TUHSC Office of Financial Aid

2015 Summer

Financial Aid Workshop

Thursday, March 19, 2015

Introduction

• TUHSC Office of Financial Aid Staff CounselorsA - HO Carl Hudson, CounselorHP - MB James Bourgeois, Associate

Director MC - Z Contact Donna Fasullo Administrative Program Coordinator

A - Z Donna Fasullo

Workshop Outline

• Introduction / Outline• Applications required• Types of aid available• Annual loan limits• Federal aid eligibility• Academic year:

’14-15 vs. ‘15-16• Cost of attendance

Tuition & FeesWeeks of

attendance Abroad programs

• Loan processingFederal Direct

Unsub Federal Grad PLUS Private (non-federal)

• Billing of tuition & fees • Disbursements of aid• Refunds for living

expenses• Reconsiderations• Applying for 2015-2016

Applications Required

• 2015 Summer Addendum

• 2015-2016 Free Application for Federal Student Aid (FAFSA)

• 2014-2015 Free Application for Federal Student Aid (FAFSA)

• Federal Direct Loan Applications: Federal Direct Loan Master Promissory NoteFederal Direct Grad PLUS Loan Master Promissory Note

• Private (non-federal) Student Loan Application

• IRS federal tax transcript (being filed by 4/15/14)…if necessary

• Verification Addendum (if necessary)

• Website: http://tulane.edu/financialaid/hsc/index.cfm

Types of Financial Aid Available

• ScholarshipsDepartmental Grants

Outside Scholarships

• LoansUnsubsidized: Federal Direct

Unsubsidized Loan Federal Grad PLUS Loan Non-federal, Private Student Loan

• EmploymentFederal Work Study will NOT be available!

Annual Loan Limits

• Federal Direct Unsubsidized Loan: Social Work Annual Limit

Federal Direct Unsubsidized $20,500

PH Annual LimitFederal Direct Unsubsidized $33,000

MD Annual Limit Federal Direct Unsubsidized $40,500

• Federal Grad PLUS Non-federal, private alternative loan:No annual limit Cost of Attendance less Other Aid

Academic Year: 2014-2015 vs. 2015-2016

• 2014-2015:7/1/14 through 6/30/15

Use only if 14-15 annual loan limits available.

• 2015-2015:7/1/14 through 6/30/15

Use if 14-15 annual loan limits exhausted

• CAN NOT MIX ACADEMIC YEAR ELIGIBILITY!

Federal Aid Eligibility

• Public Health Students must enroll for at least 5 credit hours and/or “Practicum” or “Dissertation” each semester to be eligible for federal aid. Social Work Students must enroll in 6 or more credit hours

• Realize that academic decisions, especially the adding and dropping of credit hours, will most likely directly impact your financial aid award.

Cost of Attendance

• 2015 Summer Public Health Tuition & Fees Based on current 2014-2015 rate schedule: $ 1,117 tuition per credit hour + $ 90 academic support fee per credit hour = $ 1,207 total per credit hour + $ 100 technology fee for summer semester

• Living Expenses Based on actual weeks of enrollment Based on 2015-2016 budgets $479 per week for resident students or $197 per week for commuter students $50 per credit hour for books ($150 for Practicum and/or Dissertation)

Cost of Attendance Example #1

• 2015 Summer Enrollment:EPID-6420-01 3 hrs $3,621 tuition & fees

6/1/15 – 6/26/15 4 weeks

GEHS-6030-01 3 hrs$3,621 tuition & fees 6/1/15 – 6/26/15 4 weeks

Summer Cost of Attendance:$7,242 tuition & academic support fee +

$ 100 technology fee for summer semester+ $ 300 books (6 hrs @ $50 per hr)+ $1,916 living expenses (4 weeks)

= $9,558 TOTAL

Cost of Attendance Example #2

• 2015 Summer Enrollment: EPID6420-01 3 hrs $3,621 tuition & fees

6/1/15 – 6/26/15 4 weeks

GCHB6030-01 3 hrs$ 3,621 tuition & fees6/29/15 – 7/24/15 4 weeks

Summer Cost of Attendance:

