Successfully reported this slideshow.
Financial Aid Assistance<br />Loans<br />By:<br />Yolanda Leal<br />Maria C. Medellin<br />
Federal Assistance Process<br />Step 1: Apply for a PIN at www.pin.ed.gov<br />The PIN is used each year to electronically apply for federal student aid and to access your Federal Student Aid records online. Your PIN will serve as your electronic signature and provides access to your personal records.<br />Step 2: Apply for Federal Aid by filling out the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov<br />This application must be filled out every year. The priority deadline to apply is March 1st.<br />Step 3: Check your e-mail constantly!<br />The UTB Financial Aid Office will notify you via e-mail of your status.<br />
Loans<br />Processed through the William D. Ford Federal Direct Loan Program (Direct Loans)<br />Low- interest loans that must be repaid after student:<br />Graduates<br />Drops below half-time status<br />Leaves school<br />Operated by the Department of Education<br />Charge and origination fee<br />Subsidized and Unsubsidized loans: 0.5%<br />Parent and Graduate PLUS Loans: 2.5%<br />Yearly Loan Limits: Graduate and Professional Students<br />
Loan Types and Eligibility<br />Federal Direct Subsidized Loan: Need based <br />2. Federal Direct Unsubsidized Loan: Not need based<br />Have financial need based on FAFSA results (for subsidized loan) <br />Enroll at least half time (graduate students: 5 credit hours)<br />Maintain Satisfactory Academic Progress<br />May not exceed annual or lifetime loan limits<br />3. Federal Direct Parent Loans (PLUS): For parents of dependent, undergraduate students<br />4. Federal Direct Graduate PLUS loan (GrandPLUS): For graduate and professional students only<br />Complete FAFSA<br />Enroll at least half time (graduate students: 5 credit hours)<br />Maintain Satisfactory Academic Progress <br />Pass a credit check<br />Cannot borrow more than the Cost of Attendance (less all other financial aid)<br />
Loan Process<br />When you apply for the FAFSA, graduate students are automatically awarded loans. The following three steps must be completed before the loans are approved.<br />Step 1: Accept/Reject or Reduce your loan award<br />Please go to Scorpion On-Line to accept or reject your Direct Loan (s)<br /> Accept or Reject your loan: (Skip this section if you wish to change your loan award!)<br />Go to Scorpion On-Line<br />Log in with your username and password<br />Click on “Students” at the right-hand side<br />Click on “Accept/Reject Loan Awards” on the left-hand side under Financial Aid<br />Choose Financial Aid Year – “2011/2012 Academic Year” and click “Submit”<br />At the bottom of the screen, select “Action to Take” from the drop down arrow by each loan award and then click Submit<br />Confirm your loan awards and click “<br />Reduce or Change your loan amount:<br />Please send an email to email@example.com<br />Include your name, ID# and a phone number where we may reach you<br />Include what type of loan you are reducing/changing (sub or unsub)<br />Include the amount you wish to borrow<br />
Step 2: Complete Entrance Loan Counseling<br />All students must perform on-line entrance counseling once per academic year.<br />Go to www.studentloans.gov<br />Click on the green box that says “Sign In” under Manage My Direct Loan on the left-hand side<br />Key in your Social Security Number, first two letters of your last name, date of birth (no dashes) and FAFSA PIN<br />Click “Sign In”<br />Review your personal information on the right-hand side<br />Key in your Email Address<br />Confirm Email Address by keying it in again<br />Click on the box to receive correspondence electronically<br />Click “Update”<br />Click “Complete Entrance Counseling” at the left, next to the green arrow<br />Once Entrance Counseling is completed, DO NOT log out or leave this website<br />Loan Process<br />
Step 3: Complete Master Promissory Note<br />If you have already completed a Direct Loan Master Promissory Note, you do not have to complete another one. However, if you have never borrowed a student loan before or have borrowed under the Federal Family Education Loan Program (FFELP), you must complete a new one!<br />At the same website, click “Complete Master Promissory Note” at the left, next to the green arrow<br />Select the Type of Loan you have been awarded<br />Subsidized<br />Unsubsidized<br />Parent PLUS<br />Key in all items required<br />Loan Process<br />
Loan Confirmation<br />What happens after three steps are completed?<br /><ul><li> Outstanding requirements will be considered complete.
UTB will receive electronic confirmation of your signed master promissory note and </li></ul> entrance counseling<br /><ul><li> You will receive a Disclosure Statement from the Department of Education
Once fund are received, they will be processed towards your tuition and fees
Any excess, will be sent to you as a refund either via a check or direct deposit.</li></ul>Borrowing loans should be a student’s last option of funding.<br />
Screenshots<br />Follow this link to obtain screenshots of how to accept/reject loan and complete loan process.<br />Screenshots<br />
Image Credit<br />Slide 1- FAFSA logo : www.fafsa.ed.gov<br />