cost of
  attendance.
• Summer is processed separately.

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Reconsiderations

• If add or drop credit hours
• Computer purchase (max. 2,500)
• Special financial circumstances
• Review eligibility
• Receive any other financial assistance departmen
  tal grant outside scholarship

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Applying for 2009-2010

• 2009-2010 FAFSA
• 2009-2010 SPHTM Financial Aid Addendum
• 2009-2010 Financial Aid Workshop Check e-mail
  and bulletin board for scheduled time, date, and
  location.
• No need for new Stafford or Grad PLUS MPN
• Apply for Grad PLUS private loan (if
  applicable) for continued borrowers with
  same lender

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Applying for 2009 Summer

• 2009-2010 FAFSA
• 2009 SPHTM Summer Financial Aid Addendum
  (available March 2009)
• 2009 Summer Financial Aid Workshop will be
  scheduled for 3rd week in March PLAN ON
  ATTENDING!!!!

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Additional Information

• Outside Scholarships www.finaid.org
• check bulletin board
• Communication e-mail local address

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Additional Information

• Maintain financial aid records and files
• Always borrow conservatively
• Complete a Title IV Release form allows for
  federal aid to be used to cover all non-tuition
  fee expenses
• Reminder Sign up for direct deposit to receive
  all future refunds expeditiously

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Final Thoughts

• Reminder turn in the top copy of the entrance
  interview form
• Reminder complete loan promissory
  notes Perkins, Stafford MPN, Grad PLUS MPN
  and/or private loan (if applicable)
• Good luck during your Tulane career!
• Questions???