$ 7,242 tuition & academic support fee+ $ 100 technology fee for summer semester

+ $ 300 books (6 hrs @ $50 per hr)+ $ 3,832 living expenses (8 weeks)

= $11,474 TOTAL

Cost of Attendance Example #3

• 2015 Summer Enrollment: BIOS-9970-01 0 hrs $ 150

6/1/15 – 7/24/158 weeks

GCHB-6030-01 3 hrs $ 3,621 tuition & fees6/29/15 – 7/24/15 4 weeks

Summer Cost of Attendance:$3,771 tuition & academic support fee+ $ 100 technology fee for summer

semester + $ 300 books (dissertation + 3 hrs @ $50 per hr) +$3,832 living expenses (8

weeks) = $8,003 TOTAL

Cost of Attendance

• Summer Abroad ProgramsAdd additional costs associated with program

Airfare, lodging, visas, etc.

Allow for local rent charges while abroad

Can NOT disburse aid prior to your summer semester start

Recommend completing all possible application materials

Recommend signing up for “direct deposit”

Loan Processing

• Federal Direct Unsubsidized Loan * No need to e-sign a new Direct MPN if borrowed this year

* Unless you tell us differently, we will certify for the maximum amount eligible

• Federal Direct Grad PLUS Loan * No need to e-sign new Direct Grad PLUS MPN if borrowed this year; HOWEVER…Note that for Grad PLUS for 2015 summer and then again for the 2015-2016 academic year a credit check is performed by DOE.

• Non-federal Private Loan

If borrowing non-federal, private student loan funds, then must complete lender’s loan application process (preferred private lenders offer an on-line application process).

You need to complete separate private loan applications for the 2015 summer and for the 2015-2016 academic year.

All non-federal, private loans are credit based.

Billing of Tuition & Fees

• You are billed tuition for every credit hour enrolled.

• Practicum is billed at $50 tuition per semester.

• Tuition and fees are billed at the start of the summer semester.

Example #1 Revisited

Financial Aid Budget for the 2015 Summer Semester:assumptions: * enrolled for 6 credit hours

* enrolled for 4 weeks * not residing with parents

Tuition & fees: $ 7,342Room & Board: $ 1,432Books: $ 300Transportation: $ 320Miscellaneous: $ 164TOTAL: $ 9,558

Example #1 Revisited

Financial Aid Award for the 2015 Summer Semester:(based on prior cost of attendance = $9,558)

Federal Direct Unsubsidized Loan: $ 9,558

TOTAL: $ 9,558

Thus, total financial aid award = total cost of attendance.

Disbursements of Aid

• Loan period for the 2015 summer semester:05/18/15 to 08/11/15

• Federal regulations allow for a single disbursement of Federal Direct loan funds during a loan period, all at the start of enrollment.

• Federal Direct loans disburse loan funds via electronic fund transfer (EFT) to Tulane.

• All eligibility criteria must be satisfied prior to disbursement of aid.

Refunds

With all aid arriving at start of the semester:

Tuition & fees $ 7,342

- Fed. Dir. Unsub Loan (net) $ 9,456

= A/R balance ($2,114)

+ Refund $ 2,114

= A/R balance $ 0

Refunds

Sign up

for

“direct deposit”

for refunds

http://pandora.tcs.tulane.edu/acctrec/

Reconsiderations

• SUMMER IS A SHORT SEMESTER…so decide on summer schedule before

submitting Summer Addendum!• If drop credit hours, can impact tuition costs as well as

number of weeks of living expenses! • If add credit hours will process additional aid after

priority processing is complete.• Receive any other financial assistance:

departmental grantoutside scholarship

• DEADLINE is JUNE 15, 2015!!

Applying for 2015-2016

• 2015-2016 FAFSA

• 2015-2016 SPH&TM Financial Aid Addendum

• No need to complete new Federal Direct Unsubsidized and/or Federal Direct Grad PLUS MPN (unless using loan program for the first time)

• Apply for private loan (if applicable)

Additional Information

• Communication:e-maillocal address

• Always borrow conservatively• Complete a “Title IV Release” form

allows for federal aid to be used to cover all non-tuition & fee expenses

• Reminder: Sign up for “direct deposit” to receive refunds expeditiously

Final Thoughts

Questions???