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Financial Aid at Case Western Reserve University - The Next Steps

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Presentation for students and parents attending Case Western Reserve University's orientation sessions.

Presentation for students and parents attending Case Western Reserve University's orientation sessions.


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  •        CWRU Financial Aid is on facebook and twitter and is updated with important information and dates·        When declining aid on briefcase, it does not update immediately. ·        Deadline for returning students to turn in financial aid is May 15
  • Transcript

    • 1. FINANCIAL AID - The Next Step
    • 2. Presenters
      Kristie Lillibridge
      Office of University Financial Aid/Student Employment
      Carl Ritenour
      BURSAR: Student Accounts Receivable
      Adam DiIulio
      Office of University Financial Aid/External Loans
    • 3. Topics To Be Discussed
      • Federal Work Study Program and the Student Employment Process
      • 4. Student Information System (SIS)
      • 5. Billing and Making Payments
      • 6. Financial Aid Budget Components and Financial Need Determination
      • 7. briefCase: Accepting and Declining Financial Aid
      • 8. Student Loan Programs
      • 9. Federal Loans
      • 10. Private Loans
      • 11. Loan Application Process
    • Benefits of Student Employment
      • Networking opportunities
      • 12. Financial gain
      • 13. Career exploration
    • Federal Work Study
      • A Federally funded need-based program included in the student’s financial aid package
      • 14. Is not applied to direct costs
      • 15. Money earned can be used to pay current year educational expenses
      • 16. Priority in the job placement process
      • 17. Work-Study Job Fair – September 9, 2011
      • 18. Earnings are excluded from upcoming year’s student contribution
    • Federal Work Study
      • Student wages are subsidized by the Federal Government up to the student’s earnings limit
      • 19. Encourages students to participate in community service activities
      • 20. Federal Work Study is an optional program
    • What if I am not eligible for Federal Work Study?
      You can still work
      Almost 2/3rds of all student positions through the Office of Student Employment are non-work study campus jobs.
    • 21. Basic Pay Information
      • Campus minimum wage is $9.20 per hour
      • 22. Students are paid twice a month
      • 23. Direct deposit is the preferred method of payment
      • 24. Maximum hours a student can work per week = 20. Average is 8 to 10 hours per week
      • 25. May work up to 40 hours per week during long breaks (i.e. Winter break and Summer)
    • The Process
      Paperwork Required:
      • Employment Application
      • 26. W-4: Federal Withholding Exemption Certificate
      • 27. I-9: Employment Eligibility Verification
      • 28. IT-4 : State Withholding Exemption Certificate
      Proper forms of Identification must be presented to SE office. Photocopies will not be accepted.
    • 29. The Process
      Finding a Job
      • Work Study Job Fair, Friday, September 9 from 12:30 – 2:00
      • 30. Job Postings located on-line at http://jobbss.case.edu
      • 31. Word of mouth
    • Student Information System (SIS)
      www.case.edu/erp/sis
    • 32. Student Center Tab
      • Academic and Financial Information
      • 33. The Finance Section
      • 34. View amounts “Due now” and “Future Due”
      • 35. Payment Deadlines are:
      • 36. Fall semester: October 7, 2011
      • 37. Spring semester: March 9, 2012
      • 38. Drop-down menu
      • 39. Account Activity
      • 40. Payments
      • 41. Pending Financial Aid
      • 42. Other Financial
    • Account Activity
      • Provides the user with itemized detail of the account
      • 43. If the account has more than 10 rows of data, the user must click on “View All” to view all.
      • 44. Expanding the date range
    • Billing Statement
      Select the make a payment tab
      Click on Account Inquiry
    • 45.
      • Click on the Open online billing and payment link
      • 46. A new window appears giving you a new menu from which you can view the bill (current & past) and make a payment.
      • Your current billing statement will display a balance forward (where appropriate) and any new items, including charges, credits and pending aid.
      • You can also print a PDF version of your statement
    • Online
      Payment Option
      Select Make a Payment
      Type in the dollar amount of the payment
      Select the method of payment
      E-check or savings account
      Discover ® Card
      A 1.77% service fee will be added to your transaction
      Click on the continue button to key in the necessary account information and submit .
      The Discover ® Card is the only credit card accepted due to the large fees associated with other cards.
    • 47. Other Payment Options
      Mail payment using the pdf version of the bill
      Pay in person at the Bursar’s Office (Yost Hall, Room 115)
      Wire Transfer (please contact the Bursar’s Office for details)
      Please Note:
      Checks and money orders should be in U.S. dollars drawn on a U.S. bank, and made payable to “Case Western Reserve University.” Please include the student’s ID number on the check or money order.
      Payment Mailing address:
      Case Western Reserve University
      P.O. Box 74056
      Cleveland, Ohio 44194
      Correspondence/Delivery by Courier:
      Case Western Reserve University
      Bursar’s Office, Yost Hall, Room 115
      10900 Euclid Avenue, Cleveland OH 44106-7043
    • 48. Set up Authorized Users
      • Access the Authorized Guest SetupScreen
      • 49. Use this screen to set up an authorized user account for access to:
      • 50. Student Finances
      • 51. Academic Info
      • 52. Student Center
      • 53. Authorized user with financials access can view the bill, billing history, account activity, pending aid and can make an online payment.
      • 54. Authorized user with access to Student Center can also waive the health fee.
    • Health Insurance
      • The university automatically charges health insurance.
