Financial Aid: How we do what we

do!

Welcome to UWM!

Color Coded Information Sheets:

Your students received a half-slip indicating where they were in the process:Blue, Red, Yellow, Green, Orange• By understanding the colors, you will

understand the process.

BLUE

You have not applied for Federal Aid

• It isn’t too late!

• www.FAFSA.gov

• It is a FREE application

• IRS Data Retrieval

The application is based on the a belief that the responsibility of paying for a student’s education falls to the student and the parent with assistance from the Government.

Everything you enter on the FAFSA is utilized to determine what a student is eligible for. It is critical you enter the information correctly the first time!

Red

We are in need of something from you before we can award you Federal Aid

• Visit your PAWS account for any “To Do” items

• Processing time frames vary

• Verification, Selective Service, Citizenship

All processes to apply for federal aid are electronic from start to finish.

Students will need to watch their email and PAWS account for the most up-to-date information. This is the way all college students are expected to conduct their business.

Our PAWS tutorial walks students through accessing their account and how to use the “To Do” links.

There are hot links on the To Do Items.

Yellow Your Financial aid is in Process

• Watch your PAWS account

• Funding will be awarded with in the week

The good news is that you have turned in all the requested documents and an award is in process. The difficult part is the waiting.

While you are waiting you may read the Financial Aid Handbook and go through the PAWS tutorial.

Green

You have been awarded Federal aid

• You must accept your federal aid within 30 days of being awarded on your PAWS account

• Complete your Master Promissory Note and Entrance Loan Counseling

Congratulations! The wait is over. Your PAWS account will reflect any funding you are eligible for from the state or federal government.

It is time to take action to ensure you have enough funding to help pay for your college years.

OrangeYou were awarded federal aid but did not accept it with in the 30 day window

• Email our office at: finaid@uwm.edu, or visit us tomorrow to request your funding back

All students are required to accept their funding with in 30 days of being awarded or funds will be canceled.

Certain funds are limited and if a student is not going to use them, we want to award it to another student.

What is Financial Aid?

Gift Aid• Grants • Scholarships

Funding you do not have to repay!

Self Help Aid• Loans• Work Study

Funding you are responsible for ~

Federal Direct Loans

Subsidized• Need Based• Fixed interest rate of

4.66%• There is no interest on

the loan while in school

• Repayment begins after graduation or the student stops attending at least half time

Unsubsidized• Non-need based aid• Fixed interest rate of

4.66%• Interest accrues while

student attends school• Repayment begins after

graduation or the student stops attending at least half time

Master Promissory Note and Entrance Loan

CounselingAll first time borrowers

must complete this process at:

www.studentloans.gov

Calculating your BalanceYour Aid – Tuition = Balance Due

• If negative amount, your balance

• If positive amount, your refund

• Excess Cash is sent to mailing address on PAWS

HOWEVER

• Loans have origination fees of 1.072% origination fee

• Initial payment of loan $2750 will have a net disbursement of $2720

TRUE COST OF ATTENDANCE

• Direct Costs– Tuition, Fees, Housing– Tuition and fees will be

$9,438 for the year or $4,719 for the semester

– Housing is dependent upon your living circumstances: on campus vs at home.

– What you ultimately pay

• Indirect Cost– Books, Personal/Misc

Expenses, Medical, Transportation

– Housing is dependent upon your living circumstances: on campus vs at home.

– The “sticker price” you plan for

SAMPLE COST OF ATTENDANCE FOR 2014-15: $21,274

Tuition & Fees $9438 (Fall/Spring or $4719 for one

semester)Books $ 700Room $6126 (AVG of double room in Sandburg,

Riverview and Cambridge)Board $3010 (level 1 meal plan)Personal/Misc $2000 ($62.50 per week)

Additional Resources

PLUS Loans• Parent is borrower• Credit Check of Parent

• Fixed interest rate of 7.21%

• Begin repayment 60 days after final disbursement

Alternative or Private Education Loans

• Student is borrower• Credit check of

student and co-signer• Variable interest rate

range• Begin repayment after

graduation or stop attending at least half timeGo to www.financial aid.uwm.edu, under loans look for comparison chart

Timely disbursement of aid

• Must accept aid• Earliest payment is 10 days prior to

first day of classes• August 23rd

• Must report any outside resources:– Scholarships, DVR

• Must notify us if taking less than 12 credits

• Must complete MPN and ELC

Unusual Circumstances

• Divorce, Unemployment, Death, high medical expenses

• Call to set up an appointment with advisor to discuss impact and gather paperwork

• Must still apply for federal aid with 2013 tax information; we will update for you

Third party access

• Allows Parents to view Student Information

• Parents cannot accept funds

Everything you need in one spot:

www.financialaid.uwm.edu– Ask the Panther– The student handbook– PAWS tutorial– Presentations and Handouts

Questions?

Department of Financial Aid, Student Employment and Military Education

Benefits2442 E. Kenwood Blvd

Mellencamp Hall, rm 162PO Box 469

Milwaukee, WI(414)229-4541