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TUHSC Office of Financial Aid 2013 Summer Financial Aid Workshop Thursday, March 21, 2013. Introduction. - PowerPoint PPT Presentation
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TUHSC Office of Financial Aid 2013 Summer
Financial Aid Workshop
Thursday, March 21, 2013
Introduction
• TUHSC Office of Financial Aid Staff Counselors A - HO Carl Hudson, CounselorHP - MB James Bourgeois, Associate Director MC - Z
Shirley Davis, Counselor Program Coordinator A - Z Donna Fasullo
Workshop Outline • Introduction / Outline• Applications required• Types of aid available• Annual loan limits• Federal aid eligibility• Academic year: ‘12-
13 vs. ‘13-14• Cost of attendance
Tuition & FeesWeeks of attendanceAbroad programs
• Loan processingFederal StaffordFederal Grad
PLUS Private (non-federal)
• Billing of tuition & fees • Disbursements of aid• Refunds for living
expenses• Adjustment to Aid • Applying for 2013-2014
Applications Required• 2013 Summer Addendum
• 2013-2014 Free Application for Federal Student Aid (FAFSA)
• 2012-2013 Free Application for Federal Student Aid (FAFSA)
• Federal Direct Loan Applications: Federal Direct Stafford Loan Master Promissory Note
Federal Direct Grad PLUS Loan Master Promissory Note
• Private (non-federal) Student Loan Application
• IRS federal tax transcript (being filed by 4/15/13)…if necessary
• Verification Addendum (if necessary)
• Website: http://tulane.edu/financialaid/hsc/index.cfm
Types of Financial Aid Available
• ScholarshipsDean’s Grants/ Departmental GrantsOutside Scholarships
• LoansUnsubsidized: Federal Unsubsidized
Stafford Loan Federal Grad PLUS Loan Non-federal, Private Student Loan
• EmploymentFederal Work Study will NOT be available!
Annual Loan Limits
• Federal Stafford Loan: PH Annual Limit
Federal Unsubsidized Stafford $33,000
MD Annual LimitFederal Unsubsidized
Stafford $40,500
• Federal Grad PLUS Non-federal, private alternative loan:
No annual limitCost of Attendance less Other Aid
Academic Year: 2012-2013 vs. 2013-2014
• 2012-2013: 7/1/12 through 6/30/13 Use only if 12-13 annual loan limits available.
• 2013-2014: 7/1/13 through 6/30/14 Use if 12-13 annual loan limits exhausted
• CAN NOT MIX ACADEMIC YEAR ELIGIBILITY!
Federal Aid Eligibility
• You must enroll for at least 5 credit hours and/or “Practicum” or “Dissertation” each semester to be eligible for federal aid.
• Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award.
Cost of Attendance
• 2013 Summer Tuition & FeesBased on current 2012-2013 rate schedule: $ 1,023 tuition per credit hour + $ 45 academic support fee per credit hour= $1,068 total per credit hour + $100 technology fee for summer semester
• Living Expenses Based on actual weeks of enrollmentBased on 2013-2014 budgets $466 per week for resident students or $190 per week for commuter students $50 per credit hour for books ($150 for Practicum and/or Dissertation)
Cost of Attendance Example #1
• 2013 Summer Enrollment:GEHS6030-01 3 hrs $3,204 tuition & fees
6/3/13 – 6/28/13 4 weeks
GEHS7950-01 3 hrs$3,204 tuition & fees 6/3/13 – 6/28/13 4 weeks
Summer Cost of Attendance:$6,408 tuition & academic support fee +
$ 100 technology fee for summer semester+ $ 300 books (6 hrs @ $50 per hr)+ $1,864 living expenses (4 weeks)
= $8,672 TOTAL
Cost of Attendance Example #2
• 2013 Summer Enrollment: GEHS6030-01 3 hrs $3,204 tuition & fees
6/3/13 – 6/28/13 4 weeks
EPID6030-01 3 hrs $ 3,204 tuition & fees 7/1/13 – 7/26/13 4 weeks
Summer Cost of Attendance: $ 6,408 tuition & academic support fee +
$ 100 technology fee for summer semester+ $ 300 books (6 hrs @ $50 per hr)
+ $ 3,728 living expenses (8 weeks)= $10,536 TOTAL
Cost of Attendance Example #3
• 2013 Summer Enrollment:EPID6030-01 3 hrs $ 3,204 tuition & fees
7/1/13 – 7/26/13 4 weeks
GHSD6010-01 2 hrs $ 2,136 tuition & fees 7/7/13 – 8/1/13
4 weeksSummer Cost of
Attendance:$5,340 tuition & academic support fee +
$ 100 technology fee for summer semester+ $ 250 books (5 hrs @ $50 per hr)+ $2,330 living expenses (5 weeks)
= $8,020 TOTAL
Cost of Attendance
• Summer Abroad ProgramsAdd additional costs associated with program
Airfare, lodging, visas, etc.