      • 55. Students who have health insurance are eligible to waive the university’s coverage.
    • Paying For College
    • 56. Financial Planning with your Student
      • Think in terms of a 4 year plan, not just this semester’s plan.
      • 57. Credit Score
      • 58. Credit Card
      • 59. Budgeting
    • Financial Education Opportunity For Students
      CWRU Welcome Days
      August 26, 2011 at 4 p.m.
      Building a credit score
      Avoiding credit card mistakes
      The basics of budgeting
      Student Employment
      • Entrance/Exit Counseling
    • My Financial Aid (briefCase)
    • 60.
    • 61. Financing Your Education
      • What are your options after you have exhausted the following?
      Savings
      Assistance from Parents/Other(s)
      Scholarships (http://blog.case.edu/financialaid/)
      State and Federal Grants, if eligible
      Work-Study, if eligible
      Tip:Search first for sources of Financial Aid that don’t need to be repaid!
    • 62. Student Loan Programs
      Federal Loans: Administered and regulated by the US Department of Education.
      Federal Direct Subsidized Loan
      Federal Direct Unsubsidized Loan
      Federal Perkins Loan
      Federal Direct Parent Loan for Undergraduate Student (PLUS)
      Private Loans: Generally administered and regulated by the University, loan company and/or bank.
      Private Educational Loan
      CWRU Loan*
      *Offered through financial aid award for those students who are eligible
    • 63. Direct Loan Application Process
      Once a student’s file is complete, an e-mail will be sent directing him/her to the www.studentloans.gov web site where they will complete the required loan Entrance Interview.
      Through the Student Loans website they will also complete the Master Promissory Note (MPN).
      The Entrance Interview provides information on the borrower’s rights and responsibilities. The MPN will permit Direct Loan borrowing in subsequent years.
    • 64. Subsidized/Unsubsidized Direct Student Loans
      • Subsidized program – need-based
      • 65. Unsubsidized program – not need based
      • 66. Both programs require the filing of the FAFSA as a prerequisite step
      • 67. Student is the borrower and is solely responsible for repayment
      • 68. Repayment starts six months after leaving CWRU or if the student drops below half-time status
      • 69. Interest rates are fixed at 3.4% as of July 1, 2011 for Subsidized Loans and 6.8% for Unsubsidized loans
      • 70. Must complete a Master Promissory note by logging onto www.studentloans.gov
    • Direct Sub/Unsub Loan Borrowing Limits
      • Dependent freshman: $5,500 ($3,500 Sub)
      • 71. Dependent sophomore: $6,500 ($4,500 Sub)
      • 72. Dependent junior +: $7500 ($5,500 Sub)
      • 73. Independent undergraduate and dependent undergraduates whose parents are denied a Parent PLUS Loan may receive up to $4,000 additional Unsubsidized loan for the 1st and 2nd years and $5,000 for 3rd-5th year.
    • Perkins Loan
      • Student loan; need-based; subsidized
      • 74. Interest rate fixed at 5%
      • 75. Limited dollar program for colleges
      • 76. Has a nine-month grace period prior to start of repayment
    • Perkins Loan/CWRU Loan Application Process
      The Perkins Master Promissory Note (MPN) as well as the CWRU Loan Promissory Note is available through ECSI, our loan processing partner. The student will receive an e-mail from ECSI to their CWRU e-mail account with a link to www.ecsi.net.
      The student will sign the MPN electronically. Funds will disburse at the beginning of each semester.
    • 77. Parent PLUS Loan
      • Federal Loan, not subsidized, not need-based
      • 78. No set borrowing limit. Amount borrowed can be up to budgeted cost of attendance, less any aid the student is already receiving
      • 79. Parent is the borrower and is solely responsible for repayment
      • 80. Interest rate is fixed at 7.9%
      • 81. There is a 4% origination fee with an upfront interest rebate of 1.5%
      • 82. PLUS Loans do not show up under pending aid in SIS
      • 83. Apply early
    • Parent PLUS Loan
      Parents will log onto www.studentloans.gov to complete:
      • Parent PLUS application
      • 84. MPN
      • 85. PLUS Loans are disbursed at the beginning of each semester. Please apply for the full amount you anticipate needing for the academic year.
      • 86. Only the disbursed amount starts accruing interest.
      • 87. Repayment begins 6 months after the student has graduated or dropped to less than half-time if requested. Interest accrues beginning the day the loan is disbursed.
      • 88. Defer payments during the application process or
      call (800) 848-0979 to defer payment.
    • 89. Cost of Attendance
      Tuition $38,760
      Activity/RTA Fee $360
      Room & Board $11,938
      Book Allowance $1,175*
      Personal Allowance $1,350*
      Transportation $100-2000*
      Nursing Fees $815
      Nursing Books/Supplies $1,575*
      Matriculation Fee $450
      * Non-billable items
      *Non-billable item
    • 90. Private Loans
      • Private Educational Loan
      Lender List at www.elmselect.com
      • Other bank loan
      (i.e. Home Equity Line of Credit)
    • 91. Loan Disbursements
      Private Loans usually have additional steps documents 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. This occurs at the beginning of each semester.
    • 92. Managing Your Loans
      • Read, understand, and save all loan documentation.
      • 93. While in school, use SIS Student Center to view your tuition account history. To revise or accept your financial aid award use briefCase.
      • 94. You can monitor your cumulative loan balances on briefCase. Federal loans will also be on www.nslds.ed.gov and all loans on your credit report (www.annualcreditreport.com).
      • 95. Contact a Financial Aid Counselor with any questions on your award or student loans.
    • Contact Information
      Office of University Financial Aid
      216-368-4530
      financialaid@case.edu
      Office of External Loans
      216-368-5056
      faloans@case.edu
      Office of Student Employment
      216-368-4533
      stu-emp@case.edu
      BURSAR: Student Accounts Receivable
      216-368-2226
      bursar@case.edu