Financial Aid
Financial Aid Summer 2015
Free Application for Federal Student Aid (FAFSA) • • • •
•
Complete Online at fafsa.gov Recommended Filing Date: March 1 School Code: 008815 Sign Electronically (Username and Password) EFC (Expected Family Contribution)
REAPPLY EACH YEAR!!!
Verification •
What is Verification? – The Department of Ed. requires the school to verify the accuracy of the information submitted on the FAFSA
•
Who is Selected? – Random selection, but you are less likely to be selected if you use the IRS DRT
•
How Do I Complete the Process? – Complete the To Do List items found on the Student Center of your Self-Service
ONCE VERIFICATION IS COMPLETED, YOUR AID PACKAGE MAY CHANGE!
Award Notification • Initial Award Notifications to New Students • Paper letter mailed • Electronic copy emailed to student’s Pitt email • Revised Award Notifications • Electronic copy emailed (only) to student’s Pitt email
Type of Financial Aid Gift Aid • Grants • Typically need-based • Pell Grants • State Grants • PHEAA in PA
• Scholarships • Typically merit-based (offered by Admissions) • College Board • Fastweb • Community organizations
Type of Financial Aid Self-Help Aid • Work Opportunities • Federal Work-Study • Need Based
• Student Employment • Non-need based
• All positions on pittsource.com • Funds are NOT subtracted from the student’s eBill
• Education Loans • Direct Student Loan • Subsidized/UnSubsidized
• Perkins/Nursing/Pharmacy
Subsidized vs. UnSubsidized Subsidized Direct Loan
UnSubsidized Direct Loan
• Based on financial need • Government pays interest while student is enrolled at least half-time • Fixed Interest Rate: 4.29%
• Available to ALL students, regardless of need
(effective change July 1)
• Origination Fee: 1.073% (subject to change October 1)
(must file FAFSA)
• Interest paid either quarterly or capitalized upon repayment • Fixed Interest Rate: 4.29% (effective July 1)
• Origination Fee: 1.073% (subject to change October 1)
Federal Direct Student Loan – It’s a TWO Step Process • Website: studentloans.gov STEP ONE:
Sign Master Promissory Note
STEP TWO:
Entrance Counseling
Perkins Loan • Very limited funding • Designated for exceptionally-needy students (based on results from the FAFSA) • No interest accrues while in school • Interest Rate: 5% • Information to complete the MPN and Entrance is sent to the student’s Pitt email in July • Instructions will be emailed from Heartland ECSI
Nursing/Pharmacy • Very limited funding • Designated for exceptionally-needy Nursing and Pharmacy students (based on results from the FAFSA) • No interest accrues while in school • Interest Rate: 5% • Information to complete the MPN and Entrance is sent to the student’s Pitt email in July • Instructions will be emailed from Heartland ECSI
Accept/Decline/Reduce Awards • Go to the Student Center on my.pitt.edu
• Select Accept/Decline Awards • Click on the Aid Year (2016)
Accept/Decline/Reduce Awards • View the student’s award package – Make Selection • Accept All • Decline All • Check individual awards to accept or decline
• Accepted aid will appear on your eBill as “Anticipated”
Outside Aid • Report any scholarship or grant received from a source outside the Financial Aid Office Funds will not appear on eBill until funds are received by the Student Payment Center
Additional Funding Options • Pay in full the balance not covered by financial aid – (EXCLUDING work-study) • Payment Plans • Federal Direct Parent PLUS Loan • Private Alternative Education Loans
Additional Loan Options • Federal Direct Parent PLUS Loan • Must file a FAFSA • Requires credit-worthy parent borrower (or parent with endorser) • Complete the process online at studentloans.gov • Request a Direct PLUS Loan (Application) • Complete a Master Promissory Note (MPN)
Additional Loan Options • Federal Direct Parent PLUS Loan • Interest Rate: 6.84% (effective July 1) • Loan Fees: 4.292% (subject to change October 1) • Option to postpone repayment while student is enrolled at least half-time • Apply after June 1 (credit decision valid for 90 days) If a parent is denied a PLUS Loan due to adverse credit, first year students can be eligible for up to $4,000 additional in the Direct UnSubsidized Loan.
Private Alternative Education Loans • Option to help students cover their educational expenses • Loan is in the student’s name • Not a federally backed loan • Requires credit check (may require co-signer) • Select a lender of your choice – Be a consumer; shop around
• Search for alternative lenders at:
https://choice.fastproducts.org/FastChoice/home/337900/1
Satisfactory Academic Progress • Federal • 67% completion rate AND • 2.0 cumulative GPA
• PHEAA State Grant • Complete 24 new credits each academic year • Scholarships • Refer to specific scholarship guidelines
Thank You For Attending! Enjoy Your Day!!
