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14 06-11 financial aid

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  • 1. Office of Student Financial Aid and Scholarships See your dreams. See your future. see blue.
  • 2. Student Financial Aid office 127 Funkhouser Building Lexington, KY 40506-0054 Phone: 859-257-3172 Fax: 859-257-4398 www.uky.edu/financialaid Office Hours: Monday - Friday 8 a.m. to 4:30 p.m.
  • 3. SFA Counselor Assignments 859-257-3172 extension ###
  • 4. Scholarships There are several ways to receive scholarships at UK Financial Aid Office • Need-based scholarships Departmental and College-sponsored scholarships Office of Academic Scholarships • Academic-based Scholarships • Diversity Scholarships • Legacy Tuition Program
  • 5. Academic Scholarships All scholarship offers from the Office of Academic Scholarships have been made for the 2014-2015 academic year. • Deadline to return the acceptance form for an Academic Scholarship or William C Parker Scholarship was May 1. • If the award does not appear on your bill, please contact the Office of Academic Scholarships. • Departmental/College sponsored awards and Need-based aid are in addition to academic scholarships.
  • 6. Apply for Federal Aid • Obtain Federal PIN number www.pin.ed.gov • One for Student, One for Parent (if dependent) • File a FAFSA www.fafsa.gov • List UK school code: 001989 • Available January 1, file early! • Use estimated tax information • Must be completed each year
  • 7. Following Up With The FAFSA • Update FAFSA after taxes have been processed • Go to www.FAFSA.gov • Go to Make Corrections and navigate to parent and student income sections (for tax filers) • Use IRS Data Retrieval Tool to import tax information if possible • Sign and Re-Submit FAFSA
  • 8. Selected for Verification? • If selected for verification complete requirements at www.KHEAA.com • Make sure the IRS Data Retrieval Tool has been used on the FAFSA for all tax filers • If unable to use the DRT, a Tax Transcript can be requested at www.IRS.gov/Individuals/Order-a- Transcript • or call 1-800-908-9946
  • 9. Verification and Your Awards • Aid is awarded based on initial FAFSA application • Awards will be adjusted if necessary after Verification is completed • Follow up at www.KHEAA.com to check the status of verification prior to the start of school • Incomplete Verification = No Aid Disbursed
  • 10. 2014-15 Average Cost of Attendance NOT ALL COSTS ARE BILLED CHARGES! STUDENT IS ONLY BILLED FOR TUITION AND ROOM & BOARD (IF APPLICABLE).
  • 11. Types of Aid • Grants: Federal and State Grants • Do not have to be repaid • Must qualify based on financial NEED • Loans: Federal and Private Loans • Must be repaid • Scholarships: Academic & Need Based • Academic (based on ACT & GPA) • Need Based (based on Financial Need • determined on FAFSA)
  • 12. Federal Direct Loans • Subsidized Loan: • No interest while in school • Current interest rate is 4.66% • Interest and repayment begins 6 months after graduation or enrolled less than half time • Unsubsidized Loan: • Interest accumulates while in school • Current interest rate is 4.66% • Repayment begins 6 months after graduation or • enrolled less than half time
  • 13. Federal Direct Loan Requirements • Complete Master Promissory Note and Entrance Counseling sessions • www.studentloans.gov • Log in using Federal PIN number • Information sent to us electronically
  • 14. Federal Perkins Loan • Limited Funds – Awarded to student based on Financial Need and FAFSA filing date • Does not have interest accumulating while in school • Interest and repayment begin 9 months after graduation or less than half time enrollment • Current interest rate is 5%
  • 15. Federal Perkins Loan Requirements • Complete Master Promissory Note and Entrance Counseling sessions • https://borrower.ecsi.net/ • Log in using Federal PIN Number • Information sent to us electronically
  • 16. Federal Work-Study (FWS) • Limited Funds – Awarded to student based on Financial Need and FAFSA filing date • If awarded Pick-up Job Packet from FWS Office in AUGUST • Follow Instructions – Search Job Openings, Apply, Interview, Complete paperwork once hired • Return Required Packet to FWS Office before beginning work.
