Financial Aid

1
Financial Aid

• University of Akron Wayne College

2

• What is financial aid?
• Any assistance used to reduce the amount you must
  pay
• Grants
• Loans
• Work-Study
• Scholarships
• Tuition reimbursement
• Military Benefits

3
Grants Federal Pell Grant Available almost
exclusively to undergraduates . Students will
receive the Federal Pell Grant amount they
qualify for based on financial need. The maximum
award amount for the award year is 5815 and are
prorated based on the number of enrolled credit
hours.
4
Grants Federal Supplemental Educational
Opportunity Grant These grants are only
awarded to students who meet the strict need
guidelines established by the U.S. Department of
Education, and submit the FAFSA by March 1. You
must be Pell eligible to receive this grant. The
maximum award is 800 for the award year.
5
Grants The Teach Grant A federal grant program
for students planning to be teachers in a high
need field within a low-income school. The
University of Akron has set additional
specifications for its TEACH Grant recipients.
Additional information can be found at
http//www.uakron.edu/dotAsset/df1fd07c-dfe9-4799-
a8b6-96e2fa573b65.pdf
6
Loans Subsidized Direct Loan The most popular
federal student loan, a Subsidized Direct Loan is
awarded based on need as determined from
information on the FAFSA form. The U.S.
Department of Education pays interest while the
borrower is in school and during any grace and
deferment periods. The student must be at least a
half-time student (six credit hours) and have
financial need. The annual loan limit ranges from
3,500 to 8,500 based on grade level.
7
Loans Unsubsidized Direct Loan This loan is not
need-based and is given in lieu of, or in
combination with, Direct Subsidized Loans. Terms
are the same as the Subsidized Loan, except the
borrower is responsible for the interest
currently 4.29 from the date of disbursement.
8
Loans Perkins Loan The Perkins Loan is another
need-based loan program. Students must have filed
their FAFSA by March 1 to be considered for this
program. Interest charged on this loan is 5
percent. As long as a student is in school, the
government pays the interest on the loan. The
maximum award is 4000. Upon graduation, the
student has a nine month grace period, and then a
10 year repayment period.
9

• Loans
• Federal Direct Parent Loan for Undergraduate
  Students (PLUS)
• The applicant is the student's parent, who is
  responsible to begin repayment almost immediately
  upon disbursement. The interest rate is fixed. If
  a parent is denied for this loan, the student may
  be eligible for a Stafford Unsubsidized Loan. To
  receive the PLUS loan, apply at
  www.studentloans.gov to see if you qualify.

10

• Loans
• Alternative Loans
• These are private loans that are generally in the
  name of the student and may need to have a
  creditworthy co-borrower. Interest rates,
  repayment plans and deferment options vary widely
  among lenders. Be sure to "shop" for the option
  that is right for your situation since these are
  loans that are designed to bridge the funding gap
  when savings, scholarships, grants, federal
  loans, and other resources are not sufficient.

11
Federal Work Study The Federal Work-Study
Program is a federally funded, campus-based aid
program designed to provide part-time jobs for
eligible students with financial need. The
Office of Student Financial Aid will include this
with other student financial aid information. The
maximum award ranges from 3400-3800 for the
award year.
12
Federal Work Study

• To be considered for Federal Work Study
• Submit the FAFSA no later than March 1 each year.
  
• Students must have financial need.
• Students must be enrolled at least half time (6
  credit hours) each semester they are employed.

13

• Who can get federal financial aid?
• U.S. citizen or permanent resident
• High school graduate/GED holder
• Eligible degree/certificate program
• Valid Social Security Number
• Satisfactory academic progress
• No issues with receiving aid in the past

14
Scholarships
Wayne College offers different scholarships to
our students each year. The criteria for each
varies. Some scholarships are based on financial
need while others are based on academic record.
To review current available Wayne College
Scholarships please visit our website at
http//wayne.uakron.edu/admissions/financial-aid/s
cholarships.dot Students attending Wayne may
also be eligible for Akron campus
scholarships. Applications are available in the
Student Services Office or you can submit
online. Priority deadline for new students March
1 Priority deadline for continuing students
April 1
15
Military Benefits The University of Akron is a
Veteran Friendly institution and recognizes its
obligations to our students who serve in the
military. We are committed to making your
transition to The University of Akron as smooth
as possible. After all, it is the least that we
can do, given the sacrifices that you have made
for our country. Contact the Student Services
Center to speak with our representative
330-684-8900.
16
Tuition Reimbursement Most commonly, tuition
reimbursement comes from a students employer.
Check with your place of employment to see if
they offer that program and if you are eligible.
17

• How do I apply for federal student aid?
• Complete the Free Application for Federal Student
  Aid (FAFSA) as early as possible, it is available
  January 1 at www.fafsa.gov (this is a free
  application, if they ask for payment, you are at
  the wrong website!)
• Use the data retrieval tool on the FAFSA for
  quicker completion, less chance for error, and
  possibly avoid having to do verification
  paperwork
• Any documentation requested by Akron can be
  turned in at the Wayne Student Services Center,
  we will send it for you
• If no verification is needed, you should receive
  an award letter (new students only) or check your
  My Akron Experience (formerly Zipline) for your
  award
• Call with any questions

18

• How do I apply for federal student aid?
• Within a few days of completing your FAFSA, you
  will receive confirmation that the application is
  complete. If you do not, call them
  (1-800-433-3243)
• After your application is complete, you will
  receive paperwork from Akron if you are selected
  for verification
• Be sure to return any paperwork immediately, the
  awarding process will NOT continue until all
  documents are received

19

• How much federal student aid can I get?
• In general, this depends on your financial need
• Your financial need is determined by your
  Expected Family Contribution (EFC) and cost of
  attendance (COA)
• EFC is determined by the information entered on
  your Free Application for Federal Student Aid
  (FAFSA)
• COA is tuition, fees, room and board,
  transportation and other charges

20

• Ive been awarded, now what?
• No action is necessary to receive grants that you
  qualify for, they will apply to your account
  automatically ten days before the semester starts
  as long as your enrolled in classes.
• Loans must be accepted through the My Akron
  (formerly Zipline) and if you are a first time
  borrower at Wayne/Akron, you must complete the
  Entrance Counseling and Master Promissory Note
  (MPN) at www.studentloans.gov in order for the
  school to receive the funds for you

21

• Additional information.
• Federal grants, like the Pell Grant, will be
  based on the number of credit hours you have (ex
  if you are ½ time, you will receive half of your
  grant amount)
• You must be enrolled in six (6) credit hours or
  more to be eligible for any loan money youve
  accepted

22
Quick Reference FAFSA website
www.fafsa.gov FAFSA number 1-800-4fed aid
(800-433-3243) Akron Financial aid
330-972-7032 Wayne Student Services
330-684-8900 Wayne Financial aid 330-684-8942 or
330-684-8747 Information about aid
www.studentaid.gov (types of aid, how to apply,
how to avoid scams, who is eligible, etc.)