Understanding and Managing the Financial Aid Process Deniesha Newby

Understanding and Managing the Financial Aid Process Deniesha Newby Assistant Director, Student Financial Aid The Office of Student Financial Aid 7/5/24

AGENDA What is Financial Aid The Process of Applying Cost of Attendance MyAkron & the Student Center How to View and Accept Your Aid Your Previous Aid Next Steps

What is Financial Aid? Financial Aid is a broad group of funding sources that assists students in meeting the cost of attending college and can include grants, scholarships, work-study programs, and student loans.

Cost of Attendance Full Time 1/2 Time Graduate 9 or more credits 4.5-8 credits Examples Students Less Than 1/2 Time 1-4 credits Tuition and Fees 17,384 9,158 4,320 Room and Board 11,490 11,490 0 Books and Supplies 1,000 500 250 Transportation 1,600 1,600 0 Personal Expenses 3,150 3,150 0 Total Ohio Resident 34,624 25,898 4,570 Non Resident Charge 9,788 4,894 2,448 Total Non-Ohio Resident 44,412 30,792 7,018 *New students, starting in Summer 2022, Fall 2022, or Spring 2023 *Full-time enrollment is 9 or more credits www.uakron.edu/finaid/cost-of-attendance

Types of Financial Aid Gift Aid Description Grants Awarded by federal and state government Scholarships/Fellowships Awarded by a variety of sources including the University, community groups, businesses, etc. Self-Help Aid Description Student Employment/Federal Work Study Money earned while working part-time on campus Subsidized/Unsubsidized Loans (student) Low interest loans, repaid by the student after graduation Private Loans Loans that students borrow (Might often needs a cosigner), repaid after graduation

How Do I Apply For Federal Financial Aid? Studentaid.gov

Application Process Flow Student completes FAFSA UA receives results and determines if any additional information is needed and makes request Student provides any additional information needed UA reviews and finalizes awards Student receives Financial Aid Offer detailing financial aid offers.

Check Your Email! UA faculty members and offices on campus will communicate with you through your University email address. It is important that you check your email at least once a day!

Student Center of MyAkron https://my.uakron.edu Students log in with the UANet ID and password (emailed from Admissions) If you need to reset /activate contact ZipSupport at: 330 972-6888 or [email protected]

Accept/Decline/Reduce Award

Accept/Decline/Reduce Awards Check each award you wish to accept or decline (you can also reduce here) Important! Estimates are NOT actual awards and cannot be accepted. OCOG – EST will be removed and changed to OCOG (not an estimate) in late July. PLUS or Private Loan Estimate – requires a separate application.

Loan Requirements All students need to accept their federal direct student loans in the Student Center of MyAkron, every financial aid year. First-time student loan borrowers need to complete two additional requirements the first time they borrow loans at UA: Entrance counseling Loan Agreement/Master Promissory Note (MPN) Both of these can be completed online at studentaid.gov with the student’s FSA ID (username and password)

No Financial Aid Offer?

Loan Considerations Loan Limits (Annual and Aggregate) Year Dependent Undergraduates Independent Undergraduates First year (0-30 credits completed) 5,500—No more than 3,500 in Subsidized loans 9,500—No more than 3,500 in Subsidized loans Second year (31-60 credits completed) 6,500—No more than 4,500 in Subsidized loans. 10,500—No more than 4,500 in Subsidized loans Third Year (completed 61 or more credits) 7,500—No more than 5,500 in Subsidized loans 12,500—No more than 5,500 in Subsidized loans Aggregate Loan Limits No more than 31,000 combined sub/unsub No more than 57,500 combined sub/unsub Grad/ Professional Students Loan Limits (Annual and Aggregate) Masters or Doctorate program (MA, MBA,MD, JD, PhD, EdD) Annual Limit 20,500 No more than 138,500 combined sub/unsub (includes loans from undergraduate degree)

Financing Options Grad Plus Loan Private Loan Payment Plan (Office of Student Accounts) FAFSA Required? Credit Check? Yes No No Yes – student Yes – student (and cosigner) NA Rates 7.54 Varies by lender (based on credit history of applicant/ cosigner) 35 application fee; 25% down payment Application Process Studentaid.gov uakron.edu/finaid/private uakron.edu/paymentoptions Plus and Private loans are disbursed directly to UA. Any overage creates a credit balance which will be refunded by the Office of Student Accounts (can be used for books, expenses, etc.).

Loan Lender vs. Servicer Your loan servicer: Manages the repayment of your debt/collects repayments Tracks due dates and minimums Ensures you don’t slip into delinquency or default If you need to change your repayment plan, work out a new payment schedule, ask for deferral or forbearance, or verify any loan forgiveness you may qualify for, contact your loan servicer. It’s your servicer’s job to keep you in good standing by giving you the support and resources you need. Source: https://studentloanhero.com/featured/student-loan-servicing-explained-difference/

Student Loan Servicer Info 1. StudentAid.Gov 2. Check each of your loans for servicer information 3. You may not have the same servicer for all loans 4. Create an account at your servicer’s website 5. Note does not include private loans or institutional loans

Your Next Steps www.uakron.edu/finaid/next

External Scholarship Sources Major College Private foundations Businesses and employers Civic and charitable organizations Churches Local libraries Scholarship Board- 2nd floor- Simmons Hall – Scholarship sites - www.fastweb.com - www.scholarships.com - www.collegenowgc.org Never Too Late Not just for Undergraduates Start applications early and pay attention to deadlines required documentation. and all

Contact the Office of Student Financial Aid Simmons Hall Room 204 330-972-7032 1-800-621-3847 Online at uakron.edu/finaid/support Live Chat Available 24/7/365

Questions