Allow for local rent charges while abroad
Can NOT disburse aid prior to your summer semester start
Recommend completing all possible application materials
Recommend signing up for “direct deposit”
Loan Processing
• Federal Direct Stafford Loan * No need to e-sign a new Direct MPN if borrowed this year
* Unless you tell us differently, we will certify for the maximum amount eligible
• Federal Direct Grad PLUS Loan * No need to e-sign new Direct Grad PLUS MPN if borrowed this year; HOWEVER…Do need to apply for Grad PLUS for 2013 summer and then again for the 2013-2014 academic year
• Non-federal Private Loan If borrowing non-federal, private student loan
funds, then must complete lender’s loan application process (preferred private lenders offer an on-line application process). You need to complete separate private loan applications for the 2013 summer and for the 2013-2014 academic year. All non-federal, private loans are credit based.
Billing of Tuition & Fees
• You are billed tuition for every credit hour enrolled.
• Practicum is billed at $50 tuition per semester.
• Tuition and fees are billed at the start of the summer semester.
Example #1 Revisited
Financial Aid Budget for the 2013 Summer Semester:assumptions: * enrolled for 6 credit hours * enrolled for 4 weeks * not residing with parents
Tuition & fees: $ 6,508Room: $ 888Board: $ 516Books $ 300Transportation: $ 220Parking: $ 80Miscellaneous: $ 160TOTAL: $ 8,672
Example #1 Revisited
Financial Aid Award for the 2013 Summer Semester:(based on prior cost of attendance =
$8,672)
Federal Direct Unsubsidized Stafford Loan: $ 8,672TOTAL: $ 8,672
Thus, total financial aid award = total cost of attendance.
Disbursements of Aid
• Loan period for the 2013 summer semester:05/20/13 to 08/9/13
• Federal regulations allow for a single disbursement of Stafford loan funds during a loan period, all at the start of enrollment.
• Federal Direct loans disburse loan funds via electronic fund transfer (EFT) to Tulane.
• All eligibility criteria must be satisfied prior to disbursement of aid.
Refunds
With all aid arriving at start of the semester:
Tuition & fees $ 6,508- Unsubsidized Stafford $ 8,672= A/R balance ($2,164)+ Refund $ 2,164
= A/R balance $ 0
Refunds
Sign up for
“direct deposit” for refunds
http://pandora.tcs.tulane.edu/acctrec/
Reconsiderations
• SUMMER IS A SHORT SEMESTER…so decide on summer schedule before
submitting Summer Addendum!• If drop credit hours, can impact tuition costs as well as
number of weeks of living expenses! • If add credit hours will process additional aid after
priority processing is complete.• Receive any other financial assistance:
departmental grantoutside scholarship
• DEADLINE is JUNE 14, 2013!!
Applying for 2013-2014
• 2013-2014 FAFSA• 2013-2014 SPH&TM Financial Aid Addendum• No need to complete Federal Direct Stafford
and/or Federal Direct Grad PLUS MPN (unless using loan program for the first time)
• Apply for Federal Direct Grad PLUS or private loan (if applicable)
Additional Information
• Communication:e-maillocal address
• Always borrow conservatively• Complete a “Title IV Release” form
allows for federal aid to be used to cover all non-tuition & fee expenses
• Reminder: Sign up for “direct deposit” to receive refunds expeditiously
Final Thoughts
Questions???