Financial Aid at Case Western Reserve University - The Next Steps

FINANCIAL AID - The Next Step

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

Topics To Be Discussed
Federal Work Study Program and the Student Employment Process
Student Information System (SIS)
Billing and Making Payments
Financial Aid Budget Components and Financial Need Determination
briefCase: Accepting and Declining Financial Aid
Student Loan Programs
Federal Loans
Private Loans
Loan Application Process

Benefits of Student Employment
Networking opportunities
Financial gain
Career exploration

Federal Work Study
A Federally funded need-based program included in the student’s financial aid package
Is not applied to direct costs
Money earned can be used to pay current year educational expenses
Priority in the job placement process
Work-Study Job Fair – September 9, 2011
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
Encourages students to participate in community service activities
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.

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)

The Process
Paperwork Required:
Employment Application
W-4: Federal Withholding Exemption Certificate
I-9: Employment Eligibility Verification
IT-4 : State Withholding Exemption Certificate
Proper forms of Identification must be presented to SE office. Photocopies will not be accepted.

The Process
Finding a Job
Work Study Job Fair, Friday, September 9 from 12:30 – 2:00
Job Postings located on-line at http://jobbss.case.edu
Word of mouth

Student Information System (SIS)
www.case.edu/erp/sis

Student Center Tab
Academic and Financial Information
The Finance Section
View amounts “Due now” and “Future Due”
Payment Deadlines are:
Fall semester: October 7, 2011
Spring semester: March 9, 2012
Drop-down menu
Account Activity
Payments
Pending Financial Aid
Other Financial

Account Activity
Provides the user with itemized detail of the account
If the account has more than 10 rows of data, the user must click on “View All” to view all.
Expanding the date range

Billing Statement
Select the make a payment tab
Click on Account Inquiry

Click on the Open online billing and payment link
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.

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

Set up Authorized Users
Access the Authorized Guest SetupScreen
Use this screen to 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.
Authorized user with access to Student Center can also waive the health fee.

Health Insurance
The university automatically charges health insurance.
Students who have health insurance are eligible to waive the university’s coverage.

Paying For College

Financial Planning with your Student
Think in terms of a 4 year plan, not just this semester’s plan.
Credit Score
Credit Card
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)

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!

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

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.

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
Interest rates are fixed at 3.4% as of July 1, 2011 for Subsidized Loans and 6.8% for Unsubsidized loans
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)
Dependent sophomore: $6,500 ($4,500 Sub)
Dependent junior +: $7500 ($5,500 Sub)
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
Interest rate fixed at 5%
Limited dollar program for colleges
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.

Parent PLUS Loan
Federal Loan, not subsidized, not need-based
No set borrowing limit. Amount borrowed can be up to budgeted cost of attendance, less any aid the student is already receiving
Parent is the borrower and is solely responsible for repayment
Interest rate is fixed at 7.9%
There is a 4% origination fee with an upfront interest rebate of 1.5%
PLUS Loans do not show up under pending aid in SIS
Apply early

Parent PLUS Loan
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.
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.
Defer payments during the application process or
call (800) 848-0979 to defer payment.

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

Private Loans
Private Educational Loan
Lender List at www.elmselect.com
Other bank loan
(i.e. Home Equity Line of Credit)

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.

Managing Your Loans
Read, understand, and save all loan documentation.
While in school, use SIS Student Center to view your tuition account history. To revise or accept your financial aid award use briefCase.
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).
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

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Financial Aid at Case Western Reserve University - The Next Steps

by CWRUEnrollmentManagement on Jul 11, 2011

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Financial Aid at Case Western Reserve University - The Next Steps Presentation Transcript