Financial Aid

College of Graduate Health Sciences

Applying for Financial Aid

0Free Application for Federal Student0PIN: www.pin.ed.gov

0FAFSA Application:0 www.fafsa.ed.gov (School code: 006725)

0Complete each school year

Accept AwardTo view your awards, follow these 5 steps:0Login to Banner Self-Service0Click on Financial Aid0Next, click on Award0Award for Aid year and select year0Accept the Terms and Conditions0Lastly, you should click on Accept Award Offer

*NOTE: When accepting awards, you are accepting for the entire year and not just for the term.

Entrance Counseling

0Sign in to StudentLoans.gov using your Federal Student Aid PIN

0 Select "Complete Counseling" on the left-hand navigation bar

0 Select "Entrance Counseling" under "Choose Counseling Type

Refund Disbursement

0Financial aid must first pay a student's tuition and fees each term. If excess funds remain after paying these expenses, the student is sent a financial aid refund to help them pay for their books and living expenses.

0 Financial Aid will be disbursed on the Term Start Date

One On One Counseling0ALL new incoming students are required to schedule

and complete a one-on-one counseling session with their Financial Aid Counselor

0Must complete by December 1, 2015 – Student will not be allowed to register for Spring 2016 term.

0Skype0Office Visit

MANDATORY!!!!!

Loan Limits

Types of Loans0Direct Unsubsidized Loan

0Direct Graduate Plus Loan

0Private/Alternative Loan

Direct Unsubsidized Loan0$20,500 (Unsubsidized)

0 5.84% Interest (last yr. 6.21%)0 No payments while in school0 Payments begin six months after graduation

0Aggregate Limit = $138,500 (Unsubsidized)

Direct Graduate PLUS Loan

0Eligibility is the difference between Cost of Attendance (COA) MINUS other aid being received

0 6.84% interest rate (last yr. 7.21%) 0 No payments while in school0 Payments begin six months after graduation

Where to apply: www.studentloans.gov

Additional Funds Request

Form

Credit Check with Graduate Plus Loan

0Requires a credit check as part of the application process

0You cannot have any adverse credit history - Obtain an endorser

0Your credit is evaluated every time you request a new PLUS loan

Cost of Attendance

2015-2016In-State Cost of Attendance

1st Year Pharmacology ESTIMATE

0Tuition $15,0000Fees $ 3,3250Books and Supplies $ 3,0000Living Expenses $21,318

Total $42,643

2015-2016Out-of-State Cost of Attendance

1st Year PharmacologyESTIMATE

0Tuition $23,0000Fees $ 3,3250Books and Supplies $ 3,0000Living Expenses $21,318

Total $50,643

In-state packaging exampleCOA = $42,643

0$20,500 Direct Unsubsidized Loan0$22,143 Graduate PLUS Loan

$42,643

*Scholarships/Institutional waivers will decrease loan amounts

Out-of-state packaging exampleCOA = $50,643

0$20,500 Direct Unsubsidized Loan0$30,143 Graduate PLUS Loan

$50,643

* Scholarships/Institutional waivers will decrease loan amounts

Student Loan History

Loan History – Studentloans.gov

Federal Student Aid launched a new feature on its website at StudentAid.gov.

Students, parents, and borrowers can now log in to StudentAid.gov to view their federal student loan and grant information from the National Student Loan Data System (NSLDS).

New Loan Interest Rates 2015-2016

0First disbursement on or after July 1, 2015

Direct Unsubsidized Loans – 5.84%Direct Graduate PLUS Loans – 6.84%

Understanding Repayment Plans

Student borrowers may repay their student loans through one of the several repayment plans:

Standard Repayment

Graduate Repayment

Income Base Repayment (IBR)

Pay As You Earn (PAYEE)

Standard Repayment Plan

Under this plan, the borrower will pay a fixed amount of at least $50 each month for up to 10 years. For most borrowers, this plan results in the lowest total interest paid because the repayment period is shorter than it would be under any of the other repayment plans. (Subsidized, Unsubsidized and PLUS Loans)

Consolidation borrowers have a repayment period of 10 - 30

years depending on their total loan indebtedness.

Standard Repayment

Graduate Repayment

Income Base Repayment (IBR)Pay As You Earn (PAYEE)

Graduated Repayment Plan

The Graduated Repayment Plan may be beneficial if the borrower’s income is low when they leave school but is likely to steadily increase. Under this plan, payments start out low and then increases every two years.

Like the Standard Plan, the maximum repayment period is 10 years for Subsidized, Unsubsidized, and PLUS Loans.

Standard Repayment

Graduate Repayment

Income Base Repayment (IBR)

Pay As You Earn (PAYEE)

Income-Based RepaymentUnder IBR, monthly payment is based on the borrower’s Adjusted Gross Income (AGI), family size, and state of residence.

The minimum monthly payment may be as low as $0 or $50 depending on the calculated IBR amount.

Monthly payments are adjusted each year according to changes in your income and family size – new application must be submitted.

Standard Repayment

Graduate Repayment

Income-Base Repayment (IBR)

Pay As You Earn (PAYEE)

An IBR fact sheet,

calculator and Q&A is

available on

www.StudentAid.ed.gov

PAYE – Pay As You Earn0No Date requirement or PFH

0No Cap on monthly payments

025- Year Loan Forgiveness: For Graduate

Standard Repayment

Graduate Repayment

Income Base Repayment (IBR)

Income-Contingent Repayment

Pay As You Earn (PAYEE)

PSLF (Public Service Loan Forgiveness)

0The PSLF Program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans if the borrower:

Is not in defaultMakes 120 separate, full monthly payments, after October

1, 2007 under one or more specified repayment plans (IBR & PAYE)

Is employed full-time at a public service organization while making the 120 required payments, when requesting forgiveness, and when forgiveness is granted

0 Complete - Employment Certification Form

Consolidation0A Direct Consolidation Loan allows you to consolidate (combine)

multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments.

0 If you consolidate your loans during your grace period, you will give up the remainder of your grace period and begin repayment after your Direct Consolidation Loan is disbursed (paid out). Your first bill will be due approximately two months after the Direct Consolidation Loan is disbursed.

0How Do I Apply

Online Web Application - Apply online. www.loanconsolidation.ed.gov

Postpone Payment0You can receive a deferment or forbearance that allows

you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.

0During a deferment, you do not need to make payments.

0With forbearance, you may be able to stop making

payments or reduce your monthly payment for up to 12 months.

Interest will continue to accrue on your subsidized and

unsubsidized loans (including all PLUS loans).

Resources:0Financial Literacy Website:

http://www.uthsc.edu/finaid/flight/index.php

0 Facebook Page:

UTHSC Flight

One-Stop-Shop: Located in 910 Building on the 1st floor Services available:

- Financial aid- Bursar Office- Registrar Office

Financial Literacy Library:

(located in the One-Stop-Shop)

Contact Information

Ms. Janice G. Maddox, MBA

Financial Literacy Coordinator

Counselor - CGHS

One Stop Shop

(901) 448-1601

jmaddox9@uthsc.edu

Skype: Janice.maddox3

Questions

Answers