Free Application for Federal Student Aid (FAFSA) • • • •
•
Complete Online at fafsa.gov Recommended Filing Date: March 1 School Code: 008815 Sign Electronically (Username and Password) EFC (Expected Family Contribution)
REAPPLY EACH YEAR!!!
Verification •
What is Verification? – The Department of Ed. requires the school to verify the accuracy of the information submitted on the FAFSA
•
Who is Selected? – Random selection, but you are less likely to be selected if you use the IRS DRT
•
How Do I Complete the Process? – Complete the To Do List items found on the Student Center of your Self-Service
ONCE VERIFICATION IS COMPLETED, YOUR AID PACKAGE MAY CHANGE!
Award Notification • Initial Award Notifications to New Students • Paper letter mailed • Electronic copy emailed to student’s Pitt email • Revised Award Notifications • Electronic copy emailed (only) to student’s Pitt email
Type of Financial Aid Gift Aid • Grants • Typically need-based • Pell Grants • State Grants • PHEAA in PA
• Scholarships • Typically merit-based (offered by Admissions) • College Board • Fastweb • Community organizations
Type of Financial Aid Self-Help Aid • Work Opportunities • Federal Work-Study • Need Based
• Student Employment • Non-need based
• All positions on pittsource.com • Funds are NOT subtracted from the student’s eBill
• Education Loans • Direct Student Loan • Subsidized/UnSubsidized
• Perkins/Nursing/Pharmacy
Subsidized vs. UnSubsidized Subsidized Direct Loan
UnSubsidized Direct Loan
• Based on financial need • Government pays interest while student is enrolled at least half-time • Fixed Interest Rate: 4.29%
• Available to ALL students, regardless of need
(effective change July 1)
• Origination Fee: 1.073% (subject to change October 1)
(must file FAFSA)
• Interest paid either quarterly or capitalized upon repayment • Fixed Interest Rate: 4.29% (effective July 1)
• Origination Fee: 1.073% (subject to change October 1)
Federal Direct Student Loan – It’s a TWO Step Process • Website: studentloans.gov STEP ONE:
Sign Master Promissory Note
STEP TWO:
Entrance Counseling
Perkins Loan • Very limited funding • Designated for exceptionally-needy students (based on results from the FAFSA) • No interest accrues while in school • Interest Rate: 5% • Information to complete the MPN and Entrance is sent to the student’s Pitt email in July • Instructions will be emailed from Heartland ECSI
Nursing/Pharmacy • Very limited funding • Designated for exceptionally-needy Nursing and Pharmacy students (based on results from the FAFSA) • No interest accrues while in school • Interest Rate: 5% • Information to complete the MPN and Entrance is sent to the student’s Pitt email in July • Instructions will be emailed from Heartland ECSI
Accept/Decline/Reduce Awards • Go to the Student Center on my.pitt.edu
• Select Accept/Decline Awards • Click on the Aid Year (2016)
Accept/Decline/Reduce Awards • View the student’s award package – Make Selection • Accept All • Decline All • Check individual awards to accept or decline
• Accepted aid will appear on your eBill as “Anticipated”
Outside Aid • Report any scholarship or grant received from a source outside the Financial Aid Office Funds will not appear on eBill until funds are received by the Student Payment Center
Additional Funding Options • Pay in full the balance not covered by financial aid – (EXCLUDING work-study) • Payment Plans • Federal Direct Parent PLUS Loan • Private Alternative Education Loans
Additional Loan Options • Federal Direct Parent PLUS Loan • Must file a FAFSA • Requires credit-worthy parent borrower (or parent with endorser) • Complete the process online at studentloans.gov • Request a Direct PLUS Loan (Application) • Complete a Master Promissory Note (MPN)
Additional Loan Options • Federal Direct Parent PLUS Loan • Interest Rate: 6.84% (effective July 1) • Loan Fees: 4.292% (subject to change October 1) • Option to postpone repayment while student is enrolled at least half-time • Apply after June 1 (credit decision valid for 90 days) If a parent is denied a PLUS Loan due to adverse credit, first year students can be eligible for up to $4,000 additional in the Direct UnSubsidized Loan.
Private Alternative Education Loans • Option to help students cover their educational expenses • Loan is in the student’s name • Not a federally backed loan • Requires credit check (may require co-signer) • Select a lender of your choice – Be a consumer; shop around
• Search for alternative lenders at:
https://choice.fastproducts.org/FastChoice/home/337900/1
Satisfactory Academic Progress • Federal • 67% completion rate AND • 2.0 cumulative GPA
• PHEAA State Grant • Complete 24 new credits each academic year • Scholarships • Refer to specific scholarship guidelines
Thank You For Attending! Enjoy Your Day!!
