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Learning with PurposeLearning with Purpose
UMass Lowell Fall Open House
Financial Aid Presentation
October 25, 2015
Learning with Purpose
Overview of financial aid
How do students apply?
Financial aid award letters
Paying for College
Free Resources
Agenda
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Financial Aid Breakdown
Undergraduate Student Aid 2012-13 ($185.1Billion)
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Awarded to our most academically qualified students
Based on SAT and High School GPA
UMass Lowell Co-op Scholarship Program
Priority consideration given to Early Action applicants (November 1)
UMass Lowell Merit-Based Aid
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State Scholarships • John and Abigail Adams Scholarship• For other programs www.osfa.mass.edu
Private Scholarships
Other Merit-Based Aid
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Grants – gift aid
Federal, state and institutional
Based on need
Need-Based Aid
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Allows students to earn money to assist with payment of educational expenses
UMass Lowell Student Employment Programs pay $10-$12 per hour
Students work 10-15 hours per week
UMass Lowell Student Employment team assists students in finding jobs on campus and in the surrounding community
Student Employment
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Student is the borrower – not based on credit
No principal payments due while enrolled
Federal Direct Stafford Loans (two types)• Subsidized – fixed interest rate of 4.29% after leaving school• Unsubsidized – fixed interest rate of 4.29% begins immediately
• 5.84% for graduate / professional students
UML strongly recommends students exhaust federal student loan options before borrowing from other sources
Federal Student Loans
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Free Application for Federal Student Aid (FAFSA)Open January 1st: FAFSA.govMust sign with a FSA ID: StudentAid.gov/fsaidIRS Data Retrieval Tool – available February 1stRequires data from all parents who live together, married or not
Must be completed every year
UMass Lowell Priority Deadline MARCH 1st
How do Students Apply?
The FAFSA
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Tax Filing • Estimate taxes to meet deadline• Importance of good estimate • Update FAFSA with actual taxes
IRS Data Retrieval• Reduce error and selection for verification
Verification Review
Special Circumstances
Taxes and Verification
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1. Apply by November 1 for Early Action
2. Acceptance Letters & Merit Award Notification
3. January 1 – Complete FAFSA applicationCollege Goal Sunday – January 31, 2016 (www.fafsaday.org)
4. March – Financial Aid Notification Welcome DayMEFA’s After the Acceptance seminars
Award Notification
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samples College A College B College C
Total Cost $27,724 $35,000 $56,000Less – Gift Aid - $11,759 -$15,000 - $20,000
Equals “Net Price” $15,965 $20,000 $36,000
Student Loans - $5,500 - $7,500 - $7,500
Student Employment - $3,500 - $2,500 - $2,200
Remaining Cost $6,965 $10,000 $26,300
Comparing Financial Aid Award Letters
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Payment Plan: Tuition Pay
Parent PLUS Loan
Alternative Loans
Be a wise consumer!
Paying for College
Alternative Financing Options
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Ask questions – we are here to help!
Education is an investment in your future
We are a partner in your educational journey
The Solution Center• Phone: 978-934-2000• Web: www.uml.edu/thesolutioncenter• Email: The [email protected]
UMass Lowell as a Partner
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• Free assistance to complete the FAFSA
• Over 30 locations in Massachusetts • Sunday, January 31, 2016 at 1:00 pm
• Locations and additional dates listed at www.fafsaday.org
College Goal Sunday
FAFSA Day Massachusetts
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After the Acceptance Seminars • 25 Massachusetts locations• March & April • One on One Guidance
College Financing Seminars
Download the College Financing e-book
Sign up for MEFA emails
Bookmark mefa.org/seniors
Online calculators
MEFA Resources
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The Solution Centerwww.uml.edu/thesolutioncenter
Federal Student Aid www.studentaid.gov
Massachusetts Office of Student Financial Aid www.osfa.mass.edu
High school guidance counselors
Online calculators
Resources
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Massachusetts Educational Financing Authority (MEFA) is a not-for-profit quasi-public organization separate from UMass Lowell
UMass Lowell does not in any way endorse MEFA or suggest to students/parents that they either must or should seek loans through MEFA
Students and parents have the right to select any lender when borrowing educational loans
Presentation was developed using MEFA student advisory materials
Disclaimer
