Welcome to FINANCIAL AID at EDINBORO UNIVERSITY

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Welcome to FINANCIAL AIDatEDINBORO
UNIVERSITY
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Costs direct vs. indirect

• Direct costs per semester
• Tuition
• Fees
• Room
• Board (Meal plan)

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2006-2007 Direct Costs

• In State Residents (Direct Costs)
• Tuition 2519/5038
• Fees 722/1444
• Room 1800/3600
• Board 1059/2118
• Total 6100/12,200

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2006-2007 Direct Costs

• Out of State Residents (Direct Costs)
• Tuition 3779/7558
• Fees 754/1508
• Room 1800/3600
• Board 1059/2118
• Total 7392/14,784

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Costs direct vs. indirect

• Indirect costs
• Books and supplies
• Personal expenses
• Transportation
• About 1,500 per semester

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Annual Estimated Budgets for 2007-2008

• PA, Residence hall full-time
• 15, 850
• PA, Commuter full-time
• 13,200
• Out of state full-time
• 18,800

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Financial Aid

• Types of Financial Aid
• Free Grants Scholarships
• Self-Help Loans Work

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Financial Aid eligibility

• FAFSA
• Free Application for Federal Student Aid
  
• MUST be filed every year!
• Our preferred deadline is MARCH 15
• PHEAA Grant deadline is MAY 1

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FAFSA

• Pell Grant 400 - 4310
• State Grant eligibility
• PHEAA Grant 500 - 3900
• OIG (Ohio Instructional Grant)
• Other states (MA,VT,WV)

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Financial Aid eligibility

• Information from FAFSA determines
• Expected Family Contribution
• (EFC)
• Selected for Verification
• Mismatched Information that can
  delay
• aid processing (SAR C flags)

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Awarding of Aid Formula

• Budget
• -EFC
• -Federal State Grants
• -Other Resources
• Need for the Year

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Other Resources can include

• External Scholarships
• Tuition Waivers
• Employee reimbursement
• Veterans Educational Benefits
• and any other funds used to pay educational costs

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More types of aid

• Campus based
• SEOG-Supplemental Educational Opportunity
  Grant
• Federal Work Study Program
• Institutional Work Program

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Student Employment

• Typical award 3,200
• 15 hours x 7.15/hr x 15 weeks x 2 terms
• Student receives paycheck every 2 weeks
• or requests direct deposit
• Student must complete on-line application
  through Student Employment System
• on www.edinboro.edu
• Students (current and future)
• Student Employment

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More on Student Employment

• JOBS ARE COMPETITIVE!
• JOBS ARE NOT GUARANTEED!
• CONTACT DEPARTMENTS!

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STAFFORD LOANS

• Largest Federal Financial Aid program
• Student is borrower!
• Fixed interest rate of 6.8 beginning on 7/1/06

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Stafford Loan Maximums effective 7/1/07

• Freshman (0-29 credits) 3,500
• Sophomore (30-59 cr) 4,500
• Junior/Senior (60 cr) 5,500
• Maximum borrowing for dependent undergraduate
  student remains at 23,000

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Subsidized vs. Unsubsidized

• For both Principal payments are deferred until 6
  months after enrollment drops below 1/2 time
• SUBSIDIZED interest is PAID BY THE FEDERAL
  GOVERNMENT while student is in school
• UNSUBSIDIZED interest accrues while student is
  in school student can pay interest quarterly OR
  have interest CAPITALIZED (added to principal
  until payment begins)

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A freshman example

• Budget 15,850
• EFC -12,850
• Scholarship - 1,000
• Need 2,000
• Loan eligibility 2,000 subsidized
• 1,500 unsubsidized
• Total loan 3,500

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How to get a Stafford loan

• Must indicate an interest in loans to Q.26 on
  FAFSA What types of student aid interest you?
• Financial Aid awards loan student accepts
• Financial Aid office will INITIATE the loan
• Student receives a MASTER PROMISSORY NOTE (MPN)
  in mail (good for 10 years)
• READ the note and choose a LENDER
• SIGN and return in envelope provided OR
• sign electronically on www.aessuccess.org with
  federal pin number

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Stafford loans, contd

• ENTRANCE COUNSELING must be completed before
  disbursement can occur
• Complete On-line at www.aessuccess.org
• PARENTS The STUDENT must complete this form!

