University of Central Florida College of Medicine
Student Financial ServicesRuthanne Madsen, EdD, MBA407.266.1381
Lisa Minnick407.266.1383
How may we assist you?Objectives for today’s presentation
• Review Financial Assistance Programs• Understanding your Billing Statement• Deferment, Disbursement, Direct Deposit• Address Financial Needs• Financial Counseling• Professional development opportunities• Q&A• Questions and Prizes
Types of Financial Assistance
Gift AidInstitutional Scholarship
UCFCOM 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 fee
▫ Subsidized Stafford Loan –Maximum $8,500/year▫ Unsubsidized Stafford Loan (interest accrues while
enrolled)▫ Combined Sub & Unsub 11-12 Annual Maximum $42,722*▫ Aggregate Lifetime Maximum: $224,000▫ NSLDS (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 fee
▫ Requires Credit Check▫ Maximum: Cost of Attendance – Financial Aid Awarded▫ No Aggregate Lifetime Maximum
Federal Student Loans• If 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 package
• Complete the Outside Scholarship form found on our website
Veterans Benefits• Student Financial Services does not have access to records• Appointment can be scheduled with representative (here at
Lake Nona)• All VA questions should be directed to:
▫ Jim Middlekauff, Director of Veteran Services at UCF▫ 407.823.2392▫ [email protected]
Billing Statement•Tuition and Fees
▫Half in August/Half in January•Short Term Advance will appear as a
charge (along with $5 fee)•Anticipated Aid – sum of all financial aid
▫Half 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 Refund
•Institutional policy states that student must be enrolled at least 7 days before funds can be disbursed (orientation does not count).
•Once student’s enrollment has been verified, funds will be disbursed on August 15th.
•Any overage/refund due to loan funds will be directly deposited into student’s account within 3 business days.
•Sign up for Direct Deposit on student portal
Financial Needs•If you are receiving a refund in August
from loan funds- it must last for 5 months until January disbursement - January 9, 2012
•Running short on funds▫Apply for or increase Stafford Loan▫Apply for or increase GradPLUS Loan▫Budget/Spend less
•Unexpected expenses or emergencies▫Short Term Advance
American Medical Association (AMA)Insurance Payments
Disability Insurance IF utilizing the recommended AMA ($52.25 includes 5% discount). Disability Insurance is Required
Life and Accidental Death & Dismemberment Insurance ($41.72 includes 5% discount) - (optional)
Make checks payable to UCF
Out of State Students• The 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.
Financial Counseling
•Student Loan Repayment
•Money Management
•Credit
Student Loan Repayment OptionsBasic Repayment Plans
▫ 10 Years - Standard▫ Federal Consolidation Loan
Simplifies loan repayment by combining several types of federal education loans into one new loan.
Monthly payment is usually lower Amount of time to repay may be extended up to 30
years Results in more manageable debt and less prone to
default
Student Loan Repayment Options
Income-Based Repayment (IBR)• Reduces Monthly Payment Based on Income/Family Size• 15% of the Difference Between the Borrower’s AGI and 150% of
Poverty Line• Payment might be $650/month rather than $2000/month,
depending on AGI, Family Size, Total Indebtedness▫ Pros:
Lower Monthly Payments 25-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 Service
Program 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 forgiven
Borrower must be employed full-time in a public service job for each of the 120 monthly payments
Department 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 Management10 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. Don’t 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 ReportEssential for the Health of Your Financial Plan
•Free Annual Credit Report at www.annualcreditreport.com
•Three Credit Bureaus:▫Experian▫Equifax▫TransUnion
•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 money▫Likelihood you will repay a loan
•FICO score is calculated based on several factors and is in “real time”-reported to bureaus on a monthly basis by creditors
35%
30%
15%
10%10%
Payment history
Amounts owed(debt-to-credit limit)
Length ofcredit history
New credit
Types of credit used
Source: www.myfico.com
Factors Influencing Your Credit Score
2009 U.S. FICO Score Ranges
0%
5%
10%
15%
20%
25%
30%
up to 499 500-549 550-599 600-649 650-699 700-749 750-799 800+
FICO Score Range
8%
2%
5%
12% 13%
27%
18%
15%
Credit Score Makes a Difference
Example of Interest Affecting Price•Score of 720-850 - 4.6% Interest Rate•Score of 560-619 – 7.422% Interest Rate
30 Year Mortgage; $300,000 Home Value; $250,000 Loan•Score of 720-850 - $1594.11/month; Total
Interest = $208,359.10•Score of 560-619 - $2047.20/month; Total
Interest = $369,701.44Difference of $161,342.34
Managing Your Credit
•Know 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 Opportunities
You choose!
Ideas:•Home purchase•Credit, what it means to you and how to
improve it•Identity Theft•Investments/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 Resources• NSLDS (National Student Loan
Database System)www.nslds.ed.gov
•AAMC FIRST for Medical Education (Financial Information, Resources, Services, and Tools)www.aamc.org
•UCF College of Medicine Web Sitewww.med.ucf.edu
Please remember…•No problem is too small
•No question is silly
We are here to assist you!
Questions?
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