University of Central Florida College of Medicine

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University of Central Florida College of Medicine. Student Financial Services Ruthanne Madsen, EdD, MBA 407.266.1381 Lisa Minnick 407.266.1383 medfinaid@mail.ucf.edu. How may we assist you? Objectives for todays presentation. Review Financial Assistance Programs - PowerPoint PPT Presentation

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University of Central Florida College of Medicine

University of Central Florida College of MedicineStudent Financial Services

Ruthanne Madsen, EdD, MBA407.266.1381

Lisa Minnick407.266.1383

medfinaid@mail.ucf.edu

How may we assist you?Objectives for todays presentation

Review Financial Assistance ProgramsUnderstanding your Billing StatementDeferment, Disbursement, Direct DepositAddress Financial NeedsFinancial CounselingProfessional development opportunitiesQ&AQuestions and Prizes

Types of Financial Assistance

Gift AidInstitutional ScholarshipUCFCOM Need-Based Grant

If you maintain satisfactory academic progress, you will retain aid each year. Please see Student Handbook for more information.

Scholarships are renewable for up to 4 years. UCFCOM Need-Based Grant requires the filing of the FAFSA every year, and financial need has to be determined.

Must not be in default on any federal loans or owe a refund on any federal grants

Federal Student LoansFederal Stafford Loans 6.8% fixed with .5% origination feeSubsidized Stafford Loan Maximum $8,500/yearUnsubsidized Stafford Loan (interest accrues while enrolled)Combined Sub & Unsub 11-12 Annual Maximum $42,722*Aggregate Lifetime Maximum: $224,000NSLDS (National Student Loan Database System) www.nslds.ed.gov*Maximum for 11-12. Length of Academic Year Affects Eligibility

Federal GradPLUS Loan 7.9% fixed with 2.5% origination feeRequires Credit CheckMaximum: Cost of Attendance Financial Aid AwardedNo Aggregate Lifetime Maximum

Federal Student LoansIf you have previous loans, your full-time enrollment will be submitted to the Clearinghouse automatically so you will remain in deferment

No need to consolidate loans now since you will not go into repayment until after graduation from medical school

Avoid private educational loans, if possible

Outside, Private Scholarships

You must inform us of any outside scholarships, so we can include the award in your financial aid packageComplete the Outside Scholarship form found on our websiteVeterans Benefits

Student Financial Services does not have access to recordsAppointment can be scheduled with representative (here at Lake Nona)All VA questions should be directed to:Jim Middlekauff, Director of Veteran Services at UCF407.823.2392jmiddlek@mail.ucf.edu

Billing StatementTuition and Fees Half in August/Half in JanuaryShort Term Advance will appear as a charge (along with $5 fee)Anticipated Aid sum of all financial aidHalf in August/Half in January

Deferment Disbursement - Direct deposit

Ready to go 3D?

Deferment

You can postpone payment of tuition and fees up to the amount of your Anticipated Aid

Tuition & Fees minus Anticipated Aid = Amount Due

Example 1: Tuition and Fees$26,503.86-Anticipated Aid$27,000.00 Amount Due Now 0.00

Example 2: Tuition and Fees$12,496.10-Anticipated Aid$ 3,000.00 Amount Due Now 9,496.10

Disbursement of AidDirect Deposit of RefundInstitutional policy states that student must be enrolled at least 7 days before funds can be disbursed (orientation does not count).Once students enrollment has been verified, funds will be disbursed on August 15th.Any overage/refund due to loan funds will be directly deposited into students account within 3 business days.Sign up for Direct Deposit on student portalFinancial NeedsIf you are receiving a refund in August from loan funds- it must last for 5 months until January disbursement - January 9, 2012Running short on fundsApply for or increase Stafford LoanApply for or increase GradPLUS LoanBudget/Spend lessUnexpected expenses or emergenciesShort Term Advance

American Medical Association (AMA)Insurance Payments

Disability Insurance IF utilizing the recommended AMA ($52.25 includes 5% discount). Disability Insurance is RequiredLife and Accidental Death & Dismemberment Insurance ($41.72 includes 5% discount) - (optional)

Make checks payable to UCF

Out of State StudentsThe State of Florida recently clarified the regulations regarding residency which will make it EXTREMELY DIFFICULT for any out of state student to become a Florida resident while enrolled as a student at UCF. Must be in the state for non-educational purposes.

