Paying For College University of Memphis Presented by the Office of Financial Aid and Scholarships

Paying For College University of Memphis Presented by the Office of Financial Aid and Scholarships

Who qualifies for aid? One who is admitted into a degree-seeking program One who is a U.S. citizen or eligible noncitizen Must maintain satisfactory academic progress In most cases, must be enrolled in at least half time (6 credit hours)

What is the FAFSA? Free Application for Federal Student Aid First step in the financial aid process Application for grants, loans, HOPE Lottery Scholarship, college work study Requires income tax information from prior year

What is the FAFSA? (cont.) Must be done every year, preferably on-line at: www.fafsa.ed.gov Recommend early application (or completion) for the best financial aid package Please complete prior to March 1 each year

What other forms are needed to complete the process? You and your student s income tax information (if applicable) Check the mymemphis Portal regularly to see if other documents are required (under the Account $ tab) SIGN and submit required forms to Student Financial Aid Office If file is incomplete, NO AID is processed

How do we find out what our EFC is? Expected Family Contribution; synonymous to index ; can be found on the confirmation page upon completion of the FAFSA Based on your income, student s income, size of household, how many are in college Determines need-based aid EFC has to be less than 4110 to be eligible for grant The lower the EFC, the higher the grant amount

What is cost of attendance? Otherwise known as budget or COA This is the amount of estimated expenses a student may incur for two semesters Allows for tuition, room/board, books, travel, misc. Based on career, residency, and housing status Career undergraduate, graduate, law Residency in-state, out-of-state Housing at home, on campus, off campus Your total financial aid package cannot exceed your COA

Different types of aid Based on EFC and COA Possible grants all are need-based Federal Pell Grant government never runs out of money; awarded in 3-hour increments; has a yearly amount Tennessee Student Assistance Corporation (TSAC) Grant runs out by March; minimum enrollment of 6 hours Federal Supplemental Educational Opportunity Grant (FSEOG) only $500/year; very limited funds

Different types of aid (cont.) Possible grants all are need-based - Academic Competitive Grant $750/year Freshman must complete a rigorous high school program must be a U.S. citizen must qualify for federal Pell Grant must be full time must have a 3.0 cumulative GPA at the end of first academic year to qualify for second year award $1300/year Sophomore

Different types of aid (cont.) Possible grants all are need-based - National SMART Grant must be a U.S. citizen must qualify for federal Pell Grant must be full time must have a 3.0 cumulative at the beginning of third and fourth academic year must major in Computer Science, Math, Engineering, Life Sciences, designated Foreign Languages $4000/year Junior and Senior

Different types of aid (cont.) Student loans must be repaid; minimum enrollment of 6 credit hours; requires completion of Master Promissory Note (MPN) Direct Loan variable interest rate, but capped at 8.25%; changes every July 1 st Subsidized loan need-based; interest-free while in school Unsubsidized loan not based on need; interest-bearing while in school $3500 for freshman status ($1750/semester) In addition to MPN, it also requires completion of Entrance Interview/Counseling Perkins Loan need-based; limited amount of funding; 5% interest rate; 2.5 cumulative GPA required

Different types of aid (cont.) Other aid: Academic Scholarships based on merit; may or may not require FAFSA Student Fee Discount for Spouse or Dependent Child of Employees (obtain form from Benefits Section of Human Resource Department) Parent Loan for Undergraduate Students (PLUS) credit check required; repayment begins 60 days after second disbursement; if adverse credit, FAFSA must be completed Federal college work study (based on need) Regular student employment (not need based) Alternative loan private lending institutions

How is aid applied to tuition/fees? Aid is processed for 2 semesters Fall and Spring Aid is disbursed about a week before classes start The Bursar s Office disburses aid Tuition and/or dorm fees are deducted from aid Apply for direct deposit through the Bursar s Office website (http://bf.memphis.edu/ebursar/) If no direct deposit information on file, excess funds are mailed to student s permanent address

What if we don t have enough to cover all expenses? Different payment methods for the balance are available through the Bursar s Office website: http://bf.memphis.edu/ebursar/ Commute versus dorm? Re-assess your expenses. Where else can you cut? Alternative loan private lending institutions (should be as a last resort)

Satisfactory Academic Progress At least a 2.0 for Financial Aid (HOPE has higher requirements); preferably declare a major by end of sophomore year Satisfactory academic progress is reviewed at the end of each Spring semester Completion rate - must satisfactorily complete 66% of courses they register for 150% rule - most U of M degrees require 120 hours to graduate; counts all Ws, Fs and repeated courses Financial aid probation warning only Financial aid suspension appeal process If student is academically suspended, student s appeal will not be reviewed

Other Tidbits Students CANNOT receive aid at two (2) institutions in the same semester Annual/Yearly Loan Limits Dependent Independent Freshmen $3500 $7500 Sophomores $4500 $8500 Juniors $5500 $10,500 Seniors $5500 $10,500 Undergraduate Lifetime Loan Limits Dependent - $23,000 Independent - $46,000 Check the mymemphis Portal regularly for missing documents and/or award information

What is my role as a parent? Build a relationship with your child Get paperwork done AND involve your student in the process Be aware of deadlines Get to know certain people in key offices Be aware of rules for HOPE Lottery Be aware of stipulations for certain other scholarships Other schools adhere to the same FERPA guidelines

Our Staff Richard Ritzman, Director Karen Smith, Associate Director of Financial Aid/Data Administration Patrick Perry, Associate Director of Scholarships

Financial Aid Counselors DebraAnn Brown (also Assistant Director) Degree-seeking Graduate Students; Law Students; TRiO Students April Tyson (also Coordinator of Customer Service) Non-degree seeking Graduate Students (Teacher Education Program); Study Abroad; Consortium Agreements

Financial Aid Counselors for Undergraduates Kamia Hightower A through C Gloria Jones D through H Gene Traynom I through M; PLUS applications Mark Green N through S; Alternative loans Carol Ingram T through Z; all Athletes Mark McClellan Coordinator of Tennessee Education Lottery Scholarships (HOPE)

Student Financial Aid 103 Wilder Tower (901) 678-4825 Phone (901) 678-3590 Fax Scholarship Office 107 Wilder Tower (901) 678-3213 Phone (901) 678-5621 Fax Student Employment Office 104 Wilder Tower (901) 678-3680 Phone (901) 678-5902 Fax

Questions??