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PLUS Loans Parent Loan for Undergraduate Students

• Parent is the borrower
• Fixed interest rate 7/1/06 8.5
• Apply on-line at www.aessuccess.org or
• call toll free 1-800-692-7392
• Choose a Preferred Lender for electronic
  disbursement

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PLUS Denial

• If you apply for a PLUS loan and are
• DENIED
• Send a copy of the denial letter to us and your
  student will be eligible for additional Stafford
  Unsubsidized Loan.

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Private and Alternative Loans

• Available through many banks
• Student is usually the borrower
• Requires good credit history and repayment
  capacity (student may need co-signer)
• Terms and conditions vary

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ACG Grant

• Academic Competitiveness Grant
• First year students receive 750 per academic
  year
• Second year students receive 1,300 per academic
  year
• Grants are awarded by the school

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ACG Eligibility Requirements

• U.S. citizen (does not include Title IV eligible
  non-citizens)
• Federal Pell Grant recipient for the same payment
  period
• First or second academic year student
• Full-time enrollment
• No specific major required

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ACG Eligibility Requirements (contd)

• 1st year students
• - May not have previously enrolled in a
  program of undergraduate education
• - Students that have completed advanced
  placement courses are still eligible for the ACG
• - Have graduated from a rigorous secondary
  school program of study after 1/1/06

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ACG Eligibility Requirements (contd)

• 2nd year students
• - Have graduated from a rigorous secondary
  program of study after 1/1/05
• - Have at least a 3.0 GPA in an eligible
  program

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National Smart Grant

• National Science and Mathematics Access to Retain
  Talent Grant
• 4000 per year

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National Smart Grant Eligibility Requirements

• U.S. Citizen (does not include Title IV eligible
  non-citizens)
• Federal Pell Grant recipient
• Third or fourth academic year student in an
  eligible program
• Full-time enrollment
• Majoring in an eligible major
• Cumulative GPA of 3.0 on a 4.0 scale

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Important Terms

• VERIFICATION 30 of financial aid applicants
  are selected must provide signed copies of 1040
  and W-2s to the financial aid office RESPOND
  QUICKLY!
• PHEAA Income VALIDATION PHEAA may require copies
  also RESPOND QUICKLY!

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More Important Terms

• Income reduction request a
• SPECIAL CIRCUMSTANCES form if your income has
  been reduced for 2006
• PHEAA e-change electronic change form to change
  1 school to Edinboro Univ.

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Finally, the bill!

• Each term is billed separately
• Fall term end of July, due late August
• Spring term end of December, due January
• All bills must be settled prior to term start
  date
• Only 1 paper bill is sent prior to term
• All other bills sent via eBill notices sent to
  your EUP e-mail address
• Student can forward EUP e-mail to another
  e-mail account
• Student can add authorized users who have an
  e-mail address (parents and 3rd parties) to
  eBill account

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• All charges and all anticipated credits listed
  (except work study)
• Net balance due can be paid by
• Cash in-person only at Bursar Office
• Check or credit card (MasterCard, VISA or
  Discover) - mail return envelope to bank or pay
  online via eBill
• Semester Payment Plan 4 installments plus a
  40 fee payable with first payment

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Return the bill stub even if amount due is ZERO
OR NEGATIVE(anticipated refund)!!
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General Advice

• Know your students Edinboro ID number
• (_at_12345678, for example)
• Respond QUICKLY to all requests for information
• Include the student in financial aid matters -
  its the students responsibility!
• Students that are interested in working should
  have a resume available to give to prospective
  employers

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Federal Satisfactory AcademicProgress (SAP)

• Federal regulations require that students make
  academic progress each term
• Required G.P.A. of 2.0 by 4th term AND
• have earned at least 70 of credits attempted
• First term Warning
• Second term Probation
• Third term Suspension
• Withdrawal from or failure of a course can affect
  future federal financial aid eligibility

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PHEAA Grant Progress

• Students receiving Full-time PHEAA Grant must
  complete 24 new credits each academic year
• Failure to do so will result in loss of PHEAA
  Grant for at least one semester
• Other aid programs may have additional
  requirements!

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S.C.O.T.S and E-MAIL

• Learn to use S.C.O.T.S. on our website for
  grades, financial and billing info
  www.edinboro.edu
• Students (current and future)
• S.C.O.T.S
• Students have an e-mail account at Edinboro
  University which will be used to alert them to
  important information!
  

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Community Service

• Students are strongly encouraged to participate
  in community service activities
• Contact Dr. Denise Finazzo
• Community Outreach Center
• [phone]

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Have questions? Contact us!

• Local 814-732-5555 ext. 474
• Toll-free 1-888-611-2680
• FAX [phone]
• E-mail finaid_at_edinboro.edu