OU-HCOMOU-HCOMClass of 2013 Class of 2013

Q2S Q2S &&

FINANCIAL AID PRESENTATIONFINANCIAL AID PRESENTATION

Agenda for todayAgenda for today

What is Q2S and how does it affect your What is Q2S and how does it affect your financial aid? financial aid?

Quick review of financial aid packagesQuick review of financial aid packages When can you expect your money?When can you expect your money? Other misc important info.Other misc important info.

Q2S Effect on TuitionQ2S Effect on TuitionRules for the Q2S transition state that a school can’t Rules for the Q2S transition state that a school can’t

use the transition to charge the students more in use the transition to charge the students more in tuition with semesters than they would have paid tuition with semesters than they would have paid under the quarter system.under the quarter system.

This does not include annual increases in tuition – average at This does not include annual increases in tuition – average at HCOM has been 5% each yearHCOM has been 5% each year

O.U. Undergrads & Graduate Students pay by the credit hour.O.U. Undergrads & Graduate Students pay by the credit hour.

OU-HCOM Students pay a set tuition amount each term. OU-HCOM Students pay a set tuition amount each term.

Comparison: Comparison: Quarters with SemestersQuarters with Semesters

OU-HCOM Quarters (old system) = 14 TermsOU-HCOM Quarters (old system) = 14 Terms

Year 1: Year 1: Fall Fall Winter Winter Spring Spring

Year 2:Year 2: Fall Fall WinterWinter Spring Spring

Year 3:Year 3: Summer Summer Fall Fall WinterWinter Spring Spring

Year 4Year 4 Summer Summer Fall Fall WinterWinter Spring Spring

OU-HCOM Semesters (starting in 12-13) = 10 TermsOU-HCOM Semesters (starting in 12-13) = 10 Terms

Year 1:Year 1: Fall Fall SpringSpring

Year 2:Year 2: FallFall SpringSpring

Year 3:Year 3: Summer Summer FallFall SpringSpring

Year 4 Year 4 Summer Summer FallFall SpringSpring

Impact on Financial Aid for 2012-13Impact on Financial Aid for 2012-13

Q2S – some impact but less than other Q2S – some impact but less than other factors.factors.

Federal regulations that govern fin aid create Federal regulations that govern fin aid create some impact on aid delivery.some impact on aid delivery.

Because of Q2S, the tuition semester amount Because of Q2S, the tuition semester amount for your class will be different from other for your class will be different from other HCOM students. HCOM students.

Two Factors in Determining your Financial Aid Packages:

The Educational Budget - set by OUCOM

Stafford Loan Limits - set by federal regulations – based on number of months of enrollment

Student Educational Budget Year 4 in-state = $68,841

What is included?

Tuition & fees $42,006 Books & Equipment $2,949 Room & Board-9 months $16,158 Transportation $3,570 Personal Expenses $4,158

What kind of aid is available?What kind of aid is available?Stafford LoansStafford Loans::

The Subsidized loan has been eliminated for 2012-13.

Stafford Unsubsidized Loan - $47,167Interest = 6.8% Fixed

-There are origination fees on the Stafford Loans – last year the origination fee was .5% this year it is 1%

Sample: $1,000(principal) - $10(fee) = $990

Prorating the Stafford Loan

Summer = Summer = $11,000$11,000

Fall = Fall = $18,084$18,084

Spring = Spring = $18,083$18,083

TOTAL = TOTAL = $47,167$47,167

What kind of aid is available?What kind of aid is available?Grad PLUS LoansGrad PLUS Loans::

Grad PLUS loansGrad PLUS loans-7.9% fixed interest -7.9% fixed interest -Must pass credit check to borrow a Grad PLUS loan. Have the -Must pass credit check to borrow a Grad PLUS loan. Have the

option of getting a co-signer if credit is an issue. option of getting a co-signer if credit is an issue.

-May borrow up to the cost of attendance – there no aggregate limit -May borrow up to the cost of attendance – there no aggregate limit on the Grad PLUS loan.on the Grad PLUS loan.

There are origination fees on Grad PLUS Loans – last year the origination fees were 2.5% this year they are 4%

Sample: $1,000(principal) - $40(fee) = $960

Prorating the Grad PLUS Loan

Summer = Summer = $2,000$2,000

Fall = Fall = $9,837$9,837

Spring = Spring = $9,837$9,837

TOTAL = $21,674TOTAL = $21,674

OU-HCOM ScholarshipsOU-HCOM Scholarships

We are hoping to award the OU-HCOM Institutional We are hoping to award the OU-HCOM Institutional Scholarships by FallScholarships by Fall

Everyone who applied for scholarships will be Everyone who applied for scholarships will be notified when we award the scholarships.notified when we award the scholarships.

Disadvantaged Scholarships – the application will Disadvantaged Scholarships – the application will not be available until we hear if we have been not be available until we hear if we have been

awarded federal disadvantaged funds this year. awarded federal disadvantaged funds this year.

When is my loan money coming?When is my loan money coming?

Scheduled Disbursement Dates: Will also be listed at your MyOhio account

*Note –It can take up to a week for you to receive your overage money

Summer = 7/2/2012

Fall = 8/30/2012 Spring = 1/11/2013

Projected Overages Example – Borrowing only the Stafford Loan

Summer Fall Spring

Stafford Loan $11,000 $18,084 $18,083

Charges Tuition -$9,419 -$14,829 -$14,829 Gen Fee -419 -$616 -$616 Med Fee -302 -$444 -$444 SIS Fee -22 -$33 -$33 Health Ins (*estimate) -$0 -$650* -$650*

Stafford overage (estimate) $838 $1,512* $1,511*

7/1/12 – 8/30/12 9/1/12 – 1/11/13 1/12/13 -6/30/13

61 Days 133 Days 170 Days

*This calculation does not take origination fees into account.

Borrowing Maximum Stafford & Grad PLUS Summer Fall Spring

Stafford Loan $11,000 $18,084 $18,083

Grad PLUS $2,000 $9,837 $9,837

Charges Tuition -$9,419 -$14,829 -$14,829 Gen Fee -419 -$616 -$616 Med Fee -302 -$444 -$444 SIS Fee -22 -$33 -$33 Health Ins (*estimate) -$0 -$650* -$650*

Total overage (estimate) $2,838* $11,349* $11,348*

7/1/12 – 8/30/12 9/1/12 – 1/11/13 1/12/13 -6/30/13

61 Days 133 Days 170 Days

*This calculation does not take origination fees into account.

Questions?Questions?