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.

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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
  • Financial Aid at Case Western Reserve University - The Next Steps

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