Financial Aid

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Financial Aid
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Paying for College Financial aid was created as
the BRIDGE to Higher education. All the
information gathered on the FAFSA is to develop
an understanding of the household information
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Websites www.PIN.ed.gov www.FAFSA.ed.gov -
Apply online - It is Free and Fast! UWM
Department of Financial Aid www4.uwm.edu/financial
aid
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Best Advice APPLY!!!
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Applying Online is so Easy

• Complete and send FAFSA on the internet directly
  to federal processor
• Automatically edits data as you enter it and
  detects errors before submission
• Skip logic asks only what you must answer
• English or Spanish versions
• Electronic Signature
• E-mail notification of results
• Detailed online help screens
• Real-time online chat for immediate answers
• Instant access to EFC estimate
• Parents with more than one child in college only
  need to enter parental information once.

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Dependency Status

• At least 24 years old
• Graduate or professional student
• Married
• Has child for whom student provides more than
  half support
• Has dependent other than child or spouse who
  lives with student and for whom provides more
  than half support
• Orphan
• In foster care or a ward of the court, at any
  time when the individual is 13 years of age or
  older
• Is an emancipated minor or is in legal
  guardianship
• Has been verified as an unaccompanied youth who
  is homeless or at risk of homelessness and is
  self-supporting
• Veteran of the U.S. Armed Forces or currently
  serving active duty for other than training
  purposes in the U.S. Armed forces or
• Determined to be independent by the financial aid
  administrator via Professional Judgment
• (Parents refusal to provide support or financial
  data is insufficient to make a student
  independent regardless of tax filing status)

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Frequent FAFSA Errors

Missing Signatures/PIN Wrong Social Security
Number Divorced/remarried parent
information Untaxed income U.S. income taxes
paid Household size Number in postsecondary
education Not using real name NOT APPLYING AT ALL
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REMEMBER Re-apply every year between January
1st and March 1st
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• Application Processing
• FAFSA is submitted and processed by Federal
  Department of Education
• UWM retrieves the info (1-2 weeks)
• 3. UWM sends notification of award - OR -
  missing/inaccurate information (3-5 weeks)
• - Verification process Average of 6 weeks
• - Admission Match (Name, DOB, SSN)

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What is Financial Aid? - Gift Aid (Grants and
Scholarships) - Federal Work Study - Loans
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FFELP Stafford Loans
FFELP Stafford Loans
Subsidized Non-interest bearing while in school
Unsubsidized Interest bearing while in school
Subsidized Non-interest bearing while in school
Unsubsidized Interest bearing while in school
Interest rates 2009-2010 5.6 Sub and 3500 FR
max 6.8 Unsub and 2000 FR max 5500 total
maximum loan as Freshman
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Self-Service
Each student must Accept any work study or loan
awards they plan to use through their PAWS
account.
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Master Promissory Note (MPN) Entrance Loan
Counseling www4.uwm.edu/financialaid Click
onOnline Loan Applications, then click on
Stafford Loan Borrower
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MPN Selecting a Lender

• Suggested lender list
• Borrower benefits
• Origination fees

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Additional Options
PLUS (interest 8.5 fixed) Alternative
Education Loans (interest varies) Which is
better? Apply for both from our
website www4.uwm.edu/financialaid
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How do I make sure my financial aid will be
disbursed on time?

• Accept any work study and loan awards through
  PAWS account Self-Service feature
• Report Credit Level if less than 12 credits
• 3) Complete a Master Promissory Note
• Entrance Loan counseling from Website
• 4) Report any additional funding (i.e.
  Scholarships)

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Payment of Financial Aid
August 22nd 1st disbursement of financial aid
occurs August 24th TUITION DUE If no
financial aid offered by due date, must pay AT
LEAST 200 tuition deposit
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Payment of Financial Aid, cont.
Tuition and/or housing is paid first excess cash
is mailed Determining Balance Due Tuition/Housi
ng Aid Balance Due Positive Balance
balance due Negative Balance Excess
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• Unusual Circumstances
• Examples Divorce, unemployment, death, high
  medical expenses
• Call or set up an appointment with an advisor to
  discuss
• Dont wait to pay your tuition!

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• RECAP
• Submit any required documents to financial
• aid office
• View financial aid award via PAWS account
• accept awards
• - Complete MPN and ELC for Stafford loans
• Apply for additional loans if desired or needed
• - Remember to re-submit the FAFSA each year
  between January 1st and March 1st

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Questions? Thank You for your time!