FINANCIAL AIDThe Next Step
Presenters
Kristie Lillibridge Office of University Financial Aid/Student Employment
Adam DiIulioOffice of University Financial Aid/External Loans
Topics To Be Discussed
• Federal Work Study Program and the Student Employment Process
• Student Information System (SIS)• Student Loan Programs
• Federal Loans• Private Loans
• Loan Application Process
Federal Work Study• Federal Work Study is an optional program• A Federally funded need-based program included in
the student’s financial aid package• Is not applied to direct costs• Priority in the job placement process
• Work-Study Job Fair – September 5, 2012• Earnings are excluded from upcoming year’s student
contribution• Students not eligible for FWS can still work on campus • Documents needed for the Employment Application
Basic Pay Information
• Campus minimum wage is $9.20 per hour• Students are paid twice a month• Direct deposit is the preferred method of payment • Maximum hours a student can work per week = 20
Average is 8 to 10 hours per week• May work up to 40 hours per week during long
breaks (i.e. Winter break and Summer)• http://jobbss.case.edu
Student Information System (SIS)
www.case.edu/sis
Student Center
• Academic and Financial Information• Payment Deadlines:
•Fall semester: October 5, 2012•Spring semester: March 8, 2013
• Finances •Account Activity•Payments•Pending Financial Aid•Other Financial
Student Center
•Set up an authorized user account for access to:•Student Finances•Academic Info•Student Center
• Authorized user with financials access can view the bill, billing history, account activity, pending aid and can make an online payment
• The university automatically charges a health fee
Paying For College
Financial Planning with your Student• Planning for four years• Communicate the importance of:
• Credit Score• Credit Card• Budgeting• Etc.
• Encourage your students to attend the financial literacy presentation Thursday at 10am in Nord 400
Financing Your Education
•What are your options after you have exhausted the following?• Savings • Assistance from Parents/Other(s)• Scholarships• State and Federal Grants, if eligible• Work-Study, if eligible
Subsidized/Unsubsidized Direct Student Loans
• Subsidized program – need-based• Unsubsidized program – not need based• Both programs require the filing of the FAFSA as a
prerequisite step• Student is the borrower and is solely responsible for
repayment • Repayment starts six months after leaving CWRU or if the
student drops below half-time status
Direct Loan Application Process• Loan instructions were mailed in June directing
students to the www.studentloans.gov
• Master Promissory Note (MPN) - The MPN will permit Direct Loan borrowing in subsequent years.
• Entrance Interview provides information on the borrower’s rights and responsibilities.
Federal Perkins Loan
• Student loan; need-based; subsidized• Limited dollar program for colleges• Has a nine-month grace period prior to start of repayment• The student will receive an e-mail from ECSI to their CWRU
e-mail account with a link to www.ecsi.net to e-sign their promissory note. The loan must be accepted by the student to receive this e-mail.
Parent PLUS Loan• Federal Loan, not subsidized, not need-based• Amount cannot exceed cost of attendance minus other aid• PLUS Loans do not show up under pending aid in SIS• Parents will log onto www.studentloans.gov to complete:
• Parent PLUS application• MPN
• PLUS Loans are disbursed at the beginning of each semester; please apply for the full amount you anticipate needing for the academic year
• Only the disbursed amount starts accruing interest• Credit based loan – may be eligible for additional
Unsubsidized Direct Loan if denied
Private Loans
• Lender List at financialaid.case.edu• Private Loans usually have additional steps and can
take between 2-4 weeks to disburse• Loan proceeds will be disbursed to the student’s
account after classes have begun and all requirements fulfilled
• Other bank loans (i.e. Home Equity Line of Credit)
Managing Your Loans
• Read, understand, and save all loan documentation.• While in school, use SIS Student Center to view your
tuition account history. • Federal loans will be viewable on www.nslds.ed.gov
and all loans on your credit report. • Contact a Financial Aid Counselor with any questions
on your award or student loans.
Contact InformationOffice of University Financial Aid
Yost Hall [email protected]
Office of External LoansYost Hall [email protected]
Office of Student EmploymentYost Hall [email protected]
BURSAR: Student Accounts Receivable Yost Hall [email protected]