  • 17. Kentucky Educational Excellence Scholarship (KEES) • Maximum award for GPA - $2000 • Maximum ACT (28+) bonus - $500 • Renewable for 8 semesters • Estimated KEES amount noted on August billing statement • KEES credited to student accounts after add/drop period each semester • 2.5 cumulative GPA at end of first year required to retain full award; 3.0 GPA after second year • See SFA website for full details on retaining eligibility
  • 18. Need More Funding? Additional Loans Are Available: • Parent PLUS Loan: Federal loan in the parent’s name • Student Alternative Loan: Bank loan in the student’s name with a co-signer
  • 19. Parent Federal Direct PLUS Loan • Apply at www.studentloans.gov • Based on a credit check • If approved, can borrow up to student’s cost less other aid • Repayment may be deferred until student graduates • Current interest rate is 7.21% • If denied, student can borrow additional unsubsidized loan (up to $4,000 for the year)
  • 20. Student Alternative Loans • Students may borrow through a bank • Based on credit check, requires a co-signer • May choose any bank that offers student loans • Comparison Chart available as a starting point at: www.uky.edu/financialaid Click on Loans>Alternative Loans
  • 21. Receiving an Outside Scholarship? • Complete Outside Scholarship/Resource Form on our website atwww.uky.edu/financialaid • Click on Forms and the letter O • Attach a copy of scholarship award letter and submit to our office
  • 22. Steps to Accept Aid 1. Log into MyUK: http://MyUK.uky.edu 2. Student Services>Financials>Financial Aid 3. Academic Year – Select 2014-2015 4. Terms and Conditions – Click I Agree (this is not accepting the aid yet) 5. View and Accept – Fill in Buttons to Accept or Decline each item. 6. Click Submit as Indicated
  • 23. Financial Aid & Scholarships
  • 24. Student Billing Student bill will only be emailed to student’s UK email address! • Fall Bill sent August 1, Due August 22 • Spring Bill sent January 1, Due January 22 • Student can attend classes with an unpaid balance • 1.25% late fee assessed to unpaid balance at the end of each month • Cannot register for future semesters until balance is paid
  • 25. How to Estimate Your Bill for the Semester Tuition and Fees + Residence Hall charges (if applicable) = Total Bill for the Semester - Estimated Financial Aid = Balance Due or Amount to be Refunded
  • 26. Example of Bill (in-state) Tuition & fees $ 5,307 + Res. Hall charges* $ 5,532 = Total Due $10,839 - Estimated Aid $ 2,721 = Balance Due $ 8,118 *If living off-campus, only tuition and fees are charged.
  • 27. Example of Bill (out-of-state) Tuition & fees $11,442 + Res. Hall charges* $ 5,532 = Total Due $16,974 - Estimated Aid $ 2,721 = Balance Due $14,253 *If living off-campus, only tuition and fees are charged
  • 28. When Someone Else is Paying – Activate “Guest View” • Guest can view student account information • Guest can make payments myUKmyInfoGuest access • Enter guest email and set access level • Expiration date on guest view
  • 29. When Is Aid Released? If enrolled full-time and without any financial aid holds: • About 10 days prior to classes beginning: Direct Loans, Perkins Loans, Parent Plus Loans, Alternative Loans • About 10 days into the semester (after last day to add): PELL Grant, CAP Grant, KEES • If enrolled part time: all aid will post after the last day to add
  • 30. How do I get remaining Financial Aid back? SIGN UP FOR DIRECT DEPOSIT • http://MyUK.uky.edu • Student Services>myInfo>Direct Deposit • Refund will be sent after bill has been paid in full each semester. • Email notification when money has been sent to your bank account.
  • 31. Can my aid help pay for books? • Available if aid is more than enough to cover bill • Eligible students receive an email 1-2 weeks prior to the start of school • Complete steps from email for funds to be available on Wildcard Student ID to use at the participating locations
  • 32. To Remain Eligible for Federal/State Financial Aid • Complete the 2015-16 FAFSA • March 15 priority date for upperclassmen • Maintain Satisfactory Academic Progress (SAP) Requirements http://www.uky.edu/FinancialAid/rap.htm
  • 33. Satisfactory Academic Progress Requirements for Federal/State Need-Based Aid: • Successful completion of two-thirds (67%) of all courses attempted • Earn at least a 2.0 cumulative GPA at the end of the spring 2015 semester • Receipt of need-based aid capped at 150% of the credit hours required for your degree
  • 34. Reminders • Reapply for financial aid each year. File FAFSA early as possible January 1st or after • Respond ASAP to requests for additional information or clarification. • Keep a record of all applications; make notes of contacts. • Contact us when questions/concerns arise or when major changes occur.
  • 35. Financial Aid Literacy • The Access Ready system is designed to help you plan for how to pay for college. • LEARN more about financial aid, including student loan options, and other money skills. • PLAN for how to pay for your education on a year-to- year basis. • MANAGE STUDENT LOAN DEBT using a tool called the “Debt-O-Meter”. Project debt – as well as track actual debt • The URL you can use to link to Access Ready is as follows: ukwildcats.accessready.net
  • 36. Questions? Thank You! See your dreams. See your future. see blue.