14Financial CounselingStudent Loan Repayment

Money Management

Credit

Student Loan Repayment OptionsBasic Repayment Plans10 Years - StandardFederal Consolidation LoanSimplifies loan repayment by combining several types of federal education loans into one new loan. Monthly payment is usually lowerAmount of time to repay may be extended up to 30 yearsResults in more manageable debt and less prone to default

Student Loan Repayment OptionsIncome-Based Repayment (IBR)Reduces Monthly Payment Based on Income/Family Size15% of the Difference Between the Borrowers AGI and 150% of Poverty LinePayment might be $650/month rather than $2000/month, depending on AGI, Family Size, Total IndebtednessPros:Lower Monthly Payments25-Year Cancellation (repay under IBR plan for 25 and remaining balance is canceled)/10-Year Public Service Loan Forgiveness (will elaborate on next screen)Cons:You Pay More Interest (The faster you repay loans, the less interest you pay.)You Must Submit Annual Documentation

Student Loan Repayment OptionsPublic ServiceProgram discharges any remaining debt after 10 years of full-time employment in public service. Borrower must have made 120 payments as part of the Direct Loan Program. What is forgiven? After 120 monthly payments, the remaining interest and principal are forgivenBorrower must be employed full-time in a public service job for each of the 120 monthly paymentsDepartment of Education determines if borrower qualifies-must work for non-profit entity.Eligible loans-Stafford and GradPLUS (Perkins Loan if consolidated into a Direct Consolidation Loan)

Money Management

10 Financial Tips

1. Limit your use of credit cards, save them for emergencies2. Get in the habit of saving even if you can only save $5 a month3. Budget your money just as carefully as you budget your time; put yourself on a monthly budget and stick to it Interactive Budget Sheet Available on our website4. Keep records of your purchases/debt5. Dont buy on impulse6. Spend time studying instead of shopping7. Limit or give up bad habits8. Buy machine washable clothes9. Bring your lunch/coffee instead of purchasing10. Pay your bills on time

Your Credit Report

Essential for the Health of Your Financial Plan

Free Annual Credit Report at www.annualcreditreport.com

Three Credit Bureaus:ExperianEquifaxTransUnion

Charge to receive FICO Score (typically $7.95 for each bureau)

Credit Report-Historical summary of financial payment activity. Includes:Mortgages; Rent Payments; Car Payments; Utilities; Revolving Credit; Student Loans; Credit Cards; Library Fines; Parking tickets, Any Contractual Obligation

Credit Report-Lists Current Balances on All Outstanding Debts; Amount of Available Credit; Bankruptcies, Lines, Judgments; Inquires about Credit; Public Record Information

What is a FICO Credit Score?FICO = Fair Isaac Corporation (company that specializes in predictive analytics)

A multi-variate, multi-equation model which calculates a number based on your personal credit Behavior

Credit Grade :How well you handle moneyLikelihood you will repay a loanFICO score is calculated based on several factors and is in real time-reported to bureaus on a monthly basis by creditors

21

35%30%15%10%10%Payment history

Amounts owed(debt-to-credit limit)

Length ofcredit historyNew creditTypes of credit used

Source: www.myfico.com Factors Influencing Your Credit Score22These 5 categories are applicable to the general population. For some groups, like people who have not been using credit long, the importance of these categories may be different. No one category is the only factor in your credit score. For example. having no late payments wont get you a perfect score. Although your credit score only looks at information in you credit report, creditors often look at other factors when making a credit decision including:your incomehow long youve been at your current job and the type of credit youre requesting.

2009 U.S. FICO Score Ranges

23Credit Score Makes a DifferenceExample of Interest Affecting PriceScore of 720-850 - 4.6% Interest RateScore of 560-619 7.422% Interest Rate

30 Year Mortgage; $300,000 Home Value; $250,000 LoanScore of 720-850 - $1594.11/month; Total Interest = $208,359.10Score of 560-619 - $2047.20/month; Total Interest = $369,701.44Difference of $161,342.34Managing Your CreditKnow what you owe and live within your means

Use credit wisely & check your credit report annually

Pay your bills on time

Guard against identity theft

Keep credit card balances less than 50% of available credit

Know a scam when you see one

Pay more than the minimum payment required

Professional Development OpportunitiesYou choose!

Ideas:Home purchaseCredit, what it means to you and how to improve itIdentity TheftInvestments/Personal Finance/Wealth Management

At your service!Things you should do right now:Follow-up with Student Financial Services Complete and submit outstanding items

Think about questions that you may have. Each student will meet with us for 15 minutes.

Call or email us should you have any questions or issues that arise

Additional ResourcesNSLDS (National Student Loan Database System)www.nslds.ed.gov AAMC FIRST for Medical Education (Financial Information, Resources, Services, and Tools)www.aamc.orgUCF College of Medicine Web Sitewww.med.ucf.edu

Please rememberNo problem is too small

No question is silly

We are here to assist you!

Questions?

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